Gestão de caixa internacional

Resumo

With the greater opening of the chinese market to international market and the increasing consumption of the country, the chinese currency has become even more one of the main currencies in circularization according to World Trade Organization (WTO). According to the International Monetary Fund (IMF), China is currently the second largest economy in the world and the biggest commodity exporter highlighting the CNY (the chinese currency) even more in the international financial transactions. This way, the decision-making process of multinational companies of investing a revenue in CNY has become more frequent. Under this optics, the present study provides an exploratory analysis of historical database in order to demonstrate which has been the best alternative on investing this revenue: in local currency, in foreign currency or in the headquarters currency. In order to make this decision, this study adopts the concepts of Kourounzan (2000) to define the types of currencies as: the headquarter currency which refers to the currency in which the multinational company headquarter is based; the local currency which is the currency in which the revenue is generated that in this study is the CNY; the foreign currency which is a currency different from the local and the headquarter and that in this study is the USD. Having in mind the challenge of investing a revenue in CNY this study has developed a financial model that combines the variables of exchange rate and interest rate of a defined selection of countries to observe a pattern on the historical financial results of investment decisions. Through this pattern, this study has concluded that investing in the headquarters currency has been historically more positive. These results were impacted mainly by the exchange rate and interest rate variables. Besides concluding that there is a variable behavior in the sample due to these factors, the present study also identified possible positive and negative aspects of investing the revenue in each type of currency previously mentioned. Lastly, this study points out limitations and opportunities for future researches.

Ficha do documento

Tipo

Dissertação

Ano

2021

Instituição

Fundação Getulio Vargas

Fonte

Repositório da FGV

Idioma

Português

Acesso

Acesso aberto

Identificador

oai:repositorio.fgv.br:10438/30700

Palavras-chave

Cash managementInvestmentsFinnancingGestão de caixaInvestimentosFinanciamentosChinaAdministração de empresasAdministração de caixaFinanciamentoEmpresas multinacionais - ChinaAdministração financeira