短期籌資培訓(xùn)資料課件

Short-TermFinancing第一頁(yè)，共四十一頁(yè)。Short-TermFinancingSpontaneousFinancingNegotiatedFinancingFactoringAccountsReceivableCompositionofShort-TermFinancing第二頁(yè)，共四十一頁(yè)。SpontaneousFinancingAccountsPayable (TradeCreditfromSuppliers)AccruedExpensesTypesofspontaneousfinancing第三頁(yè)，共四十一頁(yè)。SpontaneousFinancingOpenAccounts:thesellershipsgoodstothebuyerwithaninvoicespecifyinggoodsshipped,totalamountdue,andtermsofthesale.NotesPayable:thebuyersignsanotethatevidencesadebttotheseller.TradeCredit--creditgrantedfromonebusinesstoanother.Examplesoftradecreditare:第四頁(yè)，共四十一頁(yè)。SpontaneousFinancingDraft--Asigned,writtenorderbywhichthefirstparty(drawer)instructsasecondparty(drawee)topayaspecifiedamountofmoneytoathirdparty(payee).Thedrawerandpayeeareoftenoneandthesame.TradeAcceptances:thesellerdrawsadraftonthebuyerthatordersthebuyertopaythedraftatsomefuturetimeperiod.第五頁(yè)，共四十一頁(yè)。TermsoftheSaleNetPeriod-NoCashDiscount

--whencreditisextended,thesellerspecifiestheperiodoftimeallowedforpayment.“Net30”impliesfullpaymentin30daysfromtheinvoicedate.CODandCBD-NoTradeCredit:thebuyerpayscashondeliveryorcashbeforedelivery.Thisreducestheseller’sriskunderCODtothebuyerrefusingtheshipmentoreliminatesitcompletelyforCBD.第六頁(yè)，共四十一頁(yè)。TermsoftheSaleSeasonalDating

--credittermsthatencouragethebuyerofseasonalproductstotakedeliverybeforethepeaksalesperiodandtodeferpaymentuntilafterthepeaksalesperiod.NetPeriod-CashDiscount

--whencreditisextended,thesellerspecifiestheperiodoftimeallowedforpaymentandoffersacashdiscountifpaidintheearlypartoftheperiod.“2/10,net30”impliesfullpaymentwithin30daysfromtheinvoicedatelessa2%discountifpaidwithin10days.第七頁(yè)，共四十一頁(yè)。TradeCreditasaMeansofFinancing$1,000x30days=$30,000accountbalanceWhathappenstoaccountspayableifafirmpurchases$1,000/dayat“net30”?Whathappenstoaccountspayableifafirmpurchases$1,500/dayat“net30”?$1,500x30days=$45,000accountbalanceA$15,000increasefromoperations!第八頁(yè)，共四十一頁(yè)。CosttoForgoaDiscountApproximateannualinterestcost=%discount 365days(100%-%discount) (paymentdate- discountperiod)Whatistheapproximateannualcosttoforgothecashdiscountof“2/10,net30”afterthefirsttendays?X第九頁(yè)，共四十一頁(yè)。CosttoForgoaDiscountApproximateannualinterestcost= 2% 365days (100%-2%) (30days-10days) =(2/98)x(365/20)=37.2%Whatistheapproximateannualcosttoforgothecashdiscountof“2/10,net30,”andpayattheendofthecreditperiod?X第十頁(yè)，共四十一頁(yè)。

