financial planning

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1、confirmingpagesPART9"""""CHAPTERFINANCIALPLANNINGAND29WORKINGCAPITALMANAGEMENTFinancialPlanning!Thischapterisconcernedwithfinancialplanning.respectshort-termdecisionsareeasierthanlong-Welookfirstatshort-termplanningwherethefocustermdecisions,buttheyarenotlessimportant.Afirmis

2、onensuringthatthefirmdoesnotrunoutofcash.canidentifyextremelyvaluablecapitalinvestmentShort-termplanningis,therefore,oftentermedcashopportunities,findthepreciseoptimaldebtratio,budgeting.Inthesecondhalfofthechapterwelookatfollowtheperfectdividendpolicy,andyetfounderhowfirmsal

3、sousefinancialplanningmodelstodevelopbecausenoonebotherstoraisethecashtopaythisacoherentlong-termstrategy.year’sbills.Hencetheneedforshort-termplanning.InthelastchapterweintroducedyoutotheprincipalShort-termplanningrarelylooksfurtheraheadthanshort-termassets—inventory,account

4、sreceivable,thenext12months.Itseekstoensurethatthefirmhascash,andmarketablesecurities.Decisionsontheseenoughcashtopayitsbillsandmakessensibleshort-assetscannotbemadeinisolation.Forexample,termborrowingandlendingdecisions.Butthefinancialsupposethatthemarketingmanagerwishestogi

5、vemanageralsoneedstothinkabouttheinvestmentscustomersmoretimetopayfortheirpurchases.Thisthatwillbeneededtomeetthefirm’slong-termgoalsreducesthefirm’sfuturecashbalances.Orperhapsandthefinancingthatmustbearranged.Long-termtheproductionmanageradoptsajust-in-timesystemfinancialpl

6、anningfocusesontheimplicationsoffororderingfromsuppliers.Thatallowsthefirmtogetalternativefinancialstrategies.Itallowsmanagerstobyonsmallerinventoriesandfreesupcash.avoidsomesurprisesandconsiderhowtheyshouldManagersconcernedwithshort-termfinancialreacttosurprisesthatcannotbea

7、voided.Andithelpsdecisionscanavoidmanyofthedifficultconceptualtoestablishgoalsforthefirmandtoprovidestandardsissuesencounteredelsewhereinthisbook.Inthatformeasuringperformance."""""29-1LinksBetweenShort-TermandLong-TermFinancingDecisionsShort-termfinancialdecisionsdifferintwo

8、waysfromlong-termdecisionssuchasthepur-chaseofplantandequipmentorthe