9、CFO的果敢尝试

9、CFO的果敢尝试

国际上不同货币之间的exchange rate（汇率）每时每刻都在变化，对于multi-national coporation（跨国集团公司）来说，这经常会产生很多财务上的问题。遍布全球的市场就决定了支付货币的多样性，比如在开具cheque（支票）或letter of credit（信用证）的时候，是选择export country（出口国）的货币，还是import country（进口国）货币或者是第三国货币都会影响到交易的最终实际价格。而货币间exchange rate的变化会影响到企业的实际revenue（盈利）数额。所以payment currency（支付）货币的指定也是international trade contract（国际贸易合同）中的必要因素，必须在合同中明确指出。即使这样，针对支付货币的dispute（争议）也时有发生。

Innovo作为一家multi-national corporation, branch company（分公司）和市场分布在世界各地。在业务进行中，也常常会碰到payment currency方式的选择问题。随着企业的发展壮大，业务范围和客户来源不断扩展，这个问题也就越来越突出了。根据公司总部上个月的monthly report（月报），由于支付货币选择不当，又赶上国际货币市场汇率突变，仅一个月就产生了二百多万美元的直接实际损失。交易合同中货币的选择是由财务部和销售部共同决定的，为此这两个部门需要承担由此产生的责任。总部要求CFO Jerry立即寻找解决办法，避免今后再出现类似问题，给公司造成不必要的损失。Jerry在咨询了权威的capital management institutions（资金管理机构）之后，同时在部分公司作了experiment（实验），终于找到了一种可行的办法。她又根据Innovo的实际情况，作出一套具体可操作方案。一切准备就绪以后，Jerry召集各分公司的Finance Directors进行telephone conference（电话会议），向他们介绍公司准备实行的这套新的货币支付方案。会前，Jerry将这次电话会议的主要议题发给了所有与会人员：

Find out the problems.

Consult authoritative and experienced organization for suggestions.

Make experiment within a small area.

Apply it to a large scope.

因为时差的缘故，组织全球各分公司在同一时间开会可绝不是件容易的事。既然Jerry做了这个决定，可见问题的importance（重要性）和urgency（紧迫性）。

电话会议选在美国时间早上九点进行。各分公司所在地区的时间各不相同，有的地区已是午夜时分或是凌晨时分。

OK. As you know, on foreign exchange. We've got problems. Two problems. The first is that, as a group, we have too much exposure to currency variation, and that can mean losses. Big losses. Second, money costs money. All your hedging or transferring money costs a lot in time and money.

And you know why we've got these problems? It's because as a group, we're not coordinated. There's no real group policy for foreign exchange.

Right. Things are going to change. First, there's going to be a new company. This is going to be called the group Invoicing Company and we'll call it the I.C. just for now, and the role of the I.C. is going to be to coordinate all foreign exchange transactions: for every part of the group.

Right. How's it going to work? Procedure. First, you always invoice customers in your own currency, such as dollar, yen, euro, whatever you use, always if possible. But, if you have to invoice in a foreign currency — and this is the second option — then invoice the new I.C. company. In your own currency. OK?

And then the last step is that the I.C. will then invoice the customer for you, in the foreign currency. So everything passes through the I.C.; got it?

I know some of you are probably wondering if this will work for Innovo. I am ready to answer any question from your side.

接下来，各个分公司的Finance Directors针对这个新方案提出了很多问题，也发表了各自的看法。有一个普遍的问题就是大家对这个新方案的adaptability（适用性）不确定。在这一点上，Jerry早有准备，他邀请了一位capital management institutions（资金管理机构）的consultant详细解答了大家的疑问。经过近两个小时的telephone conference，最后关于这个方案的所有问题都得到了答复。大家达成了一致意见：先在各分公司试行新方案一段时间，再根据具体执行情况做相应调整。同时，Jerry的助理把相关的材料和会议memorandum（备忘录）通过e-mail发给各个Finance Directors。