Assignment 4
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Assignment 4

Course Number: FIN 535, Spring 2011

College/University: Chaminade University

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FIN535 Assignment 4: Long Term Asset and Liability Management FIN535: Week (9) Assignment: Long Term Asset and Liability Management December 4, 2010 Binal Khetani Strayer University Introduction The operations of MNCs are financed by its cost of capital. Hence the finance managers of the companies work very hard in order to reduce these costs and maximize the value of the companys operations in the foreign...

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4: FIN535 Assignment Long Term Asset and Liability Management FIN535: Week (9) Assignment: Long Term Asset and Liability Management December 4, 2010 Binal Khetani Strayer University Introduction The operations of MNCs are financed by its cost of capital. Hence the finance managers of the companies work very hard in order to reduce these costs and maximize the value of the companys operations in the foreign market. Creditors often give preferential treatments to MNCs who borrow substantial amount of capital as opposed to a domestic firm. This is because MNCs have access to international as well as national capital markets thus exposing them to exchange rate risk. Any firms cost of capital is affected by its probability of going bankrupt. If they exhibit less variability, then it will reduce the probability of bankruptcy as well as the cost of capital. Cash flows of any firm is affected by various factors such as changes in government tax laws, exchange rate fluctuations, changes in business rules and regulations, changes in allocations of funds for companys operations etc. MNCs conduct capital budgeting in order to derive NPV based in the equity investments and estimated cash flows. The acceptance of any foreign project is based on the decision a managers takes while completing their analysis. The estimated NPV of a project influences an MNCs willingness to pursue that project because it involves a huge amount of risk since the NPV is strictly dependant on the projects capital structure. Capital structure influences the taxes and the exchange rates which in turn affects the cash flows of the firm. MNCs can choose various financing alternatives in order to best avoid the risk of exchange rate fluctuations. An MNC can also revise its capital structure due to the changes in the economic and the political conditions if the country. This is often done in order to reduce their tax withholdings on remitted earnings by its subsidiaries. FIN535 Assignment 4: Long Term Asset and Liability Management FIN535 Assignment 4: Long Term Asset and Liability Management ASSESSMENT 4 Long-Term Asset and Liability Management Gandor Company is a U.S. firm that is considering a joint venture with a Chinese firm to produce and sell DVDs. Gandor will invest $12 million in this project, which will help to finance the Chinese firms production. For each of the first three years, 50 percent of the total profits will be distributed to the Chinese firm, while the remaining 50 percent will be converted to dollars to be sent to the U.S. The Chinese government intends to impose a 20 percent income tax on the profits distributed to Gandor. The Chinese government has guaranteed that the after-tax profits (denominated in yuan, the Chinese currency) can be converted to U.S. dollars at an exchange rate of CHY1 = $.20 per unit and sent to Gandor Company each year. At the present time, no withholding tax is imposed on profits sent to the U.S. as a result of joint ventures in China. Assume that even after considering the taxes paid in China, an additional 10 percent tax imposed by the U.S. government on profits received by Gandor Company. After the first three years, all profits earned are allocated to the Chinese firm. The expected total profits resulting from the joint venture per year are as follows: Total Profits from Joint Year 1 2 3 Venture (in yuan, CHY) CHY60 million CHY80 million CHY100 million Gandors average cost of debt is 13.8 percent before taxes. Its average cost of equity is 18 percent. Assume that the corporate income tax rate imposed on Gandor is normally 30 percent. Gandor uses a capital structure composed of 60 