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International Finance

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SHORT-TERM FINANCING
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MEDIUM- AND LONG-TERM FINANCING
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VIABILITY OF INTERNATIONAL INVESTMENT PROJECTS
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Categoría:

Finanzas, Auditoría y Fiscalidad

Edición:IV
Inicio: 14/03/2024
Fin Preinscripción: 14/03/2024
Precio: 600€
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Información

COURSE DESCRIPTION

All international trade transactions have its financial side. It’s not enough just selling. The exporter must collect, transfer the money to his country, change it to his own currency and, if necessary, finance the transaction. And all this in complience with the regulations that may exist both in the buyer's country and in the seller's country to transfer money from one country to another. In this process, the exporter must face, at least, two main potential risks: non-payment risk and exchange risk.

In this Course the student will have the opportunity to address the most relevant of these issues. We will start the journey with the Methods of Payment in international trade and we will continue through the International Guarantees, the Export Credit Insurance, the Foreign Exchange Markets and finally we will focus in the Exchange Risk Management.  

The course focuses on the learning of the different long term financing tools, schemes and official organizations available for export and investment projects of international expanding companies. 

This module provides a review of the most important aspects related to investment analysis. In the first part, using the main tools of financial mathematics, investments are analysed by calculating financial income, addressing the main analytical techniques when making decisions in the selection of investments, necessary to successfully approach the review of business investments. In the second part it is studied how to make a business plan. Finally, the third part delves into the elaboration of the financial statement, that must accompany the business plan.

OBJECTIVES

  • Identify the organisation of the foreign exchange markets, as well as the financial instruments that make them up.

  • Identify business opportunities through the combined analysis of price levels and exchange rates.

  • Make decisions regarding the coverage of the contractual exchange risk using the appropriate financial instruments.

  • Analyse how Export Credit Insurance works and its compatibility with means of payment.

  • To identify the common elements in all medium and long-term financing.

  • To differentiate the financing structures applicable depending on whether the operation is carried out in an emerging country or in a developed country.

  • To interpret how the terms and conditions of the commercial contract affect the financing of medium- and long-term operations.

  • Diagnose the different variables that may affect an investment project in order to generate the Business Plan.

  • Diagnose the different variables that can affect a project to generate the Business Plan.

  • To know the necessary steps for the execution of a Business Plan and to obtain the necessary data for the preparation of the Feasibility Plan.

  • To analyse the interrelations between the different parts of the project and the Feasibility Plan to be projected.

PROGRAM DATA

Duration: The course lasts 60 teaching hours.

Course days: from March 30 until May 3th.

Modality: The course is taught 100% online, combining live classes, where you can interact with the teacher and your classmates, and videoconferences. You will also have the recordings at your disposal on CANVAS, our virtual campus.

Course subsidized by FUNDAE.

Headquarters: ENAE. University Campus of Espinardo 30100, Espinardo, Murcia. 

PROFESORES

Profesor ENAE Business School
BALLESTA SANCHEZ, FERNANDO

Especializado en comercio internacional e inversiones (IED), es Director del Departamento de Inversiones y Suelo Industrial del Instituto de Fomento de la Región de Murcia, donde ayuda a las empresas en sus proyectos de expansión internacional y en proyectos de inversión extranjera directa (IED). 

Docente en el Máster in International Trade de ENAE Business School. 

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Especializado en comercio internacional e inversiones (IED), Fernando es Director del Departamento de Inversiones y Suelo Industrial del Instituto de Fomento de la Región de Murcia (Info), donde ayuda a las empresas en sus proyectos de expansión internacional y en proyectos de inversión extranjera directa (IED).
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Profesor ENAE Business School
MIÑARRO GÓMEZ, JOAQUÍN

Analista de Riesgos Crediticios BMN, entidad donde ha desempeñado, entre otras, las funciones de Coordinador de Riesgos de Empresas, de Operaciones Sindicadas y de Operaciones SAREB.
 
Profesor asociado en el departamento de Organización de Empresas y Finanzas de la Universidad de Murcia y ha realizado labores de formación para empleados de BMN. 
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Analista de Riesgos Crediticios BMN, entidad donde ha desempeñado, entre otras, las funciones de Coordinador de Riesgos de Empresas, de Operaciones Sindicadas y de Operaciones SAREB. Ha sido profesor asociado en el departamento de Organización de Empresas y Finanzas de la Universidad de Murcia y ha realizado labores de formación en diversas áreas para empleados de BMN.
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Profesor ENAE Business School
MORAN SERRANO, MIGUEL

