chap財(cái)務(wù)管理

1、McGraw-HillShort-Term Financial Planning短期融資與計(jì)劃 Chapter 16McGraw-Hill16.1Key Concepts and SkillsnBe able to compute the operating and cash cycles and understand why they are importantn能計(jì)算經(jīng)營(yíng)周期與現(xiàn)金周期并理解其重要性nUnderstand the different types of short-term financial policyn理解不同類(lèi)型的短期融資政策nUnderstand the essen

2、tials of short-term financial planningn理解短期融資計(jì)劃的本質(zhì)特征McGraw-Hill16.2Chapter OutlinenTracing Cash and Net Working Capitaln追蹤現(xiàn)金與經(jīng)營(yíng)運(yùn)資本nThe Operating Cycle and the Cash Cyclen經(jīng)營(yíng)周期與現(xiàn)金周轉(zhuǎn)期nSome Aspects of Short-Term Financial Policyn短期融資策略nThe Cash Budget現(xiàn)金預(yù)算nShort-Term BorrowingnA Short-Term Financial Plan

3、短期融資計(jì)劃McGraw-Hill16.3短期融資短期融資短期融資：是一項(xiàng)影響流動(dòng)資產(chǎn)和流動(dòng)負(fù)債且該影響所及短期融資：是一項(xiàng)影響流動(dòng)資產(chǎn)和流動(dòng)負(fù)債且該影響所及常在一年之內(nèi)的決策分析。常在一年之內(nèi)的決策分析。凈營(yíng)運(yùn)資本：是流動(dòng)資產(chǎn)與流動(dòng)負(fù)債的差額。凈營(yíng)運(yùn)資本：是流動(dòng)資產(chǎn)與流動(dòng)負(fù)債的差額。 將短期融資重點(diǎn)放在凈營(yíng)運(yùn)資本上，凈營(yíng)運(yùn)資本決策仍將短期融資重點(diǎn)放在凈營(yíng)運(yùn)資本上，凈營(yíng)運(yùn)資本決策仍要依賴于現(xiàn)金流量和凈現(xiàn)值的分析。要依賴于現(xiàn)金流量和凈現(xiàn)值的分析。短期融資決策涉及到一年或一年以內(nèi)的現(xiàn)金流入和流出。短期融資決策涉及到一年或一年以內(nèi)的現(xiàn)金流入和流出。短期融資所要解決的問(wèn)題：短期融資所要解決的問(wèn)題： （

4、1）為付款應(yīng)在手頭（或銀行）留有現(xiàn)金的合理水平是）為付款應(yīng)在手頭（或銀行）留有現(xiàn)金的合理水平是多少？多少？ （2）公司應(yīng)該借多少短期借款？）公司應(yīng)該借多少短期借款？ （3）應(yīng)給予客戶多少信用？）應(yīng)給予客戶多少信用？McGraw-Hill16.41、現(xiàn)金與凈營(yíng)運(yùn)資本n現(xiàn)金 = 長(zhǎng)期負(fù)債 + 所有者權(quán)益 - 凈營(yíng)運(yùn)資本(除現(xiàn)金)-固定資產(chǎn)n現(xiàn)金的來(lái)源n負(fù)債賬戶的增加n資產(chǎn)賬戶的減少n現(xiàn)金的運(yùn)用n負(fù)債賬戶的減少n資產(chǎn)賬戶的增加Fifth EditionRossJaffeWesterfield.2、經(jīng)營(yíng)周期與現(xiàn)金周轉(zhuǎn)期、經(jīng)營(yíng)周期與現(xiàn)金周轉(zhuǎn)期訂購(gòu)到貨現(xiàn)金周轉(zhuǎn)期經(jīng)營(yíng)周期存貨周期應(yīng)付賬款應(yīng)收賬款周期銷(xiāo)售產(chǎn)成

