Global Financial Mechanisms Montreal Protocol †MyAssignmenthelp

Question: Discuss about the Global Financial Mechanisms Montreal Protocol. Answer: Introduction International business defines the business activities, which involve cross-border transactions of goods and services between two or more than two countries. Due to liberation, open market and freedom of conducting business, most of the organizations are highly inclined towards operating business in international markets (Christiaens et al., 2015). In such situation, financial management is the most important aspect for every internal business organization. The success of an international business is highly dependent on effective international financial management. International financial management is extremely important for an international organization, which helps in trading and making money through exchange of foreign currency (Cremers et al., 2016). Proper international financial management assists in maintaining the international organization financially stable through properly dealing with different currency, different political situation, diversified opportunity and imperfec t markets. Such financial management also contributes in currency derivatives, multi-currency bonds, cross-border stock listing and international mutual funds. While considering the international financial management in New Zealand, it can be found that the organizations of this country are adopting several effective finance options for proper managing the financial status in international markets. Free trade agreement and open marker of business have encouraged the organizations in going beyond their domestic boundaries and operate internationally (Demir Bahadir, 2014). Moreover, the organizations of this country adopt alternative paths towards globalizing the cost and availability of capital. They often issue international bonds as debt investment for raising capital in operating international business. Apart from that, the organization also utilize equity listing for selling shares to public for managing their international financial status through raising capital from the foreign public for operating international business. On the other hand, the organizations often issue Euroequityin foreign markets for raising capital from the public . Such options help the international organizations of New Zealand in effective international financial management. This study will discuss the international financial management of Dantata, which is an automotive organization listed on both Australia as well as USA. Now, the organization is going to construct a new manufacturing plant in India. The study will evaluate and discuss various business finance options for the organization towards raising capital for constructing the new manufacturing plants. The study will also provide a critical risk analysis for the organization through sensitivities, foreign exchange and political risks associated with project execution. At last, the study will also provide some recommendation to the organization through SAMRT objectives towards effectively managing the international financial management for its new project in India. Business Finance Options Banking can be an effective option for Dantata for financing its new manufacturing plants in India. In India, the organization can get both options like working capital loans and funding. According to Alexander et al. (2014), in working capital loans, the Indian banking institutes offer loans for running one complete cycle of revenue generating operations. On the other hand, in funding option, the baking institutes of India allow the business organization to share their business plan, valuation of the business and project report for sanctioning the business loans. Therefore, Dantata can avail options for two of loan options for establishing their new manufacturing plant in India. Furthermore, Richards and van Staden, (2015) opined that one interesting driver for banking options in India is collateral free business loans offered by some banking institutes. Moreover, some Indian Lending business banks like HDFC, Baroda, Axis and ICICI have more than 7 to 8 different options for collate ral free business loans. In such options, Dantata can even get loan approval without sharing the inventory of the business. Stent et al. (2017) pointed out that with the developing economic condition of India, the business organizations can avail bank loans from the Indian banks even at less interest rate. Moreover, the average interest rate range for business loans in Indian banks is between 10%-20%. Therefore, Dantata cab avail adequate business loans with quite less interest rate. On the other hand, India is full of banking finance options, where numerous banks provide easy and flexible business loans options. Moreover, Dantata can easily avail business loans for new manufacturing plants from the Indian banks like State Bank of India, ICICI Bank, HDFC Bank, Kotak Business Loan, Tata Capital, Yes Bank and many more. Advantage and Disadvantage of Banking Option Martnez?Ferrero and Fras?Aceituno (2015) pointed out that banking loans are always available in Indian banks, as the banking institutes must need to keep their depositors money working and earn more interest than the banks pay to its depositors. Therefore, Dantata can avail their business loans for new manufacturing plants in India whenever required. On the other hand, Attig and Cleary (2014) opined that borrowing too much amount of business loans can lead to decreased cash flow for the business. In this way, it can hamper the business success of Dantata in Indian market. Furthermore, Jiang et al. (2013) opined that the interest generated in business bank loans is tax deductible. Therefore, it can help the organization in reducing overall organizational cost. Furthermore, in case of fix rate loan, the loan servicing payment remains same throughout the life of the loan. Therefore, it will become easy for Dantata towards calculating the budget for monthly loan payment. However, in orde r to get low cost loans, Dantata must have a good credit score, which can be challenging for it. After deciding on the type of banking loans required by the organization, it must know the scores of the business. Moreover, the organization will need to calculate credit score, time