《财务管理ch05-2（现金安全)》.pptVIP

Chapter 5-2 Cash and Marketable Securities Management 现金与有价证券管理 Cash and Marketable Securities Management Motives for Holding Cash (持有现金动机） Speeding Up Cash Receipts （加速收款） S-l-o-w-i-n-g D-o-w-n Cash Payouts （推迟付款） Electronic Commerce（电子商务） Motives for Holding Cash Transactions Motive（交易动机） -- to meet payments arising in the ordinary course of business Speculative Motive（投机动机） -- to take advantage of temporary opportunities Precautionary Motive（预防动机）-- to maintain a cushion or buffer to meet unexpected cash needs Speeding Up Cash Receipts Expedite preparing and mailing the invoice Accelerate the mailing of payments from customers Reduce the time during which payments received by the firm remain uncollected S-l-o-w-i-n-g D-o-w-n Cash Payouts “Playing the Float”（利用现金浮游量） Control of Disbursements Payable through Draft (PTD)汇票支付 Payroll and Dividend （工资与股利） Disbursements Zero Balance Account (ZBA) Remote and Controlled Disbursing（远期支付） Investment in Marketable Securities Marketable Securities are shown on the balance sheet as: 1. Cash equivalents if maturities are less than three (3) months at the time of acquisition.（现金等价物） 2. Short-term investments if remaining maturities are less than one (1) year.（短期投资） Variables in Marketable Securities Selection Marketability (or Liquidity) The ability to sell a significant volume of securities in a short period of time in the secondary market without significant price concession. Variables in Marketable Securities Selection Maturity Refers to the remaining life of the security. Common Money Market Instruments Treasury Bills (T-bills): Short-term, non-interest bearing obligations of the U.S. Treasury issued at a discount and redeemed at maturity for full face value. Minimum $1,000 amount and $1,000 increments thereafter. Common Money Market Instruments Treasury Bonds: Long-term (more than 10 years’ original maturity) obligations of the U.S. Treasury. 5-