现金管理(英文版)课件

ChapterOutline28.1ReasonsforHoldingCash28.2DeterminingtheTargetCashBalance28.3ManagingtheCollectionandDisbursementofCash28.4InvestingIdleCash28.5Summary&ConclusionsChapterOutline28.1Reasonsfo28.1ReasonsforHoldingCashTransactionsmotiveCompensatingbalances28.1ReasonsforHoldingCashT28.2DeterminingtheTargetCashBalanceTheBaumolModelTheMiller-OrrModelOtherFactorsInfluencingtheTargetCashBalance28.2DeterminingtheTargetCaCostsofHoldingCashOpportunityCostsTradingcostsTotalcostofholdingcashC*CostsindollarsofholdingcashSizeofcashbalanceTheinvestmentincomeforegonewhenholdingcash.Tradingcostsincreasewhenthefirmmustsellsecuritiestomeetcashneeds.CostsofHoldingCashOpportuniTheBaumolModelF=ThefixedcostofsellingsecuritiestoraisecashT=ThetotalamountofnewcashneededK=Theopportunitycostofholdingcash:thisistheinterestrate.TimeCIfwestartwith$C,spendataconstantrateeachperiodandreplaceourcashwith$Cwhenwerunoutofcash,ouraveragecashbalancewillbe.123Theopportunitycostofholding isTheBaumolModelF=ThefixedTheBaumolModelF=ThefixedcostofsellingsecuritiestoraisecashT=ThetotalamountofnewcashneededK=Theopportunitycostofholdingcash:thisistheinterestrate.TimeCAswetransfer$CeachperiodweincuratradingcostofFeachperiod.IfweneedTintotalovertheplanningperiodwewillpay$F,

T÷Ctimes.123ThetradingcostisTheBaumolModelF=ThefixedTheBaumolModelC*SizeofcashbalanceOpportunityCostsTradingcostsTheoptimalcashbalanceisfoundwheretheopportunitycostsequalsthetradingcostsTheBaumolModelC*SizeofcashTheBaumolModelOpportunityCosts=TradingCostsTheoptimalcashbalanceisfoundwheretheopportunitycostsequalsthetradingcostsMultiplybothsidesbyCTheBaumolModelOpportunityCoTheMiller-OrrModelThefirmallowsitscashbalancetowanderrandomlybetweenupperandlowercontrollimits.$TimeHZLWhenthecashbalancereachestheuppercontrollimitHcashisinvestedelsewheretogetustothetargetcashbalanceZ.Whenthecashbalancereachesthelowercontrollimit,L,investmentsaresoldtoraisecashtogetusuptothetargetcashbalance.TheMiller-OrrModelThefirmaTheMiller-OrrModelMathGivenL,whichissetbythefirm,theMiller-OrrmodelsolvesforZandHwheres2isthevarianceofnetdailycashflows.TheaveragecashbalanceintheMiller-OrrmodelisTheMiller-OrrModelMathGivenImplicationsoftheMiller-OrrModelTousetheMiller-Orrmodel,themanagermustdofourthings:Setthelowercontrollimitforthecashbalance.Estimatethestandarddeviationofdailycashflows.Determinetheinterestrate.Estimatethetradingcostsofbuyingandsellingsecurities.Themodelclarifiestheissuesofcashmanagement:Thebestreturnpoint,Z,ispositivelyrelatedtotradingcosts,F,andnegativelyrelatedtotheinterestrateK.Zandtheaveragecashbalancearepositivelyrelatedtothevariabilityofcashflows.ImplicationsoftheMiller-OrrOtherFactorsInfluencingtheTargetCashBalanceBorrowingBorrowingislikelytobemoreexpensivethansellingmarketablesecurities.Theneedtoborrowwilldependonmanagement’sdesiretoholdlowcashbalances.CompensatingBalanceFirmshavecashinthebankasacompensationforbankingservices.Largecorporationshavethousandsofaccountswithseveraldozenbanks—sometimesitmakesmoresensetoleavecashalonethantomanageeachaccountonadailybasis.OtherFactorsInfluencingtheFloatThedifferencebetweenbankcashandbookcashiscalledfloat.Floatmanagementinvolvescontrollingthecollectionanddisbursementofcash.FloatThedifferencebetweenba28.3ManagingtheCollectionandDisbursementofCashAcceleratingCollectionsDelayingDisbursementsDisbursementFloatZero-BalanceAccountsDraftsEthicalandLegalQuestions28.3ManagingtheCollectionaAcceleratingCollectionsCustomermailspaymentCompanyreceivespaymentCompanydepositspaymentCashreceivedMaildelayMailfloatProcessingdelayProcessingfloatClearingdelayClearingfloattimeCollectionfloatAcceleratingCollectionsCustomOverviewofLockboxProcessing

CorporateCustomers

CorporateCustomers

CorporateCustomers

CorporateCustomers

LocalBankCollectsfundsfromPOBoxes

Envelopesopened;separationofchecksandreceipts

Depositofchecksintobankaccounts

Detailsofreceivablesgotofirm

Firmprocessesreceivables

Bankclearschecks

PostOfficeBox1

PostOfficeBox2OverviewofLockboxProcessingDelayingDisbursementsWritecheckonadistantbank.Holdpaymentforseveraldaysafterpostmarkedinoffice.Callsupplierfirmtoverifystatementaccuracyforlargeamounts.Mailfromdistantpostoffice.Mailfrompostofficethatrequiresagreatdealofhandling.

