chap016 财务管理

1、McGraw-HillShort-Term Financial Planning短期融资与计划 Chapter 16McGraw-Hill16.1Key Concepts and SkillsnBe able to compute the operating and cash cycles and understand why they are importantn能计算经营周期与现金周期并理解其重要性nUnderstand the different types of short-term financial policyn理解不同类型的短期融资政策nUnderstand the essen

2、tials of short-term financial planningn理解短期融资计划的本质特征McGraw-Hill16.2Chapter OutlinenTracing Cash and Net Working Capitaln追踪现金与经营运资本nThe Operating Cycle and the Cash Cyclen经营周期与现金周转期nSome Aspects of Short-Term Financial Policyn短期融资策略nThe Cash Budget现金预算nShort-Term BorrowingnA Short-Term Financial Plan

3、短期融资计划McGraw-Hill16.3短期融资短期融资短期融资：是一项影响流动资产和流动负债且该影响所及短期融资：是一项影响流动资产和流动负债且该影响所及常在一年之内的决策分析。常在一年之内的决策分析。净营运资本：是流动资产与流动负债的差额。净营运资本：是流动资产与流动负债的差额。 将短期融资重点放在净营运资本上，净营运资本决策仍将短期融资重点放在净营运资本上，净营运资本决策仍要依赖于现金流量和净现值的分析。要依赖于现金流量和净现值的分析。短期融资决策涉及到一年或一年以内的现金流入和流出。短期融资决策涉及到一年或一年以内的现金流入和流出。短期融资所要解决的问题：短期融资所要解决的问题： （

4、1）为付款应在手头（或银行）留有现金的合理水平是）为付款应在手头（或银行）留有现金的合理水平是多少？多少？ （2）公司应该借多少短期借款？）公司应该借多少短期借款？ （3）应给予客户多少信用？）应给予客户多少信用？McGraw-Hill16.41、现金与净营运资本n现金 = 长期负债 + 所有者权益 - 净营运资本(除现金)-固定资产n现金的来源n负债账户的增加n资产账户的减少n现金的运用n负债账户的减少n资产账户的增加Fifth EditionRossJaffeWesterfield.2、经营周期与现金周转期、经营周期与现金周转期订购到货现金周转期经营周期存货周期应付账款应收账款周期销售产成

5、品回收现金周期企业收到 发票支付原材料货款原材料采购Fifth EditionRossJaffeWesterfield.根据表中数据，计算经营周期和现金周期根据表中数据，计算经营周期和现金周期Given the information in the table, compute the operating and cash cycles.平均应收账款平均应收账款Average accounts receivable $ 2,080平均存货平均存货Average inventory2,400平均应付账款平均应付账款Average accounts payable1,135销售收入销售收入Sale

6、s15,600销售成本销售成本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、短期财务政策1、流动资产投资水平 （1）弹性（宽松）政策 （2）严格政策2、流动资产的（筹资资金来源）可选的资产组合策略适中的组合策略销售额销售额流动资产保守的组合策略冒险的组合策略203050100流动资产政策选择Fifth EditionRossJaffeWesterfield.可选的资产融资策略可选的资产融资策略长期融资美元美元时间时间总资产需求量短期证券策略 F长期流动资产固定资产Fi

9、fth EditionRossJaffeWesterfield.可选的资产融资策略可选的资产融资策略短期融资美元美元时间时间策略R长期融资总资产需求量长期流动资产固定资产最优融资策略可以导视、现金储备、期限配置、期限结构权衡决定Fifth EditionRossJaffeWesterfield.Fifth EditionRossJaffeWesterfield.现金预算现金预算现金预算：是短期融资计划的基本工具。它是一种在现金流量时间线上识别现金流缺口的方法。现金预算的思想很简单，它把估计的现金收入与支出记录下来。现金来源包括销售收入、应收账款回收、资产销售、投资收入和长期融资。现金流出： （

10、1）应付账宽的支出 。这些商品或服务，如原材料的支付额。 （2）工资、税款和其它费用。 （3）资本支出。这是为购买长期资产的现金支付。 （4）长期融资。包括长期未偿债务利息和本金支付以及给股东的股利支付。Fifth EditionRossJaffeWesterfield.短期融资计划短期融资计划融资选择包括： （1）无抵押银行贷款（2）担保贷款（3）其他来源Fifth EditionRossJaffeWesterfield.（1）无抵押贷款：为临时性的现金不足而筹资最普遍使用的方法是短期的无抵押银行贷款。采用信用额度贷款（信用额度又分为非承诺uncommitted或承诺式committed的周

11、转贷款）。周转信贷协议Revolving credit arrangement最低存款余额：是企业银行以低息或无息账户保持的存款。一般占贷款使用额的2%5%。 补偿性余额Fifth EditionRossJaffeWesterfield.13. 借款成本 你已经达成一个信用额度协议，允许你在任何时候借款，最高限额为6 000万美元。每个月的利率是0.64%。此外，在你的借款中，5%必须存入一个无息的账户中。假设你的银行对信用额度贷款采取复利计息。a.这项借款安排的实际年利率是多少？b.假设今天你需要1 500万美元，并在6个月后偿还。你将支付多少利息？Fifth EditionRossJaff