in business, debt to income, repot on industry risk and report on cash flow. After this, the organization will need to prepare the loan application package and submit to the concerned lending bank (Zhang Elmaghraby, 2014). The documents mostly required with the loan application form are detailed business plan, financial results and projection and tax return. Based on this information, the lending bank will sanction the specific business loan and sent a loan approval letter to the organization. The organization can soon avail the bank loans after receiving this loan approval letter. Equity financing can also be an efficient business financing option for Dantata in Indian market. In such financing option, organizations issue shares, which are mostly offered for sales towards raising share capital. Share is the indivisible unit of capital, which expresses the relationship between the shareholder and the corporation (Enqvist et al., 2014). Unlike repaying the invested amount of the shareholders, the organizations mostly share the amount of profit with shareholders in future. Therefore, the more Dantata will be able to sell its share to the investors, the more it will be able to raise finance for successfully running the new manufacturing plant in Indian market. According to Karadag (2015), India is considered to be a strong stock market, where stock prices are gradually rising and the confidence of the investors is also growing. The investors optimism is also associated with economic boom of Indian market, where the investors can easily expect profit of a particular industry. In this way, the positive sentiment of the investors has led to bull market in Indian stock market. Therefore, Dantata can easily sell huge share or stock to the investors for raising its share capital for new manufacturing plant in Indian market. On the other hand, Gerschewski and Xiao (2015) opined that wide industry growth of automobile market and growing economic condition of India can boost the equity financial options of an organization. The organization can also sell its share to the venture capitalists and angel investors for raising its share capital. National Stock Exchange represents 62% of the market capitalization in Indian stock market, which is around US $1.41 trillion (Zaman, 2017). Bombay Stock Exchange has also grabbed considered amount of Indian stock market, which can encourage Dantata for equity financing towards raining capital. Advantage and Disadvantage of Share and Stock Lantto (2014) pointed out that organizations have no obligation to make interest payment or repaying the equity to the initial investment of the investors. Unlike debt capital, equity capital does not require periodic interest payments and repaying to the borrowing money. Therefore, Dantata do not have to bother about repaying the investors. However, Kollmann, (2013) opined that with every share of stock, an organization reduce its ownership stake in its business. Therefore, Dantata can gradually lose the control on their business in such financing option. After analyzing the business funding needs, the organization can issue equity shares for sale to the public. It can issue its shares in Indian stock market both through Bombay Stock Exchange and National Stock Exchange (Nielsen Roslender, 2015). After that, the organization can find the investors like venture capital, angel investors, business owners and event family and friends. Moreover, the organization will need to gain the confidence of the investors in a persuasive way through providing right valuation of the business. The organization will need to convince the investors through projected business growth and specific intent of capital. Furthermore, the organization can also require negotiating with the investors in regards to profit sharing in future. Private financing can be an effective business finance option for Dantata towards funding the new manufacturing plant in Indian market. The organization can successfully use this financial option in the crisis time, when it fails to get loan approval from major financial lending institutes. In such situation, the organization can easily avail business loans from private loan lenders of India. The parties of private loan lenders are even willing to advance unsecured private loans for running business. According to Bruton et al. (2015), the private loan lenders are emerging at a higher rate in Indian market. Moreover, most of the secure and reputed private loan lenders are established in the cities like Delhi, Mumbai, Kolkata, Bangalore and Chennai. Therefore, Dantata can easily avail private loans for private financing for their new manufacturing plant in India. Advantage and Disadvantage of Private Finance According to McLean and Zhao (2014), private financing options can be advantageous for business funding even in the crisis time, when it gets failed in availing bank loans or any loans from large financial institutes. Therefore, Dantata can definitely be assured upon this financing option for gathering business funding for their new manufacturing plants in Indian market. However, Al-Najjar (2013) opined that the unsecured business loans can lead to legal complication for an organization. Therefore, it can be risky for Dantata in terms of raising capital. In private finance, the organization will need to give loan application to the concerned private financing organization. Moreover, the organization requires qualifying the criteria set for getting loans from the private financing options. Based on the details of the business valuation, the private loan lending companies will sanction the application of the loans (Syriopoulos et al., 2015). In this way, Dantata will gather its business funding for its new manufacturing plant in India. Public deposit can be an extremely important option for Dantata for raising its capital for new manufacturing plant in India. In this business finance option, the organization can invite the shareholders, employees and even the general public towards depositing their saving in its business. Moreover, such financing option can be used for meeting the short-term and long-term financing needs of the organization. The investors in return get the interest generated from their deposited money. According to Boso et al. (2016), growing industrialization of automobile