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1、CHAPTER16FinancingCurrentAssetsWorkingcapitalfinancingpoliciesA/P(tradecredit)CommercialpaperS-TbankloansWorkingcapitalfinancingpoliciesModerate–Matchthematurityoftheassetswiththematurityofthefinancing.Aggressive–Useshort-termfinancingtofinancepermanentassets.Conservative–Usepermanentcapita
2、lforpermanentassetsandtemporaryassets.ModeratefinancingpolicyYearsLowerdashedlinewouldbemoreaggressive.$PermC.A.FixedAssetsTemp.C.A.S-TLoansL-TFin:Stock,Bonds,Spon.C.L.Conservativefinancingpolicy$YearsPermC.A.FixedAssetsMarketablesecuritiesZeroS-TDebtL-TFin:Stock,Bonds,Spon.C.L.Short-termcr
3、editAnydebtscheduledforrepaymentwithinoneyear.Majorsourcesofshort-termcreditAccountspayable(tradecredit)BankloansCommercialloansAccrualsFromthefirm’sperspective,S-TcreditismoreriskythanL-Tdebt.Alwaysarequiredpaymentaroundthecorner.Mayhavetroublerollingoverloans.Advantagesanddisadvantagesofu
4、singshort-termfinancingAdvantagesSpeedFlexibilityLowercostthanlong-termdebtDisadvantagesFluctuatinginterestexpenseFirmmaybeatriskofdefaultasaresultoftemporaryeconomicconditionsAccruedliabilitiesContinuallyrecurringshort-termliabilities,suchasaccruedwagesortaxes.Isthereacosttoaccruedliabilit
5、ies?Theyarefreeinthesensethatnoexplicitinterestischarged.However,firmshavelittlecontroloverthelevelofaccruedliabilities.Whatistradecredit?Tradecreditiscreditfurnishedbyafirm’ssuppliers.Tradecreditisoftenthelargestsourceofshort-termcredit,especiallyforsmallfirms.Spontaneous,easytoget,butcost
6、canbehigh.ThecostoftradecreditAfirmbuys$3,000,000net($3,030,303gross)ontermsof1/10,net30.ThefirmcanforegodiscountsandpayonDay40,withoutpenalty.Netdailypurchases=$3,000,000/365=$8,219.18BreakingdownnetandgrossexpendituresFirmbuysgoodsworth$3,000,000.That’sthecashprice.Theymustpay$30,303morei
7、ftheydon’ttakediscounts.Thinkoftheextra$30,303asafinancingcostsimilartotheinterestonaloan.Wanttocomparethatcostwiththecostofabankloan.BreakingdowntradecreditPayableslevel,ifthefirmtakesdiscountsPayables=$8,219.18(10)=$82,192Payableslevel,ifthefirmtakesno
