公司理财（第6版）（上下册）课件 第27章　短期财务计划

CorporateFinanceSixthEditionChapter27Short-TermFinancialPlanningCopyright©2024,2021,2018PearsonEducation,Inc.AllRightsReservedChapterOutline27.1

ForecastingShort-TermFinancingNeeds27.2

TheMatchingPrinciple27.3

Short-TermFinancingwithBankLoans27.4

Short-TermFinancingwithCommercialPaper27.5

Short-TermFinancingwithSecuredFinancingLearningObjectives(1of2)Showhowfuturecashflowforecastsallowacompanytodeterminewhetherithasacashflowsurplusordeficit,andwhetheritisalong-orshort-termimbalance.Discusstherecommendationsofthematchingprinciplewithrespecttolong-andshort-termneedsforfunds.Describethreetypesofbankloans,andhowtheymaybeusedforshort-termcashneeds.LearningObjectives(2of2)Identifythefactorsthataffecttheeffectiveannualrateofabankloan.Definecommercialpaperanddiscussitsadvantagesforlargecorporations.Describetheuseofinventoryandaccountsreceivableassecurityforloans.Definefactoring,floatingliens,trustreceiptsloan,andawarehousearrangement.27.1ForecastingShort-TermFinancingNeeds(1of5)Thefocusofthislectureisonshort-termfinancialplanningThefocalpointisanalyzingthetypesofcashsurplusesordeficitsthataretemporaryandshort-terminnature27.1ForecastingShort-TermFinancingNeeds(2of5)AssumethatitisDecember2024.SpringfieldSnowboardsmanufacturessnowboardingequipment,whichitsellsprimarilytoretailers.Springfieldanticipatesthatin2025itssaleswillgrowby10%to$20millionanditstotalnetincomewillbe$1,950,000.Assumingsalesandproductionwilloccuruniformlythroughouttheyear,management’sforecastofitsquarterlynetincomeandstatementofcashflowsfor2025ispresentedonthefollowingslide.Table27.1ProjectedFinancialStatementsforSpringfieldSnowboards,2025,AssumingLevelSales27.1ForecastingShort-TermFinancingNeeds(3of5)Springfield’squarterlynetincomeis$488,000ItscapitalexpendituresareequaltodepreciationItsworkingcapitalrequirementsincreaseinthefirstquarterduetotheincreaseinsalesbutremainconstantthereafter27.1ForecastingShort-TermFinancingNeeds(4of5)Basedontheseprojections,SpringfieldwillaccumulateexcesscashonanongoingbasisIfthesurplusislikelytobelongterm,Springfieldcouldreducethesurplusbypayingsomeofitoutasadividendorbyrepurchasingshares27.1ForecastingShort-TermFinancingNeeds(5of5)Firmsrequireshort-termfinancingforSeasonalitiesNegativeCashFlowShocksPositiveCashFlowShocksSeasonalities(1of3)Formanyfirms,salesareseasonalWhensalesareconcentratedduringafewmonths,sourcesandusesofcasharealsolikelytobeseasonalFigure27.1SalesSeasonality(2015–2020)Seasonalities(2of3)IntheSpringfieldexample,itwaspreviouslyassumedthatsalesoccuruniformlythroughouttheyearNowassumethat20%ofsalesoccurduringthefirstquarter,10%duringeachofthesecondandthirdquarters,and60%ofsalesduringthefourthquarterThenewforecastedstatementofcashflowsisshownonthefollowingslideNote:ItisstillassumedthatproductionoccursuniformlythroughouttheyearTable27.2ProjectedFinancialStatementsforSpringfieldSnowboards,2025,AssumingSeasonalSalesSeasonalities(3of3)Althoughnetincomeisunchangedfromtheoriginalforecast,theintroductionofseasonalsalescreatessomedramaticswingsinSpringfield’sshort-termcashflowsAsaresult,SpringfieldhasnegativenetcashflowsduringthesecondandthirdquartersNegativeCashFlowShocks(1of4)Occasionally,acompanywillencountercircumstancesinwhichcashflowsaretemporarilynegativeforanunexpectedreason,creatingashort-termfinancingneedNegativeCashFlowShocks(2of4)IntheSpringfieldexample,assumethatduringApril2025,managementlearnsthatsomemanufacturingequipmenthasbrokenunexpectedlyItwillcostanadditional$1,000,000toreplacetheequipmentTheimpactisshownonthefollowingslideNote:TheoriginalassumptionoflevelsalesisusedTable27.3ProjectedFinancialStatementsforSpringfieldSnowboards,2025,AssumingLevelSalesandaNegativeCashFlowShockNegativeCashFlowShocks(3of4)Inthiscase,theone-timeexpenditureof$1milliontoreplaceequipmentresultsinanegativenetcashflowof$513,000duringthesecondquarterof2025NegativeCashFlowShocks(4of4)Ifitscashreservesareinsufficient,Springfieldwillhavetoborrowtocoverthe$513,000shortfallHowever,thecompanycontinuestogeneratepositivecashflowinthefollowingquarters,andbythefourthquarteritwillhavegeneratedenoughcumulativecashflowtorepayanyloanPositiveCashFlowShocks(1of5)Nowassumethatduringthefirstquarterof2025,Springfieldannouncesadealwhereitwillbetheexclusivesuppliertoanewmajorcustomer,leadingtoanoverallsalesincreaseof20%forthefirmPositiveCashFlowShocks(2of5)TheincreasedsaleswillbegininthesecondquarterAspartofthedeal,Springfieldhasagreedtoaone-timeexpenseof$500,000formarketingAnextra$1millionincapitalexpendituresisalsorequiredduringthefirstquartertoincreaseproductioncapacityPositiveCashFlowShocks(3of5)ThesalesgrowthwillalsoaffectSpringfield’srequiredworkingcapitalThenewcashflowforecastsareshownonthefollowingslideTable27.4ProjectedFinancialStatementsforSpringfieldSnowboards,2025,AssumingLevelSalesandaGrowthOpportunityPositiveCashFlowShocks(4of5)Forecastednetincomeislowerduringthefirstquarter,duetothe$500,000increaseinmarketingexpensesHowever,netincomeinthefollowingquartersishigher,reflectingthehighersalesThereisanincreaseinaccountsreceivableandaccountspayableduringthefirsttwoquartersduetothehigherlevelofsalesPositiveCashFlowShocks(5of5)Eventhoughtheopportunitytogrowmorerapidlyispositive,itresultsinanegativenetcashflowduringthefirstquarterHowever,becausethecompanywillbeevenmoreprofitableinsubsequentquarters,thisfinancingneedistemporary27.2TheMatchingPrincipleMatchingPrincipleStatesthatafirm’sshort-termneedsshouldbefinancedwithshort-termdebtandlong-termneedsshouldbefinancedwithlong-termsourcesoffundsPermanentWorkingCapitalPermanentWorkingCapitalTheamountthatafirmmustkeepinvestedinitsshort-termassetstosupportitscontinuingoperationsThematchingprinciplesuggeststhatthefirmshouldfinancethispermanentinvestmentinworkingcapitalwithlong-termsourcesoffundsTemporaryWorkingCapital(1of4)TemporaryWorkingCapitalThedifferencebetweentheactuallevelofshort-termworkingcapitalneedsanditspermanentworkingcapitalrequirementsThematchingprinciplesuggeststhatthefirmshouldfinancethistemporaryinvestmentinworkingcapitalwithshort-termsourcesoffundsTemporaryWorkingCapital(2of4)TheSpringfieldexamplewithseasonalsalesillustratesthedifferencebetweenpermanentandtemporaryworkingcapitalThefollowingslideshowsthelevelsofworkingcapitalthatcorrespondtotheseasonalforecastsTable27.5ProjectedLevelsofWorkingCapitalforSpringfieldSnowboards,2025,AssumingSeasonalSalesTemporaryWorkingCapital(3of4)Springfield’sworkingcapitalvariesfromaminimumof$2,125,000inthefirstquarterof2025to$5,425,000inthethirdquarterTheminimumlevelofworkingcapital,$2,125,000,canbethoughtofasthefirm’spermanentworkingcapitalTemporaryWorkingCapital(4of4)ThedifferencebetweenthisminimumlevelandthehigherlevelsinsubsequentquartersreflectsSpringfield’stemporaryworkingcapitalrequirementsForexample,in2025Q3,thetemporaryworkingrequirementsare$3,300,000