5、品回收現(xiàn)金周期企業(yè)收到 發(fā)票支付原材料貨款原材料采購(gòu)Fifth EditionRossJaffeWesterfield.根據(jù)表中數(shù)據(jù)，計(jì)算經(jīng)營(yíng)周期和現(xiàn)金周期根據(jù)表中數(shù)據(jù)，計(jì)算經(jīng)營(yíng)周期和現(xiàn)金周期Given the information in the table, compute the operating and cash cycles.平均應(yīng)收賬款平均應(yīng)收賬款A(yù)verage accounts receivable $ 2,080平均存貨平均存貨Average inventory2,400平均應(yīng)付賬款平均應(yīng)付賬款A(yù)verage accounts payable1,135銷(xiāo)售收入銷(xiāo)售收入Sale

6、s15,600銷(xiāo)售成本銷(xiāo)售成本Cost of goods sold9,761Operating and cash cycles5 . 7080, 2$600,15$receivable accounts Averagesales turnover sReceivableCreditdays 7 .487.5days 365 turnoversReceivabledays 365 period ceivablesRe Operating and cash cycles0671. 4400, 2$761, 9$inventory Averagesold goods ofCost turnover

7、Inventorydays 7 .890671. 4365turnoverInventory days 365period Inventory Operating and cash cycles6 . 8135, 1$761, 9$payable accounts Averagesold goods ofost C turnover Payablesdays 4 .428.6days 365 turnoverPayablesdays 365 period ayablesP Operating and cash cyclesdays 138.448.7 89.7 period sReceivab

8、le periodInventory cycle Operatingdays 9642.4-138.4period Payables - cycle Operating cycle Cash16.123、短期財(cái)務(wù)政策1、流動(dòng)資產(chǎn)投資水平 （1）彈性（寬松）政策 （2）嚴(yán)格政策2、流動(dòng)資產(chǎn)的（籌資資金來(lái)源）可選的資產(chǎn)組合策略適中的組合策略銷(xiāo)售額銷(xiāo)售額流動(dòng)資產(chǎn)保守的組合策略冒險(xiǎn)的組合策略203050100流動(dòng)資產(chǎn)政策選擇Fifth EditionRossJaffeWesterfield.可選的資產(chǎn)融資策略可選的資產(chǎn)融資策略長(zhǎng)期融資美元美元時(shí)間時(shí)間總資產(chǎn)需求量短期證券策略 F長(zhǎng)期流動(dòng)資產(chǎn)固定資產(chǎn)Fi

9、fth EditionRossJaffeWesterfield.可選的資產(chǎn)融資策略可選的資產(chǎn)融資策略短期融資美元美元時(shí)間時(shí)間策略R長(zhǎng)期融資總資產(chǎn)需求量長(zhǎng)期流動(dòng)資產(chǎn)固定資產(chǎn)最優(yōu)融資策略可以導(dǎo)視、現(xiàn)金儲(chǔ)備、期限配置、期限結(jié)構(gòu)權(quán)衡決定Fifth EditionRossJaffeWesterfield.Fifth EditionRossJaffeWesterfield.現(xiàn)金預(yù)算現(xiàn)金預(yù)算現(xiàn)金預(yù)算：是短期融資計(jì)劃的基本工具。它是一種在現(xiàn)金流量時(shí)間線上識(shí)別現(xiàn)金流缺口的方法?，F(xiàn)金預(yù)算的思想很簡(jiǎn)單，它把估計(jì)的現(xiàn)金收入與支出記錄下來(lái)?，F(xiàn)金來(lái)源包括銷(xiāo)售收入、應(yīng)收賬款回收、資產(chǎn)銷(xiāo)售、投資收入和長(zhǎng)期融資。現(xiàn)金流出： （

10、1）應(yīng)付賬寬的支出 。這些商品或服務(wù)，如原材料的支付額。 （2）工資、稅款和其它費(fèi)用。 （3）資本支出。這是為購(gòu)買(mǎi)長(zhǎng)期資產(chǎn)的現(xiàn)金支付。 （4）長(zhǎng)期融資。包括長(zhǎng)期未償債務(wù)利息和本金支付以及給股東的股利支付。Fifth EditionRossJaffeWesterfield.短期融資計(jì)劃短期融資計(jì)劃融資選擇包括： （1）無(wú)抵押銀行貸款（2）擔(dān)保貸款（3）其他來(lái)源Fifth EditionRossJaffeWesterfield.（1）無(wú)抵押貸款：為臨時(shí)性的現(xiàn)金不足而籌資最普遍使用的方法是短期的無(wú)抵押銀行貸款。采用信用額度貸款（信用額度又分為非承諾uncommitted或承諾式committed的周

