现金管理英文版).ppt

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1、ChapterOutline28.1ReasonsforHoldingCash28.2DeterminingtheTargetCashBalance28.3ManagingtheCollectionandDisbursementofCash28.4InvestingIdleCash28.5Summary&Conclusions28.1ReasonsforHoldingCashTransactionsmotiveCompensatingbalances28.2DeterminingtheTargetCashBalanceTheBaumolModelTheMiller-OrrModelOt

2、herFactorsInfluencingtheTargetCashBalanceCostsofHoldingCashOpportunityCostsTradingcostsTotalcostofholdingcashC*CostsindollarsofholdingcashSizeofcashbalanceTheinvestmentincomeforegonewhenholdingcash.Tradingcostsincreasewhenthefirmmustsellsecuritiestomeetcashneeds.TheBaumolModelF=Thefixedcostofsel

3、lingsecuritiestoraisecashT=ThetotalamountofnewcashneededK=Theopportunitycostofholdingcash:thisistheinterestrate.TimeCIfwestartwith$C,spendataconstantrateeachperiodandreplaceourcashwith$Cwhenwerunoutofcash,ouraveragecashbalancewillbe.123TheopportunitycostofholdingisTheBaumolModelF=Thefixedcostofs

4、ellingsecuritiestoraisecashT=ThetotalamountofnewcashneededK=Theopportunitycostofholdingcash:thisistheinterestrate.TimeCAswetransfer$CeachperiodweincuratradingcostofFeachperiod.IfweneedTintotalovertheplanningperiodwewillpay$F,T÷Ctimes.123ThetradingcostisTheBaumolModelC*SizeofcashbalanceOpportunit

5、yCostsTradingcostsTheoptimalcashbalanceisfoundwheretheopportunitycostsequalsthetradingcostsTheBaumolModelOpportunityCosts=TradingCostsTheoptimalcashbalanceisfoundwheretheopportunitycostsequalsthetradingcostsMultiplybothsidesbyCTheMiller-OrrModelThefirmallowsitscashbalancetowanderrandomlybetweenu

6、pperandlowercontrollimits.$TimeHZLWhenthecashbalancereachestheuppercontrollimitHcashisinvestedelsewheretogetustothetargetcashbalanceZ.Whenthecashbalancereachesthelowercontrollimit,L,investmentsaresoldtoraisecashtogetusuptothetargetcashbalance.TheMiller-OrrModelMathGivenL,whichissetbythefirm,theM

7、iller-OrrmodelsolvesforZandHwheres2isthevarianceofnetdailycashflows.TheaveragecashbalanceintheMiller-OrrmodelisImplicationsoftheMiller-OrrModelTousetheMiller-Orrmodel,themanagermustdofourthings:Setthelowercontrollimitforthec