公司理财（英文版·第5版）课件 第26章 营运资本管理

CorporateFinanceFifthEditionChapter26WorkingCapitalManagementCopyright©2020,2017,2014PearsonEducation,Inc.

AllRightsReservedChapterOutline26.1OverviewofWorkingCapital26.2TradeCredit26.3ReceivablesManagement26.4PayablesManagement26.5InventoryManagement26.6CashManagementLearningObjectives(1of2)Defineworkingcapitalmanagement,cashcycle,andoperatingcycle.Computethecostoftradecreditandcomparethatcosttoalternativesourcesoffinancing.Discusswaysthatcompaniesprovidetradecredittotheircustomers.LearningObjectives(2of2)Listthethreestepsinvolvedinestablishingacreditpolicy,andtwomethodsusedtomonitortheeffectivenessofthatpolicy.Discusstheimportanceofmonitoringaccountspayable,inventory,andcash;identifywaysthoseitemscanbemanaged.26.1OverviewofWorkingCapitalMostprojectsrequirethefirmtoinvestinnetworkingcapital.Themaincomponentsofnetworkingcapitalarecash,inventory,receivables,andpayables.TheCashCycle(1of3)CashCycleThelengthoftimebetweenwhenafirmpayscashtopurchaseitsinitialinventoryandwhenitreceivescashfromthesaleoftheoutputproducedfromthatinventoryTheCashCycle(2of3)CashConversionCycle(C

C

C)AmeasureofthecashcycleTheCashCycle(3of3)OperatingCycleTheaveragelengthoftimebetweenwhenafirmoriginallypurchasesitsinventoryandwhenitreceivesthecashbackfromsellingitsproductMostfirmsbuytheirinventoryoncredit,whichreducestheamountoftimebetweenthecashinvestmentandthereceiptofcashfromthatinvestment.Figure26.1TheCashandOperatingCyclesforaFirmTable26.1WorkingCapitalinVariousIndustries(2018)(1of2)CompanyTickerIndustryAccountsReceivableDaysInventoryDaysAccountsPayableDaysC

C

CCoca-ColaK

OBeverages4381297Negative173T-MobileTMUSTelecommunications3624155Negative95SiriusX

MS

I

R

ICableandSatellite142

108Negative92MolsonCoorsBrewingT

A

PBrewing2634143Negative83AppleA

A

P

LComputerHardware2419106Negative63AAMZNInternetRetail114376Negative22SouthwestAirlinesL

U

VAirlines121131Negative8ChipotleMexicanGrillC

M

GRestaurants2211Negative7WalmartW

M

TSuperstores442442KrogerK

RGroceryStores525236MicrosoftM

S

F

TSoftware66227217Macy’sMDepartmentStores414012421Table26.1WorkingCapitalinVariousIndustries(2018)(2of2)CompanyTickerIndustryAccountsReceivableDaysInventoryDaysAccountsPayableDaysC

C

CStarbucksS

B

U

XRestaurants12291923FedExF

D

XAirFreight4642327NordstromJ

W

NDepartmentStores4835730Bristol-MyersSquibbB

M

YPharmaceuticals887010157NikeN

K

EFootwear34903788ONEGasO

G

SGasUtilities73473090LennarCorporationL

E

NHomebuilding537621359Tiffany&Co.T

I

FLuxuryGoods2053258494Brown-FormanB

F

BDistillersandVintners83548122509U.S.Firms(Value-WeightedAverage)BlankBlank50707941MajorU.S.Firms(Value-WeightedAverage)Source:FirmValueandWorkingCapitalAnyreductioninworkingcapitalrequirementsgeneratesapositivefreecashflowthatthefirmcandistributeimmediatelytoshareholders.Thus,efficientlymanagingworkingcapitalwillmaximizefirmvalue.TextbookExample26.1(1of3)CostlyWorkingCapitalforaProjectProblemEmeraldCityPaintswouldliketoconstructanewfacilitythatwillmanufacturepaint.Inadditiontothecapitalexpenditureontheplant,managementestimatesthattheprojectwillrequireaninvestmenttodayof$450,000fornetworkingcapital.Thefirmwillrecovertheinvestmentinnetworkingcapitaleightyearsfromtoday,whenmanagementanticipatesclosingtheplant.Thediscountrateforthistypeofcashflowis6%peryear.Whatisthepresentvalueofthecostofworkingcapitalforthepaintfacility?Whatisthevalueofaninventorypolicythatwouldhalvetheplant’snetworkingcapitalrequirements?TextbookExample26.1(2of3)SolutionThecashflowsfortheinvestmentinnetworkingcapitalaretodayand+$450,000eightyearsfromtoday.Puttingthisonatimeline:TextbookExample26.1(3of3)Givenadiscountrateof6%peryear,theN

