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1、Business,Environment&Concepts LectureSeriesThree:FinancialManagementFinancialManagement IBackgroundInformationFiveFunctionofFinancialManagementFinancingFunction:raisingcapitalforoperationsCapitalBudgetingFunction:SelectingthebestprojectsbasedonriskandreturnFinancialMana
2、gementFunction:managingthefirm’sinternalcashflowsanditscapitalstructuretominimizefinancingcostCorporateGovernanceFunction:developinganownershipandcorporategovernancesystemforethicsRisk-managementFunction:managingexposurestoalltypesofrisksFinancialManagement IIWorkingCap
3、italManagementWorkingCapitalManagementDefinition:ManagingandfinancingthecurrentassetsandcurrentliabilitiesofthefirmPrimaryFocus:ManaginginventoryandreceivablesFormulaCashConversionCycleThreeperiodsduringcalculation:InventoryConversionPeriod:PositiveReceivablesCollection
4、Period:PositivePayableDeferralPeriod:NegativeInventoryConversionPeriodTheaveragetimerequiredtoconvertmaterialstofinishedgoodsandsellthosegoods.Formula:Example:theaverageinventoryis10,000,000andannualsalesis40,000,000,theaverageconversionperiodis:10,000,000/(40,000,000/3
5、65)=91daysReceivableCollectionPeriodAlsocalleddayssalesoutstandingTheaveragetimerequiredtocollectaccountsreceivableFormula:Example:theaveragereceivableis3,000,000andcreditsalesis40,000,000,thereceivablecollectionperiodis:3,000,000/(40,000,000/365)=27daysPayableDeferralP
6、eriodTheaveragelengthoftimebetweenthepurchaseofmaterialsandlaborandthepaymentofcashforthem.Formula:Example:theaveragepayableforlaborandmaterialsis2,500,000andcostofgoodssoldis30,000,000,thepayabledeferralperiodis:2,500,000/(30,000,000/365)=30daysNegativeduringtotalcalcu
7、lation!CashConversionCycle:ComputationEffectiveWorkingCapitalManagementShortenthecashconversioncycleasmuchaspossiblewithoutharmingtheoperationReducetheinventoryconversionperiodandreceivableconversionperiodProlongthepayabledeferralperiod.PossibleaCommunicationQuestion!As
8、acompanybecomesmoreconservativewithrespecttoworkingcapitalpolicy,itwouldtendtohavea(n):a.Increaseintheratioofc