industry has increased the optimism of the depositors in this industry. Therefore, increasing confidence of depositors in Indian Market can drive the scope public finance for Dantata. On the other hand, Kroes and Manikas, (2014) opined that Indian public can avails much higher interest rate in the public deposit option than the banking interest. Therefore, there is a growing interest of public deposit among the Indian public. Th erefore, such growing interest of public towards public deposit can drive Dantata towards choosing this option as their business finance option for new manufacturing plant in India. According to Da Gbadji et al. (2015), organizations need to pay quite less interest rate to the depositors than it has to pay to the bank as banking interest. Furthermore, issuing public deposit is quite less expensive than issuing share to the public. Unlike equity finance, such option does not also provide any kind of ownership to the depositors. Dantata can gather adequate finance for its new manufacturing plant in India with less cost. However, Ramiah et al. (2014) opined that Indian government has fixed the public deposit period up to 3 years only. Therefore, this finance option can be available for shorter period for Dantata. Process Involved in Public Deposit The organization can invite any public, employee or shareholder for depositing their savings in their business. The members can easily fill up the fill up form and deposit money with the organization. The organization will in return issue a deposit receipt, which is an acknowledgement of debt by the organization. The rate of interest in public deposit will be dependent on the period on the deposit. The organization will be allowed to invite public deposit for only six months to 3 years period. However, the depositors can renew their deposit time to time. The organization will require setting aside 10% of deposit maturing by the end of year. Initial Public Offering can be an effective funding option for Dantata for raising capital in Indian market for the first time just after entering into the market. In such business finance option, the organization can offer its share to the public for the first time. The organization can avail adequate funding for its new manufacturing plants in India through selling their shares to the public for the first time. According to Sorrentino and Smarra (2015), the qualified institutional portion of public issue continues to be oversubscribed. It assures attractive return for the investors in future. Therefore, the organization can avail huge numbers of investors for raising large amount of funding for its new manufacturing company in Indian market. On the other hand, Enomoto et al. (2015) opined that Government initiatives of Indian towards divesting its holding in the public limited companies encourage the investors in investing in public limited companies. Therefore, the company will be able to raise adequate amount of funding for its new manufacturing plant through offering public shares initially. Moreover, the initial public offering activity has headed a record in India in this year. It has exceeded the target of USD 5 billion. Therefore, such trends and positive market sensitivity will also facilitate in encouraging the public towards purchasing the initial shares of the organization. Advantage and Disadvantage According to Razman (2015), in IPO, a publicly listed company can have large and diverse group of investors towards raising capital. It can also provide the organizations a lower cost of capital. Furthermore, unlike other finance options, IPO can help an organization beyond just raising fund and increase it towards increasing its exposure, public image and prestige to the public. Therefore, Dantata can successfully use this finance option for raising its capital for new manufacturing plant in India and enhance its public image to public. However, Tseng et al. (2015) opined that IPO can lead to increased risk of legal and regulatory issues in terms of listing in government list of the country. Furthermore, the funding may not be raised, if the price of IPO is not accepted by the public. While considering the process of IPO, the organization fist has to be listed in the government list of India for issues Initial Public Offering. The issuers mostly obtain assistance of an underwriting firm towards determining the types of security, best pricing and the amount of shares to be issued and the best time issue share in the market. The financial statements of the organization are submitted for official audit towards getting approval of issuing shares to the public (Islam et al., 2015). Merger and acquisition can an extremely important business finance option for Dantata towards raising capital for its new manufacturing plant in India. Moreover, the organization can be merged with any reputed automobile company in India for getting shared access the vital resources of the merged companies (Allen et al., 2014). Moreover, the organization will have the authority to use the financial funding of the merged company. Therefore, in merging option, the organization can realize higher revenue than if it operates separately in Indian market. According to Terjesen et al. (2016), the international investors and business houses are expecting India with a hope of tremendous growth. Moreover, the ease of foreign direct investment can also encourage the company in opting for merger finance option for its new manufacturing plant. On the other hand, the organization can also raise its capital through acquisition financing. In such financing option, the organization can get access to the financial funding of the acquired firms for operating new manufacturing plant. Cheng (2015) pointed out that there are several Indian companies, which need has great potential to grow. Such companies may drive Dantata towards taking over those potentially growing companies towards raising capital for their new manufacturing plant. Furthermore, the growing value of merger and acquisition in India encourage the organization towards opting for this option towards raising capital. Advantage and Disadvantage of Merger and Acquisition According to Fraser et al. (2015) merger finance option can assist an organization towards utilizing the financial resources of the merged company. Moreover, it can