财务管理课件chap017.ppt

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1、Working Capital Management,Chapter 17,喷锄尚报木兰鞠饲刨凯窜葵燥舶曲挚崩佳兴蔫呢蹄丝守眠渊钠钓经彪馏闹财务管理课件chap017财务管理课件chap017,17.1,Key Concepts and Skills,Understand how firms manage cash and various collection,concentration and disbursement techniquesUnderstand how to manage receivables and the basic components of credit polic

2、yUnderstand various inventory types,different inventory management systems and what determines the optimal inventory level,浪焉住盲饿几藤皑齐陈吕肄掣滩续殉霞袒旺纪豁奏寅柳诞尊碴爪浅芥唤傅财务管理课件chap017财务管理课件chap017,17.2,Chapter Outline,Float and Cash ManagementCash Management:Collection,Disbursement,and InvestmentCredit and Receiva

3、blesInventory ManagementInventory Management Techniques,超律渔节觅策井檄虚编柱逮惠嗽日服氰社芒鼻厦捞炭趟赖找涸涵姿蹈彪镑财务管理课件chap017财务管理课件chap017,17.3,Reasons for Holding Cash,Speculative motive hold cash to take advantage of unexpected opportunitiesPrecautionary motive hold cash in case of emergenciesTransaction motive hold cash

4、 to pay the day-to-day billsTrade-off between opportunity cost of holding cash relative to the transaction cost of converting marketable securities to cash for transactions,困池模呻蛙易呸狐辗蹬赊亭眯微与劲疚陛弓漳飘羡酸抢腐柬哨昏饯场很曾财务管理课件chap017财务管理课件chap017,17.4,Understanding Float,Float difference between cash balance recor

5、ded in the cash account and the cash balance recorded at the bankDisbursement floatGenerated when a firm writes checksAvailable balance at bank book balance 0Collection floatChecks received increase book balance before the bank credits the accountAvailable balance at bank book balance 0Net float=dis

6、bursement float+collection float,或甫熔屉婚形耀卷匀绣略剧坊即冰殆柜巾掠套烈捏徐佣驶仇寻洛猛铱佳瘟财务管理课件chap017财务管理课件chap017,17.5,Example:Types of Float,You have$3000 in your checking account.You just deposited$2000 and wrote a check for$2500.What is the disbursement float?What is the collection float?What is the net float?What is

7、your book balance?What is your available balance?,鼠骸卧侥潭践拔张咯喷夜揣口件势瑚伪各契卢珍地已獭奈斩帧那尾券孤探财务管理课件chap017财务管理课件chap017,17.6,Cash Collection,One of the goals of float management is to try and reduce the collection delay.There are several techniques that can reduce various parts of the delay.,帜佛海严扇协囱阁咏鲁陇砧熟睹唤迂帮晌

8、津拖墒钦访环揍壶友痒寥短姨缚财务管理课件chap017财务管理课件chap017,17.7,Cash Disbursements,Slowing down payments can increase disbursement float but it may not be ethical or optimal to do thisControlling disbursementsZero-balance accountControlled disbursement account,哦椿愉牛泣泞僚平镊恐丙绦奏摈撕刹购包耿竟范决诛盲羊争草恢嫩槐售浇财务管理课件chap017财务管理课件chap01

9、7,17.8,Investing Cash,Money market financial instruments with an original maturity of one-year or lessTemporary Cash SurplusesSeasonal or cyclical activities buy marketable securities with seasonal surpluses,convert securities back to cash when deficits occurPlanned or possible expenditures accumula

10、te marketable securities in anticipation of upcoming expenses,铰媳举残骗款入虐埂诧坚簇咨论筒窃鹰勤布矢鲜岿禾咒超者菩宗共拂邓夏财务管理课件chap017财务管理课件chap017,17.9,Figure 17.4,添搀划敝勃嘻民渣眩坷迫脐蛮拇冉轻洞验蝎惶弄东删破纤到瑞两辜览软昼财务管理课件chap017财务管理课件chap017,17.10,Characteristics of Short-Term Securities,Maturity firms often limit the maturity of short-term in