Firmprepareschecktosupplier

PostOfficeprocessing

Deliveryofchecktosupplier

Depositgoestosupplier’sbank

BankcollectsfundsDelayingDisbursementsWritechDraftsFirmssometimesusedraftsinsteadofchecks.Draftsdifferfromchecksbecausetheyarenotdrawnonabankbutonanissuer(thefirm)andarepayablebytheissuer.Thebankactsonlyasanagent,presentingthedrafttotheissuerforpayment.Whenthedraftistransmittedtoafirm’sbankforcollection,thebankmustpresentthedrafttotheissuingfirmforacceptancebeforemakingpayment.Afterthedrafthasbeenaccepted,thefirmmustdepositthenecessarycashtocoverthepayments.Thisallowsthefirmtokeeplesscashonhand.DraftsFirmssometimesusedrafEthicalandLegalQuestionsThefinancialmanagersmustalwaysworkwithcollectedcompanycashbalancesandnotwiththecompany’sbookbalance,whichreflectschecksthathavebeendepositedbutnotcollected.Ifyouareborrowingthebank’smoneywithouttheirknowledge,youareraisingseriousethicalandlegalquestions.EthicalandLegalQuestionsThe28.4InvestingIdleCashAfirmwithsurpluscashcanparkitinthemoneymarket.Somelargefirmsandmanysmallonesusemoneymarketmutualfunds.Firmshavesurpluscashforthreereasons:SeasonalorCyclicalActivitiesPlannedExpendituresDifferentTypesofMoneyMarketSecurities28.4InvestingIdleCashAfirSeasonalCashDemandsLong-termfinancingShort-termfinancingTimeTotalFinancingneedsJ F M A M MarketablesecuritiesBankloansSeasonalCashDemandsLong-term28.5Summary&ConclusionsAfirmholdscashtoconducttransactionsandtocompensatebanksforthevariousservicestheyrender.Theoptimalamountofcashforafirmtoholddependsontheopportunitycostofholdingcashandtheuncertaintyoffuturecashinflowsandoutflows.Twotransactionsmodelsthatprovideroughguidelinesfordeterminingtheoptimalcashpostionare:TheMiller-OrrmodelTheBaumolmodel28.5Summary&ConclusionsAfi28.5Summary&ConclusionsThefirmcanmakeuseofavarietyofprocedurestomanagethecollectionanddisbursementofcashinsuchaswayastospeedupthecollectionofcashandslowdownpayments.SomemethodstospeedcollectionsareLockboxesConcentrationbankingWiretransfersThefinancialmanagersmustalwaysworkwithcollectedcompanycashbalancesandnotwiththecompany’sbookbalance.28.5Summary&ConclusionsThe28.5Summary&ConclusionsIfyouareborrowingthebank’smoneywithouttheirknowledge,youareraisingseriousethicalandlegalquestions.Theanswerstowhichyouprobablyknowbynow.28.5Summary&ConclusionsIfyChapterOutline28.1ReasonsforHoldingCash28.2DeterminingtheTargetCashBalance28.3ManagingtheCollectionandDisbursementofCash28.4InvestingIdleCash28.5Summary&ConclusionsChapterOutline28.1Reasonsfo28.1ReasonsforHoldingCashTransactionsmotiveCompensatingbalances28.1ReasonsforHoldingCashT28.2DeterminingtheTargetCashBalanceTheBaumolModelTheMiller-OrrModelOtherFactorsInfluencingtheTargetCashBalance28.2DeterminingtheTargetCaCostsofHoldingCashOpportunityCostsTradingcostsTotalcostofholdingcashC*CostsindollarsofholdingcashSizeofcashbalanceTheinvestmentincomeforegonewhenholdingcash.Tradingcostsincreasewhenthefirmmustsellsecuritiestomeetcashneeds.CostsofHoldingCashOpportuniTheBaumolModelF=ThefixedcostofsellingsecuritiestoraisecashT=ThetotalamountofnewcashneededK=Theopportunitycostofholdingcash:thisistheinterestrate.TimeCIfwestartwith$C,spendataconstantrateeachperiodandreplaceourcashwith$Cwhenwerunoutofcash,ouraveragecashbalancewillbe.123Theopportunitycostofholding isTheBaumolModelF=ThefixedTheBaumolModelF=ThefixedcostofsellingsecuritiestoraisecashT=ThetotalamountofnewcashneededK=Theopportunitycostofholdingcash:thisistheinterestrate.TimeCAswetransfer$CeachperiodweincuratradingcostofFeachperiod.IfweneedTintotalovertheplanningperiodwewillpay$F,

