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1、McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin 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 c h a p 0 1 6 财 务 管 理 课 件 c h a p 0 1 6 1 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All
2、rights reserved. McGraw-Hill/Irwin Key Concepts and Skills nBe able to compute the operating and cash cycles and understand why they are important nUnderstand the different types of short-term financial policy nUnderstand the essentials of short-term financial planning 光 惧 跑 陈 屠 残 醉 绦 称 礼 艘 晃 咒 惑 狮
3、弱 舀 擦 桶 孽 鸡 替 僻 乾 屈 涧 屏 朵 荔 雾 径 梯 财 务 管 理 课 件 c h a p 0 1 6 财 务 管 理 课 件 c h a p 0 1 6 2 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Chapter Outline nTracing Cash and Net Working Capital nThe Operating Cycle and the Cash Cycle nSome Aspects of Short-Term Fi
4、nancial Policy nThe Cash Budget nShort-Term Borrowing nA Short-Term Financial Plan 摊 甚 厦 削 乙 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 c h a p 0 1 6 财 务 管 理 课 件 c h a p 0 1 6 3 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Sources and
5、 Uses of Cash nSources of Cash nObtaining financing: nIncrease in long-term debt nIncrease in equity nIncrease in current liabilities nSelling assets nDecrease in current assets nDecrease in fixed assets nUses of Cash nPaying creditors or stockholders nDecrease in long-term debt nDecrease in equity
6、nDecrease in current liabilities nBuying assets nIncrease in current assets nIncrease 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 c h a p 0 1 6 财 务 管 理 课 件 c h a p 0 1 6 4 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hil
7、l/Irwin The Operating Cycle nThe time it takes to receive inventory, sell it and collect on the receivables generated from the sale nOperating cycle = inventory period + accounts receivable period nInventory period = time inventory sits on the shelf nAccounts receivable period = time it takes to col
8、lect 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 c h a p 0 1 6 财 务 管 理 课 件 c h a p 0 1 6 5 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin The Cash Cycle nThe time between payment for inventory and receipt from th
9、e sale of inventory nCash cycle = operating cycle accounts payable period nAccounts payable period = time between receipt of inventory and payment for it nThe 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
10、 管 理 课 件 c h a p 0 1 6 财 务 管 理 课 件 c h a p 0 1 6 6 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin 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 c h a p 0 1 6 财 务 管 理 课 件 c h a p 0 1 6 7 McGraw-Hill 2004 The McGraw-Hill
11、 Companies, Inc. All rights reserved. McGraw-Hill/Irwin Example Information ItemBeginningEndingAverage Inventory200,000300,000250,000 Accounts Receivable 160,000200,000180,000 Accounts Payable 75,000100,00087,500 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
12、 匡 碟 作 逞 瓣 突 逻 帐 堵 胆 侯 短 选 淑 财 务 管 理 课 件 c h a p 0 1 6 财 务 管 理 课 件 c h a p 0 1 6 8 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Example - Operating Cycle nInventory Period = 365 / Inventory Turnover nInventory Turnover = COGS / Average inventory nIT = 820,0
13、00 / 250,000 = 3.28 times nInventory Period = 365 / 3.28 = 111 days nAccounts Receivable Period = 365 / Receivables Turnover nReceivables Turnover = Credit Sales / Average AR nRT = 1,150,000 / 180,000 = 6.4 times nReceivables Period = 365 / 6.4 = 57 days nOperating cycle = 111 + 57 = 168 days 即 异 垄
14、悸 趁 一 酌 轰 躺 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 c h a p 0 1 6 财 务 管 理 课 件 c h a p 0 1 6 9 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Example - Cash Cycle nAccounts Payables Period = 365 / payables turnover nPayables turnover = COGS /
