公司理财英文版第十九章二十章.ppt

Chapter19CashandLiquidityManagement McGraw Hill Irwin Copyright 2010byTheMcGraw HillCompanies Inc Allrightsreserved KeyConceptsandSkills UnderstandtheimportanceoffloatandhowitaffectsthecashbalanceUnderstandhowtoacceleratecollectionsandmanagedisbursementsUnderstandtheadvantagesanddisadvantagesofholdingcashandsomeofthewaystoinvestidlecashAppendix BeabletousetheBATandMiller Orrmodels 19 2 ChapterOutline ReasonsforHoldingCashUnderstandingFloatCashCollectionandConcentrationManagingCashDisbursementsInvestingIdleCashAppendixTheBasicIdeaTheBATModelTheMiller OrrModel AMoreGeneralApproachImplicationsoftheBATandMiller OrrModelsOtherFactorsInfluencingtheTargetCashBalance 19 3 ReasonsforHoldingCash Speculativemotive holdcashtotakeadvantageofunexpectedopportunitiesPrecautionarymotive holdcashincaseofemergenciesTransactionmotive holdcashtopaytheday to daybillsTrade offbetweenopportunitycostofholdingcashrelativetothetransactioncostofconvertingmarketablesecuritiestocashfortransactions 19 4 UnderstandingFloat Float differencebetweencashbalancerecordedinthecashaccountandthecashbalancerecordedatthebankDisbursementfloatGeneratedwhenafirmwriteschecksAvailablebalanceatbank bookbalance 0CollectionfloatChecksreceivedincreasebookbalancebeforethebankcreditstheaccountAvailablebalanceatbank bookbalance 0Netfloat disbursementfloat collectionfloat 19 5 Example TypesofFloat Youhave 3 000inyourcheckingaccount Youjustdeposited 2 000andwroteacheckfor 2 500 Whatisthedisbursementfloat Whatisthecollectionfloat Whatisthenetfloat Whatisyourbookbalance Whatisyouravailablebalance 19 6 CostsofHoldingCash C Costsindollarsofholdingcash Sizeofcashbalance Theinvestmentincomeforegonewhenholdingcash Tradingcostsincreasewhenthefirmmustsellsecuritiestomeetcashneeds 19A 7 TheBATModel F ThefixedcostofsellingsecuritiestoraisecashT ThetotalamountofnewcashneededR Theopportunitycostofholdingcash i e theinterestrate Time 123 Ifwestartwith C spendataconstantrateeachperiodandreplaceourcashwith Cwhenwerunoutofcash ouraveragecashbalancewillbe 19A 8 TheBATModel Time Aswetransfer CeachperiodweincuratradingcostofF 123 19A 9 TheBATModel C Sizeofcashbalance 19A 10 TheBATModel OpportunityCosts TradingCosts Theoptimalcashbalanceisfoundwheretheopportunitycostsequalsthetradingcosts MultiplybothsidesbyC 19A 11 TheMiller OrrModel Thefirmallowsitscashbalancetowanderrandomlybetweenupperandlowercontrollimits Time WhenthecashbalancereachestheuppercontrollimitU cashisinvestedelsewheretogetustothetargetcashbalanceC Whenthecashbalancereachesthelowercontrollimit L investmentsaresoldtoraisecashtogetusuptothetargetcashbalance 19A 12 TheMiller OrrModelMath GivenL whichissetbythefirm theMiller OrrmodelsolvesforC andU wheres2isthevarianceofnetdailycashflows TheaveragecashbalanceintheMiller Orrmodelis 19A 13 ImplicationsoftheMiller OrrModel TousetheMiller Orrmodel themanagermustdofourthings Setthelowercontrollimitforthecashbalance Estimatethestandarddeviationofdailycashflows Determinetheinterestrate Estimatethetradingcostsofbuyingandsellingsecurities 19A 14 ImplicationsoftheMiller OrrModel Themodelclarifiestheissuesofcashmanagement Theoptimalcashposition C ispositivelyrelatedtotradingcosts F andnegativelyrelatedtotheinterestrateR