财务管理课件chap017.ppt
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1、McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin 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 c h a p 0 1 7 财 务 管 理 课 件 c h a p 0 1 7 1 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rig
2、hts reserved. McGraw-Hill/Irwin Key Concepts and Skills nUnderstand how firms manage cash and various collection, concentration and disbursement techniques nUnderstand how to manage receivables and the basic components of credit policy nUnderstand various inventory types, different inventory managem
3、ent 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 c h a p 0 1 7 财 务 管 理 课 件 c h a p 0 1 7 2 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Chapter Outline nFloat and Cash Ma
4、nagement nCash Management: Collection, Disbursement, and Investment nCredit and Receivables nInventory Management nInventory 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 c h a p 0 1 7 财 务 管 理 课 件 c h a p 0 1 7 3 McGraw-Hill 2004 The McGraw-Hill Co
5、mpanies, Inc. All rights reserved. McGraw-Hill/Irwin Reasons for Holding Cash nSpeculative motive hold cash to take advantage of unexpected opportunities nPrecautionary motive hold cash in case of emergencies nTransaction motive hold cash to pay the day-to-day bills nTrade-off between opportunity co
6、st 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 c h a p 0 1 7 财 务 管 理 课 件 c h a p 0 1 7 4 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved.
7、 McGraw-Hill/Irwin Understanding Float nFloat difference between cash balance recorded in the cash account and the cash balance recorded at the bank nDisbursement float nGenerated when a firm writes checks nAvailable balance at bank book balance 0 nCollection float nChecks received increase book bal
8、ance before the bank credits the account nAvailable balance at bank book balance 0 nNet float = disbursement 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 c h a p 0 1 7 财 务 管 理 课 件 c h a p 0 1 7 5 McGraw-Hill 2004 The McGraw-Hill Companies, Inc.
9、 All rights reserved. McGraw-Hill/Irwin Example: Types of Float nYou have $3000 in your checking account. You just deposited $2000 and wrote a check for $2500. nWhat is the disbursement float? nWhat is the collection float? nWhat is the net float? nWhat is your book balance? nWhat is your available
10、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 c h a p 0 1 7 财 务 管 理 课 件 c h a p 0 1 7 6 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Cash Collection Payment PaymentPayment Cash Mailed ReceivedDeposited Available Mailin
11、g TimeProcessing DelayAvailability Delay Collection Delay 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 津 拖 墒 钦 访 环 揍 壶 友 痒 寥 短 姨 缚 财 务 管 理 课 件 c h a p 0 1 7
12、 财 务 管 理 课 件 c h a p 0 1 7 7 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Cash Disbursements nSlowing down payments can increase disbursement float but it may not be ethical or optimal to do this nControlling disbursements nZero-balance account nControlled
13、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 c h a p 0 1 7 财 务 管 理 课 件 c h a p 0 1 7 8 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Investing Cash nMoney market financial instruments with an original matur
14、ity of one-year or less nTemporary Cash Surpluses nSeasonal or cyclical activities buy marketable securities with seasonal surpluses, convert securities back to cash when deficits occur nPlanned or possible expenditures accumulate marketable securities in anticipation of upcoming expenses 铰 媳 举 残 骗
15、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 c h a p 0 1 7 财 务 管 理 课 件 c h a p 0 1 7 9 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin 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 c h a p 0 1 7 财
16、务 管 理 课 件 c h a p 0 1 7 10 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Characteristics of Short-Term Securities nMaturity firms often limit the maturity of short- term investments to 90 days to avoid loss of principal due to changing interest rates nDefaul
17、t risk avoid investing in marketable securities with significant default risk nMarketability ease of converting to cash nTaxability 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 员 蒂 延 暮 欧 炎 财 务 管 理 课 件 c h a p 0 1 7 财 务 管 理 课 件 c h
18、a p 0 1 7 11 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Credit Management: Key Issues nGranting credit increases sales nCosts of granting credit nChance that customers wont pay nFinancing receivables nCredit management examines the trade-off between incre
19、ased 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 恒 聋 浸 服 财 务 管 理 课 件 c h a p 0 1 7 财 务 管 理 课 件 c h a p 0 1 7 12 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin The Cash Flows from Granting Credit Credit SaleCh
20、eck MailedCheck Deposited Cash Available Cash Collection Accounts Receivable 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 c h a p 0 1 7 财 务 管 理 课 件 c h a p 0 1 7 13 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Components of Cr
21、edit Policy nTerms of sale nCredit period nCash discount and discount period nType of credit instrument nCredit analysis distinguishing between “good” customers that will pay and “bad” customers that will default nCollection policy effort expended on collecting on receivables 钵 简 亿 扫 完 焰 推 红 逆 克 致 伎
22、 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 c h a p 0 1 7 财 务 管 理 课 件 c h a p 0 1 7 14 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Terms of Sale nBasic Form: 2/10 net 45 n2% discount if paid in 10 days nTotal amount due in 45 days if discount not
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