15、 Average AP nPT = 820,000 / 87,500 = 9.4 times nAccounts payables period = 365 / 9.4 = 39 days nCash cycle = 168 39 = 129 days nSo, we have to finance our inventory and receivables for 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 c h a p 0 1 6 财 务 管 理 课 件 c h
16、a p 0 1 6 10 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Short-Term Financial Policy nFlexible (Conservative) Policy nLarge amounts of cash and marketable securities nLarge amounts of inventory nLiberal credit policies (large accounts receivable) nRelative
17、ly low levels of short-term liabilities nHigh liquidity nRestrictive (Aggressive) Policy nLow cash and marketable security balances nLow inventory levels nLittle or no credit sales (low accounts receivable) nRelatively high levels of short-term liabilities nLow liquidity 泼 捣 炭 贝 眶 蛆 渝 甥 余 遍 芭 亚 谬 大
18、狰 豪 唇 昌 簿 巩 瞅 闰 佑 赎 居 野 邯 帽 匿 弯 赴 凰 财 务 管 理 课 件 c h a p 0 1 6 财 务 管 理 课 件 c h a p 0 1 6 11 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Carrying versus Shortage Costs nCarrying costs nOpportunity cost of owning current assets versus long -term assets that p
19、ay higher returns nCost of storing larger amounts of inventory nShortage costs nOrder costs the cost of ordering additional inventory or transferring cash nStock-out costs the cost of lost sales due to lack 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
20、垦 讽 翔 纷 遵 财 务 管 理 课 件 c h a p 0 1 6 财 务 管 理 课 件 c h a p 0 1 6 12 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Temporary versus Permanent Assets nAre current assets temporary or permanent? nBoth! nPermanent current assets refer to the level of current assets
21、 that the company retains regardless of any seasonality in sales nTemporary 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 c h a p 0 1 6 财 务 管 理 课
22、 件 c h a p 0 1 6 13 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin 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 c h a p 0 1 6 财 务 管 理 课 件 c h a p 0 1 6 14 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights r
23、eserved. McGraw-Hill/Irwin Choosing the Best Policy nBest policy will be a combination of flexible and restrictive policies nThings to consider nCash reserves nMaturity hedging nRelative interest rates nCompromise policy borrow short-term to meet peak needs, maintain a cash reserve for emergencies 营
24、 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 c h a p 0 1 6 财 务 管 理 课 件 c h a p 0 1 6 15 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin 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 c h a
25、p 0 1 6 财 务 管 理 课 件 c h a p 0 1 6 16 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Cash Budget nPrimary tool in short-run financial planning nIdentify short-term needs and potential opportunities nIdentify when short-term financing may be required nHow it wo
26、rks nIdentify sales and cash collections nIdentify various cash outflows nSubtract 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 c h a p 0 1 6 财 务 管 理 课 件 c h a p 0 1 6 17 McGraw-Hill 2004 The McGraw-Hill
27、 Companies, Inc. All rights reserved. McGraw-Hill/Irwin Example: Cash Budget Information nExpected Sales for 2000 by quarter (millions) nQ1: $57; Q2: $66; Q3: $66; Q4: $90 nBeginning Accounts Receivable = $30 nAverage collection period = 30 days nPurchases from suppliers = 50% of next quarters estim
28、ated sales nAccounts payable period = 45 days nWages, taxes and other expenses = 25% of sales nInterest and dividends = $5 million per quarter nMajor expansion planned for quarter 2 costing $35 million nBeginning cash balance = $5 million with minimum cash balance of $2 million 逼 置 角 艰 绽 楚 兽 汛 坝 别 督
29、 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 c h a p 0 1 6 财 务 管 理 课 件 c h a p 0 1 6 18 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Example: Cash Budget Cash Collections Q1Q2Q3Q4 Beginning Receivables30192222 Sales57666690 Cash Collections = Beg.
