Dissertations / Theses on the topic 'Multinational banking'

The purpose of this study is to investigate the capital budgeting and financing decisions of UK and US multinational enterprises. Following a survey approach, this study examines the impact that the general equilibrium and the disequilibrium schools of reasoning have upon international investment and financing decisions of the multinational. Further, the degree of centralisation in financial policy is investigated in the light of the two schools of thought which partition corporate finance theory. A conjoint methodology is utilised in order to evaluate the gravity of various environmental issues upon the foreign direct investment decision as well as the utilities for discrete levels of those determinants. The research inquiry is enriched with in-depth interviews with fourteen senior finance managers of British based multinational companies.

This thesis argues that one type of multinational entity – the multinational bank – poses particularly significant challenges to the international tax regime in terms of its current profit allocation rules. Multinational banks are a unique subset of multinational entities, and as a consequence of their unique traits, the traditional international tax regime foes not yield an optimal interjurisdictional allocation of taxing rights. The opportunity for tax minimisation, achievable because of the unique traits, and realised through exploitation of the traditional source and transfer pricing regime, results in a jurisdictional distribution of taxing rights which does not reflect economic reality. There are two distinct ways in which the traditional international tax regime fails to reflect economic activity. The first way that economic activity may not be reflected in the distribution of the taxing rights to income from multinational banking is through the application of traditional source rules. The traditional sources rules allocate income where transactions are completed rather than where the intermediation services are arranged. As a result of their unique commercial role as financial intermediaries, by separating intermediary economic activity from legal transactions with third parties, multinational banks may distort the true location of the activity giving rise to income. The second way in which the traditional tax regime may fail to reflect economic activity is through the traditional transfer pricing regime requiring related or internal transaction to be undertaken at an arm’s length price. The arm’s length pricing requirement is theoretically deficient in its failure to recognise the highly integrated nature of multinational banking. In practice, the arm’s length pricing requirement is also difficult, if not impossible, to apply to multinational banks because of the requirement of comparability. The difficulties associated with the current model have resulted in a subtle move by multinational banks towards global formulary apportionment. This thesis concludes that, for the international taxation of multinational banks, the current source regime should be replaced with a system that allocates profits for tax purposes on the basis of income source, with source determined using a unitary taxation or global formulary apportionment system. It is argued that global formulary apportionment is a theoretically superior model that provides both jurisdiction to tax and allocated profits on the basis of the economic activity that generates the income.

Multinational banks dominate the banking sectors in Central- and Eastern European countries and are an important partner for the domestic real economies. The aim of this paper is to examine the risk-return variations of these financial institutions in different macroeconomic stages in and around the global financial and economic crisis. The capital adequacy ratio (CAR) is used as a representation of the overall risk a bank is exposed to. The question is if a change in GDP growth implies a reciprocal change in CAR of a bank and if a change in CAR leads to a reciprocal change in net income. In addition, it will be tried to assess the consistency of the risk strategies of different subsidiaries of the same banking group. To conduct the research CAR is firstly derived as a suitable holistic risk measure in the theoretical part of this paper. Then, in the empirical part a case study is carried out that comprises the Czech and Slovak subsidiaries of four multinational banking groups and that is designed for the time horizon from 2008 to 2010. Qualitative as well as quantitative methods are applied.

