6. Đầu tư

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Anne: So, can we agree at least that it will be most cost effective to invest in an existing business?
That way, we will be able to utilize the local knowledge of the personnel currently running the business.
Luis: Yeah, I think so. The question is how exactly. Do we buy the company or only the assets?
There’s a lot to think about. For instance, the due diligence process, although that won’t affect the mechanics of our acquisition.
What will we have to consider, Allen? You’re the international lawyer.
Allen: Lots of things, takeover rules, European Union regulation on competition and the accounting legislation.
Dana, can you tell us something about that?
Dena: Actually, the accounting regulations aren’t such a big issue. More important will be the effect of our acquisition on our balance sheet.
The goodwill component is huge and we have to be aware of the impact this is going to have. That’ll be an interesting discussion with the auditors.



If we are thinking about raising capital in overseas markets, the reporting requirements of those markets are obviously important.
I’ve summarized some of the major points on this slide – let’s go through them briefly
1 It may be possible to measure all of these at theii fair value, which would allow the recognition of unrealized gains.
2 This may have been developed completely separately from the accounting systems, and may provide considerable opportunities for taxation planning.
3 Typical of these is the Profit and Loss Account.
4 This can be acquired or self-generated – of course it may have to be recognized as an asset, if certain criteria are met.
5 Here we’re talking about things which we don’t actually own – they go back to their owners after a certain amount of time.
They require different disclosure in the Balance Sheet, and the GAAP of different countries can require different classification, normally finance or operating.
6 The methods used to measure this can vary considerably. The normal ones are FIFO, which means ‘first in first out’, LIFO or ‘last In first out’, or average cost, which is somewhere between the two. All give a different value for what we hold.



Part 1

Good morning, ladies and gentlemen. My name is Kathryn Smithson.
I’d like to thank you first of all for giving me the opportunity to come here today and talk to you about the international issues facing enterprises with cross-border interests.
Although I am not an accountant I hope to give you some information which will help you in your dealings abroad.
If you don’t mind, I would prefer to answer any questions you may have at the end.
There’ll be three parts to my presentation.
I’ll start with a short description of the general issues faced by managers today.
Then we’ll look at some of the issues in more detail using some of the data I have collected.
Finally we’ll look at how you can approach these problems and create successful international teams.
There’ll be a comprehensive hand-out at the end, so there’s no need to take notes unless you really want to.



Part 2

So, what can we conclude from all this? We all know that globalization has been a buzzword for many years now. All of us have been involved in or seen companies expand across borderland. We have seen some mergers collapse. I think that my research has shown that one of the main reasons for such collapses is that management has ignored the intercultural factors facing the members of teams working in an intercultural environment.I hope my presentation has made you aware of some of the factors which affect the ability of people from different cultures to work together.
I will now be happy to take any questions from the floor, and perhaps even discuss some of these issues further. Yes, the gentleman on the right?