T÷Ctimes.123ThetradingcostisTheBaumolModelF=ThefixedTheBaumolModelC*SizeofcashbalanceOpportunityCostsTradingcostsTheoptimalcashbalanceisfoundwheretheopportunitycostsequalsthetradingcostsTheBaumolModelC*SizeofcashTheBaumolModelOpportunityCosts=TradingCostsTheoptimalcashbalanceisfoundwheretheopportunitycostsequalsthetradingcostsMultiplybothsidesbyCTheBaumolModelOpportunityCoTheMiller-OrrModelThefirmallowsitscashbalancetowanderrandomlybetweenupperandlowercontrollimits.$TimeHZLWhenthecashbalancereachestheuppercontrollimitHcashisinvestedelsewheretogetustothetargetcashbalanceZ.Whenthecashbalancereachesthelowercontrollimit,L,investmentsaresoldtoraisecashtogetusuptothetargetcashbalance.TheMiller-OrrModelThefirmaTheMiller-OrrModelMathGivenL,whichissetbythefirm,theMiller-OrrmodelsolvesforZandHwheres2isthevarianceofnetdailycashflows.TheaveragecashbalanceintheMiller-OrrmodelisTheMiller-OrrModelMathGivenImplicationsoftheMiller-OrrModelTousetheMiller-Orrmodel,themanagermustdofourthings:Setthelowercontrollimitforthecashbalance.Estimatethestandarddeviationofdailycashflows.Determinetheinterestrate.Estimatethetradingcostsofbuyingandsellingsecurities.Themodelclarifiestheissuesofcashmanagement:Thebestreturnpoint,Z,ispositivelyrelatedtotradingcosts,F,andnegativelyrelatedtotheinterestrateK.Zandtheaveragecashbalancearepositivelyrelatedtothevariabilityofcashflows.ImplicationsoftheMiller-OrrOtherFactorsInfluencingtheTargetCashBalanceBorrowingBorrowingislikelytobemoreexpensivethansellingmarketablesecurities.Theneedtoborrowwilldependonmanagement’sdesiretoholdlowcashbalances.CompensatingBalanceFirmshavecashinthebankasacompensationforbankingservices.Largecorporationshavethousandsofaccountswithseveraldozenbanks—sometimesitmakesmoresensetoleavecashalonethantomanageeachaccountonadailybasis.OtherFactorsInfluencingtheFloatThedifferencebetweenbankcashandbookcashiscalledfloat.Floatmanagementinvolvescontrollingthecollectionanddisbursementofcash.FloatThedifferencebetweenba28.3ManagingtheCollectionandDisbursementofCashAcceleratingCollectionsDelayingDisbursementsDisbursementFloatZero-BalanceAccountsDraftsEthicalandLegalQuestions28.3ManagingtheCollectionaAcceleratingCollectionsCustomermailspaymentCompanyreceivespaymentCompanydepositspaymentCashreceivedMaildelayMailfloatProcessingdelayProcessingfloatClearingdelayClearingfloattimeCollectionfloatAcceleratingCollectionsCustomOverviewofLockboxProcessing

CorporateCustomers

CorporateCustomers

CorporateCustomers

CorporateCustomers

LocalBankCollectsfundsfromPOBoxes

Envelopesopened;separationofchecksandreceipts

Depositofchecksintobankaccounts

Detailsofreceivablesgotofirm

Firmprocessesreceivables

Bankclearschecks

PostOfficeBox1

PostOfficeBox2OverviewofLockboxProcessingDelayingDisbursementsWritecheckonadistantbank.Holdpaymentforseveraldaysafterpostmarkedinoffice.Callsupplierfirmtoverifystatementaccuracyforlargeamounts.Mailfromdistantpostoffice.Mailfrompostofficethatrequiresagreatdealofhandling.

Firmprepareschecktosupplier

PostOfficeprocessing

Deliveryofchecktosupplier

Depositgoestosupplier’sbank

BankcollectsfundsDelayingDisbursementsWritechDraftsFirmssometimesusedraftsinsteadofchecks.Draftsdifferfromchecksbecausetheyarenotdrawnonabankbutonanissuer(thefirm)andarepayablebytheissuer.Thebankactsonlyasanagent,presentingthedrafttotheissuerforpayment.Whenthedraftistransmittedtoafirm’sbankforcollection,thebankmustpresentthedrafttotheissuingfirmforacceptancebeforemakingpayment.Afterthedrafthasbeenaccepted,thefirmmustdepositthenecessarycashtocoverthepayments.Thisallowsthefirmtokeeplesscashonhand.DraftsFirmssometimesusedrafEthicalandLegalQuestionsThefinancialmanagersmustalwaysworkwithcollectedcompanycashbalancesandnotwiththecompany’sbookbalance,whichreflectschecksthathavebeendepositedbutnotcollected.Ifyouareborrowingthebank’smoneywithouttheirknowledge,youareraisingseriousethicalandlegalquestions.EthicalandLegalQuestionsThe28.4InvestingIdleCashAf