The following investigation is intended to determine how the large-cap US multinational corporation was further advanced during the pivotal years of 1895-1913 by a leading private unincorporated institution—House of Morgan. Historical review and assessment focused on the broader US society, government, monetary landscape, the House of Morgan, leading large cap US multinationals; looking at both the key organizations and underlying people in power. The report framework focuses upon the development of the US super structure within which all major companies work down to the way actual institutions organize economic assets in the form of a multinational corporation. Questions that have been considered include: how was business conducted globally with so little formal mechanisms in place, the importance of the various forms of capital for business, and the various roles politics played in business development. Other areas include how owners and managers were effectively separated, how these same companies were able to branch out its product offering and the importance of providing corporate incentives. The House of Morgan cooperated with leading merchant banks, governments, foundations in developing an over-arching environment that was better adapted to the realities of the recent agricultural, industrial, and transportation revolutions that had brought about an integrated world. To organize economic assets in a more efficient and stable manner, large-cap multinationals were the preferred alternative, with a wave of consolidation across industries, underpinned by the pristine Morgan name. Strong board presence, interlocking corporate representation, active role in strategic planning, and management selection ensured that not only were new corporations molded in the design of the House of Morgan but also that they would stay committed to the far-reaching objectives. The House of Morgan took on more than just a focus of increasing shareholder value. They were driven by lofty ambitions of providing comprehensive stability within society at large in a rapidly changing world. The partners of the House of Morgan families had for generations been at the vanguard for providing the highest level of leadership throughout society in areas including business, politics, finance, and religion. These leading families were instrumental in providing the backbone of American society including founding the US Republic, developing the most venerable education institutions, and providing a moral compass through religious revival movements. The House of Morgan would help bring about generally larger and more institutionalized solutions from preceding generations that were conducive for multinational corporations to operate within. This ranges from a US central bank, developing modern non-profits structure, and funding the transportation network making the world more integrated. In helping organize broader US society, the House of Morgan would interlock different subsystems, including finance, charity, and politics with business in promotion of a more harmonious, predictable and productive society. The House of Morgan development of leading US large-cap multinationals, including General Electric, International Harvester, International Mercantile Marine and US Steel illustrates how it not only provided for the macro landscape to operate within, but also developed the leading companies of the era.

Multinational bank activities have gradually risen in developing countries since the beginning of the globalisation process. Rising foreign bank activities in developing countries have motivated researchers to investigate foreign banks, comprehensively. Turkey is a typical example of a developing country that achieved a tremendous growth rate in foreign bank asset, especially throughout the last decade. The aim of this thesis is to examine two-way linkage; (1) between foreign bank penetration (FBP) and banking variables; (2) between FBP and country risk and (3) between FBP, foreign direct investment (FDI) and foreign portfolio investment (FPI) in Turkey. Therefore, this thesis is constructed by three empirical sections. Moreover the pattern of FDI inflow and outflow in the world and in Turkey has been analysed, chronologically. In addition, the theory of FDI is taken into account and existing FDI theories has been criticised. In the first empirical work – Chapter 3 - the short run and long run relationship, if it exits, between FBP and determinants of bank performance (namely, domestic bank assets, domestic credit and banking profitability) in Turkey was investigated after controlling DGDP and 2001 financial crisis (DUM2001). The outcome of the Granger causality test indicates that there was unilateral causality which runs from DDB to DFBP . Moreover, I also found feedback causality between DFBP and DCREDIT . By employing impulse response functions, I found that there is positive relationship between DFBP and DCREDIT as I expected. Moreover, the response of DFBP to one standard deviation shock in domestic bank assets is initially statistically significant and positive. The reverse effect is statistically significant and positive. In the final model, the response of DFBP to one standard deviation shock in profitability (PRO) is significant and positive at 3rd quarter. The reverse effect is surprisingly positive but not statistically significant. Specifically, what has not been also investigated deeply in the empirical literature is the two-way linkage between foreign bank penetration and risk such as political, financial and economic. Thus, in chapter 4, linkage between FBP and country risk (namely, political risk, economic risk and financial risk) was examined in Turkey using quarterly data from 1994Q1 to 2009Q4. My finding indicated that I found one error correction term significant and positive in bivariate vector error correction in model 1 and 2, implying that in the long run, foreign bank penetration has contributed to economic and political risk. Moreover, short run causality based on VAR approach between DFBP and financial risk is investigated but I failed to find any significant causality in the VAR model after controlling DGDP and 2001 financial crisis, even at the 10% level. By analysing impulse response functions, I could not detect any significant relationship between DFBP and host country risk variables in the short run. This is because adding control variables (DGDP and DUM2001) make the relationship between host country risk variables and DFBP statistically insignificant. Finally, I investigated two-way linkage between FBP, FPI and FDI in Turkey after controlling DGDP and 2001 financial crisis. The finding from the VAR based block exogeneity wald test indicated that changes in DFBP significantly lead to changes in DFDI and there is also unilateral causality which runs from FPI to DFBP. Moreover, using the variance decomposition technique I found that DFDI and FPI have little explanatory power for the evolution of DFBP in Turkey. The contribution of DFBP to the variability of DFDI is more than that of FPI. The contribution of DFDI to FPI variability ranges between 0.000% and 9.122% throughout 12 quarter periods whilst the contribution of DFBP to FPI variability ranges between 0.000% and 7.611%.