be the best option for penetrating foreign market with having huge market knowledge. On the other hand, Baos-Caballero et al. (2014) opined that acquisition option assist an organization towards raising huge capital of acquired company and getting expanded market reach. However, Razman (2015) opined that the new company after merger and acquisition may experience diseconomies of scale because of its increased size. While considering the process involved in merger and acquisition, the organization needs to develop merger and acquisition strategy. After that, the organization needs to set the criteria for merger and acquisition and search for target. In the next process, the organization requires to perform value analysis and negotiation with the target company for planning the merger and acquisition. After all these, the organization needs a due diligence for ensuring the financial position of the target company and purchase and sale contacts towards framing financial strategy. Dantata can also opt for issuing Eurobond for raising adequate capital for constructing new manufacturing plant in India. Eurobond is actually denominated in a foreign currency and not in home currency. The issuance of the bond is usually handled by international financial institution for the borrowers. In such business finance option, the Dantata can issue bonds in the Australia or USA, but the denomination of the bond will be in Indian currency. Moreover, the organization will invite the people in Australia or USA having Indian account. The capital raised from those migrant people will help the organization in funding the new manufacturing plant in India. According to Da Gbadji et al. (2015), 15.7% of Australian populations are Indian migrants, which can increase the scope of issuing Eurobonds in the country. Furthermore, 2.4 million people in USA are Indian migrant, which can also increase the scope of issuing Eurobond in the country. In this way, increasing migration rate from India can drive Dantata towards opting for this option. Furthermore, Kroes and Manikas (2014) opined flexible regulatory environment and low currency rate of India can help an Australian or USA organization towards issuing Eurobond in Indian currency. Therefore, Dantata can easily issue bonds for raising capital with lowest possible cost. Advantage and Disadvantage of Issuing Eurobond According to McLean and Zhao (2014), organizations have the opportunity to issue their Eurobond in the country of their own choice having favorable market condition. Investors would get greater security, as the Eurobond can be manageable for the issuer. Therefore, Dantata can encourage the Indian migrants towards purchasing such bonds. However, Kroes and Manikas (2014) argued that the lack of Fiscal discipline can often hamper the efficiency of issuing Eurobond. It can discourage Dantata towards issuing Eurobond. After selecting the country for issuing Eurobond, the organization requires selecting a lean manager underwriting the bonds policies. After that, the organization needs to organize the lead syndicate in the Indian market for negotiating the terms of bonds with the borrowers. Then, the organization can sale its bonds to the borrowers and set principle paying agent for receiving the interest from the borrowers. According to Bruton et al. (2015), interest rate sensitivity is the most influential sensitivity, which has greater influence on the selection of funding options and project execution. Equity shares and securities are most vulnerable in the interest rate sensitivity. In this case, increased interest rate of India can be harmful for Dantata, where the organization might have to pay quite more return as profit sharing than they have purchased them to the public. Increased interest rate can also impact on the bank loan financing option of the organization. In this case, the increased rate of interest will ultimately increase the overall cost of the organization, when it will pay the loan to the bank. On the other hand, Kroes and Manikas (2014) opined that economic fluctuation of the foreign country can also have huge influence on international project execution. Moreover, higher rate of inflation in the foreign market will enhance the commodity price needed for executing the construction of car manufacturing plant in India. Moreover, it will also impact the pricing policy of the organization, which will impact the funding options. Furthermore, Enomoto et al. (2015) pointed changes in investors sensitivity can also hamper the project execution of an organization in foreign market. Moreover, the low performance of the automotive industry can reduce the optimism level of the investors. In this way, the investors may be reluctant towards investing the shares, securities, bonds and others. Therefore, the organization may face issues in funding capitals for their new manufacturing plant preventing their project execution. Critical Risk for Project Execution Using Foreign Exchange Tseng et al. (2015) pointed out that an unfavorable turn of foreign exchange can hamper an international business, which can even lead the organization towards ending up with giving more to the shareholders and receiving less from them. While considering the funding options, it can be said that increased value of foreign currency may enhance the credit value of the investors after their share or bond purchase. Therefore, currency exchange has huge influence on the value of funding. Moreover, increased Indian currency rate often increase the credit level of the organization to the investors, which ultimately increase organizational cost and hamper in project execution of Dantata. On the other hand, Allen et al. (2014) opined that huge difference on foreign exchange rate can also create difficulties for the international organization in estimating their financial budget for longer period. Moreover, with the changes in foreign exchange rate, it becomes very difficult for the international organization towards paying for the business cost in native currency. In this way, Dantata will also face issues in paying for the project execution in its native currency. Therefore, changes in currency exchange will lead to huge problems in project execution. Furthermore, Fraser et al. (2015) stated that changes in currency fluctuation can also have huge impact