chap017公司理财_课件.pdf

Chappter 18 FFunddamenttalls off Corpp orate LongLong-TermTerm FinancialFinancial Finance Planning Fifth Edition Slides by Matthew Will McGraw-Hill/Irwin Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved 18- 2 Toppics Covered WhWhat iis FiFinanciiall PlPlanniing?? Financial Planningg Models Example: Executive Cheese Example:Example: ExecutiveExecutive FruitFruit Planners Beware External Financing and Growth McGraw-Hill/Irwin Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved 18- 3 Financial Planningg ThThe FiFinanciiall PlPlanniing PProcess Analyzing the investment and financing choices open to the firm. Projj ectingg the future conseqquences of current decisions. DecidingDeciding whichwhich alternativesalternatives toto undertakeundertake. Measuring subsequent performance against the goalsgoals setset forthforth inin thethe financialfinancial planplan. McGraw-Hill/Irwin Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved 18- 4 Financial Planningg Planning Horizon - Time horizon for a financial plan. Departments are often asked to submit 3 alternatives OptimisticOptimistic casecase = bestbest casecase Expected case = normal growth Pessimistic case = retrenchment Financial plans help managers ensure that their financialfinancial strategiesstrategies areare consistentconsistent withwith theirtheir capitalcapital budgets. They highli