11、轉(zhuǎn)貸款）。周轉(zhuǎn)信貸協(xié)議Revolving credit arrangement最低存款余額：是企業(yè)銀行以低息或無(wú)息賬戶保持的存款。一般占貸款使用額的2%5%。 補(bǔ)償性余額Fifth EditionRossJaffeWesterfield.13. 借款成本 你已經(jīng)達(dá)成一個(gè)信用額度協(xié)議，允許你在任何時(shí)候借款，最高限額為6 000萬(wàn)美元。每個(gè)月的利率是0.64%。此外，在你的借款中，5%必須存入一個(gè)無(wú)息的賬戶中。假設(shè)你的銀行對(duì)信用額度貸款采取復(fù)利計(jì)息。a.這項(xiàng)借款安排的實(shí)際年利率是多少？b.假設(shè)今天你需要1 500萬(wàn)美元，并在6個(gè)月后償還。你將支付多少利息？Fifth EditionRossJaff

12、eWesterfield.14. 某家銀行向你的公司提供一個(gè)7 000萬(wàn)美元，季度利率2.3%的循環(huán)信用額度。這家銀行還要求你對(duì)未使用的信用額度部分，在一個(gè)無(wú)息的賬戶中保持4%的補(bǔ)償性余額。假設(shè)你在銀行中有一個(gè)季度利率為1.20%的短期投資賬戶，并假定銀行對(duì)循環(huán)信用借款采取復(fù)利計(jì)息。a.如果在這一年中，你的公司沒(méi)有使用這項(xiàng)循環(huán)信用借款安排，那么擁有這個(gè)借款額度的實(shí)際年利率（機(jī)會(huì)成本）是多少？b.如果你馬上借4 500萬(wàn)美元，并在1年后償還，那么你在這項(xiàng)借款安排上的實(shí)際年利率是多少？c.如果你馬上借7 000萬(wàn)美元，并在1年后償還，你的實(shí)際年利率是多少？Fifth EditionRossJaff

13、eWesterfield.（2）擔(dān)保貸款23: Cost of factoring你公司有你公司有$990應(yīng)收賬款，應(yīng)收賬款回收期為應(yīng)收賬款，應(yīng)收賬款回收期為60天，公司將應(yīng)收賬款折價(jià)天，公司將應(yīng)收賬款折價(jià)2.5%轉(zhuǎn)售。轉(zhuǎn)售。你公司你公司 這項(xiàng)應(yīng)收賬款融資項(xiàng)目的實(shí)際年利率是多少？這項(xiàng)應(yīng)收賬款融資項(xiàng)目的實(shí)際年利率是多少？Your firm has average receivables of $990 and a 60 day receivables period. You factor your receivables at a rate of 2.5%.What is the effecti

14、ve annual rate of your factoring program?24: Cost of factoring025641.025-1.025 days 60for rateInterest %60.1515598.08333. 6025641.60365 .025641 NR rate percentage Annual%65.1616651.116651. 11.025641)(1 1R)(1 rate annual Effective6.08333NFifth EditionRossJaffeWesterfield.現(xiàn)金管理小結(jié)現(xiàn)金管理小結(jié)本章介紹了短期融資管理。短期融資管

15、理涉及到短期資產(chǎn)和負(fù)債。我們從企業(yè)的財(cái)務(wù)報(bào)表上跟蹤和檢查現(xiàn)金的短期來(lái)源與運(yùn)用。我們研究在短期營(yíng)業(yè)活動(dòng)和企業(yè)現(xiàn)金周轉(zhuǎn)過(guò)程中流動(dòng)資產(chǎn)和流動(dòng)負(fù)債是如何產(chǎn)生的。從會(huì)計(jì)的角度看，短期融資涉及到凈營(yíng)運(yùn)資本。短期現(xiàn)金流的管理涉及到成本最小化問(wèn)題。其中兩類(lèi)主要的成本是置存成本，即因短期資產(chǎn)如現(xiàn)金的過(guò)度投資而產(chǎn)生的利息和相關(guān)成本，以及缺貨成本，即短期資產(chǎn)枯竭的成本。短期融資管理和短期融資計(jì)劃的目標(biāo)是找到在這兩種成本間的最佳平衡點(diǎn)。在理想的經(jīng)濟(jì)里，企業(yè)能精確地預(yù)測(cè)到現(xiàn)金的短期運(yùn)用和來(lái)源，能將凈營(yíng)運(yùn)資本保持為零。在現(xiàn)實(shí)世界里，凈營(yíng)運(yùn)資本為企業(yè)滿足不斷變化的義務(wù)提供了緩沖。財(cái)務(wù)經(jīng)理尋找每一種流動(dòng)資產(chǎn)的最優(yōu)水平。財(cái)務(wù)經(jīng)