on international organization in terms of calculating the estimating the profit level of the international business. Moreover, with increased currency exchange rate in India, Dantata will face increasing cost of business operation will impact on the profit level of the international business. Critical Risk for Project Execution Using Political Risk Political risk is the fundamental risk to every international business organization, which can impact on the project execution in international basis. Moreover, Kroes and Manikas (2014) opined that corruption in political environment of international country may hamper the project execution of international organizations. The international organizations can highly be under the influence of powerful political party, which can hamper the control of the organizations on their international project. Bruton et al. (2015) stated that Political clashes often lead to frequently changing government policies, which even influence the funding options as well as business operation. Furthermore, the international organizations can also face the issues in terms of getting assistance of government in operating business. Therefore, such political environment can also prevent the Dantata in executing the project in Indian market. Moreover, Indian government is less inclined to provide support to the automotive organizations. Therefore, Dantata will face risk of not getting government support from Indian government. Lantto (2014) pointed out that increased tax rate imposed by government on foreign business can also hamper project execution of international organization in international market. Moreover, increased tax rate imposed by Indian government on foreign subsidiaries can lead to risk for Dantata in regards to their construction of manufacturing plant. Furthermore, the changes in trade agreement of the country may be harmful for Dantata towards executing their business with high level of regulatory stringent. Conclusion While concluding the study, it can be said that Dantata can have wide ranges of business finance options for constructing automotive manufacturing plant in Indian market. The organization can initially offer Initial Public Offering to the public for raising capital through issue shares to the public. Furthermore, the organization can also opt for bank loans for raising adequate capital for the new manufacturing plant. Moreover, the collateral free business loans offered by some Indian banks can drive the organization in opting for this finance options. The organization can also opt for equity financing, where it will issue share to the public in secondary market for raising capital. The strong stock market of India can also drive the organization in opting for this equity finance option. The industry growth of automobile industry has increased the optimism level of the investors towards purchasing the shares. Furthermore, the organization can also opt for private finance option for raising capital, where it will avail finance from the private lending organization when it will fail to get approval of loans from major financial institutions. Public deposit can also be an effective business finance option for the organization towards raising their capital. Unlike equity finance, the depositors of the organization will receive periodic interest on their deposited money. Apart from that, the organization can also opt for merger and acquisition and Eurobond for raising capital for their new manufacturing plant in India. Howeverm the organization will face issues in project execution in terms of sensitivities, currency exchange and political risk. Recommendation Recommendation for Dantata through SMART Objectives Specific Raising 60% capital through business finance options Choosing IPO, Bank loans, Equity Shares in constructing new manufacturing plants in India Selling 75% shares to the public for raising capital Measurable Calculating organizational capital is possible, which will measure 60% raised capital through selected business finance options The organization can easily track on the progress of negotiation with the shareholders and banks for raising capital from them Calculating share value from both IPO as well as equity share is possible, which will measure 75% sales of share to the public Achievable Raising 60% capital from different business finance options is challenging but it is achievable It needs proper effort from the organizational members towards convincing the banks in taking bank loans Effort is also required for proper issuing the shares to the public for encouraging them in purchasing those shares Selling 75% shares in also hard, but can be achievable by encouraging buyers of shares through proper presentation of companys financial status Realistic The goals of the organization for raising adequate capital is obviously realistic The organizational members needs completing all legal proceedings and proper presentation of companys inventory for getting approval of banks loans The members of the organization will also require attractive presentation of companys financial position for encouraging the buyers of share and Eurobonds Time-Bound The organization will raise its capital within next 1 year time period Table 1: Recommendation of Dantata for Raising Capital (Source: Created by Author) The above SMART table gives the recommendation to Dantata towards raising adequate capital for constructing and operating its new automobile manufacturing firm. In this recommendation, the organization will set Specific objectives for raising capital. In these objectives, the organization will raise 60% capital from difference business finance options, which required for constructing new manufacturing plant in India. Apart from that, the organization will choose IPO, equity share, Eurobonds and bank loans for raising this much of funds. Furthermore, the organization will sell 75% of its issues shares to the public. The objectives of the organization will be measurable, when raised capital and sold shares can be tracked and calculated. Furthermore, the objectives of the organization can be difficult, but these are achievable. It needs proper presentation of the companys inventory to the buyers of shares and banks towards selling shares and getting loans. 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