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ID:51617755
大小:1.76 MB
页数:36页
时间:2020-03-26
《财务管理基础 第13版 教学课件Chap007_PPT.ppt》由会员上传分享,免费在线阅读,更多相关内容在教育资源-天天文库。
1、CurrentAssetManagement7ChapterOutlineWhatiscurrentassetmanagementCashmanagementanditsimportanceManagementofmarketablesecuritiesAccountsreceivableandinventorymanagementInventorymanagementandpolicydecisionsrequiredLiquidityvis-à-visreturns2CashManagementFinancialma
2、nagersactivelyattempttokeepcash(non-earningasset)toaminimumItiscriticaltohavesufficientcashtoassuageemergenciesStepstoimproveoverallprofitabilityofafirm:MinimizecashbalancesHaveaccurateknowledgeofwhencashmovesinandoutofthefirm3ReasonsforHoldingCashBalancesTransac
3、tionsbalancesPaymentstowardsplannedexpensesCompensativebalancesforbanksCompensateabankforservicesprovidedratherthanpayingdirectlyforthemPrecautionaryneedsEmergencypurposes4CashFlowCycleEnsurethatcashinflowsandoutflowsaresynchronizedfortransactionpurposesCashbudge
4、tsisatoolusedtotrackcashflowsandensuingbalancesCashflowrelieson:PaymentpatternofcustomersSpeedatwhichsuppliersandcreditorsprocesschecksEfficiencyofthebankingsystem5CashFlowCycle(cont’d)Cashinflowsaredrivenbysalesandinfluencedby:TypeofcustomersCustomers’geographic
5、allocationProductbeingsoldIndustryWhenthecashbalanceincreases,theextracashcanbeUsedforvariouspaymentstolenders,stockholders,government,etcUsedtoinvestinmarketablesecuritiesWhenthereisaneedforcashafirmcan:SellthemarketablesecuritiesBorrowfundsfromshort-termlenders
6、6ExpandedCashFlowCycle7E-commerceandSalesBenefits:fastercashflowCreditcardcompaniesadvancecashtotheretailerwithin7–10daysagainstretailer’switha30daypaymenttermsFinancialmanagersmustpaycloseattentiontothepercentageofsalesgenerated:BycashByoutsidecreditcardsBytheco
7、mpany’sowncreditcards8FloatDifferencebetweenfirm’srecordedamountandamountcreditedtothefirmbyabankTwotypesoffloat:Mailfloat:Arisesduettothetimeittakestodeliveracheck.Clearingfloat:ArisesduetothetimeittakestoclearacheckoncethepaymentismadeBoththesefloatsdonotexista
8、nymoredueto:ElectronicpaymentsCheckClearingforthe21stCenturyActCheckClearingforthe21stCenturyAct(Check21)Allowsbanksandotherstoelectronicallyprocessacheck9Impr
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