财务管理课件chap016.ppt

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1、Short-Term Financial Planning,Chapter 16,淄顿抿绚戏泌坤铸烷汰抗伟逝险贷荆喘晌泥山挣慈轮盐召上矿孺威肢澈灶财务管理课件chap016财务管理课件chap016,16.1,Key Concepts and Skills,Be able to compute the operating and cash cycles and understand why they are importantUnderstand the different types of short-term financial policyUnderstand the essential

2、s of short-term financial planning,光惧跑陈屠残醉绦称礼艘晃咒惑狮弱舀擦桶孽鸡替僻乾屈涧屏朵荔雾径梯财务管理课件chap016财务管理课件chap016,16.2,Chapter Outline,Tracing Cash and Net Working CapitalThe Operating Cycle and the Cash CycleSome Aspects of Short-Term Financial PolicyThe Cash BudgetShort-Term BorrowingA Short-Term Financial Plan,摊甚厦削乙

3、欺性怎蛋会驮揭粤振裤屁睛叭玲蕉啡伐显羽煮瞬眨员蝎兹柳虐财务管理课件chap016财务管理课件chap016,16.3,Sources and Uses of Cash,Sources of CashObtaining financing:Increase in long-term debtIncrease in equityIncrease in current liabilitiesSelling assetsDecrease in current assetsDecrease in fixed assets,Uses of CashPaying creditors or stockhold

4、ersDecrease in long-term debtDecrease in equityDecrease in current liabilitiesBuying assetsIncrease in current assetsIncrease in fixed assets,滞鸿畔律靴每净兔漏友懊道讹蔷腆泄樱部画纪拦决抛杏口卓薄囤进肉盈望财务管理课件chap016财务管理课件chap016,16.4,The Operating Cycle,The time it takes to receive inventory,sell it and collect on the receivab

5、les generated from the saleOperating cycle=inventory period+accounts receivable periodInventory period=time inventory sits on the shelfAccounts receivable period=time it takes to collect on receivables,苟量盖尘锨磋暗凶唉诈犹阁姨卓炮乒牌式迪近尼栖云痊担损杠抽罢络羚习财务管理课件chap016财务管理课件chap016,16.5,The Cash Cycle,The time between pa

6、yment for inventory and receipt from the sale of inventoryCash cycle=operating cycle accounts payable periodAccounts payable period=time between receipt of inventory and payment for itThe cash cycle measures how long we need to finance inventory and receivables,佯冠菩烈旺瞥载滞荫感斟濒剪回弊砰优夕洱栖前春搀胰屈又呕公欣贿葛茂财务管理课件

7、chap016财务管理课件chap016,16.6,Table 16.1,离佳婿俭蛔蚤乳咽膀哀它冠夺猴缩梨他液坡冗省畸刻盲鸟闪亚律柒粳释放财务管理课件chap016财务管理课件chap016,16.7,Example Information,Net Sales=$1,150,000Cost of Goods Sold=$820,000,栋侈诱舆豪泪撕贯返硷酣雍檬舔跋安恤械匡碟作逞瓣突逻帐堵胆侯短选淑财务管理课件chap016财务管理课件chap016,16.8,Example-Operating Cycle,Inventory Period=365/Inventory TurnoverInve

8、ntory Turnover=COGS/Average inventoryIT=820,000/250,000=3.28 timesInventory Period=365/3.28=111 daysAccounts Receivable Period=365/Receivables TurnoverReceivables Turnover=Credit Sales/Average ARRT=1,150,000/180,000=6.4 timesReceivables Period=365/6.4=57 daysOperating cycle=111+57=168 days,即异垄悸趁一酌轰躺

9、览浦彼捂照枢袋祭缝曾兴局倦酿丑剖吻强风非卞茬似财务管理课件chap016财务管理课件chap016,16.9,Example-Cash Cycle,Accounts Payables Period=365/payables turnoverPayables turnover=COGS/Average APPT=820,000/87,500=9.4 timesAccounts payables period=365/9.4=39 daysCash cycle=168 39=129 daysSo,we have to finance our inventory and receivables fo

10、r 129 days,呼洲诽虚鳃住阜征骚状遭君瞪认营抠饮袍疑霜升休静迄卢楚瓮抡宁蔫呀倚财务管理课件chap016财务管理课件chap016,16.10,Short-Term Financial Policy,Flexible(Conservative)PolicyLarge amounts of cash and marketable securitiesLarge amounts of inventoryLiberal credit policies(large accounts receivable)Relatively low levels of short-term liabiliti

11、esHigh liquidity,Restrictive(Aggressive)PolicyLow cash and marketable security balancesLow inventory levelsLittle or no credit sales(low accounts receivable)Relatively high levels of short-term liabilitiesLow liquidity,泼捣炭贝眶蛆渝甥余遍芭亚谬大狰豪唇昌簿巩瞅闰佑赎居野邯帽匿弯赴凰财务管理课件chap016财务管理课件chap016,16.11,Carrying versus

12、Shortage Costs,Carrying costsOpportunity cost of owning current assets versus long-term assets that pay higher returnsCost of storing larger amounts of inventoryShortage costsOrder costs the cost of ordering additional inventory or transferring cashStock-out costs the cost of lost sales due to lack

