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ID:51964170
大小:464.00 KB
页数:35页
时间:2020-03-26
《财务管理基础 第13版 教学课件Chap008_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、SourcesofShort-TermFinancing8ChapterOutlineTradecreditfromsuppliersBankloansCommercialpaperBorrowinglargeramountsUsinghedgingtooffsettherisk2FinancingArrangementsLinesofcreditaresometimesreferredtoasarevolvingcreditfacilitywhereinterestcost:IsbasedonLIBOR(theL
2、ondonInterbankOfferedRate)Isbasedonthecompany’sseniorunsecuredcreditrating–apercentagemarginPrimaryaimoftheborrowingfirms:Minimizecost3TradeCreditApproximately40percentofshort-termfinancingisintheformofaccountspayableortradecreditAccountspayableIsaSpontaneouss
3、ourceoffundsGrowsasthebusinessexpandsContractswhenbusinessdeclines4PaymentPeriodTradecreditisusuallyextendedfor30–60daysExtendingthepaymentperiodtoanunacceptableperiodresultsin:AlienatesuppliersDiminishedratingswithcreditbureausMajorvariableindeterminingthepay
4、mentperiod:Thepossibleexistenceofacashdiscount5CashDiscountPolicyAllowsreductioninpriceifpaymentismadewithinaspecifiedtimeperiodExample:A2/10,net30cashdiscountmeans:Reductionof2%iffundsareremitted10daysafterbillingFailuretodosomeansfullpaymentofamountbythe30th
5、day6Net-CreditPositionDeterminedbyexaminingthedifferencebetweenaccountsreceivableandaccountspayablePositiveifaccountsreceivableisgreaterthanaccountspayableandviceversaLargerfirmstendtobenetprovidersoftradecredit(relativelyhighreceivables)Smallerfirmsintherelat
6、ivelyuserposition(relativelyhighpayables)7BankCreditProvideself-liquidatingloansUseoffundsensuresabuilt-inorautomaticrepaymentschemeChangesinthebankingsectortoday:Centeredaroundtheconceptof‘fullservicebanking’Expandedinternationallytoaccommodateworldtradeandin
7、ternationalcorporationsDeregulationhascreatedgreatercompetitionamongotherfinancialinstitutions8PrimeRateandLIBORPrimerateRateabankchargestoitsmostcreditworthycustomersIncreasesasacustomer’screditriskincreasesLIBOR(LondonInterbankOfferedRate)Rateofferedtocompan
8、ies:HavinganinternationalpresenceAbilitytousetheLondonEurodollarmarketforloans9PrimeRateversusLIBORonU.S.DollarDeposits10CompensatingBalancesAfeechargedbythebankforservicesrendered
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