公司金融课件15workingcapital

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1、WORKINGCAPITALMANAGEMENT■Workingcapitalmanagementorshort-termHnancialmanagementisconcernedwiththemanagementofthefirm^sshort-termorcurrentassetsandliabilities.■Themostimportantcurrentassetsarecash,marketablesecurities^accountsreceivable^andinventories.■Themostimportant

2、currentliabilitiesareaccountspayableandbankloans.■ThedifferencebetweencurrentassetsandliabilitiesiscalledNetWorkingCapital・■Oneofthemorecommonlyusedfinancialratiosinrespecttoliquidityisthecurrentratio:CurrentRatio=CuirentAssetsCurrentLiabilities■Arguably^aratiooflesst

3、hanonesuggeststhatthefirmmayhavedifficultymeetingitsshort-termobligations.Infact，ofcourse,thesituationisverydifferentamongfirmsandindustries^butineachcase，giventhenatureofthemarket，therecouldbedifferentrulesofthumbforappropriatecurrentratios.■Othermeasures^suchastheQu

4、ickRatio，thatexcludesinventoriesfromcurrentassets，arealsousedwherethequalityandliquidityofinventoriesarequestionable*■Wewanttomovebeyondfinancialratiostothemoreinterestingquestionofhowfirmsshouldmanagetheirnetworkingcapitaliftheywishtomaximizethevalueoftheshareholders

5、.WhyweneedNetWorkingCapital:TheOperatinpCycleandtheCashCycle■unsynchronized■uncertain0AcquireinventoryoncreditNone30PayforinventoryCash-$1,00060SellinventoryOncreditNone105CollectonsaleCash+$1,400CasheffectActivityDayTheOperatingCycleTheInventoryPeriodTheAccountsRecei

6、vablePeriodTheAccountsPayablePeriodTheCashCycleEvenwithoutanyuncertainty^ortheneedtohaveinventoryavailableforcustomersortheneedtopaytheworkforce，theexistenceofacashcycleinnearlyeveryformofbusinessactivitydictatestheneedforcurrentassets.ManazinzWorkingCapitalAccountsRe

7、ceivableCycleRawmaterialinventoryFinancialmanagersmustforecastthecycleandbepreparedtoinvestorborrowintheshort-termmarkets.Todothat，themanagermust:■Developacashflowmodelfortheparticularfirm;andhaveshorttermfinancingarrangementsinplacebeforecashfromshort-termHnancingis

8、actuallyrequired.CashBudEetinzTheCashBudgetisusedtoforecastcashrequirementsoravailabilitybyrecordingthepatternofcashreceipts