16、理人員可以利用現(xiàn)金預(yù)算來(lái)確定短期資金需求?，F(xiàn)金預(yù)算告訴經(jīng)理人員短期內(nèi)需要多少借款或可能借出多少款。企業(yè)由許多可能取得資金的渠道用來(lái)解決短期資金不足，包括無(wú)抵押貸款和抵押貸款。Fifth EditionRossJaffeWesterfield.第十七章第十七章 營(yíng)運(yùn)資本管理營(yíng)運(yùn)資本管理現(xiàn)金管理持有現(xiàn)金的目的目標(biāo)現(xiàn)金余額的確定現(xiàn)金回收和支付管理閑置現(xiàn)金的投資應(yīng)收款管理銷(xiāo)售條件信用政策的制定：信息和風(fēng)險(xiǎn)最佳的信用政策信用分析收帳政策怎樣利用商業(yè)信用融資存貨管理存貨類(lèi)型存貨管理存貨最佳采購(gòu)量Fifth EditionRossJaffeWesterfield.持有現(xiàn)金的目的持有現(xiàn)金的目的現(xiàn)金無(wú)法獲得利息

17、收入。現(xiàn)金管理的根本目標(biāo)是在仍然保證企業(yè)高效、高質(zhì)地開(kāi)展經(jīng)營(yíng)活動(dòng)的情況下，盡可能地保持最低現(xiàn)金占用量。現(xiàn)金管理分為三個(gè)步驟： （1）確定適當(dāng)?shù)哪繕?biāo)現(xiàn)金余額 （2）有效地進(jìn)行現(xiàn)金收支，“早收晚支” （3）將剩余資金投資于有價(jià)證券“現(xiàn)金”，經(jīng)濟(jì)意義上的現(xiàn)金包括庫(kù)存現(xiàn)金、商業(yè)銀行中的支票賬戶存款和為存入銀行的支票等，財(cái)務(wù)管理中及資產(chǎn)負(fù)債表中現(xiàn)金，還包括“現(xiàn)金等價(jià)物”。短期有價(jià)證券常被認(rèn)為是“現(xiàn)金等價(jià)物”，它包括短期國(guó)庫(kù)券、大額可轉(zhuǎn)讓存單和回購(gòu)協(xié)議，本章使用經(jīng)濟(jì)意義上的狹義現(xiàn)金。持有現(xiàn)金的基本目的有兩個(gè)：一是為了滿足“交易動(dòng)機(jī)”，一個(gè)目的是為了滿足“最低存款余額”。持有現(xiàn)金的成本就是損失利息的機(jī)會(huì)成本

18、。目標(biāo)現(xiàn)金余額的確定要求在持有過(guò)多現(xiàn)金產(chǎn)生的機(jī)會(huì)成本與持有過(guò)少現(xiàn)金而帶來(lái)的交易成本之間進(jìn)行權(quán)衡。Fifth EditionRossJaffeWesterfield.鮑摩爾現(xiàn)金管理模型鮑摩爾現(xiàn)金管理模型持有現(xiàn)金的機(jī)會(huì)成本 = (C/2) K交易成本 = (T/C) F總成本 TC= (C/2) K+ (T/C) F 求最小值最佳目標(biāo)現(xiàn)金余額的確定 (C*)C* = (2TF/ K)1/2符號(hào)F = 售出證券以補(bǔ)充現(xiàn)金的固定成本T = 在相關(guān)的計(jì)劃周期（例如，一年）內(nèi)交易的現(xiàn)金總需要量K = 一定期間內(nèi)有價(jià)證券的利率，持有現(xiàn)金的機(jī)會(huì)成本C = 現(xiàn)金余額Fifth EditionRossJaffeW

