公司理财chap027PPT推荐.ppt

公司理财chap027PPT推荐.ppt

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McGraw-Hill/IrwinCopyright2008byTheMcGraw-HillCompanies,Inc.AllrightsreservedCHAPTER27CashManagementSlide2Copyright2008byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/IrwinKeyConceptsandSkillsUnderstandthereasonsforholdingcashbalances,aswellaspotentialmethodsfordeterminingthetargetcashbalanceUnderstandtheconceptoffloat,aswellastoolsformanagingdisbursementandcollectionsfloatSlide3Copyright2008byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/IrwinChapterOutline27.1ReasonsforHoldingCash27.2DeterminingtheTargetCashBalance27.3ManagingtheCollectionandDisbursementofCash27.4InvestingIdleCashSlide4Copyright2008byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/Irwin27.1ReasonsforHoldingCashTransactionsmotiveAbilitytocovernormalactivitiesofthefirmCompensatingbalancesHoldrequiredbalanceswithfinancialinstitutionsSlide5Copyright2008byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/Irwin27.2DeterminingtheTargetCashBalanceTheBaumolModelTheMiller-OrrModelOtherFactorsInfluencingtheTargetCashBalanceSlide6Copyright2008byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/IrwinCostsofHoldingCashOpportunityCostsTradingcostsTotalcostofholdingcashC*CostsindollarsofholdingcashSizeofcashbalanceTheinvestmentincomeforegonewhenholdingcash.Tradingcostsincreasewhenthefirmmustsellsecuritiestomeetcashneeds.Slide7Copyright2008byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/IrwinTheBaumolModelF=ThefixedcostofsellingsecuritiestoraisecashT=ThetotalamountofnewcashneededR=Theopportunitycostofholdingcash,a.k.a.theinterestrate.TimeC123C2Ifwestartwith$C,spendataconstantrateeachperiodandreplaceourcashwith$Cwhenwerunoutofcash,ouraveragecashbalancewillbe.C2TheopportunitycostofholdingisC2C2RSlide8Copyright2008byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/IrwinTheBaumolModelTimeCAswetransfer$CeachperiodweincuratradingcostofFeachperiod.123C2ThetradingcostisFTCTCIfweneed$Tintotalovertheplanningperiodwewillpay$Ftimes.Slide9Copyright2008byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/IrwinTheBaumolModelC*SizeofcashbalanceOpportunityCostsTradingcostsTheoptimalcashbalanceisfoundwheretheopportunitycostsequalsthetradingcostsSlide10Copyright2008byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/IrwinTheBaumolModelOpportunityCosts=TradingCostsTheoptimalcashbalanceisfoundwheretheopportunitycostsequalsthetradingcosts.MultiplybothsidesbyCSlide11Copyright2008byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/IrwinTheMiller-OrrModelThefirmallowsitscashbalancetowanderrandomlybetweenupperandlowercontrollimits.$TimeUZLWhenthecashbalancereachestheuppercontrollimitU,cashisinvestedelsewheretogetustothetargetcashbalanceZ.Whenthecashbalancereachesthelowercontrollimit,L,investmentsaresoldtoraisecashtogetusuptothetargetcashbalance.Slide12Copyright2008byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/IrwinTheMiller-OrrModelMathGivenL,whichissetbythefirm,theMiller-OrrmodelsolvesforZandUwheres2isthevarianceofnetdailycashflows.TheaveragecashbalanceintheMiller-Orrmodelis:

@#@Slide13Copyright2008byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/IrwinImplicationsoftheMiller-OrrModelTousetheMiller-Orrmodel,themanagermustdofourthings:

@#@1.Setthelowercontrollimitforthecashbalance.2.Estimatethestandarddeviationofdailycashflows.3.Determinetheinterestrate.4.Estimatethetradingcostsofbuyingandsellingsecurities.Slide14Copyright2008byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/IrwinImplicationsoftheMiller-OrrModelThemodelclarifiestheissuesofcashmanagement:

@#@Thebestreturnpoint,Z,ispositivelyrelatedtotradingcosts,F,andnegativelyrelatedtotheinterestrateR.Zandtheaveragecashbalancearepositivelyrelatedtothevariabilityofcashflows.Slide15Copyright2008byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/IrwinOtherFactorsInfluencingtheTargetCashBalanceBorrowingBorrowingislikelytobemoreexpensivethansellingmarketablesecurities.Theneedtoborrowwilldependonmanagementsdesiretoholdlowcashbalances.Slide16Copyright2008byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/Irwin27.3ManagingtheCollectionandDisbursementofCashAcceleratingCollectionsDelayingDisbursementsDisbursementFloatZero-BalanceAccountsDraftsEthicalandLegalQuestionsElectronicDataInterchangeSlide17Copyright2008byTheMcGraw-HillCompanies,Inc.AllrightsreservedMcGraw-Hill/IrwinFloatThedifferencebetweenbankcashand