财务管理专业英语 教学课件 作者 崔刚主编 Chapter 6.pptx

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1、g10byzw主编6.1AnOverviewofWorkingCapitalManagement6.2CashManagement6.3AccountsReceivableManagement6.4InventoryManagementandControlChapter6WorkingCapitalManagement6.1　AnOverviewofWorkingCapitalManagement6.1.1　WorkingCapitalConcepts6.1.2　SignificanceofWorkingC

2、apitalManagement6.1.1　WorkingCapitalConceptsWorkingcapital,thenecessaryfundstomaintainthedailyoperationofcompany,generallyreferstonetworkingcapital,whichisdefinedascurrentassetsminuscurrentliabilities.Workingcapitalcanbecalculatedasfollows:Workingcapital=c

3、urrentassets-currentliabilities6.1.2　SignificanceofWorkingCapitalManagementThemanagementofworkingcapitalisimportantforseveralreasons.Foronething,thecurrentassetsofatypicalmanufacturingfirmaccountforoverhalfofitstotalassets.Foradistributioncompany,theyaccou

4、ntforevenmore.Excessivelevelsofcurrentassetscaneasilyresultinafirmrealizingasubstandardreturnoninvestment.However,firmswithtoofewcurrentassetsmayincurshortagesanddifficultiesinmaintainingsmoothoperations.6.2　CashManagement6.2.1　MotivesforHoldingCash6.2.2　T

5、heDailyManagementofCashReceiptsandPayments6.2.1　MotivesforHoldingCashWecanusethreecategoriestodescribethemotivesforcorporationstoholdcash.(1)Transactionsmotive(2)Speculativemotive(3)Precautionarymotive(1)Transactionsmotivetomeetpayments,suchaspurchase,wage

6、s,taxes,anddividendsarisingintheordinarycourseofbusiness.(2)Speculativemotivetotakeadvantageoftemporaryopportunities,suchasasuddendeclineinthepriceofarawmaterial.(3)Precautionarymotivetomaintainasafetycushionorbuffertomeetunexpectedcashneeds.Themorepredict

7、abletheinflowsandoutflowsofcashforafirm,thelesscashthatneedstobeheldforprecautionaryneeds.Readyborrowingpowertomeetemergencycashdrainsalsoreducestheneedforthistypeofcashbalance.6.2.2　TheDailyManagementofCashReceiptsandPayments1.SpeedingUpCashReceipts2.Slow

8、ingDownCashPayouts1.SpeedingUpCashReceiptsThisprocessofcashconcentrationhasseveraleffects:(1)Itimprovescontroloverinflowsandoutflowsofcorporatecash.(2)Itreducesidlebalances(3)Itallowsformoreeffectiveinvestmen