PaymentDate*

Annualrateofinterest 11 744.9% 20 74.5

30

37.2 60 14.9 90 9.3 *daysfrominvoicedateCosttoForgoaDiscountTheapproximateinterestcostoveravarietyofpaymentdecisionsfor“2/10,net____.”第十一頁(yè)，共四十一頁(yè)。S-t-r-e-t-c-h-i-n-gAccountPayablesCostofthecashdiscount(ifany)forgoneLatepaymentpenaltiesorinterestDeteriorationincreditratingPostponingpaymentbeyondtheendofthenetperiodisknownas“stretchingaccountspayable”or“l(fā)eaningonthetrade.”Possiblecostsof“stretchingaccountspayable”第十二頁(yè)，共四十一頁(yè)。AdvantagesofTradeCreditConvenienceandavailabilityoftradecreditGreaterflexibilityasameansoffinancingComparecostsofforgoingapossiblecashdiscountagainsttheadvantagesoftradecredit.第十三頁(yè)，共四十一頁(yè)。WhoBearstheCostofFundsforTradeCredit?Buyers--whencostscanbefullypassedonthroughhigherpricestothebuyerbytheseller.Both--whencostscanpartiallybepassedontobuyersbysellers.Suppliers--whentradecostscannotbepassedontobuyersbecauseofpricecompetitionanddemand.第十四頁(yè)，共四十一頁(yè)。AccruedExpensesWages--Benefitsaccruevianodirectcashcosts,butcostscandevelopbyreducedemployeemoraleandefficiency.Taxes--Benefitsaccrueuntiltheduedate,butcostsofpenaltiesandinterestbeyondtheduedatereducethebenefits.AccruedExpenses--Amountsowedbutnotyetpaidforwages,taxes,interest,anddividends.Theaccruedexpensesaccountisashort-termliability.第十五頁(yè)，共四十一頁(yè)。SpontaneousFinancingMoneyMarketCreditCommercialPaperBankers’AcceptancesUnsecuredLoansLineofCreditRevolvingCreditAgreementTransactionLoanTypesofnegotiatedfinancing:第十六頁(yè)，共四十一頁(yè)。“Stand-Alone”CommercialPaperCommercialpapermarketiscomposedofthe(1)dealerand(2)direct-placementmarkets.Advantage:Cheaperthanashort-termbusinessloanfromacommercialbank.Dealersrequirealineofcredittoensurethatthecommercialpaperispaidoff.

CommercialPaper--Short-term,unsecuredpromissorynotes,generallyissuedbylargecorporations(unsecuredcorporateIOUs).第十七頁(yè)，共四十一頁(yè)。“Bank-Supported”CommercialPaperLetterofcredit(L/C)

--Apromisefromathirdparty(usuallyabank)forpaymentintheeventthatcertainconditionsaremet.Itisfrequentlyusedtoguaranteepaymentofanobligation.Bestforlesser-knownfirmstoaccesslowercostfunds.Abankprovidesaletterofcredit,forafee,guaranteeingtheinvestorthatthecompany’sobligationwillbepaid.第十八頁(yè)，共四十一頁(yè)。Bankers’AcceptancesUsedtofacilitateforeigntradeortheshipmentofcertainmarketablegoods.Liquidmarketprovidesratessimilartocommercialpaperrates.

Bankers’Acceptances--Short-termpromissorytradenotesforwhichabank(byhaving“accepted”them)promisestopaytheholderthefaceamountatmaturity.第十九頁(yè)，共四十一頁(yè)。Short-TermBusinessLoansSecuredLoans

--Aformofdebtformoneyborrowedinwhichspecificassetshavebeenpledgedtoguaranteepayment.UnsecuredLoans

--Aformofdebtformoneyborrowedthatisnotbackedbythepledgeofspecificassets.

第二十頁(yè)，共四十一頁(yè)。UnsecuredLoansOne-yearlimitthatisreviewedpriortorenewaltodetermineifconditionsnecessitateachange.Creditlineisbasedonthebank’sassessmentofthecreditworthinessandcreditneedsofthefirm.“Cleanup”provisionrequiresthefirmtoowethebanknothingforaperiodoftime.LineofCredit(withabank)--Aninformalarrangementbetweenabankanditscustomerspecifyingthemaximumamountofunsecuredcreditthebankwillpermitthefirmtooweatanyonetime.第二十一頁(yè)，共四十一頁(yè)。UnsecuredLoansFirmreceivesrevolvingcreditbypayingacommitmentfeeonanyunusedportionofthemaximumamountofcredit.Commitmentfee--Afeechargedbythelenderforagreeingtoholdcreditavailable.Agreementsfrequentlyextendbeyond1year.

RevolvingCreditAgreement--Aformal,legalcommitmenttoextendcredituptosomemaximumamountoverastatedperiodoftime.第二十二頁(yè)，共四十一頁(yè)。UnsecuredLoansEachrequestishandledasaseparatetransactionbythebank,andprojectloandeterminationisbasedonthecash-flowabilityoftheborrower.Theloanispaidoffatthecompletionoftheprojectbythefirmfromresultingcashflows.TransactionLoan--Aloanagreementthatmeetstheshort-termfundsneedsofthefirmforasingle,specificpurpose.第二十三頁(yè)，共四十一頁(yè)。Detour:

CostofBorrowingDifferentialfromprimedependson:CashbalancesOtherbusinesswiththebankCostofservicingtheloanInterestRates

PrimeRate--Short-terminterestratechargedbybankstolarge,creditworthycustomers.第二十四頁(yè)，共四十一頁(yè)。

$10,000ininterest$100,000inusablefundsDetour:

CostofBorrowingComputingInterestRates

CollectBasis

--interestispaidatmaturityofthenote.Example:$100,000loanat10%statedinterestratefor1year.=10.00%第二十五頁(yè)，共四十一頁(yè)。

