Multinational Cash Management in Europe Towards Centralisation and Disintermediation: The Philips Case

被引：2

作者：

Westerman, Wim ^{[1
]}

von Eije, Henk ^{[1
]}

机构：

[1] Univ Groningen, NL-9700 AV Groningen, Netherlands

来源：

MANAGERIAL FINANCE | 2005年 / 31卷 / 10期

关键词：

liberalisation; deregulation; euro; European Union; multinationals; cash management; centralisation; disintermediation; conglomerate discounts;

D O I：

10.1108/03074350510769929

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Liberalisation and deregulation of financial markets, lower currency volatility and the introduction of the euro have reduced transaction and bankruptcy costs for multinationals in Europe. Internal European transfers of cash have become easier and cheaper. This has enabled the centralisation of cash management activities. The centralisation at headquarters of multinational enterprises has also opened the road to financial disintetntediation. These trends may have helped to create conglomerate benefits in Europe. The case of the cash management at the Netherlands-based Royal Philips Electronics is used to illustrate these tendencies.

引用

页码：65 / 74

页数：10

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