公司理财英文版第十九章二十章.ppt

公司理财英文版第十九章二十章.ppt

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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