P

VofthesecashflowsisAlthoughEmeraldCityPaintsreceivesbackallofitsinvestmentinworkingcapital,itlosesthetimevalueofmoneyonthiscash.Ifanewinventorypolicycouldhalvethisrequirement,itwouldbeworthtothefirm.AlternativeExample26.1(1of3)ProblemJacksonEnterprisesisconsideringanewprojectthatwillcost$10,000,000.Theprojectwillrequireaninvestmenttodayof$1,500,000fornetworkingcapital.Thefirmwillrecovertheinvestmentinnetworkingcapitalwhentheprojectendsin10years.Thediscountrateforthistypeofcashflowis5.6%peryear.AlternativeExample26.1(2of3)ProblemWhatisthepresentvalueofthecostofworkingcapitalfortheproject?AlternativeExample26.1(3of3)SolutionTheinvestmentinworkingcapitalresultsinacashoutflowtodayof$1,500,000andacashinflowof$1,500,000in10years.Theinvestmentinworkingcapitalcoststhefirm$630,135.26.2TradeCreditTradeCreditThecreditthatthefirmextendstoitscustomersTradeCreditTerms(1of2)Net30Paymentisnotdueuntil30daysfromthedateoftheinvoice.Note:Thenumberofdaysmayvary,suchasNet15orNet60.TradeCreditTerms(2of2)

