第11章流动资产管理剖析.ppt

CHAPTER 11 Current Assets Management ■ Cash Management ■ Accounts Receivable Management ■ Inventory Management Cash Management （二）现金管理的目的 在保证企业生产经营所需现金的同时，节约使用资金，并从暂时闲置的现金中获得最多的收入。 （三）现金管理的内容 1. 编制现金收支计划，以便合理的估计未来的现金需求。 2. 对日常的现金收支进行控制，力求加速收款，延缓付款。 3. 用特定的方法确定最佳的现金余额，并处理现金余缺。 现金管理的内容图 二、现金收支计划的编制 （一）现金收入 （二）现金支出 （三）净现金流量 （四）现金余缺 Cash Management System 三、 Determining the optimal Cash Balance （一） The Baumol Model(存货模型） （二） The Miller-Orr Model（随机模型） Costs of Holding Cash The Baumol Model F = The fixed cost of selling securities to raise cash T = The total amount of new cash needed K = The opportunity cost of holding cash, a.k.a. the interest rate. The Baumol Model F = The fixed cost of selling securities to raise cash T = The total amount of new cash needed K = The opportunity cost of holding cash, a.k.a. the interest rate. The Baumol Model The Miller-Orr Model The firm allows its cash balance to wander randomly between upper and lower control limits. The Miller-Orr Model Math Given L, which is set by the firm, the Miller-Orr model solves for Z and H Implications of the Miller-Orr Model To use the Miller-Orr model, the manager must do four things: Set the lower control limit for the cash balance. Estimate the standard deviation of daily cash flows. Determine the interest rate. Estimate the trading costs of buying and selling securities. 四、现金的日常控制 （一） Speeding Up Cash Receipts 　 Collections 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 　 Collection Float（收账浮账期间） Lockbox System Lockbox A post office box maintained by a firm’s bank that is used as a receiving point for customer remittances. Lockbox Process 　Customers are instructed to mail their remittances to the lockbox location. 　Bank picks up remittances several times daily from the lockbox. 　Bank deposits remittances in the customers account and p