C andtheaveragecashbalancearepositivelyrelatedtothevariabilityofcashflows 19A 15 OtherFactorsInfluencingtheTargetCashBalance BorrowingBorrowingislikelytobemoreexpensivethansellingmarketablesecurities Theneedtoborrowwilldependonmanagement sdesiretoholdlowcashbalances 19A 16 QuickQuiz Whatarethemajorreasonsforholdingcash Whatisthedifferencebetweendisbursementfloatandcollectionfloat Howdoesalockboxsystemwork Whatarethemajorcharacteristicsofshort termsecurities 19 17 EndofChapter 19 18 Chapter20CreditandInventoryManagement McGraw Hill Irwin Copyright 2010byTheMcGraw HillCompanies Inc Allrightsreserved KeyConceptsandSkills UnderstandthekeyissuesrelatedtocreditmanagementUnderstandtheimpactofcashdiscountsBeabletoevaluateaproposedcreditpolicyUnderstandthecomponentsofcreditanalysisUnderstandthemajorcomponentsofinventorymanagementBeabletousetheEOQmodeltodetermineoptimalinventoryordering 20 20 ChapterOutline CreditandReceivablesTermsoftheSaleAnalyzingCreditPolicyOptimalCreditPolicyCreditAnalysisCollectionPolicyInventoryManagementInventoryManagementTechniquesAppendixTwoAlternativeApproachesDiscountsandDefaultRisk 20 21 CreditManagement KeyIssues GrantingcreditgenerallyincreasessalesCostsofgrantingcreditChancethatcustomerswillnotpayFinancingreceivablesCreditmanagementexaminesthetrade offbetweenincreasedsalesandthecostsofgrantingcredit 20 22 ComponentsofCreditPolicy TermsofsaleCreditperiodCashdiscountanddiscountperiodTypeofcreditinstrumentCreditanalysis distinguishingbetween good customersthatwillpayand bad customersthatwilldefaultCollectionpolicy effortexpendedoncollectingreceivables 20 23 TheCashFlowsfromGrantingCredit 20 24 TermsofSale BasicForm 2 10net452 discountifpaidin10daysTotalamountduein45daysifdiscountnottakenBuy 500worthofmerchandisewiththecredittermsgivenabovePay 500 1 02 490ifyoupayin10daysPay 500ifyoupayin45days 20 25 Example CashDiscounts FindingtheimpliedinterestratewhencustomersdonottakethediscountCredittermsof2 10net45Periodrate 2 98 2 0408 Period 45 10 35days365 35 10 4286periodsperyearEAR 1 020408 10 4286 1 23 45 Thecompanybenefitswhencustomerschoosetoforgodiscounts 20 26 CreditPolicyEffects RevenueEffectsDelayinreceivingcashfromsalesMaybeabletoincreasepriceMayincreasetotalsalesCostEffectsCostofthesaleisstillincurredeventhoughthecashfromthesalehasnotbeenreceivedCostofdebt mustfinancereceivablesProbabilityofnonpayment somepercentageofcustomerswillnotpayforproductspurchasedCashdiscount somecustomerswillpayearlyandpaylessthanthefullsalesprice 20 27 Example EvaluatingaProposedPolicy PartI Yourcompanyisevaluatingaswitchfromacashonlypolicytoanet30policy Thepriceperunitis 100 andthevariablecostperunitis 40 Thecompanycurrentlysells1 000unitspermonth Undertheproposedpolicy thecompanyexpectstosell1 050unitspermonth Therequiredmonthlyreturnis1 5 WhatistheNPVoftheswitch Shouldthecompanyoffercredittermsofnet30 20 28 Example EvaluatingaProposedPolicy PartII Incrementalcashinflow 100 40 1 050 1 000 3 000Presentvalueofincrementalcashinflow3 000 015 200 000Costofswitching100 1 000 40 1 050 1 000 102 000NPVofswitching200 000 102 000 98 000Yes thecompanyshouldswitch 20 29 TotalCostofGrantingCredit