跨国经营企业资金跨境调度便利性分析摘要近年来，随着国家“一带一路”战略的提出和实施，以及国内企业的经营水平不断提高，越来越多的企业开始国际化经营，对外投资建立海外分公司或子公司，成为跨国经营企业。在实际经营过程中，刚刚在境外设立的分子公司，往往缺乏畅通的融资渠道，需要由国内母公司提供运营资金；而在境外运营一段时间且经营较好的分子公司，可以通过境外股权融资或者债权融资的方式获取低成本资金，希望可以转回国内供境内公司使用，以充分利用境外融资渠道，降低公司融资成本。但是根据现行的国家外汇管理政策，跨国经营企业在进行资金跨境调度时，仍有很多不便利的限制条件，使跨国经营企业无法充分利用国内、国际两个市场进行融资。根据财务弹性理论，企业在有需要时，获取外部资金的成本越低、获取方式越便利，企业的财务弹性也就越大。而财务弹性大的企业，可以有效抵御外部风险，并增加企业获取投资收益的能力。对于跨国经营企业来说，资金跨境调度越便利，企业就可以充分利用国内、国外两个市场进行股权、债权等融资，切实降低融资成本，提高企业抵御风险、获取投资收益的能力。国家外汇管理局、人民银行等主管单位在制定政策的同时，也应该进一步为资金跨境调度提供便利，逐步形成便利、统一、可控的资金跨境调度政策体系。关键词：跨国企业资金跨境调度财务弹性外汇政策AbstractInrecentyears,withtheformulationandimplementationofthenational"OneBeltandOneRoad"strategyandthecontinuousimprovementofthebusinessoperationofdomesticenterprises,moreandmoreenterpriseshavestartedtointernationalizetheirbusinessesandsetupoverseasbranchesorsubsidiariesoverseastobecomemultinationalenterprises.Inthecourseofactualoperation,themolecularcompaniesthathavejustbeensetupoverseasoftenlackthesmoothfinancingchannelsandneedtobeprovidedoperatingfundsbytheirdomesticparentcompanies.However,thoseoverseassubsidiariesthatoperateforaperiodoftimeandarewell-runmayobtainfinancingthroughoverseasequityfinancingorDebtfinancingaccesstolow-costfunds,hopingtobereturnedtodomesticcompaniesfordomesticuse,inordertomakefulluseofoverseasfinancingchannelstoreducethecostoffinancingthecompany.However,accordingtothecurrentstateforeignexchangeadministrationpolicies,therearestillmanyinconvenientrestrictionsforcross-operatingenterprisestocarryoutcross-borderfunding.Asaresult,multinationalenterprisescannotmakefulluseofdomesticandinternationalmarketsforfinancing.Accordingtothetheoryoffinancialflexibility,whenanenterpriseneedsit,thelowerthecostofacquiringexternalfundsandthemoreconvenienttheacquisition,thegreaterthefinancialflexibilityoftheenterprise.Thefinancialflexibilityoflargeenterprises,caneffectivelyresistexternalrisksandincreasetheabilityofenterprisestoobtaininvestmentincome.Fortransnationalenterprises,themoreconvenientthecross-borderfundtransfer,theenterprisescanmakefulluseofdomesticandforeignmarketsforequityanddebtfinancing,andeffectivelyreducefinancingcostsandenhancetheirabilitytoresistrisksandgaininvestmentreturns.Whileformulatingpolicies,thecompetentagenciessuchastheStateAdministrationofForeignExchangeandthePeople'sBankofChinashouldfurtherfacilitatethecross-borderfundingoffundsandgraduallyformaconvenient,uniformandcontrollablecross-borderfundingpolicysystem.Keywords：transnationalenterprises，fundprocurement，financialflexible，foreignexchangepolicy目录第1章引言11.1研究背景11.2研究意义11.3研究内容与方法21.3.1研究内容21.3.2研究方法21.4创新与不足21.4.1创新21.4.2不足3第2章财务弹性理论32.1财务弹性的定义32.2财务弹性获取的途径和手段42.2.1自由现金流量与财务弹性42.2.2负债融资与财务弹性52.2.3股权融...
