英語(yǔ)翻譯
Currency Fluctuations and Foreign Exchange
When the Mexican currency crisis began in late 1994,the Wall Street Journal reported that within a week the peso had lost almost 36 percent of its value against the dollar,and 43 percent since the beginning of the year.This highlights the significance of the impact of currency value fluctuations on international business negotiations.International firms that negotiated business deals or operations in Mexico should have taken the risk of the peso devaluation into account during their negotiations with Mexican firms.
International business transactions take place in a world of multiple currencies,the values (foreign exchange rates) of which fluctuate daily.A business deal that is not effectively structured to compensate and protect against foreign exchange fluctuations is likely to be a prelude to a disaster if the underlying currencies in which payments are to be received precipitously decline in value--or a windfall if they appreciate in value--against the recipient company's home currency or other stable currencies.It would be prudent for negotiators of both companies to obtain realistic "most likely" forecasts of the exchange rates for the relevant currencies from such reliable sources as international banks and currency futures markets.They can thus build into the agreement contingency clauses that would protect either side from wild swings in the exchange rates of their respective currencies or engage in currency hedging contracts.
Foreign exchange controls by many governments also influence international business negotiations.The ability of a company to pay for imported raw materials,or to repatriate profits or dividends to a foreign parent,depends on the willingness of the host government to make the necessary foreign exchange available for such transactions.Negotiators for a foreign company must ensure that,in whatever agreement is negotiated,provisions are made that would avoid or blunt the effect of these controls.For instance,in the face of foreign exchange restrictions,an international company could negotiate a "counter-trade" deal by which payment is made in goods,rather than cash.
Foreign Government Controls and Bureaucracy
The extent of governmental interference in business in many nations is extensive.Government agencies may have the authority to control the total output of an industry.Or they may have absolute control over the granting of permits to expand production capacity.A company with the potential to increase market share is obligated to obtain the necessary license to expand capacity,a license that is often denied by government bureaucrats.