财务管理专业英语3E教学课件作者刘媛媛 Topic 11.ppt

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1、11.1IntroductiontoWorkingCapitalManagement11.2CashManagement11.3AccountsReceivableManagement11.4InventoryManagementIntroductiontoWorkingCapitalManagementWorkingcapitalmanagementistheadministrationofthefirm’scurrentassetsandcurrentliabilities.Determiningthefirm’soptimalinvest

2、mentinworkingcapitalinvolvesatrade-offbetweenliquidityandprofitability.Financialmanagersshouldminimizethecostsassociatedwithworkingcapitalwithoutjeopardizingtheliquidityneedforcontinuingoperations.IntroductiontoWorkingCapitalManagementApproachestoWorkingCapitalManagementrela

3、xedorconservativeapproachrestrictedoraggressiveapproachmoderateapproachCashManagement1.Determiningappropriatecashbalances;2.Investingidlecash;3.Managingcollectionsanddisbursements.CashManagementThreeMotivesforHoldingCashSpeculativeMotivePrecautionaryMotiveTransactionMotiveCa

4、shManagementDeterminingAppropriateCashBalancesBaumolcashmanagementmodelMiller-OrrcashmanagementmodelCashManagementInvestingIdleCashFactorswhenchoosingamongthevarietyofshort-termsecuritiesavailableMarketabilityMaturityDefaultriskTaxesCashManagementTypesofMoneyMarketSecurities

5、USTreasuryBillsShort-termtaxexemptinstrumentsCommercialpaperNegotiablecertificatesofdeposit(CDs)Bankers’acceptancesRepurchaseagreementCashManagementManagingCollectionsandDisbursementsFloatarisesfromadelayinthepaymentsystem.Thethreeprincipalsourcesofdelayare:1.Mailfloat:theti

6、mewhenacheckisinthemail;2.Processingfloat:thetimerequiredtoprocessacheckafteritisreceived;3.Clearingtimefloat:thetimerequiredforachecktoclearthroughthebankingsystemandtoreducethepayingfirm’saccount.CashManagementManagingCollectionsandDisbursementsAcceleratingCollectionslockb

7、oxsystemconcentrationbankingSlowingDisbursementCentralizepayablesEstablishazerobalancesystemAccountsReceivableManagementCreditpolicy1.Isthecompanypreparedtooffercredit?2.Assumingthatcreditistobeoffered,whatstandardswillbeappliedinthedecisiontograntcredittoacustom?3.Howmuchcr

8、editshouldacustomerbegranted?4.Whatcredittermswillbeoffered?AccountsReceiva