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1、19878_21_c21_p716-761.qxd2/22/0610:44AMPage718CHAPTER21WorkingCapitalManagementWorkingcapitalmanagementinvolvestwobasicquestions:(1)Whatistheappropriateamountofworkingcapital,bothintotalandforeachspecificaccount,and(2)howshouldworkingcapitalbefinanced?Notethatsoundworkingcapitalmanage
2、-mentgoesbeyondfinance.Indeed,theideasforimprovingTheThomsonNOWWebsitecontainsanworkingcapitalmanagementoftenstemfromotherdisciplines.ExcelfilethatwillguideyouthroughtheForexample,expertsinlogistics,operationsmanagement,andchapter’scalculations.Thefileforthisinformationtechnologyoften
3、workwiththemarketinggrouptochapterisIFM9Ch21ToolKit.xls,anddevelopabetterwaytodeliverthefirm’sproducts.Whereweencourageyoutoopenthefileandfinancecomesintoplayisinevaluatingtheprofitabilityofalter-followalongasyoureadthechapter.nativeproposals.Inaddition,financialmanagersdeterminehowmu
4、chcashacompanymustkeeponhand,andhowmuchshort-termfinancingitshoulduse.Webeginourdiscussionofworkingcapitalpolicybyreview-ingsomebasicdefinitionsandconcepts:1.Workingcapital,sometimescalledgrossworkingcapital,sim-plyreferstocurrentassetsusedinoperations.2.Networkingcapitalisdefinedascu
5、rrentassetsminuscur-rentliabilities.3.Netoperatingworkingcapital(NOWC)isdefinedasoperat-ingcurrentassetsminusoperatingcurrentliabilities.Gener-TODISCCOLLECTIONally,NOWCisequaltocash,accountsreceivable,andinven-tories,lessaccountspayableandaccruals.Thenextsectionshowshowworkingcapitala
6、ffectscashflows.718IMAGE:©GETTYIMAGES,INC.,PHO19878_21_c21_p716-761.qxd2/22/0610:44AMPage719BEGINNING-OF-CHAPTERQUESTIONSAsyoureadthischapter,considerhowyouWhataresomeactionsthatitmighttaketowouldanswerthefollowingquestions.YoureducetheCCC?shouldnotnecessarilybeabletoanswerthe2.Whatis
7、acashbudget,andhowisthisstate-questionsbeforeyoureadthechapter.Rather,mentusedbyabusiness?HowisthecashyoushouldusethemtogetasenseoftheissuesbudgetaffectedbytheCCC?Bycreditpolicy?coveredinthechapter.Afterreadingthechapter,3.Differentiatebetweenfreeandcostlytradeyoushouldbeabletogiveatl
8、eastp