19、esterfield.米勒米勒-奧爾現(xiàn)金管理模型奧爾現(xiàn)金管理模型最佳的目標(biāo)現(xiàn)金余額 (Z*)Z* = (3Fs2 / 4K)1/3 + L最佳的目標(biāo)現(xiàn)金余額的上限 (H*)H* = 3Z* - 2L平均現(xiàn)金余額 = (4Z - L) /3符號(hào):L = 現(xiàn)金余額的下限F = 售出證券的固定成本K = 有價(jià)證券的日利率Fifth EditionRossJaffeWesterfield.浮差管理浮差管理回收浮差的策略鎖箱法集中銀行法電匯增加支付浮差的策略使用地理位置較遠(yuǎn)的銀行零余額賬戶匯票Fifth EditionRossJaffeWesterfield.信用管理信用管理-基本概念基本概念銷(xiāo)售條件：

20、現(xiàn)銷(xiāo)、賒銷(xiāo)（公司向顧客提供信用，也即向顧客投資） 提供信用產(chǎn)生應(yīng)收賬款、工業(yè)企業(yè)中應(yīng)收賬款占總資產(chǎn)1/6。信用政策：由三部分組合 1、銷(xiāo)售條件：公司提供信用時(shí)附帶的一定的條 件，含信用期限、現(xiàn)金折扣、信用工具等。 2、信用分析：分析公司提供信用時(shí)，顧客不能 付款的概率 3、收款政策：制定應(yīng)收賬款的回收政策Fifth EditionRossJaffeWesterfield.基本概念（續(xù)）基本概念（續(xù)）公司提供信用時(shí)的現(xiàn)金流程 制定賒銷(xiāo)額購(gòu)買(mǎi)者郵寄 支票公司銀行儲(chǔ)蓄支票公司銀行 賬戶現(xiàn)金回籠 應(yīng)收賬款 時(shí)間Fifth EditionRossJaffeWesterfield.銷(xiāo)售條件銷(xiāo)售條件“r/t

21、，Net/T”或“N/T”信用期限：N/T對(duì)不同行業(yè)，其設(shè)置應(yīng)考慮： 1、顧客不能付款的概率，風(fēng)險(xiǎn)大的條件苛刻 2、金額小的信用期T小一些 3、不易保存的T小一些現(xiàn)金折扣：要考慮折扣成本，應(yīng)根據(jù)折扣現(xiàn)金及增加的銷(xiāo)售額計(jì)算是否提供現(xiàn)金折扣的凈現(xiàn)值Fifth EditionRossJaffeWesterfield.銷(xiāo)售條件（續(xù)）銷(xiāo)售條件（續(xù)）信用工具：大多數(shù)使用發(fā)票 銷(xiāo)售者的發(fā)貨憑證和購(gòu)買(mǎi)者簽發(fā)的收貨憑證。交易額大的要求購(gòu)買(mǎi)者簽發(fā)借據(jù)。 商業(yè)匯票：賣(mài)方簽發(fā)且連同發(fā)貨發(fā)票一起寄至買(mǎi)方開(kāi)戶行，賣(mài)方開(kāi)戶行在買(mǎi)方簽收匯票后出具提貨發(fā)票，買(mǎi)方以提貨發(fā)票向賣(mài)方提貨。 銀行承兌匯票： 條件銷(xiāo)售公司：賣(mài)方在買(mǎi)方付

22、清款項(xiàng)前對(duì)交易商品享有所有權(quán)的合同。Fifth EditionRossJaffeWesterfield.銷(xiāo)售條件銷(xiāo)售條件當(dāng)前的信用政策當(dāng)前的信用政策: 2/10 Net 30銷(xiāo)售日 折扣的最后一天付款的最后一天0102030|CF:利用折扣$98CF:放棄折扣$100設(shè)公司的資本成本為10%，變動(dòng)成本為銷(xiāo)售額的50%公司利用折扣，NPV = 98/(1+0.1*10/365)-50 =$（97.732-50）=$47.732公司不利用折扣，NPV = 100/(1+0.1*30/365) - 50 =$(99.185-50)=$49.185公司利用折扣損失凈現(xiàn)值 $（49.185 - 47.7

