财务管理基础外文版4.ppt

Capital BUDGETS Analysis成本-數量-利潤分析 弗兰克唐英年韦德博士 Dr. FRANK HENRY WADE ，CPA，CIA，CMA，CISA 莆田学院，中国 Putian University, China ST FINANCING 1. Trade Credit: From Suppliers 2. Bank Financing 3. BA Bank acceptance: Holder 3. Commercial Paper: ST loans unsecured 4. Letter of Credit: 3rd party pays 2nd party for 1st, when documents, conditions are met SHORT TERM Financing Chapter 11 1. Trade Credit as Financing: Pay bills on last day of period. 2. “Leaning on the trade 3.Security Collateral Pg 293 4. UCC-All states the same 5. Inventory Backed Loans A) Floating Lein-UCC pledge Inventory in general, not IDed B) Chattel Mortg:Identifiable security on personal property (Not real estate) C) Trust Reciept: ID Inventory and the sale funds go to holder D) Warehouse Reciept-Terminal: Lender stores goods in public wharehouse secured by paper, negotiable or non-negotiable E) Warehouse Reciept-Field: Same as D but in a private warehouse, inventory separate from lenders inventory (under control of warehouse Controller) F)Factoring: Selling of Receviables to a Bank , without recourse.Factoring costs come out of discount. COMPARISON OF ST FINANCING: Pg 305 Annualize Cost of Not taking Discount % discount/100-% discount x 365/pymt date-discount period Ex 2/10 net/30; 2/98x 365/20=.372 Maintaining Demand DepositsPg 291 Int Paid + Fees Paid/Usable fundsx 365/number of days loan o/s 4 Pcs of INFO: PI, Years, Investmt, Hurdle rate An Investment of X has a PI of Y for Z years and a hurdle rate of 10% What is the NPV? What is it PV of Gross future annuity flows? What is its annual annuity flows ?? What is its IRR? What is its Payback period Step1. PI= Net Present Value of Flows/Investment Required=PI. Step 2. Npv of flows + Initial Investment= PV of future annuity (Gross Flows) Step 3 PV of future annuity /PV FACTOR of Future Annuity=yearly annuity Step 4. Initial Investment/Annual flows=PV Factor of IRR(Look on Table @years to get % Rate Step 5:Payback= Initial Investment/Gross Annual F