财务管理(双语版)第八章 营运资本管理.pptVIP

Chapter 8 Overview of Working Capital Management 营运资本管理 Chapter 8 Overview of Working Capital Management 营运资本管理 1.Working Capital Concepts 营运资本的概念 Net working capital:Current assets minus current liabilities 流动资产-流动负债 Gross working capital:Current assets(cash,marketable securities,receivables,inventories)流动资产,(现金,有价证券,应收帐款,存货) 2.Significance of working capital management 营运资本管理的重要意义 account for over half of its total assets 对典型的制造企业占总资产的一半以上;批发零售企业大于一半. excessive ?substandard return on investment 过高流动资产导致较低的投资回报率 too few ?shortages 太少会造成缺货,缺乏营运资本,难以平稳经营 sound working capital management 良好的营运资本管理 保持最佳的流动资产水平,既不过高也不过低(the optimal level of investment in current assets) 适当的融资组合:短期融资和长期融资的适当组合(the appropriate mix of short-term and long-term financing) 3.Optimal Amount of Current Assets 流动资产数量 考虑获利能力与风险之间的权衡关系,trade-off between profitability and risk 一般有下列情况出现: ?Profitability varies inversely with liquidity 盈利能力上升,流动性下降 ?Profitability moves together with risk 盈利能力上升,风险上升 4.Financing Current Assets:Short-term and long-term mix 进行融资同样要考虑风险与获利能力之间的权衡. 一部分流动资产是通过“应付账款,应计项目”自然融资的(Spontaneous Financing) 考虑的是“缺口”部分:融资需求与扣除自然融资后的差额 一般: ?债务到期日越短,企业不能偿还债务本金和利息的风险越大,短期利率的波动远远大于长期利率的波动.所以,短期融资的利息成本不确定性更大,风险更大. ?债务到期日越长,融资成本越高,a.长期借款的成本较高;b.不需要资金时可能仍要支付利息.所以,短期负债比长期负债风险更高,但成本更低;在决定融资方式时要权衡风险与获利能力. 短期和长期融资的比较(short versus long-term financing) * *