FinancingPolicyChoices(1of2)AggressiveFinancingPolicyFinancingpartorallofafirm’spermanentworkingcapitalwithshort-termdebtOneriskofanaggressivefinancingpolicyisfundingriskFundingRiskTheriskofincurringfinancialdistresscostsshouldafirmnotbeabletorefinanceitsdebtintimelymanneroratareasonablerateFinancingPolicyChoices(2of2)ConservativeFinancingPolicyFinancingallofafirm’spermanentworkingcapitalwithlong-termdebt27.3Short-TermFinancingwithBankLoansPromissoryNoteAwrittenstatementthatindicatestheamountofaloan,thedatepaymentisdue,andtheinterestrateSingle,End-of-PeriodPaymentLoan(1of2)Thesimplesttypeofbankloanisasingle,end-of-period-paymentloanThistypeofloanrequiresthatthefirmpayinterestontheloanandpaybacktheprincipalinonelumpsumattheendoftheloanTheinterestratemaybefixedorvariableWithavariableinterestrate,thetermsoftheloanmayindicatethattheratewillvarywithsomespreadrelativetoabenchmarkrateSingle,End-of-PeriodPaymentLoan(2of2)PrimeRateTheratebankschargetheirmostcreditworthycustomersLondonInter-BankOfferedRate(LIBOR)TherateofinterestatwhichbanksborrowfundsfromeachotherintheLondoninter-bankmarketItisquotedformaturitiesofonedaytooneyearfor10majorcurrenciesLineofCredit(1of5)LineofCreditAbankloanarrangementinwhichabankagreestolendafirmanyamountuptoastatedmaximumThisflexibleagreementallowsthefirmtodrawuponthelineofcreditwheneveritchoosesLineofCredit(2of5)UncommittedLineofCreditAlineofcreditthatdoesnotlegallybindabanktoprovidethefundsaborrowerrequestsLineofCredit(3of5)CommittedLineofCreditAlegallybindingagreementthatobligatesabanktoprovidefundstoafirm(uptoastatedcreditlimit)aslongasthefirmsatisfiesanyrestrictionsintheagreementLineofCredit(4of5)CommittedLineofCreditAcommittedlineofcreditmayhaveAcompensatingbalancerequirementand/orrestrictionsregardingthelevelofthefirm’sworkingcapitalAcommitmentfeeontheunusedportionofthelineofcreditinadditiontointerestontheamountthatthefirmborrowedAstipulationthatatsomepointintimetheoutstandingbalancemustbezeroThispolicyensuresthatthefirmdoesnotusetheshort-termfinancingtofinanceitslong-termobligationsLineofCredit(5of5)RevolvingLineofCreditAcreditcommitmentforaspecifictimeperiod,typicallytwotothreeyears,whichacompanycanuseasneededEvergreenCreditArevolvinglineofcreditwithnofixedmaturityBridgeLoanBridgeLoanAtypeofshort-termbankloanthatisoftenusedto“bridgethegap”untilafirmcanarrangeforlong-termfinancingDiscountLoanAtypeofbridgeloaninwhichtheborrowerisrequiredtopaytheinterestatthebeginningoftheperiod.ThelenderdeductstheinterestfromtheloanproceedswhentheloanismadeCommonLoanStipulationsandFees(1of3)CommitmentFeesThecommitmentfeeassociatedwithacommittedlineofcredit,whichincreasestheeffectivecostoftheloantothefirmCommonLoanStipulationsandFees(2of3)CommitmentFeesAssumethatafirmhasnegotiatedacommittedlineofcreditwithastatedmaximumof$1millionandaninterestrateof10%(EAR)withabankThecommitmentfeeis0.5%(EAR)CommonLoanStipulationsandFees(3of3)CommitmentFeesAtthebeginningoftheyear,thefirmborrows$800,000Itthenrepaysthisloanattheendoftheyear,leaving$200,000unusedfortherestoftheyear.ThetotalcostoftheloanisLoanOriginationFee(1of4)LoanOriginationFeeAbankchargethataborrowermustpaytoinitiatealoanAloanoriginationfeereducestheamountofusableproceedsthatthefirmreceivesandincreasestheeffectivecostoftheloanLoanOriginationFee(2of4)LoanOriginationFeeAssumethatTimmonsisoffereda$500,000loanforthreemonthsatanAPRof12%Thisloanhasaloanoriginationfeeof1%Theloanoriginationfeeischargedontheprincipaloftheloan,sointhiscasethefeeamountsto$5000,andtheactualamountborrowedis$495,000

