公司金融课件chap004

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1、Long-TermFinancialPlanningandGrowthKeyConceptsandSkillsUnderstandthefinancialplanningprocessandhowdecisionsareinterrelatedBeabletodevelopafinancialplanusingthepercentageofsalesapproachUnderstandthefourmajordecisionareasinvolvedinlong-termfinancialplanningUnderstandhowcapitalstructurepo

2、licyanddividendpolicyaffectafirm’sabilitytogrowChapterOutlineWhatisFinancialPlanning?FinancialPlanningModels:AFirstLookThePercentageofSalesApproachExternalFinancingandGrowthSomeCaveatsRegardingFinancialPlanningModelsElementsofFinancialPlanningInvestmentinnewassets–determinedbycapitalbu

3、dgetingdecisionsDegreeoffinancialleverage–determinedbycapitalstructuredecisionsCashpaidtoshareholders–determinedbydividendpolicydecisionsLiquidityrequirements–determinedbynetworkingcapitaldecisionsFinancialPlanningProcessPlanningHorizon-dividedecisionsintoshort-rundecisions(usuallynext

4、12months)andlong-rundecisions(usually2–5years)Aggregation-combinecapitalbudgetingdecisionsintoonebigprojectAssumptionsandScenariosMakerealisticassumptionsaboutimportantvariablesRunseveralscenarioswhereyouvarytheassumptionsbyreasonableamountsDetermineatleastaworstcase,normalcase,andbest

5、casescenarioRoleofFinancialPlanningExamineinteractions–helpmanagementseetheinteractionsbetweendecisionsExploreoptions–givemanagementasystematicframeworkforexploringitsopportunitiesAvoidsurprises–helpmanagementidentifypossibleoutcomesandplanaccordinglyEnsurefeasibilityandinternalconsist

6、ency–helpmanagementdetermineifgoalscanbeaccomplishedandifthevariousstated(andunstated)goalsofthefirmareconsistentwithoneanotherFinancialPlanningModelIngredientsSalesForecast–manycashflowsdependdirectlyonthelevelofsales(oftenestimatedusingsalesgrowthrate)ProFormaStatements–settingupthep

7、lanusingprojectedfinancialstatementsallowsforconsistencyandeaseofinterpretationAssetRequirements–theadditionalassetsthatwillberequiredtomeetsalesprojectionsFinancialRequirements–theamountoffinancingneededtopayfortherequiredassetsPlugVariable–determinedbymanagementdecidingwhattypeoffi