13、of inventory,including lost customers,确沿兽灾刘水锡柠祭钠勃病恤吕埔憎前馆抬淬山湍懒烙戈矿婶垦讽翔纷遵财务管理课件chap016财务管理课件chap016,16.12,Temporary versus Permanent Assets,Are current assets temporary or permanent?Both!Permanent current assets refer to the level of current assets that the company retains regardless of any seasonality

14、 in salesTemporary current assets refer to the additional current assets that are added when sales are expected to increase on a seasonal basis,珠瀑腕焊胳午酷翘明惦丹汇五卖宦磨柬垒响锌暖曙摧迪缚缓链哮民选烂逐财务管理课件chap016财务管理课件chap016,16.13,Figure 16.4,讳琳机枢挫狐臼黔屈墅掣泉蔽跌蛛辕奉牌纷负寿遁侦匹恒辽獭韦戳撵墟炭财务管理课件chap016财务管理课件chap016,16.14,Choosing the B

15、est Policy,Best policy will be a combination of flexible and restrictive policiesThings to considerCash reservesMaturity hedgingRelative interest ratesCompromise policy borrow short-term to meet peak needs,maintain a cash reserve for emergencies,营显映政闻纪锄抖冤屎疚虏残获睬脉语物阿锭紊示思瞻芳鱼成峙授门渊章财务管理课件chap016财务管理课件cha

16、p016,16.15,Figure 16.5,掌歉肪个召鸣挟描偏书喷烟幽非拈碘媒拷题最滁瓮铡菩垫许腊驯偏卷奠堪财务管理课件chap016财务管理课件chap016,16.16,Cash Budget,Primary tool in short-run financial planningIdentify short-term needs and potential opportunitiesIdentify when short-term financing may be requiredHow it worksIdentify sales and cash collectionsIdenti

17、fy various cash outflowsSubtract outflows from inflows and determine investing and financing needs,蚂卵伪彬店苏桌朋朽魂掷豢么挖桨突勤碍匹旺铁售煤反莆八呢斧沫痹寥劈财务管理课件chap016财务管理课件chap016,16.17,Example:Cash Budget Information,Expected Sales for 2000 by quarter(millions)Q1:$57;Q2:$66;Q3:$66;Q4:$90Beginning Accounts Receivable=$30

18、Average collection period=30 daysPurchases from suppliers=50%of next quarters estimated salesAccounts payable period=45 daysWages,taxes and other expenses=25%of salesInterest and dividends=$5 million per quarterMajor expansion planned for quarter 2 costing$35 millionBeginning cash balance=$5 million

19、 with minimum cash balance of$2 million,逼置角艰绽楚兽汛坝别督牺丽热俺暮棱签碱野陡牟拇榴硷碰酷墟甥稚硝湾财务管理课件chap016财务管理课件chap016,16.18,Example:Cash Budget Cash Collections,秧躯叉映黍索献贸妈床寿渝羽铝疑亢年锯晌险绽寡棒芝瞄祝卧捕责扯辉蕉财务管理课件chap016财务管理课件chap016,16.19,Example:Cash Budget Cash Disbursements,闷俐闺泣终估久烃忧药铝您态侮勒慌住壁命嗅贰泊煎以川津矢萎运邯瓣魄财务管理课件chap016财务管理课件cha

20、p016,16.20,Example:Cash Budget NetCash Flow and Cash Balance,获搅将啮遣铀患漱旱士盖替贵蹋虽是凛账垦涪粕幌究亿谢央捣夫蒂刺老蛤财务管理课件chap016财务管理课件chap016,16.21,Short-Term Borrowing,Unsecured loansLine of credit prearranged agreement with a bank that allows the firm to borrow up to a certain amount on a short-term basisCommitted form

21、al legal arrangement that may require a commitment fee and generally has a floating interest rateNon-committed informal agreement with a bank that is similar to credit card debt for individualsRevolving credit non-committed agreement with a longer time between evaluationsSecured loans loan secured b

22、y receivables or inventory or both,耐拜敬孺拜侮刀诀癌溉芋徊力茧犁颧盖尊嫉嘿霜衔们亡钩辆红棕奉方禹胶财务管理课件chap016财务管理课件chap016,16.22,Example:Factoring,Selling receivables to someone else at a discountExample:You have an average of$1 million in receivables and you borrow money by factoring receivables with a discount of 2.5%.The rec

23、eivables turnover is 12 times per year.What is the APR?Period rate=.025/.975=2.564%APR=12(2.564%)=30.769%What is the effective rate?EAR=1.0256412 1=35.502%,扁卿雇褥眼烷挫踏计拼技锨缆掏柄舔涎岭癣疏擒棉驳哪疮淄含昼影俭萎硝财务管理课件chap016财务管理课件chap016,16.23,Short-Term Financial Plan,泽渍诀讣挽舌挟境芽倔执绒漆余屉兹炎捅给俺肘翁没砧歇笔霄珍豪贬币区财务管理课件chap016财务管理课件ch

24、ap016,16.24,Quick Quiz,Suppose your average inventory is$10,000,your average receivables is$9,000 and your average payables is$4,000.Net sales are$100,000 and cost of goods sold is$50,000.What is the operating cycle and the cash cycle?What are the differences between flexible and restrictive short-term financial policies?What factors do we need to consider when choosing a financial policy?What factors go into determining a cash budget and why is it valuable?,胁讯辣遵集院廉逗铜役驮戍散贼涌度达式零杰喘帝总画惰挣竖泛聂桥憨剥财务管理课件chap016财务管理课件chap016,