The purpose of this thesis is to both explore and explain the formation of entry strategies of the multinational banks (MNBs) investing in the People's Republic of China. The research is driven by an interest in understanding the strategic behaviour of the MNBs as they are presented with huge investment opportunities but potentially higher risks caused by the market and regulatory structures. The study explains the differences in entry strategies of the MNBs and explores the causes of convergence in their entry behaviours. The study is grounded in the eclectic theoretical paradigm based on which a conceptual framework is developed to incorporate three enabling factors for the competitive advantages of the MNB in the local market. The three enabling factors are also termed the OLI framework with regard to ownership-specific advantages (0), location-specific advantages (L) and internalisation-specific advantages (1). Correspondingly, three areas of literature are focused on in this research, namely, the resource-based view, the institutional theory and internalisation theory. The research design consists of in-depth case studies of ten multinational banks. The cases are analysed based on strategic entry decisions in four dimensions, namely, the entry motive decision, the entry mode decision, the management control decision and the marketing orientation decision. The cases are explored by means of semi-structured interviews of thirty-five senior bank managers based in the local branch in Beijing and/or Shanghai in China. . Four patterns of strategic entry decision are identified through this research. Using pattern-matching techniques of analysis, the research provides evidence to support two research propositions; they are: i) the strategic entry decisions of the multinational banks in China are different. The differences are mainly attributed to the differences of the bank specific resources and the existing strategies of the parent banks; and ii) under the coercively imposed regulatory conditions and the underdeveloped market conditions, the strategic entry decisions of the multinational banks in China have tended to converge. This thesis contributes to existing theoretical, empirical and practice literature. It integrates multiple perspectives in applying the OLI framework. The developed OLI framework both explains and explores the formation of entry strategy of service multinationals. It emphasises the strategic behaviour of the MNB and provides insights to the MNB regarding how to integrate strategic entry decisions with operation and behaviour. It also provides the regulators with the way to assess the impact of regulation on competition structure.

The purpose of this thesis is to both explore and explain the formation of entry strategies of the multinational banks (MNBs) investing in the People's Republic of China. The research is driven by an interest in understanding the strategic behaviour of the MNBs as they are presented with huge investment opportunities but potentially higher risks caused by the market and regulatory structures. The study explains the differences in entry strategies of the MNBs and explores the causes of convergence in their entry behaviours. The study is grounded in the eclectic theoretical paradigm based on which a conceptual framework is developed to incorporate three enabling factors for the competitive advantages of the MNB in the local market. The three enabling factors are also termed the OLI framework with regard to ownership-specific advantages (0), location-specific advantages (L) and internalisation-specific advantages (1). Correspondingly, three areas of literature are focused on in this research, namely, the resource-based view, the institutional theory and internalisation theory. The research design consists of in-depth case studies of ten multinational banks. The cases are analysed based on strategic entry decisions in four dimensions, namely, the entry motive decision, the entry mode decision, the management control decision and the marketing orientation decision. The cases are explored by means of semi-structured interviews of thirty-five senior bank managers based in the local branch in Beijing and/or Shanghai in China. . Four patterns of strategic entry decision are identified through this research. Using pattern-matching techniques of analysis, the research provides evidence to support two research propositions; they are: i) the strategic entry decisions of the multinational banks in China are different. The differences are mainly attributed to the differences of the bank specific resources and the existing strategies of the parent banks; and ii) under the coercively imposed regulatory conditions and the underdeveloped market conditions, the strategic entry decisions of the multinational banks in China have tended to converge. This thesis contributes to existing theoretical, empirical and practice literature. It integrates multiple perspectives in applying the OLI framework. The developed OLI framework both explains and explores the formation of entry strategy of service multinationals. It emphasises the strategic behaviour of the MNB and provides insights to the MNB regarding how to integrate strategic entry decisions with operation and behaviour. It also provides the regulators with the way to assess the impact of regulation on competition structure.