LoanOriginationFee(3of4)LoanOriginationFeeTheinterestpaymentforthreemonthsis$15,000.Thetimelinewouldlooklikethis:LoanOriginationFee(4of4)LoanOriginationFeeTheactualthree-monthinterestpaidisTheeffectiveannualrateis17.17%CompensatingBalanceRequirements(1of4)Assumenow,ratherthanchargingaloanoriginationfee,Timmons’bankrequiresthatthefirmkeepanamountequalto10%oftheloanprincipalinanon-interest-bearingaccountwiththebankaslongastheloanremainsoutstandingCompensatingBalanceRequirements(2of4)Givena$500,000loan,Timmonsmusthold$50,000inanaccountatthebankThus,thefirmhasonly$450,000oftheloanproceedsavailableforuse,althoughitmustpayinterestonthefullloanamountCompensatingBalanceRequirements(3of4)Attheendoftheloanperiod,thefirmowes$515,000Andsomustpay$465,000afterusingitscompensatingbalanceCompensatingBalanceRequirements(4of4)Thetimelinewouldlooklikethis:Theactualthree-monthinterestpaidis3.33%TheeffectiveannualrateisTextbookExample27.1(1of3)CompensatingBalanceRequirementsandtheEffectiveAnnualRateProblemAssumethatTimmonsTowelandDiaperService’sbankpays1%(APRwithquarterlycompounding)onitscompensatingbalanceaccounts.WhatistheEARofTimmons’three-monthloan?TextbookExample27.1(2of3)SolutionThebalanceheldinthecompensatingbalanceaccountwillgrowtoThus,thefinalloanpaymentwillbeNoticethattheinterestonthecompensatingbalanceaccountsoffsetssomeoftheinterestthatTimmonspaysontheloan.Puttingthenewcashflowsonatimeline:TextbookExample27.1(3of3)Theactualthree-monthinterestratepaidisExpressingthisasanEARgivesAlternativeExample27.1(1of4)ProblemRAXHousehasa$1,000,000bankloanat8%(APRwithmonthlycompounding).ThebankrequiresthatRAXHousemaintaina20%compensatingbalance.IfRackHouseearns2%(APRwithmonthlycompounding)onitscompensatingbalanceaccounts,whatistheEARofasix-monthloan?AlternativeExample27.1(2of4)SolutionAttheendofsixmonths,RAXHousewillowethebank$1,040,673.AlternativeExample27.1(3of4)SolutionHowever,the20%compensatingbalancewillgrowfrom$200,000to$202,008.AlternativeExample27.1(4of4)SolutionApplyingthecompensatingbalancetowardtheloan,RAXHousewillneedtopayofftheloan.Thesix-monthinterestratepaidisThus,theEARis27.4Short-TermFinancingwithCommercialPaper(1of2)CommercialPaperShort-term,unsecureddebtissuedbylargecorporationsthatisusuallyacheapersourceoffundsthanashort-termbankloanMostcommercialpaperhasafacevalueofatleast$100,000Averagematurityis30days,andthemaximummaturityis270daysCommercialpaperisratedbycreditratingagencies27.4Short-TermFinancingwithCommercialPaper(2of2)DirectPaperCommercialpaperthatafirmsellsdirectlytoinvestorsDealerPaperCommercialpaperthatdealersselltoinvestorsinexchangeforaspread(orfee)fortheirservicesThespreaddecreasestheproceedsthattheissuingfirmreceives,thusincreasingtheeffectivecostofthepaperTextbookExample27.2(1of2)TheEffectiveAnnualRateofCommercialPaperProblemAfirmissuesthree-monthcommercialpaperwitha$100,000facevalueandreceives$98,000.Whateffectiveannualrateisthefirmpayingforitsfunds?TextbookExample27.2(2of2)SolutionLet’sputthefirm’scashflowsonatimeline:Theactualthree-monthinterestratepaidisExpressingthisasanEARgivesAlternativeExample27.2(1of2)ProblemAfirmissues180-daycommercialpaperwitha$1,000,000facevalueandreceives$950,000.Whateffectiveannualrateisthefirmpayingforitsfunds?AlternativeExample27.2(2of2)Solution27.5Short-TermFinancingwithSecuredFinancing(1of2)SecuredLoansAtypeofcorporateloaninwhichspecificassetsarepledgedasafirm’scollateralFactorsFirmsthatpurchasethereceivablesofothercompaniesandarethemostcommonsourcesforsecuredshort-termloans27.5Short-TermFinancingwithSecuredFinancing(2of2)Commercialbanks,financecompanies,andfactorsarethemostcommonsourcesforsecuredshort-termloansAccountsReceivableasCollateral