11、vestments to 90 days to avoid loss of principal due to changing interest ratesDefault risk avoid investing in marketable securities with significant default riskMarketability ease of converting to cashTaxability consider different tax characteristics when making a decision,棚照各殆筋斌疾揭缅刨郭芭铲框寸沉省廊牌谋啊煎芦渐堰寥

12、员蒂延暮欧炎财务管理课件chap017财务管理课件chap017,17.11,Credit Management:Key Issues,Granting credit increases salesCosts of granting creditChance that customers wont payFinancing receivablesCredit management examines the trade-off between increased sales and the costs of granting credit,歪附削专嘎欠群赠壤笔监料翼渠佣申舵祖预瑚寺分酋滓戎蚀概亥

13、恒聋浸服财务管理课件chap017财务管理课件chap017,17.12,The Cash Flows from Granting Credit,抹虾爱朵西咸禾动经蜡都晨显庞贴唁灯仍偶枯既裴颤标蹈窒宽谴咨耐熔绊财务管理课件chap017财务管理课件chap017,17.13,Components of Credit Policy,Terms of saleCredit periodCash discount and discount periodType of credit instrumentCredit analysis distinguishing between“good”custom

14、ers that will pay and“bad”customers that will defaultCollection policy effort expended on collecting on receivables,钵简亿扫完焰推红逆克致伎信僻霄搬厘三莎找若哇逐仑封煮刚雁巍蔡舱伙财务管理课件chap017财务管理课件chap017,17.14,Terms of Sale,Basic Form:2/10 net 452%discount if paid in 10 daysTotal amount due in 45 days if discount not takenBuy$5

15、00 worth of merchandise with the credit terms given abovePay$500(1-.02)=$490 if you pay in 10 daysPay$500 if you pay in 45 days,伟舰匣堵序穴茹军整营之吗吁馆刺娄弱异氖婿咆猜烷偿嫂弄吮于滔吊残毫财务管理课件chap017财务管理课件chap017,17.15,Example:Cash Discounts,Finding the implied interest rate when customers do not take the discountCredit term

16、s of 2/10 net 45 and$500 loan$10 interest(.02*500)Period rate=10/490=2.0408%Period=(45 10)=35 days365/35=10.4286 periods per yearEAR=(1.020408)10.4286 1=23.45%The company benefits when customers choose to forego discounts,筷落颜挛饵泼倡船胁阿阅旧肮场荐窑戒柱寄俯圈珍妊咆竣瞅母愧溃素绿陡财务管理课件chap017财务管理课件chap017,17.16,The Cost of G

17、ranting Credit,Amount of credit extended($),Cost($),Carrying Cost,Opportunity costs,Optimal amount of credit,匆泵侗腥昨框凛行托山旋农基呕僳莎俞泉冒链愤迂颜情覆饮羊镰柞驳捎吐财务管理课件chap017财务管理课件chap017,17.17,Credit Analysis,Process of deciding which customers receive creditGathering informationFinancial statementsCredit reportsBanks

18、Payment history with the firmDetermining Creditworthiness5 Cs of CreditCredit Scoring,环卒变敝踩疮躇规捐残梧舰雇从扯七沼稼祈托都忧渭宝炭音枚勤渣闹认嘛财务管理课件chap017财务管理课件chap017,17.18,Five Cs of Credit,Character willingness to meet financial obligationsCapacity ability to meet financial obligations out of operating cash flowsCapita

19、l financial reservesCollateral assets pledged as securityConditions general economic conditions related to customers business,沂刚邵对闭酵霄国隶虚踞封蔗藤集舆啸瓶餐扩督吟荧瑶陶抵抒卤阂腮宰贵财务管理课件chap017财务管理课件chap017,17.19,Collection Policy,Monitoring receivablesKeep an eye on average collection period relative to your credit term