This dissertation consists of three papers on cross-border banking (Chapters 1 to 3) mainly motivated by the increasing integration in the financial services industry that is forcing banks to offer products and services over a wider geographic space. Chapter 1 analyzes competition in banking and adds to the literature by showing that competitive interaction influences bank FDI; Chapter 2 studies the determinants of cross-border mergers and acquisitions (M&A) and is poised to determine what factors might explain the asymmetry in M&A patterns between Asian and western banks; and Chapter 3 investigates the impact of geographic diversification on the economic value of multinational banks, addressing the question of whether geographic diversification creates value for the shareholders. In Chapter 1 we integrate concepts from FDI, multimarket and oligopolistic reaction to model the location of the world’s Top 10 commercial banks in 52 countries over 10 years (1998-2007). We assess the influence of competition in the location of overseas affiliates of multinational banks, a factor neglected in the literature on bank internationalization. The extant literature has investigated mostly why and where banks go abroad. We focus on the Top 10 banks since they are the ones more likely to match each others’ presence in foreign markets. We test three main hypotheses: (i) the positive influence of preexisting market overlapping on banking FDI; (ii) the influence of the presence of direct competitors on banking FDI; and (iii) the influence of the identities of direct competitors on banking FDI. We collect data on the location of banks subsidiaries from Bankscope on a yearly basis to construct a panel of 4,745 observations. Our variables of interest pertain (i) to the overlapping of each bank with the other Top 10 on a country by country basis; (ii) to the number of direct competitors present in a market; and (iii) to bank identities for each bank. We control for bank traits, bilateral characteristics between origin and destination country, destination country characteristics, and origin country characteristics. We use a mixed-effects logistic model (MELR) to test our hypotheses, considered the most promising state of the art discrete choice model, which endogeneizes bank behavior over time. MELR combines both fixed effects and random effects in the same specification, capturing the withinbank correlation present in our dataset. iii In Chapter 2 we investigate cross-border bank mergers and acquisitions (M&A) from western banks in Far Eastern and Central Asian (FECA) countries and from Asian banks in western countries, motivated by the striking difference between the two waves of M&A in number, size and growth rates. Particular attention has been given to entry by western banks in emerging markets, but much less attention has been given to the M&A activity of Asian banks in the west, despite their increasing volume. We build on two strands of literature: (i) on the one hand the Ricardian theory of comparative advantages, and (ii) on the other hand the new trade theory favoring market integration. We proxy comparative advantages by an index of financial depth and we measure the degree of similarity between origin and destination countries by a ratio computed as the difference between acquirer and target markets on a particular characteristic, scaled by the maximum in the two countries. Our data on M&A are collected from Zephyr. We consider deals over a 10 year period between 1996 and 2007. We analyze 66 cross-border M&A where a bank is involved as acquirer. Our sample encompasses 8 Asian countries and 30 western countries. We conduct a country-level analysis to test for the difference or similarity of the two waves of M&A using a negative binomial model, regressing the number of cross-border deals on bilateral characteristics, origin country characteristics and destination country characteristics. We use a similar specification with a Tobit model in which the dependent is instead the size of the deals. In Chapter 3 we compare the value of internationally diversified commercial banks with that of domestically more focused financial intermediaries. The paper relates to the general literature on the costs and benefits of focusing versus diversifying firms’ activities, but applied to financial intermediaries. The literature has only recently focused on financial intermediaries, but mostly in terms of functional diversification: income and balance sheet diversification between lending and non-lending activities. We address a parallel important dimension: geographical diversification for which the theoretical predictions are mixed. Our empirical model is designed to test whether bank’s economic value as measured by excess value is an increasing function of its international diversification. We define excess value as a bank’s real Tobin’s q minus its imputed Tobin’s q, the latter obtained as an approximation of the ‘chop-shop’ approach. We build on the literature on manufacturing firms and consider each bank as ‘chopped’ in a geographically diversified bank and a domestic, undiversified bank. We collect bank level data from Bankscope focusing on commercial banks since they have compelling reasons to internalize banking activity across iv borders. We exclude small banks to avoid confounding effects and focus on listed commercial banks. Our data assembling exercise yields a sample of 577 commercial banks and 4,039 bankyear observations and we end up with 384 banks headquartered in 56 countries for which timevarying data on subsidiaries is available between 2001 and 2007. We run robust regressions with excess value as the dependent and with three alternative measures of geographic diversity as the explanatory variable of interest, along with bank controls and country and year fixed effects.
