企业财务管理--现金管理(ppt 23页)（英文版）.ppt

1、Chapter Outline,28.1 Reasons for Holding Cash 28.2 Determining the Target Cash Balance 28.3 Managing the Collection and Disbursement of Cash 28.4 Investing Idle Cash 28.5 Summary separation of checks and receipts,Deposit of checks into bank accounts,Details of receivables go to firm,Firm processes r

2、eceivables,Bank clears checks,Delaying Disbursements,Write check on a distant bank. Hold payment for several days after postmarked in office. Call supplier firm to verify statement accuracy for large amounts. Mail from distant post office. Mail from post office that requires a great deal of handling

3、.,Firm prepares check to supplier,Post Office processing,Delivery of check to supplier,Deposit goes to suppliers bank,Bank collects funds,Drafts,Firms sometimes use drafts instead of checks. Drafts differ from checks because they are not drawn on a bank but on an issuer (the firm) and are payable by

4、 the issuer. The bank acts only as an agent, presenting the draft to the issuer for payment. When the draft is transmitted to a firms bank for collection, the bank must present the draft to the issuing firm for acceptance before making payment. After the draft has been accepted, the firm must deposi

5、t the necessary cash to cover the payments. This allows the firm to keep less cash on hand.,Ethical and Legal Questions,The financial managers must always work with collected company cash balances and not with the companys book balance, which reflects checks that have been deposited but not collecte

6、d. If you are borrowing the banks money without their knowledge, you are raising serious ethical and legal questions.,28.4 Investing Idle Cash,A firm with surplus cash can park it in the money market. Some large firms and many small ones use money market mutual funds. Firms have surplus cash for thr

7、ee reasons: Seasonal or Cyclical Activities Planned Expenditures Different Types of Money Market Securities,Seasonal Cash Demands,Long-term financing,Short-term financing,Time,Total Financing needs,JFMAM,28.5 Summary & Conclusions,A firm holds cash to conduct transactions and to compensate banks for

8、 the various services they render. The optimal amount of cash for a firm to hold depends on the opportunity cost of holding cash and the uncertainty of future cash inflows and outflows. Two transactions models that provide rough guidelines for determining the optimal cash postion are: The Miller-Orr

9、 model The Baumol model,28.5 Summary & Conclusions,The firm can make use of a variety of procedures to manage the collection and disbursement of cash in such as way as to speed up the collection of cash and slow down payments. Some methods to speed collections are Lockboxes Concentration banking Wire transfers The financial managers must always work with collected company cash balances and not with the companys book balance.,28.5 Summary & Conclusions,If you are b