财务管理英文课件：C8Overview of Working Capital Management.pptVIP

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财务管理英文课件：C8Overview of Working Capital Management.ppt

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Working Capital Simple Cycle of operations Working Capital Working Capital Example - Cash Conversion Cycle Given the aggregate balance sheet and income statement for US Manufacturing firms, calculate the cash conversion cycle. Working Capital Example - Cash Conversion Cycle Given the aggregate balance sheet and income statement for US Manufacturing firms, calculate the cash conversion cycle. Working Capital Example - Cash Conversion Cycle Given the aggregate balance sheet and income statement for US Manufacturing firms, calculate the cash conversion cycle. Working Capital Example - Cash Conversion Cycle Given the aggregate balance sheet and income statement for US Manufacturing firms, calculate the cash conversion cycle. Working Capital Example - Cash Conversion Cycle Given the aggregate balance sheet and income statement for US Manufacturing firms, calculate the cash conversion cycle. Firm increases risks associated with short-term borrowing by using a larger proportion of short-term financing. TIME DOLLAR AMOUNT Long-term financing Fixed assets Current assets Short-term financing Risks vs. Costs Trade-Off (Aggressive Approach) Financing Maturity Asset Maturity SHORT-TERM LONG-TERM Low Risk-Profitability Moderate Risk-Profitability Moderate Risk-Profitability High Risk-Profitability SHORT-TERM (Temporary) LONG-TERM (Permanent) Summary of Short- vs. Long-Term Financing The level of current assets and the method of financing those assets are interdependent. A conservative policy of “high” levels of current assets allows a more aggressive method of financing current assets. A conservative method of financing (all-equity) allows an aggressive policy of “low” levels of current assets. Combining Liability Structure and Current Asset Decisions 4 14 15 17 18 19 20 8.* Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. ? Pearson Education Limited 2009. Created by Gregory Kuhlemeyer. Chapter 8 Overview of Working Capital Management Expla