《公司理财Cha》PPT课件

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1、WorkingCapitalandtheFinancingDecision6ChapterOutlineWorkingcapitalmanagementCurrentassetmanagementAssetfinancingLong-termversusshort-termfinancingRiskandprofitabilityvis-à-visassetfinancingExpectedvalueanalysismaysometimesbeemployed2WorkingCapitalManagementThefinancingand

2、managementofthecurrentassetsofafirmCrucialtoachievinglong-termobjectivesofthefirmoritsfailureRequiresimmediateaction3TheNatureofAssetGrowthEffectivecurrentassetsmanagementrequiresmatchingoftheforecastedsalesandproductionschedulesDifferencesinactualsalesandforecastedsalesc

3、anresultin:Unexpectedbuildup.Reductionininventory,affectingreceivablesandcashflowFirm’scurrentassetscouldbe:Self-liquidating‘Permanent’currentassets.4TheNatureofAssetGrowth(cont’d)5ControllingAssets–MatchingSalesandProductionFixedassetsgrowslowlywith:Increaseinproductivec

4、apacityReplacementofoldequipmentCurrentassetsfluctuateintheshortrun,dependingon:LevelofproductionversusthelevelofsalesWhenproductionishigherthansalestheinventoryrisesWhensalesarehigherthanproduction,inventorydeclinesandreceivablesincrease6ControllingAssets–MatchingSalesan

5、dProduction(cont’d)CashbudgetingprocessLevelproductionmethodSmoothproductionschedulesUseofmanpowerandequipmentefficientlytolowercostMatchsalesandproductionascloselyaspossibleintheshortrunAllowscurrentassetstoincreaseordecreasewiththelevelofsalesEliminatesthelargeseasonalb

6、ulgesorsharpreductionsincurrentassets7MatchingSalesandProduction-McGraw-HillCompanies,Inc.AgoodexampleofseasonalsaleHassignificantshareofsalesandearningsinthethirdandfourthquartersDuetoseasonalnatureoftextbookpublishingLendersandfinancialmanagersneedtoplaninventoryLackofc

7、orrectinventoryplanningcanleadtolostsales8QuarterlySalesandEarningsPerShareforMcGrawHill9SeasonalSalesPatterninTargetandLimitedBrandsLikepublishers,retailcompaniesdonotstockinventoryformorethanayearFourthquarteristhebiggestquarterforretailersAsperthefigure,theTargetisgrow

8、ingmuchfasterthantheLimitedBrandsEventhen,inthefourthquarter,peakearningsarealmostequalforbothth