公司理财第四章.ppt

《公司理财第四章.ppt》由会员上传分享，免费在线阅读，更多相关内容在教育资源-天天文库。

1、Chapter4Long-TermFinancialPlanningandGrowthMcGraw-Hill/IrwinCopyright©2010byTheMcGraw-HillCompanies,Inc.Allrightsreserved.KeyConceptsandSkillsUnderstandthefinancialplanningprocessandhowdecisionsareinterrelatedBeabletodevelopafinancialplanusingtheperc

2、entageofsalesapproachBeabletocomputeexternalfinancingneededandidentifythedeterminantsofafirm’sgrowthUnderstandthefourmajordecisionareasinvolvedinlong-termfinancialplanningUnderstandhowcapitalstructurepolicyanddividendpolicyaffectafirm’sabilitytogrow4

3、-2ChapterOutlineWhatIsFinancialPlanning?FinancialPlanningModels:AFirstLookThePercentageofSalesApproachExternalFinancingandGrowthSomeCaveatsRegardingFinancialPlanningModels4-3ElementsofFinancialPlanningInvestmentinnewassets–determinedbycapitalbudgetin

4、gdecisionsDegreeoffinancialleverage–determinedbycapitalstructuredecisionsCashpaidtoshareholders–determinedbydividendpolicydecisionsLiquidityrequirements–determinedbynetworkingcapitaldecisions4-4FinancialPlanningProcessPlanningHorizon-dividedecisionsi

5、ntoshort-rundecisions(usuallynext12months)andlong-rundecisions(usually2–5years)Aggregation-combinecapitalbudgetingdecisionsintoonelargeprojectAssumptionsandScenariosMakerealisticassumptionsaboutimportantvariablesRunseveralscenarioswhereyouvarytheassu

6、mptionsbyreasonableamountsDetermine,ataminimum,worstcase,normalcase,andbestcasescenarios4-5RoleofFinancialPlanningExamineinteractions–helpmanagementseetheinteractionsbetweendecisionsExploreoptions–givemanagementasystematicframeworkforexploringitsoppo

7、rtunitiesAvoidsurprises–helpmanagementidentifypossibleoutcomesandplanaccordinglyEnsurefeasibilityandinternalconsistency–helpmanagementdetermineifgoalscanbeaccomplishedandifthevariousstated(andunstated)goalsofthefirmareconsistentwithoneanother4-6Finan

8、cialPlanningModelIngredientsSalesForecast–manycashflowsdependdirectlyonthelevelofsales(oftenestimatedusingsalesgrowthrate)ProFormaStatements–settinguptheplanusingprojectedfinancialstatementsallowsforconsistencyandeaseofinterpretationAssetRequirements