12、eWesterfield.14. 某家银行向你的公司提供一个7 000万美元，季度利率2.3%的循环信用额度。这家银行还要求你对未使用的信用额度部分，在一个无息的账户中保持4%的补偿性余额。假设你在银行中有一个季度利率为1.20%的短期投资账户，并假定银行对循环信用借款采取复利计息。a.如果在这一年中，你的公司没有使用这项循环信用借款安排，那么拥有这个借款额度的实际年利率（机会成本）是多少？b.如果你马上借4 500万美元，并在1年后偿还，那么你在这项借款安排上的实际年利率是多少？c.如果你马上借7 000万美元，并在1年后偿还，你的实际年利率是多少？Fifth EditionRossJaff

13、eWesterfield.（2）担保贷款23: Cost of factoring你公司有你公司有$990应收账款，应收账款回收期为应收账款，应收账款回收期为60天，公司将应收账款折价天，公司将应收账款折价2.5%转售。转售。你公司你公司 这项应收账款融资项目的实际年利率是多少？这项应收账款融资项目的实际年利率是多少？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.现金管理小结现金管理小结本章介绍了短期融资管理。短期融资管

15、理涉及到短期资产和负债。我们从企业的财务报表上跟踪和检查现金的短期来源与运用。我们研究在短期营业活动和企业现金周转过程中流动资产和流动负债是如何产生的。从会计的角度看，短期融资涉及到净营运资本。短期现金流的管理涉及到成本最小化问题。其中两类主要的成本是置存成本，即因短期资产如现金的过度投资而产生的利息和相关成本，以及缺货成本，即短期资产枯竭的成本。短期融资管理和短期融资计划的目标是找到在这两种成本间的最佳平衡点。在理想的经济里，企业能精确地预测到现金的短期运用和来源，能将净营运资本保持为零。在现实世界里，净营运资本为企业满足不断变化的义务提供了缓冲。财务经理寻找每一种流动资产的最优水平。财务经

16、理人员可以利用现金预算来确定短期资金需求。现金预算告诉经理人员短期内需要多少借款或可能借出多少款。企业由许多可能取得资金的渠道用来解决短期资金不足，包括无抵押贷款和抵押贷款。Fifth EditionRossJaffeWesterfield.第十七章第十七章 营运资本管理营运资本管理现金管理持有现金的目的目标现金余额的确定现金回收和支付管理闲置现金的投资应收款管理销售条件信用政策的制定：信息和风险最佳的信用政策信用分析收帐政策怎样利用商业信用融资存货管理存货类型存货管理存货最佳采购量Fifth EditionRossJaffeWesterfield.持有现金的目的持有现金的目的现金无法获得利息

17、收入。现金管理的根本目标是在仍然保证企业高效、高质地开展经营活动的情况下，尽可能地保持最低现金占用量。现金管理分为三个步骤： （1）确定适当的目标现金余额 （2）有效地进行现金收支，“早收晚支” （3）将剩余资金投资于有价证券“现金”，经济意义上的现金包括库存现金、商业银行中的支票账户存款和为存入银行的支票等，财务管理中及资产负债表中现金，还包括“现金等价物”。短期有价证券常被认为是“现金等价物”，它包括短期国库券、大额可转让存单和回购协议，本章使用经济意义上的狭义现金。持有现金的基本目的有两个：一是为了满足“交易动机”，一个目的是为了满足“最低存款余额”。持有现金的成本就是损失利息的机会成本

18、。目标现金余额的确定要求在持有过多现金产生的机会成本与持有过少现金而带来的交易成本之间进行权衡。Fifth EditionRossJaffeWesterfield.鲍摩尔现金管理模型鲍摩尔现金管理模型持有现金的机会成本 = (C/2) K交易成本 = (T/C) F总成本 TC= (C/2) K+ (T/C) F 求最小值最佳目标现金余额的确定 (C*)C* = (2TF/ K)1/2符号F = 售出证券以补充现金的固定成本T = 在相关的计划周期（例如，一年）内交易的现金总需要量K = 一定期间内有价证券的利率，持有现金的机会成本C = 现金余额Fifth EditionRossJaffeW

19、esterfield.米勒米勒-奥尔现金管理模型奥尔现金管理模型最佳的目标现金余额 (Z*)Z* = (3Fs2 / 4K)1/3 + L最佳的目标现金余额的上限 (H*)H* = 3Z* - 2L平均现金余额 = (4Z - L) /3符号:L = 现金余额的下限F = 售出证券的固定成本K = 有价证券的日利率Fifth EditionRossJaffeWesterfield.浮差管理浮差管理回收浮差的策略锁箱法集中银行法电汇增加支付浮差的策略使用地理位置较远的银行零余额账户汇票Fifth EditionRossJaffeWesterfield.信用管理信用管理-基本概念基本概念销售条件：

