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1、LEARNINGOBJECTIVESAfterstudyingthischapter,youshouldunderstand:LO1TheimportanceoffloatandhowitCASHANDaffectsthecashbalances.LO2Howfirmsmanagetheircashandsomeofthecollection,LIQUIDITYconcentration,anddisbursement19techniquesused.LO3TheadvantagesandMANAGEMENTdisadvantagestoholdingcashandsomeofthe
2、waystoinvestidlecash.MOSTOFTEN,WHENNEWSBREAKSaboutashare,soFord’scashpersharewasmuchlargerthanfirm’scashposition,it’sbecausethecompanyisrun-itsstockprice,normallynotagoodsign.Otherninglowoncash.However,thatwasn’tthecaseforcompanieswithhealthieroperationsalsohadlargemanycompaniesinearly2008.Car
3、makerFord,foramountsofcash.Forexample,GeneralElectrichadaexample,hadacashbalanceof$45.5billion,orcashbalanceofabout$76billion.Butnocompany$24.02pershare.What’ssostrikingaboutthatcameclosetoinvestmentbankGoldmanSachs,withamountisthestockwastradingforonlyabout$7peracashhoardof$87billion.Mastert
4、heabilitytosolveproblemsinthischapterbyusingaspreadsheet.AccessExcelMasteronthestudentWebsitewww.mhhe.com/rwj.Thischapterisabouthowfirmsmanagecash.Thebasicobjectiveincashmanagementistokeeptheinvestmentincashaslowaspossiblewhilestillkeepingthefirmoperatingefficientlyandeffectively.Thisgoalusually
5、reducestothedictum“Collectearlyandpaylate.”Accordingly,wedis-cusswaysofacceleratingcollectionsandmanagingdisbursements.Inaddition,firmsmustinvesttemporarilyidlecashinshort-termmarketablesecurities.Aswediscussinvariousplaces,thesesecuritiescanbeboughtandsoldinthefinancialmarkets.Asagroup,theyhav
6、everylittledefaultrisk,andmostarehighlymarketable.Therearedifferenttypesoftheseso-calledmoneymarketsecurities,andwediscussafewofthemostimportantones.Short-TermFinancialPlanningandManagementPART7612rros46128_ch19.indd612os46128_ch19.indd61211/15/096:51:32PM/15/096:51:32PMCHAPTER19CashandLiquid
7、ityManagement613ReasonsforHoldingCash19.1JohnMaynardKeynes,inhisclassicworkTheGeneralTheoryofEmployment,Interest,andMoney,identifiedthreemotivesforliquidity:thespeculativemotive,theprecautionarymotive,andthetransactionmotive.Wediscussthesenext