A presente dissertação é formada por três artigos sobre banca internacional, incluídos nos Capítulos 1 a 3 e é motivada principalmente pela crescente integração da indústria de serviços financeiros, que está a compelir os bancos a oferecerem produtos e serviços numa área geográfica cada vez mais ampla. O Capítulo 1 analisa a concorrência na banca e contribui para a literatura ao mostrar que a interacção entre rivais tem influência no investimento directo estrangeiro (IDE) dos bancos. O Capítulo 2 estuda os determinantes das fusões e aquisições (F&A) transfronteiriças e tem como objectivo identificar os factores que permitam explicar a assimetria dos padrões de F&A entre bancos asiáticos e ocidentais. No Capítulo 3 investigamos o impacto da diversificação geográfica no valor económico dos bancos multinacionais, para determinar se a diversificação geográfica é geradora de valor para os accionistas. No Capítulo 1 integramos os conceitos de IDE, estratégia multimercado (multimarket) e reacção oligopolística para modelar a localização dos dez maiores bancos comerciais (Top 10) em 52 países ao longo de 10 anos (1998-2007). Neste artigo estudamos a influência da concorrência na localização das subsidiárias dos bancos multinacionais no estrangeiro. A literatura tem investigado essencialmente porquê e onde os bancos instalam subsidiárias além-fronteiras. No nosso caso, analisamos os Top 10 porquanto são eles que mais provavelmente se irão instalar nos países onde os seus rivais estiverem presentes. Testamos três hipóteses: (a) a influência positiva sobre o IDE dos bancos exercida pela sobreposição anterior dos Top 10 nos mercados estrangeiros, (b) a influência no IDE dos bancos exercida pela presença de concorrentes directos e (c) a influência no IDE dos bancos decorrente das identidades dos concorrentes directos. Recolhemos dados sobre as subsidiárias dos bancos no Bankscope, numa base anual, e construímos um painel com 4.745 observações. As nossas variáveis de interesse referem-se a: (a) sobreposição de cada banco com os outros Top 10, país a país, (b) número de concorrentes directos presentes num dado mercado e (c) identidades de cada banco. Usamos variáveis de controlo referentes às características dos bancos, às características bilaterais entre país de origem e país de destino, bem como às características do país de destino e do país de origem individualmente. Utilizamos um modelo logit misto para testar as nossas hipóteses. Este modelo hierárquico é considerado o modelo mais promissor para tratar variáveis discretas, e endogeneiza vi o comportamento dos bancos ao longo do tempo. O modelo combina efeitos fixos e efeitos aleatórios numa mesma especificação, o que permite capturar a correlação intra-bancos presente na nossa base de dados. No Capítulo 2 investigamos fusões e aquisições (F&A) de bancos ocidentais na Ásia central e oriental e de bancos asiáticos no ocidente, decorrente da diferença substantiva entre as duas vagas de F&A, quer em número, quer em valor e taxa de crescimento. A literatura tem analisado a entrada de bancos ocidentais em mercados emergentes, mas tem descurado a actividade de F&A de bancos asiáticos no ocidente, apesar do seu volume crescente. Baseamo-nos em duas correntes teóricas: por um lado a teoria ricardiana das vantagens comparativas e, por outro lado, a nova teoria do comércio internacional que é favorável à integração dos mercados. Medimos as vantagens comparativas através de um índice de desenvolvimento dos mercados financeiros e calculamos o grau de similitude entre país de origem e país de destino como o rácio da diferença entre país de origem e país de destino numa determinada característica, dividida pelo valor máximo dessa característica nos dois países. Recolhemos os dados sobre F&A de Zephyr. Incluímos operações durante um período de 10 anos, 1996 a 2007, e analisamos 66 fusões e aquisições em que o adquirente seja um banco. A nossa amostra engloba 8 países asiáticos e 30 ocidentais. A nossa unidade de análise é o país e testamos a diferença ou similitude entre as duas vagas de F&A mediante um modelo binomial negativo. Nas regressões, a variável dependente é o número de operações transfronteiriças e as variáveis explicativas são as características bilaterais, as características do país de destino e as características do país de origem. Empregamos igualmente um modelo tobit no qual a dependente é o volume das operações. No Capítulo 3 comparamos o valor de bancos comerciais internacionalmente diversificados com o de bancos geograficamente mais focalizados. Este artigo aborda a literatura baseada na análise de custos e de benefícios, que trata da diversificação das empresas, mas aplicamos a teoria aos bancos. A literatura tem