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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
23、taken nBuy $500 worth of merchandise with the credit terms given above nPay $500(1 - .02) = $490 if you pay in 10 days nPay $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 c h a p 0 1 7 财 务 管 理 课 件 c h a p 0 1 7 15 McGraw-Hill 2004 The McGraw-Hi
24、ll Companies, Inc. All rights reserved. McGraw-Hill/Irwin Example: Cash Discounts nFinding the implied interest rate when customers do not take the discount nCredit terms of 2/10 net 45 and $500 loan n$10 interest (.02*500) nPeriod rate = 10 / 490 = 2.0408% nPeriod = (45 10) = 35 days n365 / 35 = 10
25、.4286 periods per year nEAR = (1.020408)10.4286 1 = 23.45% nThe company benefits when customers choose to forego discounts 筷 落 颜 挛 饵 泼 倡 船 胁 阿 阅 旧 肮 场 荐 窑 戒 柱 寄 俯 圈 珍 妊 咆 竣 瞅 母 愧 溃 素 绿 陡 财 务 管 理 课 件 c h a p 0 1 7 财 务 管 理 课 件 c h a p 0 1 7 16 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All right
26、s reserved. McGraw-Hill/Irwin The Cost of Granting Credit Amount of credit extended ($) 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 c h a p 0 1 7 财 务 管 理 课 件 c h a p 0 1 7 17 McGraw-Hill 2004 The McGraw
27、-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Credit Analysis nProcess of deciding which customers receive credit nGathering information nFinancial statements nCredit reports nBanks nPayment history with the firm nDetermining Creditworthiness n5 Cs of Credit nCredit Scoring 环 卒 变 敝 踩
28、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 c h a p 0 1 7 财 务 管 理 课 件 c h a p 0 1 7 18 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Five Cs of Credit nCharacter willingness to meet financial obligations nCapacity ability to meet financ
29、ial obligations out of operating cash flows nCapital financial reserves nCollateral assets pledged as security nConditions 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 c h a p 0 1 7 财 务 管 理 课 件 c h a p 0 1 7 19
30、McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Collection Policy nMonitoring receivables nKeep an eye on average collection period relative to your credit terms nUse an aging schedule to determine percentage of payments that are being made late nCollection po
31、licy nDelinquency letter nTelephone call nCollection agency nLegal 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 c h a p 0 1 7 财 务 管 理 课 件 c h a p 0 1 7 20 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Inventory Managemen
32、t nInventory can be a large percentage of a firms assets nCosts associated with carrying too much inventory nCosts associated with not carrying enough inventory nInventory 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
33、 邹 挚 察 茎 肯 肢 缆 盾 傀 宗 批 蚤 模 诬 度 态 聪 温 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 21 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Types of Inventory nManufacturing firm nRaw material starting point in production process nWork-in-progress nFinished go
34、ods products ready to ship or sell nRemember that one firms “raw material” may be another companys “finished good” nDifferent 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 皱 披 踌 魏 财 务 管 理 课 件 c h a p 0 1 7 财 务 管 理 课 件 c h a p 0
35、 1 7 22 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Inventory Costs nCarrying costs range from 20 40% of inventory value per year nStorage and tracking nInsurance and taxes nLosses due to obsolescence, deterioration or theft nOpportunity cost of capital nS
36、hortage costs nRestocking costs nLost sales or lost customers nConsider both types 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 c h a p 0 1 7 财 务 管 理 课 件 c h a p 0 1 7 23 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights r
37、eserved. McGraw-Hill/Irwin Inventory Management nClassify inventory by cost, demand and need nThose items that have substantial shortage costs should be maintained in larger quantities than those with lower shortage costs nGenerally maintain smaller quantities of expensive items nMaintain a substant
38、ial 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 c h a p 0 1 7 财 务 管 理 课 件 c h a p 0 1 7 24 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin EOQ Model nThe EOQ model minimizes the total inv
39、entory cost nTotal carrying cost = (average inventory) x (carrying cost per unit) = (Q/2)(CC) nTotal restocking cost = (fixed cost per order) x (number of orders) = F(T/Q) nTotal 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
40、 悸 划 挖 弛 聘 啦 脆 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 25 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Example: EOQ nConsider an inventory item that has carrying cost = $1.50 per unit. The fixed order cost is $50 per order and the firm sells 100
41、,000 units per year. nWhat 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 c h a p 0 1 7 财 务 管 理 课 件 c h a p 0 1 7 26 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Extensions nSafety stocks nMinimum
42、 level of inventory kept on hand nIncreases carrying costs nReorder points nAt what inventory level should you place an order? nNeed to account for delivery time nDerived-Demand Inventories nMaterials Requirements Planning (MRP) nJust-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
43、 寸 县 蝗 馋 述 郧 二 屯 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 27 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Quick Quiz nWhat is the difference between disbursement float and collection float? nWhat is credit analysis and why is it important? nWhat
44、is the implied rate of interest if credit terms are 1/5 net 30? nWhat are the two main categories of inventory costs? nWhat 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 c h a p 0 1 7 财 务 管 理 课 件 c h a p 0 1 7 28