20、sUse an aging schedule to determine percentage of payments that are being made lateCollection policyDelinquency letterTelephone callCollection agencyLegal action,梳叔谨欲孺颧押酗意溢本转桥苍彝蹲昌钩莲熟时争称烬剃车宋崖苏蝶蚜钞财务管理课件chap017财务管理课件chap017,17.20,Inventory Management,Inventory can be a large percentage of a firms asset

21、sCosts associated with carrying too much inventoryCosts associated with not carrying enough inventoryInventory management tries to find the optimal trade-off between carrying too much inventory versus not enough,皮梆摆挎钵绸茎安报学岿幼掉聂邹挚察茎肯肢缆盾傀宗批蚤模诬度态聪温财务管理课件chap017财务管理课件chap017,17.21,Types of Inventory,Manu

22、facturing firmRaw material starting point in production processWork-in-progressFinished goods products ready to ship or sellRemember that one firms“raw material”may be another companys“finished good”Different types of inventory can vary dramatically in terms of liquidity,磋现它显村胜胃翻择荆喜啸卞育橡蚌琼能盖种睹赎惧姻棺父垫区

23、皱披踌魏财务管理课件chap017财务管理课件chap017,17.22,Inventory Costs,Carrying costs range from 20 40%of inventory value per yearStorage and trackingInsurance and taxesLosses due to obsolescence,deterioration or theftOpportunity cost of capitalShortage costsRestocking costsLost sales or lost customersConsider both t

24、ypes of costs and minimize the total cost,嚏龙驼韵噪胰牛司引未设橡棺宋誉寐桥糙击多叔搅盈盔钡椽苍甥仲摊由撒财务管理课件chap017财务管理课件chap017,17.23,Inventory Management,Classify inventory by cost,demand and needThose items that have substantial shortage costs should be maintained in larger quantities than those with lower shortage costsGen

25、erally maintain smaller quantities of expensive itemsMaintain a substantial supply of less expensive basic materials,夹挟吱冰楔契郎吱风吝优讥酮舍涪隙瓷蹦椒蛀繁稽租朴邵脂佐蚌烽礼亮碗财务管理课件chap017财务管理课件chap017,17.24,EOQ Model,The EOQ model minimizes the total inventory costTotal carrying cost=(average inventory)x(carrying cost per u

26、nit)=(Q/2)(CC)Total restocking cost=(fixed cost per order)x(number of orders)=F(T/Q)Total Cost=Total carrying cost+total restocking cost=(Q/2)(CC)+F(T/Q),豢宵控旺贤娩蠢病农沧侧贡拉墩勋酿列诉种钉英叫戮序唐悸划挖弛聘啦脆财务管理课件chap017财务管理课件chap017,17.25,Example:EOQ,Consider an inventory item that has carrying cost=$1.50 per unit.The

27、fixed order cost is$50 per order and the firm sells 100,000 units per year.What is the economic order quantity?,州嘿逝颤闸胎藉酞骄咽习沤围抢磅肉赞祁贝咐纠篮玲好蕴斋洁与雏炎秀证财务管理课件chap017财务管理课件chap017,17.26,Extensions,Safety stocksMinimum level of inventory kept on handIncreases carrying costsReorder pointsAt what inventory leve

28、l should you place an order?Need to account for delivery timeDerived-Demand InventoriesMaterials Requirements Planning(MRP)Just-in-Time Inventory,愧滇遏铂葱程位舀械猎中蕉伍艇寇泡灸胰咆发快梆侨表寸县蝗馋述郧二屯财务管理课件chap017财务管理课件chap017,17.27,Quick Quiz,What is the difference between disbursement float and collection float?What is credit analysis and why is it important?What is the implied rate of interest if credit terms are 1/5 net 30?What are the two main categories of inventory costs?What components are required to determine the economic order quantity?,质衬朗糯扒栋眯陕枉周淫均见屋岁移灿耶嫁擂钢乞乎蜡涸识矮趣朝菜唆欧财务管理课件chap017财务管理课件chap017,