recentemente analisado os bancos mas em termos de diversificação funcional: diversificação das fontes de rendimento e diversificação do balanço entre actividades creditícias e não creditícias. O nosso artigo analisa uma outra dimensão relevante: a diversificação geográfica que tem vindo a apresentar resultados divergentes em termos teóricos. O nosso modelo empírico destina-se a testar se o valor económico dos bancos, medido pelo seu valor incremental (excess value), é uma função crescente da sua diversificação geográfica. vii Definimos o valor incremental como a diferença entre o q de Tobin de um banco e o seu q de Tobin ajustado. Calculamos o q de Tobin ajustado usando uma aproximação da técnica chop shop que tem sido utilizada para as empresas não financeiras. Ou seja, consideramos que um banco é cindível em duas partes (shops), uma parte diversificada geograficamente e outra parte focada no mercado doméstico. Recolhemos dados do Bankscope restringindo-nos aos bancos comerciais, porquanto são eles que têm revelado motivos para internalizar as actividades bancárias nas suas operações além-fronteiras. Excluímos os bancos mais pequenos para evitar efeitos divergentes e analisamos somente bancos comerciais cotados. Obtemos desta forma uma amostra de 577 bancos comerciais e 4.039 observações (banco-ano). A disponibilidade dos dados conduz-nos a uma amostra final de 377 bancos comerciais, com subsidiárias em 56 países, de 2001 a 2007. Corremos regressões robustas utilizando o valor incremental como dependente e três medidas alternativas da variável de interesse, juntamente com variáveis de controlo atinentes aos bancos e efeitos fixos por país e por ano de observação.

The number of multinational banks (MNBs) has increased in Central Europe, while the amount of real credit has decreased. This dissertation investigates whether there is a causal link between increased international financial competition (IFC) and the decline of real credit in Poland and Hungary, and what the impact of declining real lending is on investment across industries. First, based on the Hungarian and Polish experiences I analyze whether there is a link between greater IFC and less real credit. I provide an argument that links the number of MNBs to capital levels for domestic banks, and hence to their lending capacity. I test this argument empirically using data from central banks, central statistical offices, and private institutions, and exploring alternative explanations for declining real credit. The evidence suggests that Polish and Hungarian banks are placed in a paradoxical situation since greater IFC raises their need for capital, but also limits their ability to attract it. The evidence indicates further that the efficiency increases from competition do not outweigh the limits on domestic banks' capital, which in turn helps to explain the decline in real credit. Second, I use panel and time series data to test whether early IFC has partially caused declining real lending. I test this hypothesis based on a credit supply function for domestic banks, and on data for 9 regional and 5 specialized Polish banks for 39 months. The estimation results indicate that domestic banks increase lending in anticipation of greater international financial competition, but that they decrease their lending once MNBs have established operations. As a net result of these two effects the supply of credit declines. Third, I study how the decline in real credit has affected the amount of investment in Polish industries. I use a model that links finance and investment, and a data set of 23 observations for 25 industries. The panel estimation results suggest that internal and external finance are significant in determining investment, and that industries prefer internal over external finance.

The competitive environment in the banking industry globally and in South Africa is putting immense pressure on companies to keep track of changes in technology, customer demands, and market trends. Responses to the above will allow a company in South Africa to improve customer service and thus remain competitive and relevant. This dissertation is to determine the status and interpretation of intellectual capital (intangible assets) within a South African banking and service company. This study explores the way in which intellectual capital characteristics contribute towards a competitive advantage. A case study method was applied and interviews were conducted to capture responses. The questions were structured, but the discussions allowed for additional questions to be asked during the interviews.

by Shum Sze Kei.
Thesis (M.B.A.)--Chinese University of Hong Kong, 2000.
Includes bibliographical references (leaves 43-46).
