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1、CHAPTER27CashManagementMostoften,whennewsbreaksaboutafirm’scashbalancesincludedIBMwith$10.5billionincash,Dellposition,it’sbecausethecompanyisrunninglow.Thatwithabout$10billion,andPfizerwithabout$27.5billion.wasn’tthecaseformanycompaniesinearly2006.Ofcourse,nocompanycameclos
2、etoMicrosoft.In2004,TheinsurancecompanyCignacertainlyhadoneofbeforepayingaspecialdividend,thecashbalanceforthelargestcashreservesrelativetoitssize:Itscashthecompanyreachedastaggering$64billion.Whybalancewas$2.15billion.Withamarketcapitalizationwouldfirmssuchastheseholdsuch
3、largequantitiesofof$14.77billion,cashmadeupabout15percentofcash?Weexaminecashmanagementinthischaptertothecompany’svalue.Othercompanieswithlargecashfindout.27.1ReasonsforHoldingCashThetermcashisasurprisinglyimpreciseconcept.TheeconomicdeÞnitionofcashin-cludescurrency,checki
4、ngaccountdepositsatcommercialbanks,andundepositedchecks.However,Þnancialmanagersoftenusethetermcashtoincludeshort-termmarketablesecurities.Short-termmarketablesecuritiesarefrequentlyreferredtoascashequivalentsandincludeTreasurybills,certiÞcatesofdeposit,andrepurchaseagree
5、ments.(Severaldif-ferenttypesofshort-termmarketablesecuritiesaredescribedattheendofthischapter.)ThebalancesheetitemÒcashÓusuallyincludescashequivalents.Thepreviouschapterdiscussedthemanagementofnetworkingcapital.Networkingcapitalincludesbothcashandcashequivalents.Thischap
6、terisconcernedwithcash,notnetworkingcapital,anditfocusesonthenarroweconomicdeÞnitionofcash.Thebasicelementsofnetworkingcapitalmanagementsuchascarryingcosts,short-agecosts,andopportunitycostsarerelevantforcashmanagement.However,cashmanage-mentismoreconcernedwithhowtominimi
7、zecashbalancesbycollectinganddisbursingcasheffectively.Therearetwoprimaryreasonsforholdingcash.First,cashisneededtosatisfythetrans-actionsmotive.Transaction-relatedneedscomefromnormaldisbursementandcollectionactivitiesoftheÞrm.Thedisbursementofcashincludesthepaymentofwage
8、sandsalaries,tradedebts,taxes,anddividends.Cashiscollectedfromsalesfromoperations,salesofas-sets
