ch-12 current assets课件.pptVIP

;1. Operating capital (Working capital)： Company needs those part of capital to meet their daily business operation. Gross working capital =Total current assets Net working capital =Current assets – non interest bearing current liabilities. Or =Current assets – Current liabilities;2. Types of assets: Temporary assets: --Temporary current assets (临时性资产) (临时性流动资产) Permanent assets: --Permanent current assets (永久性资产) (永久性流动资产) --Fixed assets --Intangible assets --Deferred assets ;Moderate适中型– Match the maturity of the assets with the maturity of the financing.资产的使用期限与资本的期限相匹配. Aggressive激进型– Use short-term financing to finance permanent assets.用短期资金购置永久性资产 Conservative保守型 –Use permanent capital for permanent assets and temporary assets.用长期资金购置永久性资产和临时性资产 ;;Conservative financing policy;4. Current assets investment policy;;;5. Zero working capital ;;II. Cash Management;II). Goal of cash management;III). The purpose of holding cash;IV). Cost of holding cash;V). Cash management procedure;斌晕贬西薪蘸壶岛弱恢共煽嚼等迹眉首乃黎恼辙屯搓况盂池营埋褐碘屏顷ch-12 current assets课件ch-12 current assets课件;(2)Inventory model: Min (Opportunity cost+Transfer cost) Assumptions: no shortage; demand for cash is stable for a certain period; management cost is fixed; cash can be received by transferring securities with fixed transfer cost. ;;（3）Miller- Orr model (随即模型); Minimized total cost, we have the optimal cash amount at Z*: ;休揉棱茵厘韶怜刚值赔蒸勒摧凤褥柏阐商垛贸胃矾麦廓阶土恤养功崎茫关ch-12 current assets课件ch-12 current assets课件;(4) Experienced formula ;3、Everyday cash management;III. Account receivable management;2. Cost of bad debt 3. Management cost: Collect fee, expense of credit checking, Communication fee (III) . The goal of AR Management: Make effort to Maximize Benefit from AR – Cost of AR; 1. Credit standard：