[经济学]5公司理财.ppt

Chapter 5 working capital management Section 5.1 working capital and short-term financing Main content Net working capital Risk-return trade off principal Hedging principal Short-term financing Introduction Case: In 1990, American Standard Company invested over $735 million in working capital. Later, American Standard performed a strategic plan and the inventory decreased by half. By 1993, American Standard had revenues totaling $4.2 billion, and the company’s sales of $1 need invest only 5 cents working capital compared to the norm of 15 cents. Introduction Think: 1.What is the working capital? 2.Producing the same sales, the company need invest less working capital than other companies. What’s that mean? 3.How to manage the working capital? the Balance Sheet （资产负债表） Assets (资产） ==== Current Assets (流动资产） Cash and cash equivalents （现金和银行存款） Account Receivable（应收账款） Inventory（存货） Long-term Assets（长期资产） Investment（长期投资） Building, Property, plants and equipments (PPE) Intangible assets（无形资产） Liabilities + Equity(负债+权益） Current liabilities（流动负债） Account Payable（应付帐款） Salary Payable（应付工资） Income Tax Payable（应交税金） Long-term debts with maturity date within one year（一年内到期长期负债） Long-term Debts（长期负债） Note Payable（应付票据） Bond Payable（应付债券） ---------------------------------------------- Shareholders’ equity（股东权益） Common Stock（普通股） Paid-In-Capital In Excess of Par（相当于资本公积金——溢价发行） Retained Earnings（保留盈余，相当于盈余公积和未分配利润） (net) Working capital management Working capital The company’s total investment in current assets or assets which it expects to be converted into cash within a year or less. (net) Working capital management Net working capital The difference between the company’s current assets and its current liabilities. Notice: Frequently when the term working capital is used actually intended to mean n