23、32 ）= $1.453 如果公司通過(guò)折扣增加了20%銷(xiāo)售額，這時(shí)NPV=(120-2.4)/(1+0.1*10/365)-60 =$(117.279-60)=$57.279公司將增加凈現(xiàn)值$（57.279 - 49.185 ）= $8.049Fifth EditionRossJaffeWesterfield.提供信用的決策提供信用的決策策略 A: 不提供信用策略 B: 提供信用數(shù)量20002500單位成本$400$420支付概率1.95信用期限0 天45 天單位售價(jià) = $500, 折現(xiàn)率 = 每年8%策略A的NPV = 2000 ($500 - $400) = $200,000策略B的NP

24、V = (.95)(2500)($500)/ (1+0.08*45/365) - (2500)($420) = $125,743Fifth EditionRossJaffeWesterfield.最佳的信用政策最佳的信用政策使用置存成本和機(jī)會(huì)成本來(lái)評(píng)價(jià)信用決策：（1）“置存成本”是同信用提供和應(yīng)收賬款投資相聯(lián)系的成本。置存成本包括現(xiàn)金的延后收入，壞帳損失以及信用管理成本。（2）“機(jī)會(huì)成本”是不提供信用時(shí)減少的銷(xiāo)售額，隨著信用延續(xù)水平的上升，該成本下降。最佳信用頻度總成本置存成本機(jī)會(huì)成本成本/美元信用擴(kuò)張水平提供信用的成本Fifth EditionRossJaffeWesterfield.信用分

25、析信用分析公司在評(píng)價(jià)是否值得提供信用時(shí)，通常需要如下一些信息：（1）財(cái)務(wù)報(bào)表 ；（2）購(gòu)買(mǎi)者與其它公司之間的信用交往的歷史報(bào)告。（3）銀行提供的關(guān)于其他公司的信用信息。（4）“購(gòu)買(mǎi)者與公司之間的交往歷史”信用等級(jí)評(píng)定的5Cs方法品德 購(gòu)買(mǎi)者履行債務(wù)的意愿能力 購(gòu)買(mǎi)者的現(xiàn)金流量?jī)斶€債務(wù)的能力資本 購(gòu)買(mǎi)者擁有的資本金擔(dān)保 購(gòu)買(mǎi)者無(wú)力償債時(shí)的保險(xiǎn)性資產(chǎn)條件 一般的經(jīng)濟(jì)環(huán)境Fifth EditionRossJaffeWesterfield.信用管理小結(jié)信用管理小結(jié)1、公司信用政策的組成部分是：銷(xiāo)售條件、信用分析以及收帳政策。2、銷(xiāo)售條件描述了提供信用的時(shí)間與數(shù)量和信用工具種類(lèi)。3、提供信用的決策可以直

26、接說(shuō)是凈現(xiàn)值的決策。客戶付款特征的信息降低信用風(fēng)險(xiǎn)，客戶拖欠款項(xiàng)概率的信息也是有用的。但是獲得信息的費(fèi)用不得超出沒(méi)有信息時(shí)的交易中未支付款項(xiàng)的數(shù)值。4、公司的最佳信用額度是一個(gè)競(jìng)爭(zhēng)環(huán)境下的函數(shù)。該環(huán)境決定了跟提供信用有關(guān)的置存成本和不提供信用下的銷(xiāo)售損失的機(jī)會(huì)成本，最佳信用政策使成本之和最小。Fifth EditionRossJaffeWesterfield.信用管理小結(jié)（續(xù)）信用管理小結(jié)（續(xù)）5、我們已知道，了解客戶拖欠款項(xiàng)概率是有用的。公司進(jìn)行引用評(píng)級(jí)，能提高估計(jì)客戶拖欠款項(xiàng)的概率。這表明客戶拖欠款項(xiàng)的概率跟客戶可觀測(cè)的特征有關(guān)。6、收帳政策是處理拖欠款項(xiàng)的方法之一。首先是分析平均收帳期和

