企业财务管理--现金管理t 2.ppt

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

2、lOtherFactorsInfluencingtheTargetCashBalanceCostsofHoldingCashOpportunityCostsTradingcostsTotalcostofholdingcashC*CostsindollarsofholdingcashSizeofcashbalanceTheinvestmentincomeforegonewhenholdingcash.Tradingcostsincreasewhenthefirmmustsellsecuritiestomeetcashneeds.TheBaumolModelF=Thefixedcos

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

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

5、ceOpportunityCostsTradingcostsTheoptimalcashbalanceisfoundwheretheopportunitycostsequalsthetradingcostsTheBaumolModelOpportunityCosts=TradingCostsTheoptimalcashbalanceisfoundwheretheopportunitycostsequalsthetradingcostsMultiplybothsidesbyCTheMiller-OrrModelThefirmallowsitscashbalancetowanderr

6、andomlybetweenupperandlowercontrollimits.$TimeHZLWhenthecashbalancereachestheuppercontrollimitHcashisinvestedelsewheretogetustothetargetcashbalanceZ.Whenthecashbalancereachesthelowercontrollimit,L,investmentsaresoldtoraisecashtogetusuptothetargetcashbalance.TheMiller-OrrModelMathGivenL,whichi

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