第二十六章公司财务模型和长期计划.pptx

Chapter Outline26.1 What is Corporate Financial Planning?26.2 A Financial Planning Model: The Ingredients26.3 What Determines Growth?26.4 Some Caveats of Financial Planning Models26.5 Summary Conclusions26.1 What is Corporate Financial Planning?It formulates the method by which financial goals are to be achieved.There are two dimensions:A Time FrameShort run is probably anything less than a year.Long run is anything over that; usually taken to be a two-year to five-year period.A Level of AggregationEach division and operational unit should have a plan.As the capital-budgeting analyses of each of the firm’s divisions are added up, the firm aggregates these small projects as a big project.26.1 What is Corporate Financial Planning?Scenario AnalysisEach division might be asked to prepare three different plans for the near term future:A Worst CaseA Normal CaseA Best CaseWhat Will the Planning Process Accomplish?InteractionsThe plan must make explicit the linkages between investment proposals and the firm’s financing choices.OptionsThe plan provides an opportunity for the firm to weigh its various options.FeasibilityAvoiding SurprisesNobody plans to fail, but many fail to plan.26.2 A Financial Planning Model: The IngredientsSales forecastPro forma statementsAsset requirementsFinancial requirementsPlugEconomic assumptionsSales ForecastAll financial plans require a sales forecast. Perfect foreknowledge is impossible since sales depend on the uncertain future state of the economy.Businesses that specialize in macroeconomic and industry projects can be help in estimating sales.Pro Forma StatementsThe financial plan will have a forecast balance sheet, a forecast income statement, and a forecast sources-and-uses-of-cash statement.These are called pro forma statements or pro formas.Asset RequirementsThe financial plan will describe projected capital spending. In addition it will the discuss the proposed uses of net working capital.Financial RequirementsThe plan will include a s