20、现销、赊销（公司向顾客提供信用，也即向顾客投资） 提供信用产生应收账款、工业企业中应收账款占总资产1/6。信用政策：由三部分组合 1、销售条件：公司提供信用时附带的一定的条 件，含信用期限、现金折扣、信用工具等。 2、信用分析：分析公司提供信用时，顾客不能 付款的概率 3、收款政策：制定应收账款的回收政策Fifth EditionRossJaffeWesterfield.基本概念（续）基本概念（续）公司提供信用时的现金流程 制定赊销额购买者邮寄 支票公司银行储蓄支票公司银行 账户现金回笼 应收账款 时间Fifth EditionRossJaffeWesterfield.销售条件销售条件“r/t

21、，Net/T”或“N/T”信用期限：N/T对不同行业，其设置应考虑： 1、顾客不能付款的概率，风险大的条件苛刻 2、金额小的信用期T小一些 3、不易保存的T小一些现金折扣：要考虑折扣成本，应根据折扣现金及增加的销售额计算是否提供现金折扣的净现值Fifth EditionRossJaffeWesterfield.销售条件（续）销售条件（续）信用工具：大多数使用发票 销售者的发货凭证和购买者签发的收货凭证。交易额大的要求购买者签发借据。 商业汇票：卖方签发且连同发货发票一起寄至买方开户行，卖方开户行在买方签收汇票后出具提货发票，买方以提货发票向卖方提货。 银行承兑汇票： 条件销售公司：卖方在买方付

22、清款项前对交易商品享有所有权的合同。Fifth EditionRossJaffeWesterfield.销售条件销售条件当前的信用政策当前的信用政策: 2/10 Net 30销售日 折扣的最后一天付款的最后一天0102030|CF:利用折扣$98CF:放弃折扣$100设公司的资本成本为10%，变动成本为销售额的50%公司利用折扣，NPV = 98/(1+0.1*10/365)-50 =$（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公司利用折扣损失净现值 $（49.185 - 47.7

23、32 ）= $1.453 如果公司通过折扣增加了20%销售额，这时NPV=(120-2.4)/(1+0.1*10/365)-60 =$(117.279-60)=$57.279公司将增加净现值$（57.279 - 49.185 ）= $8.049Fifth EditionRossJaffeWesterfield.提供信用的决策提供信用的决策策略 A: 不提供信用策略 B: 提供信用数量20002500单位成本$400$420支付概率1.95信用期限0 天45 天单位售价 = $500, 折现率 = 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机会成本来评价信用决策：（1）“置存成本”是同信用提供和应收账款投资相联系的成本。置存成本包括现金的延后收入，坏帐损失以及信用管理成本。（2）“机会成本”是不提供信用时减少的销售额，随着信用延续水平的上升，该成本下降。最佳信用频度总成本置存成本机会成本成本/美元信用扩张水平提供信用的成本Fifth EditionRossJaffeWesterfield.信用分

25、析信用分析公司在评价是否值得提供信用时，通常需要如下一些信息：（1）财务报表 ；（2）购买者与其它公司之间的信用交往的历史报告。（3）银行提供的关于其他公司的信用信息。（4）“购买者与公司之间的交往历史”信用等级评定的5Cs方法品德 购买者履行债务的意愿能力 购买者的现金流量偿还债务的能力资本 购买者拥有的资本金担保 购买者无力偿债时的保险性资产条件 一般的经济环境Fifth EditionRossJaffeWesterfield.信用管理小结信用管理小结1、公司信用政策的组成部分是：销售条件、信用分析以及收帐政策。2、销售条件描述了提供信用的时间与数量和信用工具种类。3、提供信用的决策可以直

26、接说是净现值的决策。客户付款特征的信息降低信用风险，客户拖欠款项概率的信息也是有用的。但是获得信息的费用不得超出没有信息时的交易中未支付款项的数值。4、公司的最佳信用额度是一个竞争环境下的函数。该环境决定了跟提供信用有关的置存成本和不提供信用下的销售损失的机会成本，最佳信用政策使成本之和最小。Fifth EditionRossJaffeWesterfield.信用管理小结（续）信用管理小结（续）5、我们已知道，了解客户拖欠款项概率是有用的。公司进行引用评级，能提高估计客户拖欠款项的概率。这表明客户拖欠款项的概率跟客户可观测的特征有关。6、收帐政策是处理拖欠款项的方法之一。首先是分析平均收帐期和

27、准备帐龄表。帐龄表反映应收账款的时间，以及不同时间下的应收账款所占应收账款总额的百分比的一种表。然后决定收帐方法和评价应收账款让售概率，即售卖逾期应收账款的概率。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可选的资产融资策略Irwin/McGraw-Hill The McGraw-Hill Companies, Inc., 1999Fifth EditionRossJa

41、ffeWesterfield.可选的资产组合策略可选的资产组合策略适中的组合策略销售额销售额流动资产保守的组合策略冒险的组合策略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