27、準(zhǔn)備帳齡表。帳齡表反映應(yīng)收賬款的時(shí)間，以及不同時(shí)間下的應(yīng)收賬款所占應(yīng)收賬款總額的百分比的一種表。然后決定收帳方法和評(píng)價(jià)應(yīng)收賬款讓售概率，即售賣(mài)逾期應(yīng)收賬款的概率。Fifth EditionRossJaffeWesterfield.17.44Types of InventoryManufacturing firmRaw material starting point in production processWork-in-progressFinished goods products ready to ship or sellRemember that one firms “raw mater

28、ial” may be another companys “finished good”Different types of inventory can vary dramatically in terms of liquidityFifth EditionRossJaffeWesterfield.17.45Inventory CostsCarrying costs range from 20 40% of inventory value per yearStorage and trackingInsurance and taxesLosses due to obsolescence, det

29、erioration or theftOpportunity cost of capitalShortage costsRestocking costsLost sales or lost customersConsider both types of costs and minimize the total costFifth EditionRossJaffeWesterfield.17.46Inventory ManagementClassify inventory by cost, demand and needThose items that have substantial shor

30、tage costs should be maintained in larger quantities than those with lower shortage costsGenerally maintain smaller quantities of expensive itemsMaintain a substantial supply of less expensive basic materialsFifth EditionRossJaffeWesterfield.17.47EOQ ModelThe EOQ model minimizes the total inventory

31、costTotal carrying cost = (average inventory) x (carrying cost per unit) = (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)CCTFQ2*Fifth EditionRossJaffeWesterfield.17.48Example: EOQConsi

32、der an inventory item that has carrying cost = $1.50 per unit. The fixed order cost is $50 per order and the firm sells 100,000 units per year.What is the economic order quantity?258250. 1)50)(000,100(2*QFifth EditionRossJaffeWesterfield.17.49ExtensionsSafety stocksMinimum level of inventory kept on

33、 handIncreases carrying costsReorder pointsAt what inventory level should you place an order?Need to account for delivery timeDerived-Demand InventoriesMaterials Requirements Planning (MRP)Just-in-Time InventoryMcGraw-Hill16.50The Operating CyclenThe time it takes to receive inventory, sell it and c

34、ollect on the receivables generated from the salenOperating cycle = inventory period + accounts receivable periodnInventory period = time inventory sits on the shelfnAccounts receivable period = time it takes to collect on receivablesMcGraw-Hill16.51The Cash CyclenThe time between payment for invent

35、ory and receipt from the sale of inventorynCash cycle = operating cycle accounts payable periodnAccounts payable period = time between receipt of inventory and payment for itnThe cash cycle measures how long we need to finance inventory and receivablesMcGraw-Hill16.52Table 16.1McGraw-Hill16.53Exampl

36、e InformationItemBeginningEndingAverageInventory200,000300,000250,000Accounts Receivable160,000200,000180,000Accounts Payable75,000100,00087,500Net Sales = $1,150,000Cost of Goods Sold = $820,000McGraw-Hill16.54Example - Operating CyclenInventory Period = 365 / Inventory TurnovernInventory Turnover

37、= COGS / Average inventorynIT = 820,000 / 250,000 = 3.28 timesnInventory Period = 365 / 3.28 = 111 daysnAccounts Receivable Period = 365 / Receivables TurnovernReceivables Turnover = Credit Sales / Average ARnRT = 1,150,000 / 180,000 = 6.4 timesnReceivables Period = 365 / 6.4 = 57 daysnOperating cyc

38、le = 111 + 57 = 168 daysMcGraw-Hill16.55Example - Cash CyclenAccounts Payables Period = 365 / payables turnovernPayables turnover = COGS / Average APnPT = 820,000 / 87,500 = 9.4 timesnAccounts payables period = 365 / 9.4 = 39 daysnCash cycle = 168 39 = 129 daysnSo, we have to finance our inventory a

39、nd receivables for 129 daysMcGraw-Hill16.56Short-Term Financial PolicynFlexible (Conservative) PolicynLarge amounts of cash and marketable securitiesnLarge amounts of inventorynLiberal credit policies (large accounts receivable)nRelatively low levels of short-term liabilitiesnHigh liquiditynRestrict