Net30Ifthebuyerpayswithin10days,theywillreceivea2%discount,otherwisethefullamountisduein30days.FirmsofferdiscountstoencouragecustomerstopayearlyHowever,thediscountalsorepresentsacosttothesellingfirmNote:Thediscountandnumberofdaysmayvary,suchasTradeCreditandMarketFrictions(1of6)CostofTradeCreditAssumeafirmsellsaproductfor$100andoffersitscustomertermsofThecustomerdoesn’thavetopayanythingforthefirst10days,soiteffectivelyhasazero-interestloanforthisperiod.Ifthecustomertakesadvantageofthediscountandpayswithinthe10-daydiscountperiod,thecustomerpaysonly$98fortheproduct.TradeCreditandMarketFrictions(2of6)CostofTradeCreditRatherthanpaywithin10days,thecustomerhastheoptiontousethe$98foranadditional20days.Theinterestrateforthe20-daytermoftheloanisWitha365-dayyear,thisrateover20dayscorrespondstoaneffectiveannualrateof:TradeCreditandMarketFrictions(3of6)CostofTradeCreditBynottakingthediscount,thefirmiseffectivelypaying44.6%annuallytofinancethepurchase.Ifthefirmcanobtainabankloanatalowerinterestrate,itwouldbebetteroffborrowingatthelowerrateonday10andusingthecashproceedsoftheloantotakeadvantageofthediscountofferedbythesupplier.Thefirmwouldthenrepaythebankloanonday30.TextbookExample26.2(1of2)EstimatingtheEffectiveCostofTradeCreditProblemYourfirmpurchasesgoodsfromitssupplierontermsofNet40.Whatistheeffectiveannualcosttoyourfirmifitchoosesnottotakeadvantageofthetradediscountoffered?TextbookExample26.2(2of2)SolutionBecausethediscountis1%fora$100purchaseyourfirmmustpayeither$99in15daysor$100in40days.Giventhedifferenceof25daysthesetermscorrespondtoaneffectiveannualrateofAlternativeExample26.2(1of2)ProblemYourfirmpurchasesgoodsfromitssupplierontermsofWhatistheeffectiveannualcosttoyourfirmifitchoosesnottotakeadvantageofthetradediscountoffered?AlternativeExample26.2(2of2)SolutionTradeCreditandMarketFrictions(4of6)BenefitsofTradeCreditTradecreditissimpleandconvenienttouse,anditthereforehaslowertransactioncoststhanalternativesourcesoffunds.Itisaflexiblesourceoffundsandcanbeusedasneeded.Itissometimestheonlysourceoffundingavailabletoafirm.TradeCreditandMarketFrictions(5of6)TradeCreditVersusStandardLoansWhyoffertradecredit?Providingfinancingatbelow-marketratesisanindirectwaytolowerpricesforonlycertaincustomers.Forexample,automobilemanufacturer’softenofferlowcostfinancing,butonlyforthemostqualifiedbuyers.TradeCreditandMarketFrictions(6of6)TradeCreditVersusStandardLoansWhyoffertradecredit?Becauseasuppliermayhaveanongoingbusinessrelationshipwithitscustomer,itmayhavemoreinformationaboutthecreditqualityofthecustomerthanabank.Ifthebuyerdefaults,thesuppliermaybeabletoseizetheinventoryascollateral.ManagingFloat(1of6)CollectionFloatTheamountoftimeittakeforafirmtobeabletousefundsafteracustomerhaspaidforitsgoodsItconsistsofmailfloat,processingfloat,andavailabilityfloat.MailFloatHowlongittakesafirmtoreceiveacustomer’spaymentcheckafterthecustomerhasmaileditManagingFloat(2of6)CollectionFloatProcessingFloatHowlongittakesafirmtoprocessacustomer’spaymentcheckanddeposititinthebankAvailabilityFloatHowlongittakesabanktogiveafirmcreditforcustomerpaymentsthefirmhasdepositedinthebankManagingFloat(3of6)DisbursementFloatTheamountoftimeittakesbeforeafirm’spaymentstoitssuppliersactuallyresultinacashoutflowforthefirmItisafunctionofmailfloat,processingfloat,andcheck-clearingfloat.ManagingFloat(4of6)ElectronicCheckProcessingCheckClearingforthe21stCenturyAct(Check21)Eliminatesthedisbursementfloatduetothecheck-clearingprocessUndertheact,bankscanprocesscheckinformationelectronically,andinmostcases,thefundsaredeductedfromafirm’scheckingaccountonthesamedaythatthefirm’ssupplierdepositsthecheckinitsbank.ManagingFloat(5of6)ElectronicCheckProcessingCheckClearingforthe21stCenturyAct(Check21)However,eventhoughthefundsaretakenoutofthecheckwriter’saccountalmostimmediately,thecheckrecipient’saccountisnotnecessarilycreditedasquickly.ManagingFloat(6of6)ElectronicCheckProcessingFirmshaveseveralalternativesforreducingcollectionfloat.Forexample,Thefirmmaystreamlineitsin-housecheck-processingprocedures.Withelectroniccollection,fundsareautomaticallytransferredfromthecustomer’sbankaccounttothefirm’sbankaccountonthepaymentdate,reducingthecollectionfloattozero.26.3ReceivablesManagementDeterminingtheCreditPolicyEstablishingCreditStandardsDeterminewhowillqualifyforcredit.EstablishingCreditTermsDeterminethe“net”periodandifadiscountwillbeoffered.EstablishingaCollectionPolicyDeterminecourseofactiontotakeifacustomerdoesnotpayasagreed.MonitoringAccountsReceivable(1of3)AccountsReceivableDaysTheaccountsreceivabledaysistheaveragenumberofdaysthatittakesafirmtocollectonitssales.Afirmcancomparetheaccountsreceivabledaystothecreditterms.Forexample,ifthecredittermsspecify“net30”andtheaccountsreceivabledaysoutstandingis45days,thefirmcanconcludethatitscustomersarepaying15dayslate,onaverage.Afirmcanlookatthetrendinaccountsreceivabledays.MonitoringAccountsReceivable(2of3)AgingScheduleCategorizesafirm’saccountsbythenumberofdaystheyhavebeenonthefirm’sbooksItcanbepreparedusingeitherthenumberofaccountsorthedollaramountoftheaccountsreceivableoutstanding.Table26.2AgingSchedulesDaysOutstandingNumberofAccounts

PercentageofAccounts(%)AmountOutstanding($)PercentageOutstanding

(%)1–1522038.6530,00033.116–3019033.3450,00028.131–458014.0350,00021.946–606010.5200,00012.560+203.570,0004.4Blank570100.01,600,000100.0TextbookExample26.3(1of2)AgingSchedulesProblemFinancialTrainingSystems(F

T

S)billsitsaccountsontermsofnet30.Thefirm’saccountsreceivableinclude$100,000thathasbeenoutstandingfor10orfewerdays,$300,000outstandingfor11to30days,$100,000outstandingfor31to40days,$20,000outstandingfor41to50days,$10,000outstandingfor51to60days,and$2000outstandingformorethan60days.PrepareanagingscheduleforF

