第二十七章短期财务与计划.pptxVIP

Chapter Outline27.1 Tracing Cash and Net Working Capital27.2 Defining Cash in Terms of Other Elements27.3 The Operating Cycle and the Cash Cycle27.4 Some Aspects of Short-Term Financial Policy27.5 Cash Budgeting27.6 The Short-Term Financial Plan27.7 Summary ConclusionsExecutive SummaryWe are solidly in to the third great question of corporate finance.The Balance-Sheet Model of the FirmThe Capital Budgeting DecisionCurrent LiabilitiesCurrent AssetsLong-Term DebtWhat long-term investments should the firm engage in?Fixed Assets1 Tangible2 IntangibleShareholders’ EquityThe Balance-Sheet Model of the FirmThe Capital Structure DecisionCurrent LiabilitiesCurrent AssetsLong-Term DebtHow can the firm raise the money for the required investments?Fixed Assets1 Tangible2 IntangibleShareholders’ EquityThe Balance-Sheet Model of the FirmThe Net Working Capital Investment DecisionCurrent LiabilitiesCurrent AssetsNet Working CapitalLong-Term DebtHow much short-term cash flow does a company need to pay its bills?Fixed Assets1 Tangible2 IntangibleShareholders’ Equity27.1 Tracing Cash and Net Working CapitalCurrent Assets are cash and other assets that are expected to be converted to cash with the year.CashMarketable securitiesAccounts receivableInventoryCurrent Liabilities are obligations that are expected to require cash payment within the year.Accounts payableAccrued wagesTaxesLong-Term DebtNet Working CapitalFixed Assets+=+EquityOther Current AssetsNet Working CapitalCurrent Liabilities=Cash–+Long-Term DebtNet Working Capital (excluding cash)Fixed AssetsCash=+Equity––27.2 Defining Cash in Terms of Other ElementsLong-Term DebtNet Working Capital (excluding cash)Fixed AssetsCash=+Equity––27.2 Defining Cash in Terms of Other ElementsAn increase in long-term debt and or equity leads to an increase in cash—as does a decrease in fixed assets or a decrease in the non-cash components of net working capital.The Sources and Uses of Cash Statement follows from this reasoning.Raw material pu