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1、WORKINGCAPITALMANAGEMENT§Workingcapitalmanagementorshort-termfinancialmanagementisconcernedwiththemanagementofthefirm’sshort-termorcurrentassetsandliabilities.§Themostimportantcurrentassetsarecash,marketablesecurities,accountsreceivable,andinventories.§Themostimpo
2、rtantcurrentliabilitiesareaccountspayableandbankloans.§ThedifferencebetweencurrentassetsandliabilitiesiscalledNetWorkingCapital.§Oneofthemorecommonlyusedfinancialratiosinrespecttoliquidityisthecurrentratio:CurrentRatio=CurrentAssetsCurrentLiabilities§Arguably,arat
3、iooflessthanonesuggeststhatthefirmmayhavedifficultymeetingitsshort-termobligations.Infact,ofcourse,thesituationisverydifferentamongfirmsandindustries,butineachcase,giventhenatureofthemarket,therecouldbedifferentrulesofthumbforappropriatecurrentratios.§Othermeasure
4、s,suchastheQuickRatio,thatexcludesinventoriesfromcurrentassets,arealsousedwherethequalityandliquidityofinventoriesarequestionable.§Wewanttomovebeyondfinancialratiostothemoreinterestingquestionofhowfirmsshouldmanagetheirnetworkingcapitaliftheywishtomaximizethevalue
5、oftheshareholders.WhyweneedNetWorkingCapital:TheOperatingCycleandtheCashCycle§unsynchronized§uncertainDayActivityCasheffect0AcquireinventoryNoneoncredit30PayforinventoryCash–$1,00060SellinventoryOncreditNone105CollectonsaleCash+$1,400TheOperatingCycleTheInventoryP
6、eriodTheAccountsReceivablePeriodTheAccountsPayablePeriodTheCashCycleEvenwithoutanyuncertainty,ortheneedtohaveinventoryavailableforcustomersortheneedtopaytheworkforce,theexistenceofacashcycleinnearlyeveryformofbusinessactivitydictatestheneedforcurrentassets.Managin
7、gWorkingCapitalAccountsReceivableCycleRawmaterialinventoryFinancialmanagersmustforecastthecycleandbepreparedtoinvestorborrowintheshort-termmarkets.Todothat,themanagermust:§Developacashflowmodelfortheparticularfirm;andhaveshort-termfinancingarrangementsinplacebefor
8、ecashfromshort-termfinancingisactuallyrequired.CashBudgetingTheCashBudgetisusedtoforecastcashrequirementsoravailabilitybyrecordingthepatternofcashreceip