(1of5)PledgingofAccountsReceivableAnagreementinwhichalenderacceptsaccountsreceivableascollateralforaloanThelendertypicallylendsapercentageofthevalueoftheacceptedinvoicesAccountsReceivableasCollateral

(2of5)FactoringofAccountsReceivableAnarrangementinwhichafirmsellsreceivablestothelender(thefactor)andthelenderagreestopaythefirmtheamountduefromitscustomersattheendofthefirm’spaymentperiodAccountsReceivableasCollateral

(3of5)FactoringofAccountsReceivableForexample,ifafirmsellsitsgoodsonnet30terms,thenthefactorwillpaythefirmthefacevalueofitsreceivables,lessafactor’sfee,attheendof30daysThefirmmaybeabletoborrowasmuchas80%ofthefacevalueofitsreceivables,therebyreceivingitsfundsinadvanceInsuchacase,thelenderwillchargeinterestontheloaninadditiontothefactor’sfeeThelenderchargesthefactor’sfee,whichmayrangefrom1%to2%ofthefacevalueoftheaccountsreceivable,whetherornotthefirmborrowsanyoftheavailablefundsAccountsReceivableasCollateral

(4of5)FactoringofAccountsReceivableWithRecourseAloaninwhichthelendercanclaimalltheborrower’sassetsintheeventofadefault,notjustexplicitlypledgedcollateralInotherwords,thelendercanseekpaymentfromtheborrowershouldtheborrower’scustomersdefaultontheirbillsAccountsReceivableasCollateral

