公司理财414001.pptVIP

Key Concepts and Skills Understand the financial planning process and how decisions are interrelated Be able to develop a financial plan using the percentage of sales approach Be able to compute external financing needed and identify the determinants of a firm’s growth Understand the four major decision areas involved in long-term financial planning Understand how capital structure policy and dividend policy affect a firm’s ability to grow Chapter Outline What Is Financial Planning? Financial Planning Models: A First Look The Percentage of Sales Approach External Financing and Growth Some Caveats Regarding Financial Planning Models Elements of Financial Planning Investment in new assets – determined by capital budgeting decisions Degree of financial leverage – determined by capital structure decisions Cash paid to shareholders – determined by dividend policy decisions Liquidity requirements – determined by net working capital decisions Financial Planning Process Planning Horizon - divide decisions into short-run decisions (usually next 12 months) and long-run decisions (usually 2 – 5 years) Aggregation - combine capital budgeting decisions into one large project Assumptions and Scenarios Make realistic assumptions about important variables Run several scenarios where you vary the assumptions by reasonable amounts Determine, at a minimum, worst case, normal case, and best case scenarios Role of Financial Planning Examine interactions – help management see the interactions between decisions Explore options – give management a systematic framework for exploring its opportunities Avoid surprises – help management identify possible outcomes and plan accordingly Ensure feasibility and internal consistency – help management determine if goals can be accomplished and if the various stated (and unstated) goals of the firm are consistent with one another Financial Planning Model Ingredients Sales Forecast – many cash flows depend directly on the level of sales (often estimate