FINANCING A MULTINATIONAL ENTERPRISE WITH DEBT OR EQUITY

Korporacija je gospodarska organizacija, ki jo tvori več istovrstnih ali sorodnih podjetij s skupnim ciljem. So umetno ustvarjene in so pred sodišči obravnavane enako kot fizične osebe, torej lahko kupujejo in prodajajo dobrine, vstopajo v pogodbe, tožijo in so tožene ter drugače sodelujejo v družbenem okolju. Poznamo javne, zasebne, zaprte in neprofitne korporacije. Mednarodno korporacijo sestavlja matično podjetje ter še vsaj pet ali šest podružnic v tujini. Mednarodne korporacije imajo prednosti in slabosti. Kapital, s katerim se financirajo korporacije, delimo na lastniški in dolžniški kapital. Glavna razlika med njima je v pravici do upravljanja podjetja (lastniški kapital jo načeloma ima, medtem ko dolžniški ne), v vrstnem redu poplačila sredstev ob stečaju podjetja (dolžniški ima prednost pred lastniškim), v ročnosti (pri dolžniškem je določena, medtem ko pri lastniškem ni) in davčni obravnavi (obresti so davčno priznan odhodek, medtem ko dividende niso). Lastniški kapital je dražji od dolžniškega, saj je investitor izpostavljen večjemu tveganju. Lastniški kapital delniške družbe je v obliki delnic. Podjetje lahko izda prednostne ali navadne, redne delnice. Glavna razlika med njima je, da prednostne delnice običajne ne prinašajo glasovalne pravice in so v primeru stečaja poplačane pred navadnimi. Podjetje se lahko financira z dolžniškim kapitalom v obliki posojil, komercialnih zapisov ali izdaj obveznic. Na strošek financiranja z dolžniškim kapitalom vplivajo: ročnost financiranja, velikost izposojenega kapitala, kreditno tveganje dolžnika, raven obrestnih mer, likvidnost, valuta in obdavčenost. Poznamo več različnih vrst posojil in obveznic. Glavna razlika pri financiranju med mednarodnim in domačim podjetjem je, da je mednarodno podjetje sposobno pridobiti praktično neomejeno količino kapitala po enaki mejni ceni. Cena kapitala za podjetje se zviša, kadar zviša svojo zadolženost do te mere, da mu začne padati bonitetna ocena. Podjetje, ki se financira na nelikvidnem, segmentiranem ali premalem kapitalskem trgu, bo moralo obvezno najti nove vire financiranja, če bo želelo ohraniti svojo dolgoročno konkurenčnost. Dostop do mednarodnega kapitalskega trga ima izreden pomen tudi za NLB Skupino, ki v 17 državah zaposluje več kot 8000 ljudi. V obdobju zadnjih petih let se je pretežno financirala s sindiciranimi posojili, izdajami obveznic in dokapitalizacijama. Na mednarodnem finančnem trgu je bilo pridobljenih kar 94 % vseh dolžniških virov. Izjemnega pomena pri pridobivanju sredstev je so imeli mednaroden ugled, korekten odnos s poslovnimi partnerji in dobre bonitetne ocene skupine.Corporation is a business organization made of several companies with a common goal. Corporations are artificially created and have the same rights as individuals before the court, therefore they can sell and buy goods, enter contracts, prosecute and be prosecuted and cooperate in social environment in other ways. There are public, private, closed and non-profit corporations. A multinational enterprise consists of a parent company and at least five or six subsidiaries abroad. However, multinational enterprises have their advantages and disadvantages. Corporations can fund themselves with equity capital and debt capital. Their main differences lie in the right to manage the company (equity capital usually includes voting rights, while debt capital does not), the payment order in case of bankruptcy (debt capital is paid before equity capital), maturity (specified for debt capital and not specified for equity capital) and tax treatment (interests are tax deductable expenses, while dividends are not). Equity capital is more expensive than debt capital as the investor is exposed to greater risks. Shares are the equity capital of stock corporations. A corporation can issue preferred or regular shares. The main difference is that preferred shares usually do not include a voting right and are paid before regular shares in case of bankruptcy. A corporation can fund itself with debt capital in form of loans, commercial papers or by issuing bonds. The cost of debt capital financing are under influenced by the maturity of financing, credit risk of debtor, level of interest rates, liquidity, currency and taxation. There are several types of loans and bonds. The main difference between the financing of a multinational and domestic enterprise is that the multinational company can obtain a practically unlimited amount of capital at the same marginal cost. The company’s cost of capital increases when the indebtedness rises to a level at which the credit rating starts falling. A corporation, which funds itself on a illiquid, segmented or too small market will have to find new funding sources, if it wishes to maintain its long-term competitiveness. The access to international capital market is also of extreme importance for the NLB Group, which employs over 8,000 people in 17 countries. Over the last five years, the company has funded itself with syndicated loans, capital increases and by issuing bonds. 94 % of all debt sources were obtained in the international financial market. The group’s international reputation, good partner relations and good credit rating have made an important contribution to the results