T

S.TextbookExample26.3(2of2)SolutionWiththeavailableinformation,wecancalculatetheagingschedulebasedondollaramountsoutstanding.DaysOutstandingAmountOutstanding($)PercentageOutstanding(%)1–10100,00018.811–30300,00056.431–40100,00018.841–5020,0003.851–6010,0001.960+2,0000.3Blank532,000100.0AlternativeExample26.3(1of5)ProblemMarleyCorporationbillsitsaccountsontermsofnet30.Thefirm’saccountsreceivablearecollectedasfollows:DaysOutstandingPercentageOutstanding1–1020.4%11–3048.9%31–4012.3%41–509.7%51–606.3%60+2.4%AlternativeExample26.3(2of5)ProblemThecompanycurrentlyhas$780,000inaccountsoutstanding.IfMarley’saveragedailycreditsalesis$22,000,whatisthecompany’saccountsreceivabledays?Prepareanaccountsreceivableagingtableforthecompany.Istheaccountsreceivabledaysatruerepresentationoftheaccountsreceivablecollectionexperience?AlternativeExample26.3(3of5)SolutionBasedonitsaveragedailycreditsalesof$22,000anditscurrentaccountsreceivablebalanceof$780,000,Marley’saccountsreceivabledaysisAlternativeExample26.3(4of5)SolutionBasedonitsaccountsreceivablebalanceof$780,000,theagingscheduleforMarleyCorporationisasfollows:DaysOutstandingAmountOutstandingPercentageOutstanding1–10$15,912020.411–30$38,142048.931–40$95,94012.341–50$75,6609.751–60$49,1406.360+$18,7202.4AlternativeExample26.3(5of5)SolutionThecompany’saccountsreceivabledaysis35.45days,comparedtoitstermsof30days.Fromthis,wecanconcludethatthecompanyistakingtoolongtocollect.Thisassessmentisborneoutbytheagingschedule,whichreflectsthefactthat18.40%ofthecompany’ssalesarecollectedlate.MonitoringAccountsReceivable(3of3)PaymentPatternProvidesinformationonthepercentageofmonthlysalesthatthefirmcollectsineachmonthafterthesaleForexample,afirmmayobservethat10%ofitssalesareusuallycollectedinthemonthofthesale,40%inthemonthfollowingthesale,25%twomonthsafterthesale,20%threemonthsafterthesale,and5%fourmonthsafterthesale.Managementcanthenwatchfordeviationsfromthispattern.26.4PayablesManagementAfirmshouldborrowusingaccountspayableonlyiftradecreditistheleastexpensivesourceoffunding.Thecostofthetradecreditdependsonthecreditterms.Thehigherthediscountpercentageoffered,thegreaterthecostofforgoingthediscount.Theshortertheloanperiod,thegreaterthecostofforgoingthediscount.Afirmshouldalwayspayonthelatestdayallowed.DeterminingAccountsPayableDaysOutstandingAfirmshouldmonitoritsaccountspayabletoensurethatitismakingitspaymentsatanoptimaltime.Calculatetheaccountspayabledaysoutstandingandcompareittothecreditterms.Iftheaccountspayableoutstandingis40daysandthetermsarenet30,thefirmcanconcludethatitgenerallypayslateandmayberiskingsupplierdifficulties.Iftheaccountspayabledaysoutstandingis25days,thefirmispayingtooearly.Itcouldbeearninganother10days’interestonitsmoney.TextbookExample26.4(1of2)AccountsPayableManagementProblemTheRowdCompanyhasanaverageaccountspayablebalanceof$250,000.Itsaveragedailycostofgoodssoldis$14,000,anditreceivestermsofnet40,fromits

suppliers.Rowdchoosesto

forgothe

discount.Isthefirmmanagingitsaccountspayablewell?TextbookExample26.4(2of2)SolutionThefirmisnotmanagingitsaccountspayablewell.Rowd’saccountspayabledaysoutstandingisIfRowdmadepaymentthreedaysearlier,itcouldtakeadvantageofthe2%discount.Ifforsomereasonitchoosestoforgothediscount,itshouldnotbepayingthefullamountuntilthefortiethday.StretchingAccountsPayableStretchingtheAccountsPayableWhenafirmignoresapaymentdueperiodandpayslaterForexample:GivenNet30terms,afirmmaypayonday45.GivenNet30terms,afirmmaypayonday12andstilltakethe2%discount.Suppliersmayreacttoafirmwhosepaymentsarealwayslatebyimposinglatefeesortermsofcashondelivery(C

