短期财务与计划方案分析pt .ppt

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1、ChapterOutline27.1TracingCashandNetWorkingCapital27.2DefiningCashinTermsofOtherElements27.3TheOperatingCycleandtheCashCycle27.4SomeAspectsofShort-TermFinancialPolicy27.5CashBudgeting27.6TheShort-TermFinancialPlan27.7Summary&ConclusionsExecutiveSummaryWe

2、aresolidlyintothethirdgreatquestionofcorporatefinance.TheBalance-SheetModeloftheFirmCurrentAssetsFixedAssets1Tangible2IntangibleShareholders’EquityCurrentLiabilitiesLong-TermDebtWhatlong-terminvestmentsshouldthefirmengagein?TheCapitalBudgetingDecisionTh

3、eBalance-SheetModeloftheFirmHowcanthefirmraisethemoneyfortherequiredinvestments?TheCapitalStructureDecisionCurrentAssetsFixedAssets1Tangible2IntangibleShareholders’EquityCurrentLiabilitiesLong-TermDebtTheBalance-SheetModeloftheFirmHowmuchshort-termcashf

4、lowdoesacompanyneedtopayitsbills?TheNetWorkingCapitalInvestmentDecisionNetWorkingCapitalCurrentAssetsFixedAssets1Tangible2IntangibleShareholders’EquityCurrentLiabilitiesLong-TermDebt27.1TracingCashandNetWorkingCapitalCurrentAssetsarecashandotherassetsth

5、atareexpectedtobeconvertedtocashwiththeyear.CashMarketablesecuritiesAccountsreceivableInventoryCurrentLiabilitiesareobligationsthatareexpectedtorequirecashpaymentwithintheyear.AccountspayableAccruedwagesTaxes27.2DefiningCashinTermsofOtherElementsNetWork

6、ingCapital+FixedAssets=Long-TermDebt+EquityNetWorkingCapital=CashOtherCurrentAssetsCurrentLiabilities+–Cash=Long-TermDebt+Equity–NetWorkingCapital(excludingcash)FixedAssets–27.2DefiningCashinTermsofOtherElementsAnincreaseinlong-termdebtandorequityleadst

7、oanincreaseincash—asdoesadecreaseinfixedassetsoradecreaseinthenon-cashcomponentsofnetworkingcapital.TheSourcesandUsesofCashStatementfollowsfromthisreasoning.Cash=Long-TermDebt+Equity–NetWorkingCapital(excludingcash)FixedAssets–27.3TheOperatingCycleandth

8、eCashCycleTimeAccountspayableperiodCashcycleOperatingcycleCashreceivedAccountsreceivableperiodInventoryperiodFinishedgoodssoldFirmreceivesinvoiceCashpaidformaterialsOrderPlacedStockArrivesRawmaterialpurchased27.3TheOperatingCycle