财务策划步骤和方法.pptVIP

Financial Plans Financial plans evaluate the economics behind the strategy and operations. They consist of six steps: Projected financial statements: to analyze the effects of the operating plan on projected profits and financial ratios. Determine the funds needed to support the plan. Forecast funds availability. Establish and maintain a system of controls to govern the allocation and use of funds within the firm. Develop procedures for adjusting the basic plan if the economic forecasts upon which the plan was based do not materialize Establish a performance-based management compensation system. Sales Forecast Sales forecasts are usually based on the analysis of historic data. An accurate sale forecast is critical to the firm’s profitability: The Percent of Sales Method This is the most common method, which begins with the sales forecast expressed as an annual growth rate in dollar sale revenue. Many items on the balance sheet and income statement are assumed to change proportionally with sales. The Percent of Sales Method: An Example Example (cont’d): Example (cont’d): Example (cont’d): Retained earnings will also increase but not at the same rate as sales. The 2002 amount of RE is the old amount plus the addition to retained earnings, which we calculated in the projected income statement. Since the TA = TL and the TA have increased to 33,534, while TL have increased to 31,406, there are additional funds needed (AFN) of 2,128 on the liabilities side. Example (cont’d): There are two categories of sources for the AFN: Issuance of new stocks (equity) Use some combination of debt In this example, there are internally generated funds from: Retained Earnings Accounts Payable and Accruals Example (cont’d): Financing Feedbacks If the business issues new debt and common stock, the total amount of interest and dividends paid will change. Because interest and dividends must be paid with cash, any increase in these costs will decrease the funds the firm has to inve