《财务管理》（英文版） 7.pptVIP

Chapter 9 Cash and Marketable Securities Management Cash and Marketable Securities Management Motives for Holding Cash Speeding Up Cash Receipts S-l-o-w-i-n-g D-o-w-n Cash Payouts Electronic Commerce Cash and Marketable Securities Management Outsourcing Cash Balances to Maintain Investment in Marketable Securities Motives for Holding Cash Transactions Motive -- to meet payments arising in the ordinary course of business Speculative Motive -- to take advantage of temporary opportunities Precautionary Motive -- to maintain a cushion or buffer to meet unexpected cash needs Cash Management System 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 Collection Float Mail Float Processing Float Availability Float Deposit Float Earlier Billing Accelerate preparation and mailing of invoices computerized billing invoices included with shipment invoices are faxed advance payment requests preauthorized debits Preauthorized Payments Preauthorized debit The transfer of funds from a payor’s bank account on a specified date to the payee’s bank account; the transfer is initiated by the payee with the payor’s advance authorization. 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 provides a deposit slip with a list of payments. Company receives the list and any additional mailed items. Lockbox System Disadvantage Cost of creating and maintaining a lockbox system. Generally, not advantageous for small remittances. Concentration Banking Compensating Balance Non-interest-bearing demand deposits maintained by a firm to compensate a bank for se