percent debt and 40 FIN535 Assignment 4: Long Term Asset and Liability Management percent equity. Gandor automatically adds 4 percentage points to its cost of capital when deriving its required rate of return on international joint ventures. Though this project has particular forms of country risk that are unique, Gandor plans to account for these forms of risk within its estimation of cash flows. Gandor is concerned about two forms of country risk. First, there is the risk that the Chinese government will increase the corporate income tax rate from 20 percent to 40 percent (20 percent probability). If this occurs, additional tax credits will be allowed, resulting in no U.S. taxes on the profits from this joint venture. Second, there is the risk that the Chinese government will impose a withholding tax of 10 percent on the profits that are sent to the U.S. (20 percent probability). In this case, additional tax credits will not be allowed, and Gandor will still be subject to a 10 percent U.S. tax on profits received from China. Assume that the two types of country risk are mutually exclusive. This is, the Chinese government will adjust only one of its taxes (the income tax or the withholding tax), if any. 1. Determine Gandors cost of capital. Also, determine Gandors required rate of return for the joint venture in China. WAAC= FIN535 Assignment 4: Long Term Asset and Liability Management Premium applied by Gandor = 4% WAAC = 13% Required rate of return = 4% + 13% = 17% 2. Determine the probability distribution of Gandors net present values for the joint venture. Capital budgeting analyses should be conducted for these scenarios: Scenario 1 Based on original assumptions. Scenario 2 Based on an increase in the corporate income tax by the Chinese government. Scenario 3 Based on the imposition of a withholding tax by the Chinese government. Scenario 1: Based on Original Assumptions Year 0 Year 1 Year 2 Year 3 Total profits (in CHY) Profits allocated to Gandor Co. (50% of total) Corporate income taxes imposed by Chinese government (20%) Profits to Gandor after paying corporate income taxes in China CHY60,000,000 CHY80,000,000 CHY100,000,00 0 CHY30,000,000 CHY40,000,000 CHY150,000,00 0 CHY6,000,000 CHY8,000,000 CHY10,000,000 CHY24,000,000 CHY32,000,000 CHY40,000,000 FIN535 Assignment 4: Long Term Asset and Liability Management Gandors dollar profits received from China (based on exchange rate of CHY1 = $.20) U.S. taxes paid (10%) Cash flows from joint venture PV of cash (using flows a 17% discount rate) Initial investment Cumulative NPV of cash flows $12,000,00 0 $4,800,000 $480,000 $4,320,000 $3,692,308 $6,400,000 $640,000 $5,760,000 $4,207,758 $8,000,000 $8,000,000 $7,200,000 $4,495,468 $8,307,692 $4,099,934 $395,534 Scenario 2: Based on Increase in Corporate Income Tax by Chinese Government Year 0 Year 1 Year 2 Year 3 Total profits (in CHY) Profits allocated to Gandor Co. (50% of total) Corporate income taxes imposed by Chinese government (40%) Profits to Gandor after paying corporate income taxes in China CHY60,000,000 CHY80,000,000 CHY100,000,00 0 CHY50,000,000 CHY30,000,000 CHY40,000,000 CHY12,000,000 CHY16,000,000 CHY20,000,000 CHY18,000,000 CHY24,000,000 CHY30,000,000 FIN535 Assignment 4: Long Term Asset and Liability Management Gandors dollar profits received from China (based on exchange rate of CHY1 = $.20) U.S. taxes paid (0%) Cash flows from joint venture PV of cash flows (using a 17% discount rate) Initial investment Cumulative NPV of cash flows $12,000,000 $3,600,000 $4,800,000 $6,000,000 $3,600,000 $4,800,000 $6,000,000 $3,076,923 $3,506,465 $3,746,223 $8,923,077 $5,416,612 $1,670,389 Scenario 3: Imposition of a Withholding Tax by Chinese Government Year 0 Total profits (in CHY) Profits allocated to Gandor Co. (50% of total) Corporate income taxes imposed by Chinese government (20%) Year 1 CHY60,000,00 0 Year 2 Year 3 CHY80,000,00 CHY100,000,00 0 0 CHY30,000,00 0 CHY40,000,00 CHY50,000,000 0 CHY6,000,000 Profits to Gandor after paying corporate income taxes in China CHY24,000,00 0 CHY8,000,000 CHY10,000,000 CHY32,000,00 CHY40,000,000 0 FIN535 Assignment 4: Long Term Asset and Liability Management Withholding tax (10%) CHY2,400,000 Profits to be sent to the U.S. CHY21,600,00 0 Gandors dollar profits received from China (based on exchange rate of CHY1 = $.20) $4,320,000 U.S. taxes paid (10%) $432,000 Cash flows from joint venture $3,888,000 PV of cash flows (using a 17% discount rate) $3,323,077 Initial investment Cumulative NPV of cash flows $12,000,0 00 $8,676,923 $4,889,941 $844,020 $3,786,982 $4,045,921 $5,184,000 $6,480,000 $576,000 $7,200,000 $5,760,000 $7,200,000 CHY28,800,00 CHY36,000,000 0 CHY3,200,000 CHY4,000,000 The probability distribution of the NPV can be determined in different scenarios. If the NPV is negative then there is more probability of a company going bankrupt. If the NPV is positive, than the venture is profitable and the firm should go ahead with that option. In scenario 1, the NPV is positive and in scenario 2 and 3, the NPV is negative. Hence there is a 60% probability that scenario 1 will occur and there is a 20% probability that scenario 2 or 3 will occur. Net present value = = = 60% ($395,534) + 20% ($1,670,389) + 20% ($844,020) $237,320 + ($334,078) + ($168,804) $265,562 FIN535 Assignment 4: Long Term Asset and Liability Management 3. Would you recommend that Gandor participate in the joint venture? Explain. As shown above the NPV of this joint venture is negative. Out of the three scenarios there is a high possibility that this joint venture will fail since the NPV in scenario 2 and 3 is negative. Hence Gandor should not participate in this joint venture. 4. What do you think would be the key underlying factor that would have the most influence on the profits earned in China as a result of the joint venture? China is a developing country. The economy in a developing country goes through lots of ups and downs. The key underlying factor would be how strong the economy of China is; since this will highly impact the profits generated by Gandor. The economy is dominated by exchange rates fluctuations which may also be the underlying factor. Hence it will also influence the profits earned in China. 5. Is there any reason for Gandor to revise the composition of its capital (debt and equity) obtained from the U.S. when financing joint ventures like this? Gandor should certainly revise the composition of its capital because the cash flows from this joint venture may be uncertain. Even if Gandor decides to go ahead with this venture it should it should rework its capital structure in order make this venture a profitable one that would cover the debt and equity. FIN535 6. Assignment 4: Long Term Asset and Liability Management When Gandor was assessing this proposed joint venture, some of its managers of recommended that Gandor borrow the Chinese currency rather than dollars to obtain some of the necessary capital for its initial investment. They suggested that such a strategy could reduce Gandors exchange rate risk. Do you agree? Explain. Joint ventures are often conducted with an exchange rate guarantee from the government. Hence when Gandor will borrow money from China, it will not affect profitability of the firm during its initial investment. Exchange rate will be the same whether it borrows dollars or currency from China. Hence this strategy would not really make any difference. FIN535 Assignment 4: Long Term Asset and Liability Management Conclusion FIN535 Assignment 4: Long Term Asset and Liability Management Any form that is more exposed to exchange rate fluctuations will always have more fluctuations in cash flows. If the cash flows are uncertain than the possibility of bankruptcy is more and will lead to a higher cost of capital. A firm can reduce its exchange rate risk by either offsetting the cash flows, forward contracts, currency swaps or by using parallel loans. However there is still no guarantee that an exchange rate will move in the direction that a firm has forecasted. Hence it is never certain that an MNC will have a lower capital than any domestic firm. However a firm can take advantage of all the aspects in the market that are favorable in order to reduce risk and the cost of capitalReference Block Stanley, Sb. (2000). Integrating traditional capital budgeting concepts into an international decision-making environment. Engineering Economist , Retrieved from http://www.allbusiness.com/human-resources/employee-development-problem-solving/ 693277-1.html Madura, Jeff. (2010). International financial management.

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