公司理财英文版第十九章二十章优质PPT.ppt
《公司理财英文版第十九章二十章优质PPT.ppt》由会员分享,可在线阅读,更多相关《公司理财英文版第十九章二十章优质PPT.ppt(49页珍藏版)》请在冰豆网上搜索。
Chapter19CashandLiquidityManagementMcGraw-Hill/IrwinCopyright2010byTheMcGraw-HillCompanies,Inc.Allrightsreserved.KeyConceptsandSkillsUnderstandtheimportanceoffloatandhowitaffectsthecashbalanceUnderstandhowtoacceleratecollectionsandmanagedisbursementsUnderstandtheadvantagesanddisadvantagesofholdingcashandsomeofthewaystoinvestidlecashAppendix:
@#@BeabletousetheBATandMiller-Orrmodels19-2ChapterOutlineReasonsforHoldingCashUnderstandingFloatCashCollectionandConcentrationManagingCashDisbursementsInvestingIdleCashAppendixTheBasicIdeaTheBATModelTheMiller-OrrModel:
@#@AMoreGeneralApproachImplicationsoftheBATandMiller-OrrModelsOtherFactorsInfluencingtheTargetCashBalance19-3ReasonsforHoldingCashSpeculativemotiveholdcashtotakeadvantageofunexpectedopportunitiesPrecautionarymotiveholdcashincaseofemergenciesTransactionmotiveholdcashtopaytheday-to-daybillsTrade-offbetweenopportunitycostofholdingcashrelativetothetransactioncostofconvertingmarketablesecuritiestocashfortransactions19-4UnderstandingFloatFloatdifferencebetweencashbalancerecordedinthecashaccountandthecashbalancerecordedatthebankDisbursementfloatGeneratedwhenafirmwriteschecksAvailablebalanceatbankbookbalance0CollectionfloatChecksreceivedincreasebookbalancebeforethebankcreditstheaccountAvailablebalanceatbankbookbalance0Netfloat=disbursementfloat+collectionfloat19-5Example:
@#@TypesofFloatYouhave$3,000inyourcheckingaccount.Youjustdeposited$2,000andwroteacheckfor$2,500.Whatisthedisbursementfloat?
@#@Whatisthecollectionfloat?
@#@Whatisthenetfloat?
@#@Whatisyourbookbalance?
@#@Whatisyouravailablebalance?
@#@19-6CostsofHoldingCashOpportunityCostsTradingcostsTotalcostofholdingcashC*CostsindollarsofholdingcashSizeofcashbalanceTheinvestmentincomeforegonewhenholdingcash.Tradingcostsincreasewhenthefirmmustsellsecuritiestomeetcashneeds.19A-7TheBATModelF=ThefixedcostofsellingsecuritiestoraisecashT=ThetotalamountofnewcashneededR=Theopportunitycostofholdingcash,i.e.,theinterestrateTimeC123C2Ifwestartwith$C,spendataconstantrateeachperiodandreplaceourcashwith$Cwhenwerunoutofcash,ouraveragecashbalancewillbeC2TheopportunitycostofholdingisC2C2R19A-8TheBATModelTimeCAswetransfer$CeachperiodweincuratradingcostofF.123C2ThetradingcostisFTCTCIfweneed$Tintotalovertheplanningperiodwewillpay$Ftimes.19A-9TheBATModelC*SizeofcashbalanceOpportunityCostsTradingcosts19A-10TheBATModelOpportunityCosts=TradingCostsTheoptimalcashbalanceisfoundwheretheopportunitycostsequalsthetradingcosts.MultiplybothsidesbyC19A-11TheMiller-OrrModelThefirmallowsitscashbalancetowanderrandomlybetweenupperandlowercontrollimits.$TimeUCLWhenthecashbalancereachestheuppercontrollimitU,cashisinvestedelsewheretogetustothetargetcashbalanceC.Whenthecashbalancereachesthelowercontrollimit,L,investmentsaresoldtoraisecashtogetusuptothetargetcashbalance.19A-12TheMiller-OrrModelMathGivenL,whichissetbythefirm,theMiller-OrrmodelsolvesforC*andUwheres2isthevarianceofnetdailycashflows.TheaveragecashbalanceintheMiller-Orrmodelis:
@#@19A-13ImplicationsoftheMiller-OrrModelTousetheMiller-Orrmodel,themanagermustdofourthings:
@#@1.Setthelowercontrollimitforthecashbalance.2.Estimatethestandarddeviationofdailycashflows.3.Determinetheinterestrate.4.Estimatethetradingcostsofbuyingandsellingsecurities.19A-14ImplicationsoftheMiller-OrrModelThemodelclarifiestheissuesofcashmanagement:
@#@Theoptimalcashposition,C*,ispositivelyrelatedtotradingcosts,F,andnegativelyrelatedtotheinterestrateR.C*andtheaveragecashbalancearepositivelyrelatedtothevariabilityofcashflows.19A-15OtherFactorsInfluencingtheTargetCashBalanceBorrowingBorrowingislikelytobemoreexpensivethansellingmarketablesecurities.Theneedtoborrowwilldependonmanagementsdesiretoholdlowcashbalances.19A-16QuickQuizWhatarethemajorreasonsforholdingcash?
@#@Whatisthedifferencebetweendisbursementfloatandcollectionfloat?
@#@Howdoesalockboxsystemwork?
@#@Whatarethemajorcharacteristicsofshort-termsecurities?
@#@19-17EndofChapter19-18Chapter20CreditandInventoryManagementMcGraw-Hill/IrwinCopyright2010byTheMcGraw-HillCompanies,Inc.Allrightsreserved.KeyConceptsandSkillsUnderstandthekeyissuesrelatedtocreditmanagementUnderstandtheimpactofcashdiscountsBeabletoevaluateaproposedcreditpolicyUnderstandthecomponentsofcreditanalysisUnderstandthemajorcomponentsofinventorymanagementBeabletousetheEOQmodeltodetermineoptimalinventoryordering20-20ChapterOutlineCreditandReceivablesTermsoftheSaleAnalyzingCreditPolicyOptimalCreditPolicyCredit