公司理财英文版第十九章二十章课件

Chapter19 CashandLiquidityManagementMcGraw-Hill/IrwinCopyright©2010byTheMcGraw-HillCompanies,Inc.Allrightsreserved.KeyConceptsandSkillsUnderstandtheimportanceoffloatandhowitaffectsthecashbalanceUnderstandhowtoacceleratecollectionsandmanagedisbursementsUnderstandtheadvantagesanddisadvantagesofholdingcashandsomeofthewaystoinvestidlecashAppendix:BeabletousetheBATandMiller-Orrmodels19-2ChapterOutlineReasonsforHoldingCashUnderstandingFloatCashCollectionandConcentrationManagingCashDisbursementsInvestingIdleCashAppendixTheBasicIdeaTheBATModelTheMiller-OrrModel:AMoreGeneralApproachImplicationsoftheBATandMiller-OrrModelsOtherFactorsInfluencingtheTargetCashBalance19-3ReasonsforHoldingCashSpeculativemotive–holdcashtotakeadvantageofunexpectedopportunitiesPrecautionarymotive–holdcashincaseofemergenciesTransactionmotive–holdcashtopaytheday-to-daybillsTrade-offbetweenopportunitycostofholdingcashrelativetothetransactioncostofconvertingmarketablesecuritiestocashfortransactions19-4UnderstandingFloatFloat–differencebetweencashbalancerecordedinthecashaccountandthecashbalancerecordedatthebankDisbursementfloatGeneratedwhenafirmwriteschecksAvailablebalanceatbank–bookbalance>0CollectionfloatChecksreceivedincreasebookbalancebeforethebankcreditstheaccountAvailablebalanceatbank–bookbalance<0Netfloat=disbursementfloat+collectionfloat19-5Example:TypesofFloatYouhave$3,000inyourcheckingaccount.Youjustdeposited$2,000andwroteacheckfor$2,500.Whatisthedisbursementfloat?Whatisthecollectionfloat?Whatisthenetfloat?Whatisyourbookbalance?Whatisyouravailablebalance?19-6CostsofHoldingCashOpportunityCostsTradingcostsTotalcostofholdingcashC*CostsindollarsofholdingcashSizeofcashbalanceTheinvestmentincomeforegonewhenholdingcash.Tradingcostsincreasewhenthefirmmustsellsecuritiestomeetcashneeds.19A-7TheBATModelF=ThefixedcostofsellingsecuritiestoraisecashT=ThetotalamountofnewcashneededR=Theopportunitycostofholdingcash,i.e.,theinterestrateTimeC123C2–Ifwestartwith$C,spendataconstantrateeachperiodandreplaceourcashwith$Cwhenwerunoutofcash,ouraveragecashbalancewillbeC2–Theopportunitycostofholding isC2–C2–×R19A-8TheBATModelTimeCAswetransfer$CeachperiodweincuratradingcostofF.123C2–Thetradingcostis ×F

–TC–TCIfweneed$Tintotalovertheplanningperiodwewillpay$F times.19A-9TheBATModelC*SizeofcashbalanceOpportunityCostsTradingcosts19A-10TheBATModelOpportunityCosts=TradingCostsTheoptimalcashbalanceisfoundwheretheopportunitycostsequalsthetradingcosts.MultiplybothsidesbyC19A-11TheMiller-OrrModelThefirmallowsitscashbalancetowanderrandomlybetweenupperandlowercontrollimits.$TimeUCLWhenthecashbalancereachestheuppercontrollimitU,cashisinvestedelsewheretogetustothetargetcashbalanceC.Whenthecashbalancereachesthelowercontrollimit,L,investmentsaresoldtoraisecashtogetusuptothetargetcashbalance.19A-12TheMiller-OrrModelMathGivenL,whichissetbythefirm,theMiller-OrrmodelsolvesforC*andUwheres2isthevarianceofnetdailycashflows.TheaveragecashbalanceintheMiller-Orrmodelis:19A-13ImplicationsoftheMiller-OrrModelTousetheMiller-Orrmodel,themanagermustdofourthings:Setthelowercontrollimitforthecashbalance.Estimatethestandarddeviationofdailycashflows.Determinetheinterestrate.Estimatethetradingcostsofbuyingandsellingsecurities.19A-14ImplicationsoftheMiller-OrrModelThemodelclarifiestheissuesofcashmanagement:Theoptimalcashposition,C*,ispositivelyrelatedtotradingcosts,F,andnegativelyrelatedtotheinterestrateR.C*andtheaveragecashbalancearepositivelyrelatedtothevariabilityofcashflows.19A-15OtherFactorsInfluencingtheTargetCashBalanceBorrowingBorrowingislikelytobemoreexpensivethansellingmarketablesecurities.Theneedtoborrowwilldependonmanagement’sdesiretoholdlowcashbalances.19A-16QuickQuizWhatarethemajorreasonsforholdingcash?Whatisthedifferencebetweendisbursementfloatandcollectionfloat?Howdoesalockboxsystemwork?Whatarethemajorcharacteristicsofshort-termsecurities?19-17EndofChapter19-18

Chapter20CreditandInventoryManagementMcGraw-Hill/IrwinCopyright©2010byTheMcGraw-HillCompanies,Inc.Allrightsreserved.KeyConceptsandSkillsUnderstandthekeyissuesrelatedtocreditmanagementUnderstandtheimpactofcashdiscountsBeabletoevaluateaproposedcreditpolicyUnderstandthecomponentsofcreditanalysisUnderstandthemajorcomponentsofinventorymanagementBeabletousetheEOQmodeltodetermineoptimalinventoryordering20-20ChapterOutlineCreditandReceivablesTermsoftheSaleAnalyzingCreditPolicyOptimalCreditPolicyCreditAnalysisCollectionPolicyInventoryManagementInventoryManagementTechniquesAppendixTwoAlternativeApproachesDiscountsandDefaultRisk20-21CreditManagement:KeyIssuesGrantingcreditgenerallyincreasessalesCostsofgrantingcreditChancethatcustomerswillnotpayFinancingreceivablesCreditmanagementexaminesthetrade-offbetweenincreasedsalesandthecostsofgrantingcredit20-22ComponentsofCreditPolicyTermsofsaleCreditperiodCashdiscountanddiscountperiodTypeofcreditinstrumentCreditanalysis–distinguishingbetween“good”customersthatwillpayand“bad”customersthatwilldefaultCollectionpolicy–effortexpendedoncollectingreceivables20-23TheCashFlowsfrom

GrantingCreditCreditSale CheckMailed CheckDeposited CashAvailableCashCollectionAccountsReceivable20-24TermsofSaleBasicForm:2/10net452%discountifpaidin10daysTotalamountduein45daysifdiscountnottakenBuy$500worthofmerchandisewiththecredittermsgivenabovePay$500(1-.02)=$490ifyoupayin10daysPay$500ifyoupayin45days20-25Example:CashDiscountsFindingtheimpliedinterestratewhencustomersdonottakethediscountCredittermsof2/10net45Periodrate=2/98=2.0408%Period=(45–10)=35days365/35=10.4286periodsperyearEAR=(1.020408)10.4286–1=23.45%Thecompanybenefitswhencustomerschoosetoforgodiscounts20-26CreditPolicyEffectsRevenueEffectsDelayinreceivingcashfromsalesMaybeabletoincreasepriceMayincreasetotalsalesCostEffectsCostofthesaleisstillincurredeventhoughthecashfromthesalehasnotbeenreceivedCostofdebt–mustfinancereceivablesProbabilityofnonpayment–somepercentageofcustomerswillnotpayforproductspurchasedCashdiscount–somecustomerswillpayearlyandpaylessthanthefullsalesprice20-27Example:EvaluatingaProposedPolicy–PartIYourcompanyisevaluatingaswitchfromacashonlypolicytoanet30policy.Thepriceperunitis$100,andthevariablecostperunitis$40.Thecompanycurrentlysells1,000unitspermonth.Undertheproposedpolicy,thecompanyexpectstosell1,050unitspermonth.Therequiredmonthlyreturnis1.5%.WhatistheNPVoftheswitch?Shouldthecompanyoffercredittermsofnet30?20-28Example:EvaluatingaProposedPolicy–PartIIIncrementalcashinflow(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,thecompanyshouldswitch20-29TotalCostofGrantingCreditCarryingcostsRequiredreturnonreceivablesLossesfrombaddebtsCostsofmanagingcreditandcollectionsShortagecostsLostsalesduetoarestrictivecreditpolicyTotalcostcurveSumofcarryingcostsandshortagecostsOptimalcreditpolicyiswherethetotalcostcurveisminimized20-30Figure20.120-31CreditAnalysisProcessofdecidingwhichcustomersreceivecreditGatheringinformationFinancialstatementsCreditreportsBanksPaymenthistorywiththefirmDeterminingCreditworthiness5CsofCreditCreditScoring20-32Example:One-TimeSaleNPV=-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%20-33Example:RepeatCustomersNPV=-v+(1-)(P–v)/RInthepreviousexample,whatistheNPVifwearelookingatrepeatbusiness?NPV=-50+(1-.15)(110–50)/.01=5,050Repeatcustomerscanbeveryvaluable(hencetheimportanceofgoodcustomerservice)Itmaymakesensetograntcredittoalmosteveryoneonce,aslongasthevariablecostislowrelativetothepriceIfacustomerdefaultsonce,youdon’tgrantcreditagain20-34CreditInformationFinancialstatementsCreditreportswithcustomer’spaymenthistorytootherfirmsBanksPaymenthistorywiththecompany20-35FiveCsofCreditCharacter–willingnesstomeetfinancialobligationsCapacity–abilitytomeetfinancialobligationsoutofoperatingcashflowsCapital–financialreservesCollateral–assetspledgedassecurityConditions–generaleconomicconditionsrelatedtocustomer’sbusiness20-36CollectionPolicyMonitoringreceivablesKeepaneyeonaveragecollectionperiodrelativetoyourcredittermsUseanagingscheduletodeterminepercentageofpaymentsthatarebeingmadelateCollectionpolicyDelinquencyletterTelephonecallCollectionagencyLegalaction20-37InventoryManagementInventorycanbealargepercentageofafirm’sassetsTherecanbesignificantcostsassociatedwithcarryingtoomuchinventoryTherecanalsobesignificantcostsassociatedwithnotcarryingenoughinventoryInventorymanagementtriestofindtheoptimaltrade-offbetweencarryingtoomuchinventoryversusnotenough20-38TypesofInventoryManufacturingfirmRawmaterial–startingpointinproductionprocessWork-in-progressFinishedgoods–productsreadytoshiporsellRememberthatonefirm’s“rawmaterial”maybeanotherfirm’s“finishedgoods”Differenttypesofinventorycanvarydramaticallyintermsofliquidity20-39InventoryCostsCarryingcosts–rangefrom20–40%ofinventoryvalueperyearStorageandtrackingInsuranceandtaxesLossesduetoobsolescence,deterioration,ortheftOpportunitycostofcapitalShortagecostsRestockingcostsLostsalesorlostcustomersConsiderbothtypesofcosts,andminimizethetotalcost20-40InventoryManagement-ABCClassifyinventorybycost,demand,andneedThoseitemsthathavesubstantialshortagecostsshouldbemaintainedinlargerquantitiesthanthosewithlowershortagecostsGenerallymaintainsmallerquantitiesofexpensiveitemsMaintainasubstantialsupplyoflessexpensivebasicmaterials20-41EOQModelTheEOQmodelminimizesthetotalinventorycostTotalcarryingcost=(averageinventory)x(carryingcostperunit)=(Q/2)(CC)Totalrestockingcost=(fixedcostperorder)x(numberoforders)=F(T/Q)TotalCost=Totalcarryingcost+totalrestockingcost=(Q/2)(CC)+F(T/Q)20-42Figure20.320-43Example:EOQConsideraninventoryitemthathascarryingcost=$1.50perunit.Thefixedordercostis$50perorder,andthef