ABSTRACT --- p.ii
TABLE OF CONTENTS --- p.iii
LIST OF TABLES --- p.v
CHART --- p.vi
Chapter
Chapter I. --- INTRODUCTION --- p.1
Objectives Of The Study --- p.2
Methodology Of The Study --- p.2
Chapter II. --- MNCs IN CHINA --- p.4
Leading MNCs In China --- p.4
MNCs' Investments In China --- p.5
Different Entry Modes & Impact Upon Financing --- p.6
The Trend Of Entry Mode To China --- p.6
Joint Venture --- p.7
Wholly Foreign Owned Enterprise --- p.8
Joint-stock Company --- p.8
Holding Company --- p.9
Group Finance Company --- p.10
Chapter III. --- FINANCING NEEDS OF MNCs IN CHINA --- p.11
General Financing Environment In China --- p.11
Financing Concerns Of MNCs In China --- p.12
Political Risk --- p.12
Exchange Rate Risk --- p.13
Foreign Exchange Control --- p.13
General Financing Criteria Of MNCs In China --- p.14
Maximizing Debt And Minimizing Equity --- p.14
Maturity Matching --- p.14
Currency Matching --- p.15
Financing Needs Of MNCs In China --- p.15
Short-term Domestic Currency Financing --- p.15
Long-term Domestic Currency Financing --- p.16
Short-term Foreign Currency Financing --- p.16
Long-term Foreign Currency Financing --- p.16
Hedging Instruments --- p.16
Chapter IV. --- HOW MNCs IN CHINA CURRENTLY FINANCE THEIR OPERATIONS? --- p.18
Availability Of Financing --- p.18
Domestic Banks --- p.19
Foreign Banks --- p.19
Foreign Currency Financing --- p.20
Trade Financing --- p.20
Working Capital Financing --- p.21
Long-term Financing --- p.22
Syndicated Financing --- p.22
Domestic Currency Financing --- p.22
Working Capital Financing --- p.23
Long-term Financing --- p.24
Syndicated Financing --- p.24
Hedging Instruments --- p.25
Case Study - --- p.25
Background Information --- p.25
Financing Requirements --- p.26
How The Company Currently Finance Their Operations? --- p.27
A Few Observations From The Case Study --- p.27
Chapter V. --- RESTRAINTS OF THE FINANCIAL MARKETS IN MEETING MNCs NEEDS --- p.29
Lack Of Support From Domestic Banks --- p.29
Lack Of RMB Financing From Foreign Banks --- p.30
Lack Of Long Term Financing --- p.31
Lack Of Access To Equity Financing --- p.31
Lack Of Bond Market --- p.32
Lack Of Hedging Instruments --- p.33
Chapter VI. --- ANTICIPATED FUTURE CHANGES OF THE FINANCIAL MARKETS IN MEETING MNCs NEEDS --- p.34
Impacts Of WTO --- p.34
Impact On Banking Sector --- p.34
Impact On Equity Markets --- p.35
Impacts Of Banking Reform --- p.35
Impact On Domestic Banks --- p.35
Impact On Equity And Bond Markets --- p.37
Chapter VII. --- RECOMMENDATIONS TO MNCs IN CHINA AS REGARDS FINANCING --- p.39
Explore Other Entry Modes When Setting Up Operations In China --- p.39
Centralize Finance Activities For Efficient Management --- p.39
Cultivate Relationship With Domestic Bank --- p.40
Maintain Good Relationship With Foreign Banks --- p.41
Improve Financial Accounting And Reporting Of China's Operations --- p.41
BIBLIOGRAPHY --- p.43

碩士
銘傳大學
財務金融學系碩士在職專班
93
A Study on Multinational Enterprise’s Tax Planning Strategies With Offshore Banking Unit-Using Case Study of Taiwan and Singapore Offshore Banking Unit Student: Wei Chiang Advisor: DR. Lawarence L c. Lee ABSTRACT At Present, many of multinational enterprise entered the global stage of the research and operation from the global production and sale. These trend are going to push the global process of the world’s range. More and more importer and exporters establish a constituent corporation at beyond the bor -der for section tax aim, traditional trading corporation at constituent corpor -ation proceed another section bargain, bring down mother factory the unit price of export or increase the purchase’s cost. Taking advantage of paper company’s name, operate all entrance and finance arrange at financial cent -er beyond the border. Taiwanese bank hold OBU licenses .establishes the offshore banking unit (hereafter OBU). This OBU bank can service consumer beyond the border that register company account (like Singapore or the Bahama’s com -pany) or foreigner can open OBU account at internal bank. If Taiwan enterprises engage in the fund transfer taking advantage of each bank’s OBU, which can enjoy “international finance business regulations”. From November 18 2001, the Central bank of china permits OBU with continent banking institution, corporation, group and individual proceeds directly business dealings. As a result Taiwan enterprises are able to enjoy conven -ience and fund arrangement. When describing the investment in Mainland China by Taiwan enter prises, best tax panning mode can be obtained if taking the practical situ -ation of the person, business, timing, location and effects into considerat -ion plus the right use of OBU business operation mode proposed in this study conducted by the mature companies. This research uses the part of case study of Taiwan and Singapore offshore banking unit. Finally, although the research’s conclusion: Three Lines is most Taiwan enterprises view, such as taking the principle of “First good posterity, first sea behind empties” and result in unfavorable affection to Taiwan. Key words: multinational enterprises, Offshore Banks Units and tax panning.

