亞馬遜跨國財務管理決策之初探

Abstract

中文摘要

傳統上，美國與歐洲大公司財務部門的工作重心在於成本控制、營運預算與內部稽核。隨著公司走向全球化，財務領域日趨複雜多元。資本預算的決策與評價，不僅必須反映各事業部的差異，還要兼顧匯率、租稅和國家風險等複雜因素。

因此我們以亞馬遜為探討的對象，去了解跨國企業在財務管理上的因應措施。我們從融資、投資及匯率風險管理這三方面進行探討，在融資方面亞馬遜運用股權融資以及債券融資兩種方式。

亞馬遜為何發債?是因為他們的發債成本非常低還有不想海外資金回流。我們也發現對於跨國企業來說收款時間越長，匯率風險越大。我們從亞馬遜的年報發現在2017年長期負債大幅上升，而這對他們未來的匯率風險是很大的，所以我們從我們所學的專業中提供裡幾項避險策略。

Abstract American company and European company’s financial departments traditionally focus on cost control, operating budget, and internal audit. Along with the business globalization, financial field becomes more and more complicated. The decision of capital budget is not only reflected in each department difference but also has some complex factors, like exchange rate, tax, and country risk.

Therefore, we use Amazon as the object of study to understand the multinationals' financial management response. We discuss financing, investment and exchange rate risk management in these three areas. In terms of financing, Amazon uses equity financing and bond financing in two ways.

Why Amazon issue bonds? Because of their debt issue costs are very low and do not want overseas capital back. We also find that the longer the payment time for multinationals, the greater the exchange rate risk. We find from Amazon's annual report that long-term liabilities have risen sharply in 2017, which is a big risk for their future exchange rate risk, so we provide several hedging strategies from the professions we learn.