30、 Receivables + 2/3(Sales) 68636682 Ending Receivables = 1/3(Sales) 19222230 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 c h a p 0 1 6 财 务 管 理 课 件 c h a p 0 1 6 19 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Example: Cash Bud
31、get Cash Disbursements Q1Q2Q3Q4 Payment of A/P = 50% of sales 28.5033.0033.0045.00 Wages, taxes, other expenses 14.2516.5016.5022.50 Capital Expenditures35.00 Long-term financing (interest and dividends) 5.005.005.005.00 Total Disbursements47.7589.5054.5072.50 闷 俐 闺 泣 终 估 久 烃 忧 药 铝 您 态 侮 勒 慌 住 壁 命 嗅
32、 贰 泊 煎 以 川 津 矢 萎 运 邯 瓣 魄 财 务 管 理 课 件 c h a p 0 1 6 财 务 管 理 课 件 c h a p 0 1 6 20 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Example: Cash Budget Net Cash Flow and Cash Balance Q1Q2Q3Q4 Total Cash Collections68.0063.0066.0082.00 Total Cash Disbursements47.7
33、589.5054.5072.50 Net Cash Flow20.25(26.50)11.509.5 Beginning Cash Balance5.0025.25(1.25)10.25 Net Cash Inflow20.25(26.50)11.509.50 Ending Cash Balance25.25(1.25)10.2519.75 Minimum Cash Balance-2.00-2.00-2.00-2.00 Cumulative surplus (deficit)23.25(3.25)8.2517.75 获 搅 将 啮 遣 铀 患 漱 旱 士 盖 替 贵 蹋 虽 是 凛 账 垦
34、涪 粕 幌 究 亿 谢 央 捣 夫 蒂 刺 老 蛤 财 务 管 理 课 件 c h a p 0 1 6 财 务 管 理 课 件 c h a p 0 1 6 21 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Short-Term Borrowing nUnsecured loans nLine of credit prearranged agreement with a bank that allows the firm to borrow up to a cert
35、ain amount on a short-term basis nCommitted formal legal arrangement that may require a commitment fee and generally has a floating interest rate nNon-committed informal agreement with a bank that is similar to credit card debt for individuals nRevolving credit non-committed agreement with a longer
36、time between evaluations nSecured loans loan secured by 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 c h a p 0 1 6 财 务 管 理 课 件 c h a p 0 1 6 22 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Exam
37、ple: Factoring nSelling receivables to someone else at a discount nExample: You have an average of $1 million in receivables and you borrow money by factoring receivables with a discount of 2.5%. The receivables turnover is 12 times per year. nWhat is the APR? nPeriod rate = .025/.975 = 2.564% nAPR
38、= 12(2.564%) = 30.769% nWhat is the effective rate? nEAR = 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 c h a p 0 1 6 财 务 管 理 课 件 c h a p 0 1 6 23 McGraw-Hill 2004 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Short-Term F
39、inancial Plan Q1Q2Q3Q4 Beginning Cash5.0025.252.0010.05 Net Cash Inflow20.25(26.50)11.509.50 New Short-Term Debt0.003.250.000.00 Interest on Short-Term Debt0.000.000.200.00 Short-Term Debt Repayment0.000.003.250.00 Ending Cash Balance25.252.0010.0519.55 Minimum Cash Balance-2.00-2.00-2.00-2.00 Cumul
40、ative Surplus (Deficit)23.250.008.0517.55 Beginning Short-Term Debt0.000003.250.00 Change in Short-Term Debt0.003.25-3.250.00 Ending Short-Term Debt0.003.250.000.00 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 c h a p 0 1 6 财 务 管 理 课 件 c h a p 0 1 6 24 McGraw-Hill 2004
41、 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Quick Quiz nSuppose 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. nWhat is the operating cycle and the cash c
42、ycle? nWhat are the differences between flexible and restrictive short-term financial policies? nWhat factors do we need to consider when choosing a financial policy? nWhat 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 c h a p 0 1 6 财 务 管 理 课 件 c h a p 0 1 6 25