公司理财原书第七版第三章财务计划与增长.ppt

Chapter Outline 3.1 What is Financial Planning? 3.2 A Financial Planning Model: The Ingredients 3.3 The Percentage Sales Method 3.4 What Determines Growth? 3.5 Some Caveats of Financial Planning Models 3.6 Summary and Conclusions 3.1 What is Corporate Financial Planning? It formulates the method by which financial goals are to be achieved. There are two dimensions: A Time Frame Short run is probably anything less than a year. Long run is anything over that; usually taken to be a two-year to five-year period. A Level of Aggregation Each division and operational unit should have a plan. As the capital-budgeting analyses of each of the firm’s divisions are added up, the firm aggregates these small projects as a big project. 3.1 What is Corporate Financial Planning? Scenario Analysis Each division might be asked to prepare three different plans for the near term future: A Worst Case A Normal Case A Best Case What Will the Planning Process Accomplish? Interactions The plan must make explicit the linkages between investment proposals and the firm’s financing choices. Options The plan provides an opportunity for the firm to weigh its various options. Feasibility Avoiding Surprises Nobody plans to fail, but many fail to plan. 3.2 A Financial Planning Model:The Ingredients Sales forecast Pro forma statements Asset requirements Financial requirements Plug Economic assumptions Sales Forecast All financial plans require a sales forecast. Perfect foreknowledge is impossible since sales depend on the uncertain future state of the economy. Businesses that specialize in macroeconomic and industry projects can be help in estimating sales. Pro Forma Statements The financial plan will have a forecast balance sheet, a forecast income statement, and a forecast sources-and-uses-of-cash statement. These are called pro forma statements or pro formas. Asset Requirements The financial plan will describe projected capital spending. In addition it will discuss the proposed uses of net work