Licenciado en Ciencias Económicas y Empresariales por la Universidad Autónoma de Madrid, Diplomado en Comercio Exterior por la Escuela de Economía y Agente Oficial de Aduanas por el Instituto de Estudios Fiscales del Ministerio de Economía y Hacienda (España).
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Actualmente es Socio Director de Comercio Internacional Asesoramiento y Estudios, en España, y Socio Presidente de OOO SpainMarket, en la Federación Rusa. Es también Consultor homologado del Programa del Plan de Iniciación a la Promoción Exterior (PIPE) del Instituto Español de Comercio Exterior (ICEX). Ha sido Socio y Director del Área de Comercio Exterior e Internacionalización en Analistas Financieros Internacionales, Jefe del Departamento de Información Nacional y Jefe del Sector de Productos de Consumo y Servicios del Instituto Español de Comercio Exterior (ICEX), Asesor Económico internacional y Director de Misiones Comerciales Internacionales en la Cámara Oficial de Comercio e Industria de Madrid, y Técnico de Comercio Exterior de la misma en Francia, Bolivia y Ecuador. En el ámbito académico, ha colaborado con distintas instituciones educativas y empresariales impartiendo cursos, seminarios y talleres relacionados con el Comercio Exterior, las Finanzas Internacionales y la Internacionalización de la Empresa. Entre ellas destacan el Centro de Estudios Comerciales (CECO-ICEX), el Instituto Universitario Euroforum-El Escorial, el Instituto de Estudios Bursátiles (IEB), ICADE, CESMA, la Cámara de Comercio de Madrid, la Fundación Genoma España, la Universidad de la Habana (Cuba), la Universidad Peruana de Ciencias Aplicadas (Perú), la Universidad Diego Portales (Chile) o la Universidad Autónoma de Madrid.
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MÓDULOS

SHORT-TERM FINANCING

INTERNATIONAL METHODS OF PAYMENT

  • Underlying structure for the international payments.

  • Introduction to International Methods of payment.

  • International Payment Order. EU regulation. SEPA.

  • Cashier’s Check.

  • Checking Account Check.

  • Documentary Collection against payment.

  • Documentary Collection against acceptance.

  • Clean Collection.

  • Direct Debit in the European Union.

  • Documentary credit (Letter of credit).

INTERNATIONAL GUARANTEES

  • Standby Letter of Credit.

  • Demand Guarantee.

EXPORT CREDIT INSURANCE

FOREIGN EXCHANGE MARKETS

  • Foreign currency: concept

  • Currency: convertibility and quotation

  • Currency markets (forex). Location and dimension

  • The exchange rate: main concepts

  • Spot Market.

  • Forward Market.

EXCHANGE RISK MANAGEMENT

  • Forward.

  • Currency options.  

MEDIUM- AND LONG-TERM FINANCING

INTRODUCTION AND OBJECTIVES OF THE MODULE.

  • Introduction to long term finances, and objectives to be covered.

  • Economic and financial feasibility, previous to internationalization.

  • Classification of foreign trade operations attending to its financing.

Case study: Jonas Family Business and Co.

LONG TERM FINANCING INSTRUMENTS.

  • Factoring.

  • Forfaiting.

  • Suppliers credit.

  • Buyers credit.

Case study: Invoice Factoring Case Study – Business Consulting, Inc.

Further reading:

  • How forfaiting works.

  • Buyer’s credit note.

LONG TERM FINANCING INSTRUMENTS WITH OFFICIAL SUPPORT

  • The OECD Consensus or Arrangement.

  • The Fund for Internationalization – FIEM.

  • Compañía Española de Seguro de Crédito a la Exportación – CESCE

  • Instituto de Crédito Oficial – ICO.

  • Compañía Española de Financiación del Desarrollo – COFIDES.

Further reading and technical documents:

  • The OECD Consensus.

  • OECD Country risk classification.

  • OECD Multilateral and Regional Institutions Risk Classifications.

  • OECD Export Credits work.

  • The Arrangement on Export Credits.

  • OECD Export Credits Sector Understandings.

  • FIEM note.

  • FIEM presentation and success stories.

  • CESCE note.

  • ICO Institutional presentation.

  • ICO note.

  • COFIDES note.

  • COFIDES History.

  • COFIDES Success Stories.  

VIABILITY OF INTERNATIONAL INVESTMENT PROJECTS

VIABILITY OF INVESTMENTS

  • Introduction.

    • The value of money in the time

    • Annuities applied to investments.

  • Types of viabilities: investment selection

    • Investment concept. Variables in projects.

    • Net Present Value (NPV)

    • Internal Rate of Return (IRR)

  • Investment project evaluation under uncertain and risk

    • Break-even Analysis

    • Sensitivity Analysis

    • Scenario Method

BUSINESS PLAN

  • Executive summary

  • Owner´s background

  • Products and services

  • The market

  • Market research

    • Desk research

    • Field research

  • Marketing strategy

  • Competitor analysis

  • Operations and logistics

  • Costs and pricing strategy

  • Financial forecasts

    • Sales and costs forecast

    • Personal survival budget

    • Cashflow forecast

    • Costs table

  • Back-up plan

FINANCIAL STATEMENTS: PRACTICAL APPLICATION

  • The Balance Sheet

  • The Income Statement

  • The Cash Flow Statement  

PROG-MK-OF-INT-FINANCE-IV
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