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公司金融英文课件Lecture 5 and 6 Cash and Credit Management概要1
Implications of the Miller-Orr Model Components of Credit Policy The Cash Flows from Granting Credit Terms of the Sale Factors Affecting the Length of Credit Period Analysing Credit Policy Evaluating a Proposed Credit Policy Evaluating a Proposed Credit Policy Evaluating a Proposed Credit Policy Evaluating a Proposed Credit Policy Evaluating a Proposed Credit Policy Evaluating a Proposed Credit Policy Evaluating a Proposed Credit Policy Example 17.3 We’d Rather Fight than Switch Example 17.3 We’d Rather Fight than Switch Optimal Credit Policy The Costs of Granting Credit When Should Credit Be Granted? Activities for this Lecture * LUBS1035 Foundations of Finance 2012/13 Semester 2 John Smith Lecture 56: Cash and Credit Management Leeds University Business School Guest Lectures Next week – 8th March Professor Nick Wilson Sources of Finance – Venture Capital/Private Equity Next semester – 19th April Professor Phil Holmes Derivatives and Options Overview of Lecture Reasons for Holding Cash Understanding Float Disbursement Float Example 17.1 Staying Afloat Example 17.1 Staying Afloat Float Management Collection Time Determining the Target Cash Balance Determining the Target Cash Balance The Baumol (or BAT) Model Suppose Golden Socks plc began week 0 with a cash balance of C = ￡1.2 million, and outflows exceed inflows by ￡600,000 per week. Its cash balance will drop to zero at the end of week 2, and its average cash balance will be C/2 = ￡1.2 million/2 = ￡600,000 over the two-week period. At the end of week 2, Golden Socks must replace its cash either by selling marketable securities or by borrowing. The Baumol Model The Baumol Model Because transaction costs must be incurred whenever cash is replenished (for example, the brokerage costs of selling marketable securities), establishing large initial cash balances will lower the trading costs connected with cash management. However, the larger the average cash balance, the greater the opportunity cost (the return that
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