公司理财教学资料cha.pptxVIP

Chapter 18-20 Working capital management2023/5/16第1页，共55页。 Main topicsSome Aspects of Short-Term Financial PolicyCash Budget and liquidity managementCredit policy and accounts receivable management Inventory managementShort-Term Borrowing18-22023/5/16第2页，共55页。 Short-Term Financial PolicySize of investments in current assetsFlexible (conservative) policy – maintain a high ratio of current assets to salesRestrictive (aggressive) policy – maintain a low ratio of current assets to salesCompromise policy-maintain a tradeoff ratio of current assets to sales18-32023/5/16第3页，共55页。 Carrying vs. Shorta