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ID:51964163
大小:4.51 MB
页数:38页
时间:2020-03-26
《财务管理基础 第13版 教学课件Chap006_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、WorkingCapitalandtheFinancingDecision6ChapterOutlineWorkingcapitalmanagementCurrentassetmanagementAssetfinancingLong-termversusshort-termfinancingRiskandprofitabilityvis-à-visassetfinancingExpectedvalueanalysismaysometimesbeemployed2WorkingCapitalManagementThefinancingandmanagementofthecurrent
2、assetsofafirmCrucialtoachievinglong-termobjectivesofthefirmoritsfailureRequiresimmediateaction3TheNatureofAssetGrowthEffectivecurrentassetsmanagementrequiresmatchingoftheforecastedsalesandproductionschedulesDifferencesinactualsalesandforecastedsalescanresultin:Unexpectedbuildup.Reductionininve
3、ntory,affectingreceivablesandcashflowFirm’scurrentassetscouldbe:Self-liquidating‘Permanent’currentassets.4TheNatureofAssetGrowth(cont’d)5ControllingAssets–MatchingSalesandProductionFixedassetsgrowslowlywith:IncreaseinproductivecapacityReplacementofoldequipmentCurrentassetsfluctuateintheshortru
4、n,dependingon:LevelofproductionversusthelevelofsalesWhenproductionishigherthansalestheinventoryrisesWhensalesarehigherthanproduction,inventorydeclinesandreceivablesincrease6ControllingAssets–MatchingSalesandProduction(cont’d)CashbudgetingprocessLevelproductionmethodSmoothproductionschedulesUse
5、ofmanpowerandequipmentefficientlytolowercostMatchsalesandproductionascloselyaspossibleintheshortrunAllowscurrentassetstoincreaseordecreasewiththelevelofsalesEliminatesthelargeseasonalbulgesorsharpreductionsincurrentassets7MatchingSalesandProduction-McGraw-HillCompanies,Inc.Agoodexampleofseason
6、alsaleHassignificantshareofsalesandearningsinthethirdandfourthquartersDuetoseasonalnatureoftextbookpublishingLendersandfinancialmanagersneedtoplaninventoryLackofcorrectinventoryplanningcanleadtolostsales8QuarterlySalesandEarningsPerShareforMcGrawHill9SeasonalSalesPatterninTargetandLimitedBrand
7、sLikepublishers,retailcompaniesdonotstockinventoryformorethenayearFourthquarteristhebiggestquarterforretailersAsperthefigure,theTargetisgrowingmuchfasterthantheLimitedBrandsEventhen,inthefourthquarter,peakearningsarealmostequalforbothth
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