O

D)orcashbeforedelivery(C

B

D).TextbookExample26.5(1of2)CostofTradeCreditwithStretchedAccountsPayableProblemWhatistheeffectiveannualcostofcredittermsofnet40,ifthefirmstretchestheaccountspayableto60days?TextbookExample26.5(2of2)SolutionTheinterestrateperperiodisIfthefirmdelayspaymentuntilthesixtiethday,ithasuseofthefundsfor45daysbeyondthediscountperiod.Thereare45-dayperiodsinoneyear.Thus,theeffectiveannualcostisAlternativeExample26.5(1of2)ProblemYourfirm’ssupplieroffersnet30terms.Whatistheeffectiveannualcostofcreditifyoupayonday30?Whatifyourfirmdoesnotpaythesupplieruntilday50?AlternativeExample26.5(2of2)SolutionTheeffectiveannualcostofpayingonday30isTheeffectiveannualcostofpayingonday50is26.5InventoryManagement(1of2)BenefitsofHoldingInventoryPreventstock-outsSeasonalityindemandCostsofHoldingInventoryAcquisitioncostsOrdercostsCarryingcostsMinimizingthesecostsinvolvestrade-offs26.5InventoryManagement(2of2)Just-in-Time(J

I

T)InventoryManagementWhenafirmacquiresinventorypreciselywhenneededsothatitsinventorybalanceisalwayszero,orveryclosetoitJ

I

Tisoftenusedtoreducecarryingcostsasmuchaspossible.26.6CashManagementMotivationforHoldingCashTransactionsBalanceTheamountofcashafirmneedstobeabletopayitsbills.PrecautionaryBalanceTheamountofcashafirmholdstocountertheuncertaintysurroundingitsfuturecashneeds.CompensatingBalanceAnamountafirm’sbankmayrequirethefirmtomaintaininanaccountatthebankascompensationforservicesthebankmayperform.AlternativeInvestmentsThusfar,ithasbeenassumedthatthefirmwillinvestanycashinshort-termsecurities.Afirmmaychoosefromavarietyofshort-termsecuritiesthatdifferwithregardtotheirdefaultriskandliquidityrisk.Table26.3MoneyMarketInvestmentOptions(1of4)InvestmentDescriptionMaturityRiskLiquidityTreasuryBillsShort-termdebitoftheU.S.government.Fourweeks,threemonths(91days),sixmonths(182days)oroneyearwhennewlyissuedDefaultriskfree.Veryliquidandmarketable.Certificatesofdeposit(C

D

s)Short-termdebitissuedbybanks,minimumdenominationof$100,000.VaryingmaturitiesuptooneyearIftheissuingbankisinsuredbyF

D

I

C,anyamountto$250,000isfreeofdefaultriskbecauseitiscoveredbytheinsurance.Anyamountinexcessof$250,000isnotinsuredandissubjectedtodefaultrisk.UnlikeC

D

spurchasedbyindividuals,theseC

D

ssellonthesecondarymarket,butlessliquidthantreasurybills.Table26.3MoneyMarketInvestmentOptions(2of4)InvestmentDescriptionMaturityRiskLiquidityRepurchaseagreementEssentiallyaloanarrangementwhereinasecuritiesdealeristhe“borrower”andtheinvestoristhe“lender”,theinvestorbuyssecuritiessuchasU.S.treasurybills,fromthesecuritiesdealer,withanarrangementtosellthesecuritiesbacktothedealeratalaterdateforaspecifiedhigherprice.Veryshort-term,rangingfromovernighttoapproximatelythreemonthsindurationThesecurityseversascollateralfortheloan,andthereforetheinvestorisexposedtoverylittlerisk.However,theinvestorneedstoconsiderthecreditworthinessofthesecuritydealerwhenassessingtherisk.Nosecondarymarketforrepurchaseagreement.Table26.3MoneyMarketInvestmentOptions(3of4)InvestmentDescriptionMaturityRiskLiquidityBankersAcceptancesDraftswrittenbytheborrowerandguaranteedbythebankonwhichthedraftisdrawn,typicallyusedininternationaltradetransaction;theborroweris