$10,000ininterest$90,000inusablefundsDetour:

CostofBorrowingComputingInterestRates

DiscountBasis

--interestisdeductedfromtheinitialloan.Example:$100,000loanat10%statedinterestratefor1year.=11.11%第二十六頁(yè)，共四十一頁(yè)。

$100,000ininterest$850,000inusablefundsDetour:

CostofBorrowingCompensatingBalancesNon-interest-bearingdemanddepositsmaintainedbyafirmtocompensateabankforservicesprovided,creditlines,orloans.Example:$1,000,000loanat10%statedinterestratefor1yearwitharequired$150,000compensatingbalance.=11.76%第二十七頁(yè)，共四十一頁(yè)。Detour:

CostofBorrowingCommitmentFeesThefeechargedbythelenderforagreeingtoholdcreditavailableisontheunusedportionsofcredit.Example:$1millionrevolvingcreditat10%statedinterestratefor1year;borrowingfortheyearwas$600,000;arequired5%compensatingbalanceonborrowedfunds;anda.5%commitmentfeeon$400,000ofunusedcredit.Whatisthecostofborrowing?第二十八頁(yè)，共四十一頁(yè)。

$60,000

ininterest+

$2,000incommitmentfees

$570,000inusablefundsDetour:

CostofBorrowingInterest: ($600,000)x(10%) =$60,000Commitment Fee: ($400,000)x(0.5%) =$2,000Compensating Balance: ($600,000)x(5%) =$30,000UsableFunds: $600,000-$30,000 =$570,000=10.88%第二十九頁(yè)，共四十一頁(yè)。Secured

(orAsset-Based)LoansMarketabilityLifeRiskinessSecurity(collateral)

--Asset(s)pledgedbyaborrowertoensurerepaymentofaloan.Iftheborrowerdefaults,thelendermaysellthesecuritytopayofftheloan.

Collateralvaluedependson:第三十頁(yè)，共四十一頁(yè)。UniformCommercialCodeSecurityinterestsofthelenderSecurityagreement(device)FilingofthesecurityagreementModelstatelegislationrelatedtomanyaspectsofcommercialtransactionsthatwentintoeffectinPennsylvaniain1954.Ithasbeenadoptedwithlimitedchangesbymoststatelegislatures.

Article9oftheCodedealswith:第三十一頁(yè)，共四十一頁(yè)。Accounts-Receivable-BackedLoansQuality:notallindividualaccountshavetobeaccepted(mayrejectonaging).Size:smallaccountsmayberejectedasbeingtoocostly(perdollarofloan)tohandlebytheinstitution.Oneofthemostliquidassetaccounts.Loansbycommercialbanksorfinancecompanies(banksofferlowerinterestrates).Loanevaluationsaremadeon:第三十二頁(yè)，共四十一頁(yè)。Accounts-Receivable-BackedLoansNotification--firmcustomersarenotifiedthattheiraccountshavebeenpledgedtothelenderandremittancesaremadedirectlytothelendinginstitution.Typesofreceivableloanarrangements:Nonnotification--firmcustomersarenotnotifiedthattheiraccountshavebeenpledgedtothelender.Thefirmforwardsallpaymentsfrompledgedaccountstothelender.第三十三頁(yè)，共四十一頁(yè)。Inventory-BackedLoansMarketabilityPerishabilityPricestabilityDifficultyandexpenseofsellingforloansatisfactionCash-flowabilityRelativelyliquidassetaccountsLoanevaluationsaremadeon:第三十四頁(yè)，共四十一頁(yè)。Typesof

Inventory-BackedLoansFloatingLien--Ageneral,orblanket,lienagainstagroupofassets,suchasinventoryorreceivables,withouttheassetsbeingspecificallyidentified.ChattelMortgage--Alienonspecificallyidentifiedpersonalproperty(assetsotherthanrealestate)backingaloan.第三十五頁(yè)，共四十一頁(yè)。Typesof

Inventory-BackedLoansTrustReceipt--Asecuritydeviceacknowledgingthattheborrowerholdsspecificallyidentifiedinventoryandproceedsfromitssaleintrustforthelender.TerminalWarehouseReceipt--Areceiptforthedepositofgoodsinapublicwarehousethatalenderholdsascollateralforaloan.第三十六頁(yè)，共四十一頁(yè)。Typesof

Inventory-BackedLoansFieldWarehouseReceipt--Areceiptforgoodssegregatedandstoredontheborrower’spremises(butunderthecontrolofanindependentwarehousing