stanley works倒置跨国进行成本收益评估案例研究2009 c21 minicase作品.pptx

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stanley works倒置跨国进行成本收益评估案例研究2009 c21 minicase作品.pptx

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StanleyWorksCorporateInversionAcasestudyinestimatingthecostsandbenefitsofaU.S.-basedmultinationalcompanyundertakingacorporateinversion

Copyright?2009PearsonPrenticeHall.Allrightsreserved.21-2StanleyWorksCorporateInversionThisstrategicinitiativewillstrengthenourcompanyoverthelong-term.AnimportantportionofourrevenuesandearningsarederivedfromoutsidetheUnitedStates,wherenearly50%ofourpeoplereside.Moreover,anincreasingproportionofourmaterialsarebeingpurchasedfromglobalsources.Thischangewillcreategreateroperationalflexibility,betterpositionustomanageinternationalcashflowsandhelpustodealwithourcomplexinternationaltaxstructure.Asaresult,ourcompetitiveness,oneofthethreelegsofourvisiontoeaGreatBrand,willbeenhanced.Thebusiness,regulatoryandtaxenvironmentsinBermudaareexpectedtocreateconsiderablevalueforshareowners.Inadditionaltooperationalflexibility,improvedworldwidecashmanagementandcompetitiveadvantages,thenewcorporatestructurewillenhanceourabilitytoaccessinternationalcapitalmarkets,whichisfavorablefororganicgrowth,futurestrategicalliancesandacquisitions.Finally,enhancedflexibilitytomanageworldwidetaxliabilitiesshouldreduceourglobaleffectivetaxratefromitscurrent32%towithintherangeof23%-25%.StanleyWorks,Form14A,SecuritiesandExchangeCommission,8February2002.Overandoveragaincourtshavesaidthatthereisnothingsinisterinsoarrangingonesaffairsastokeeptaxesaslowaspossible.Everybodydoesso,richandpoor,andalldoright,fornobodyowesanypublicdutytopaymorethanthelawdemands:taxesareenforcedextractions,notvoluntarycontributions.Todemandmoreinthenameofmoralsismerecant. JudgeLearnedHand,Commissionerv.Newman,159F.2d848(CA-2,1947)