短期财务与计划方案分析(26页PPT).pptx
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1、McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.27-1Chapter Outline27.1 Tracing Cash and Net Working Capital27.2 Defining Cash in Terms of Other Elements27.3 The Operating Cycle and the Cash Cycle27.4 Some Aspects of Short-Term Financial Policy27.5 Cash Budgeting
2、27.6 The Short-Term Financial Plan27.7 Summary&ConclusionsMcGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.27-2Executive SummaryWe are solidly in to the third great question of corporate finance.McGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All
3、rights reserved.27-3The Balance-Sheet Model of the FirmCurrent AssetsFixed Assets1 Tangible2 IntangibleShareholders EquityCurrent LiabilitiesLong-Term DebtWhat long-term investments should the firm engage in?The Capital Budgeting DecisionMcGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,I
4、nc.All rights reserved.27-4The Balance-Sheet Model of the FirmHow can the firm raise the money for the required investments?The Capital Structure DecisionCurrent AssetsFixed Assets1 Tangible2 IntangibleShareholders EquityCurrent LiabilitiesLong-Term DebtMcGraw-Hill/IrwinCopyright 2002 by The McGraw-
5、Hill Companies,Inc.All rights reserved.27-5The Balance-Sheet Model of the FirmHow much short-term cash flow does a company need to pay its bills?The Net Working Capital Investment DecisionNet Working CapitalCurrent AssetsFixed Assets1 Tangible2 IntangibleShareholders EquityCurrent LiabilitiesLong-Te
6、rm DebtMcGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.27-627.1 Tracing Cash and Net Working CapitalCurrent Assets are cash and other assets that are expected to be converted to cash with the year.CashMarketable securitiesAccounts receivableInventoryCurrent Liabi
7、lities are obligations that are expected to require cash payment within the year.Accounts payableAccrued wagesTaxesMcGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.27-727.2 Defining Cash in Terms of Other ElementsNet Working Capital+Fixed Assets=Long-Term Debt+Equ
8、ityNet Working Capital=CashOther Current AssetsCurrent Liabilities+Cash=Long-Term Debt+Equity Net Working Capital(excluding cash)Fixed AssetsMcGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.27-827.2 Defining Cash in Terms of Other ElementsAn increase in long-term
9、debt and or equity leads to an increase in cashas does a decrease in fixed assets or a decrease in the non-cash components of net working capital.The Sources and Uses of Cash Statement follows from this reasoning.Cash=Long-Term Debt+Equity Net Working Capital(excluding cash)Fixed AssetsMcGraw-Hill/I
10、rwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.27-927.3 The Operating Cycle and the Cash CycleTimeAccounts payable periodCash cycleOperating cycleCash received Accounts receivable periodInventory periodFinished goods soldFirm receives invoiceCash paid for materialsOrder Plac
11、edStock ArrivesRaw material purchasedMcGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.27-1027.3 The Operating Cycle and the Cash CycleIn practice,the inventory period,the accounts receivable period,and the accounts payable period are measured by days in inventory,
12、days in receivables and days in payables.Cash cycle=Operating cycle Accounts payable periodMcGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.27-1127.4 Some Aspects of Short-Term Financial PolicyThere are two elements of the policy that a firm adopts for short-term
13、finance.The Size of the Firms Investment in Current AssetsUsually measured relative to the firms level of total operating revenues.Flexible RestrictiveAlternative Financing Policies for Current AssetsUsually measured as the proportion of short-term debt to long-term debt.Flexible RestrictiveMcGraw-H
14、ill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.27-12The Size of the Investment in Current AssetsA flexible policy short-term finance policy would maintain a high ratio of current assets to sales.Keeping large cash balances and investments in marketable securities.Large
15、investments in inventory.Liberal credit terms.A restrictive short-term finance policy would maintain a low ratio of current assets to sales.Keeping low cash balances,no investment in marketable securities.Making small investments in inventory.Allowing no credit sales(thus no accounts receivable).McG
16、raw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.All rights reserved.27-13Carrying Costs and Shortage Costs$Investment in Current Assets($)Shortage costsCarrying costsTotal costs of holding current assets.CA*Minimum pointMcGraw-Hill/IrwinCopyright 2002 by The McGraw-Hill Companies,Inc.A
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