abstract: This study investigates three issues that are relevant for the development of multinational investment banks in China. The first is about the domestic market conditions that are necessary for a country to develop multinational investment banks. The second issue is about the degree to which China has met these conditions. The last issue focuses on the potential strategies Chinese investment banks can undertake to become multinational corporations. To address the first issue, I draw an important distinction between international investment banks and multinational investment banks. For an international investment bank to be regarded as a multinational, I propose that it must have a strong presence (i.e., holding at least one percent of the market share) in at least two of the seven major capital markets in the world. Using this criterion, I identify 25 multinational investment banks. I then analyze their home countries’ domestic market conditions and propose that the following six factors are important to the development of multinational investment banks: the size of the home country’s gross domestic product (GDP), the total capitalization of its domestic security market, the number of its Global 500 firms, the volume of its foreign direct investment (FDI), the internationalization of its currency, and the openness of its capital market to foreign investors. By comparisons, I find that China’s domestic market conditions are comparable to the home countries of multinational investment banks with respect to the size of GDP, total market capitalization, the number of Global 500 firms, and the volume of FDI. What China lags behind are the internationalization of currency and the openness of capital market to foreign investors. Given the current trends of development, it is very likely that China will be able to catch up on the latter within ten years, thus meeting all the conditions necessary for the development of multinational investment banks. Based on the above findings, I suggest that Chinese investment banks seize this historical opportunity, speed up the internationalization of their businesses, and learn from the experiences of global industry leaders to become truly multinational corporations.
Dissertation/Thesis
Doctoral Dissertation Business Administration 2015

碩士
國立中山大學
人力資源管理研究所
101
In recent years, Taiwan''s banking industry for effectively exploring new international markets and creating new businesses. In addition to actively seeking the support and lifting the prohibition of government policies. The most essential key of expanding global business depends on the Global Talent Management. Meanwhile, Taiwan banking industry towards to multinational development and emphasis on diversify business strategy of "globalization" and "localization". Specific training and management for global talent, relevant to the effectiveness of global distribution and multinational business promotion. Therefore, the process of multinational banking business development, "strengthening Global Talent Management" is the most important HRM strategy . Journal reading for the first stage results in Taiwan banking industry of global business status and development .This study found that most of the domestic studies of the study on KSF and behavior are few. Consequently, this study will fill the gap between the practice and theory of global talent management. Furthermore, it can be the indicator of Taiwan multinational banking global talent management. This study is based on journal reading and application of Delphi Technique. The experts answer questionnaires in two rounds to construct measuring factors and transform them to analysis structure on AHP, then, analyze the importance and relative weight of factors through AHP questionnaires. The following points are the brief result: 1. After two-round of expert interview on Delphi Technique, this study concludes twelve micro-items on analysis of “The Study on The Key Success Factor about global talent management of Taiwan Multinational Banking” These items include: “Phased Challenging Task Assignment and Rewards," "Providing Complete Talent Promotion Plan," and" Proper Allocation of Talent.” . 2. Among the three items of this study, all experts examinees prove that the weight of “Strengthen on talent inner achievement motivation” with highest at 51.3%; “Talent Engagement on Business Goals” at 26.6%; “Establish Completed Talent Performance for Management Process” at 22.1%. 3. In this study, find result that the relative weight of twelve evaluation micro-items derived from three aspects, “Innovative Value Award System” at 17.0%, “Build Up a Hierarchy of Needs Incentives” at 12.9%, “Executives'' Attention and Support” at 11.7%. 4. Finally, this study intend to propose research finding and concluding remarks over twelve evaluation micro-items derived from three macro global talent management items.