40、ive (Aggressive) PolicynLow cash and marketable security balancesnLow inventory levelsnLittle or no credit sales (low accounts receivable)nRelatively high levels of short-term liabilitiesnLow liquidityMcGraw-Hill16.57可選的資產(chǎn)融資策略Irwin/McGraw-Hill The McGraw-Hill Companies, Inc., 1999Fifth EditionRossJa

41、ffeWesterfield.可選的資產(chǎn)組合策略可選的資產(chǎn)組合策略適中的組合策略銷(xiāo)售額銷(xiāo)售額流動(dòng)資產(chǎn)保守的組合策略冒險(xiǎn)的組合策略203050100McGraw-Hill16.59Carrying versus Shortage CostsnCarrying costsnOpportunity cost of owning current assets versus long-term assets that pay higher returnsnCost of storing larger amounts of inventorynShortage costsnOrder costs the

42、cost of ordering additional inventory or transferring cashnStock-out costs the cost of lost sales due to lack of inventory, including lost customersMcGraw-Hill16.60Temporary versus Permanent AssetsnAre current assets temporary or permanent?nBoth!nPermanent current assets refer to the level of curren

43、t assets that the company retains regardless of any seasonality in salesnTemporary current assets refer to the additional current assets that are added when sales are expected to increase on a seasonal basisMcGraw-Hill16.61Figure 16.4McGraw-Hill16.62Choosing the Best PolicynBest policy will be a com

44、bination of flexible and restrictive policiesnThings to considernCash reservesnMaturity hedgingnRelative interest ratesnCompromise policy borrow short-term to meet peak needs, maintain a cash reserve for emergenciesMcGraw-Hill16.63Figure 16.5McGraw-Hill16.64Cash BudgetnPrimary tool in short-run fina

45、ncial planningnIdentify short-term needs and potential opportunitiesnIdentify when short-term financing may be requirednHow it worksnIdentify sales and cash collectionsnIdentify various cash outflowsnSubtract outflows from inflows and determine investing and financing needsMcGraw-Hill16.65Example: C

46、ash Budget InformationnExpected Sales for 2000 by quarter (millions)nQ1: $57; Q2: $66; Q3: $66; Q4: $90nBeginning Accounts Receivable = $30nAverage collection period = 30 daysnPurchases from suppliers = 50% of next quarters estimated salesnAccounts payable period = 45 daysnWages, taxes and other exp

47、enses = 25% of salesnInterest and dividends = $5 million per quarternMajor expansion planned for quarter 2 costing $35 millionnBeginning cash balance = $5 million with minimum cash balance of $2 millionMcGraw-Hill16.66Example: Cash Budget Cash CollectionsQ1Q2Q3Q4Beginning Receivables30192222Sales576

48、66690Cash Collections = Beg. Receivables + 2/3(Sales)68636682Ending Receivables = 1/3(Sales)19222230McGraw-Hill16.67Example: Cash Budget Cash DisbursementsQ1Q2Q3Q4Payment of A/P = 50% of sales28.5033.0033.0045.00Wages, taxes, other expenses14.2516.5016.5022.50Capital Expenditures35.00Long-term finan

49、cing (interest and dividends)5.005.005.005.00Total Disbursements47.7589.5054.5072.50McGraw-Hill16.68Example: Cash Budget NetCash Flow and Cash BalanceQ1Q2Q3Q4Total Cash Collections68.0063.0066.0082.00Total Cash Disbursements47.7589.5054.5072.50Net Cash Flow20.25(26.50)11.509.5Beginning Cash Balance5

50、.0025.25(1.25)10.25Net Cash Inflow20.25(26.50)11.509.50Ending Cash Balance25.25(1.25)10.2519.75Minimum Cash Balance-2.00-2.00-2.00-2.00Cumulative surplus (deficit)23.25(3.25)8.2517.75McGraw-Hill16.69Short-Term BorrowingnUnsecured loansnLine of credit prearranged agreement with a bank that allows the firm to borrow up to a certain amount on a short-term basisnCommitted formal legal ar