(5of5)FactoringofAccountsReceivableWithoutRecourseAloaninwhichthelender’sclaimontheborrower’sassetsintheeventofdefaultislimitedtoonlyexplicitlypledgedcollateralInotherwords,thelenderbearstheriskofbad-debtlossesInventoryasCollateral(1of6)FloatingLienAfinancialarrangementinwhichallofafirm’sinventoryisusedtosecurealoanAlsoknownasGeneralLienorBlanketLienThisistheriskiestsetupfromthestandpointofthelenderbecausethevalueofthecollateralusedtosecuretheloandwindlesasinventoryissoldInventoryasCollateral(2of6)TrustReceiptLoanAtypeofloaninwhichdistinguishableinventoryitemsareheldinatrustassecurityfortheloanAstheseitemsaresold,thefirmremitstheproceedsfromtheirsaletothelenderinrepaymentoftheloanAlsoknownasFloorPlanningInventoryasCollateral(3of6)WarehouseArrangementWhentheinventorythatservesascollateralforaloanisstoredinawarehouseAwarehousearrangementistheleastriskycollateralarrangementfromthestandpointofthelender;however,warehousearrangementsareexpensiveThebusinessoperatingthewarehousechargesafeeontopoftheinterestthattheborrowermustpaythelenderfortheloanInventoryasCollateral(4of6)PublicWarehouseAbusinessthatexistsforthesolepurposeofstoringandtrackingtheinflowandoutflowofinventoryIfalenderextendsaloantoaborrowingfirm,basedonthevalueoftheinventory,thisarrangementprovidesthelenderwiththetightestcontrolovertheinventoryInventoryasCollateral(5of6)FieldWarehouseAwarehousearrangementthatisoperatedbyathirdpartybutissetupontheborrower’spremisesinaseparateareaInventoryheldinthefieldwarehousecanbeusedassecurecollateralforborrowingTextbookExample27.3(1of3)CalculatingtheEffectiveAnnualCostofWarehouseFinancingProblemTheRowCannerywantstoborrow$2millionforonemonth.Usingitsinventoryascollateral,itcanobtaina12%(APR)loan.Thelenderrequiresthatawarehousearrangementbeused.Thewarehousefeeis$10,000,payableattheendofthemonth.CalculatetheeffectiveannualrateofthisloanforRowCannery.TextbookExample27.3(2of3)SolutionThemonthlyinterestrateisAttheendofthemonth,Rowwilloweplusthewarehousefeeof$10,000.Puttingthecashflowsonatimelinegives:TextbookExample27.3(3of3)Theactualone-monthinterestratepaidisExpressingthisasanEARgivesAlternativeExample27.3(1of2)ProblemShopAtLorelei’swantstoborrow$5millionforonemonth.Usingitsinventoryascollateral,itcanobtaina8%(APR)loan.Thelenderrequiresthatawarehousearrangementbeused,andthewarehousefeeis$30,000,payableattheendofthemonth.CalculatetheeffectiveannualrateofthisloanforShopatLorelei’s.AlternativeExample27.3(2of2)SolutionAttheendofonemonth,ShopatLorelei’swillowethefollowing:InterestofWarehousefeeof$30,000TotalCost=$63,333InventoryasCollateral(6of6)Themethodthatafirmadoptswhenusingitsinventorytocollateralizealoanwillaffecttheultimatecostoftheloan.SalesasCollateral(1of3)AformofmerchantfinancinginwhichonlinepaymentprocessorsprovidecashadvanceloanstobusinessesandcollectrepaymentbytakingapercentageoftheircreditcardreceiptsuntiltheloanisfullyrepaidToqualifyforamerchantcashadvance,thebusinessneedstoshowahistoryofregulartransactionsoverthepastyearormoreSalesasCollateral(2of3)FactorRateDeterminesthefixedamountthefirmmustrepayforeachdollarborrowedAfactorrateof1.15meansthatthefirmmustrepay1.15timestheamountoftheadvanceCommonfactorratesrangefromtoashighasHoldbackThepercentageofeachtransactionthatthelenderwillcollectuntiltheloanisrepaidTypicalholdbackratesrangefrom10%to20%SalesasCollateral(3of3)Oncetheadvanceismade,thelenderreceivestheholdbackamountfromeachtransactionuntilthetotalamountreceivedequalsthefactorratetimestheamountborrowedThelengthoftimeitwilltaketorepaytheloandependsonthefirm’ssalesvolumeThisaspectoftheloancan