CarryingcostsRequiredreturnonreceivablesLossesfrombaddebtsCostsofmanagingcreditandcollectionsShortagecostsLostsalesduetoarestrictivecreditpolicyTotalcostcurveSumofcarryingcostsandshortagecostsOptimalcreditpolicyiswherethetotalcostcurveisminimized 20 30 Figure20 1 20 31 CreditAnalysis ProcessofdecidingwhichcustomersreceivecreditGatheringinformationFinancialstatementsCreditreportsBanksPaymenthistorywiththefirmDeterminingCreditworthiness5CsofCreditCreditScoring 20 32 Example One TimeSale NPV v 1 P 1 R Yourcompanyisconsideringgrantingcredittoanewcustomer Thevariablecostperunitis 50 thecurrentpriceis 110 theprobabilityofdefaultis15 andthemonthlyrequiredreturnis1 NPV 50 1 15 110 1 01 42 57Whatisthebreak evenprobability 0 50 1 110 1 01 5409or54 09 20 33 Example RepeatCustomers NPV v 1 P v RInthepreviousexample whatistheNPVifwearelookingatrepeatbusiness NPV 50 1 15 110 50 01 5 050Repeatcustomerscanbeveryvaluable hencetheimportanceofgoodcustomerservice Itmaymakesensetograntcredittoalmosteveryoneonce aslongasthevariablecostislowrelativetothepriceIfacustomerdefaultsonce youdon tgrantcreditagain 20 34 CreditInformation FinancialstatementsCreditreportswithcustomer spaymenthistorytootherfirmsBanksPaymenthistorywiththecompany 20 35 FiveCsofCredit Character willingnesstomeetfinancialobligationsCapacity abilitytomeetfinancialobligationsoutofoperatingcashflowsCapital financialreservesCollateral assetspledgedassecurityConditions generaleconomicconditionsrelatedtocustomer sbusiness 20 36 CollectionPolicy MonitoringreceivablesKeepaneyeonaveragecollectionperiodrelativetoyourcredittermsUseanagingscheduletodeterminepercentageofpaymentsthatarebeingmadelateCollectionpolicyDelinquencyletterTelephonecallCollectionagencyLegalaction 20 37 InventoryManagement Inventorycanbealargepercentageofafirm sassetsTherecanbesignificantcostsassociatedwithcarryingtoomuchinventoryTherecanalsobesignificantcostsassociatedwithnotcarryingenoughinventoryInventorymanagementtriestofindtheoptimaltrade offbetweencarryingtoomuchinventoryversusnotenough 20 38 TypesofInventory ManufacturingfirmRawmaterial startingpointinproductionprocessWork in progressFinishedgoods productsreadytoshiporsellRememberthatonefirm s rawmaterial maybeanotherfirm s finishedgoods Differenttypesofinventorycanvarydramaticallyintermsofliquidity 20 39 InventoryCosts Carryingcosts rangefrom20 40 ofinventoryvalueperyearStorageandtrackingInsuranceandtaxesLossesduetoobsolescence deterioration ortheftOpportunitycostofcapitalShortagecostsRestockingcostsLostsalesorlostcustomersConsiderbothtypesofcosts andminimizethetotalcost 20 40 InventoryManagement ABC Classifyinventorybycost demand andneedThoseitemsthathavesubstantialshortagecostsshouldbemaintainedinlargerquantitiesthanthosewithlowershortagecostsGenerallymaintainsmallerquantitiesofexpensiveitemsMaintainasubstantialsupplyoflessexpensivebasicmaterials 20 41 EOQModel TheEOQmodelminimizesthetotalinventorycostTotalcarryingcost averageinventory x carryingcostperunit Q 2 CC Totalrestockingcost fixedcostperorder x numberoforders F T Q TotalCost Totalcarryingcost totalrestockingcost Q 2 CC F T Q 20 42 Figure20 3 20 43 Example EOQ Consideraninventoryitemthathascarryingcost 1 50perunit Thefixedordercostis 50perorder andthefirmsells100 0