企业营运资本融资策略与佳现金持有量分析.pdfVIP

PART11CampCapitalManagement

,subjectivetest

points

(1)Workingcapitalfinancingstrategy

1.Moderatetype

Volatilecurrentassets＝TemporaryliabilitiesLong-termassets＋Stablecurrentassets

＝Operatingcurrentliabilities＋Long-termdebt＋Shareholdersequity

2.Conservative

VolatileCurrentAssets＞TemporaryLiabilities

Long-termassets＋StabilityCurrentassets＜Operatingcurrentliabilities＋Long-termdebt＋Shareholdersequity

3.Radicaltype

VolatileCurrentAssets＜TemporaryLiabilities

Long-termassets＋StabilityCurrentassets＞Operatingcurrentliabilities＋Long-termdebt＋Shareholdersequity

总结：

FinancingstrategyEasilyrealizablerateduringtroughperiodEasilyrealizedrateduringpeakperiod(allsthan1)Characteristics(riskandreturn)

Conservativegreater最大较低

than1

Moderateequalto1适中适中

Aggressivesthan1最小较高

(2)Howtodeterminetheoptimalcashholdings

1.Costanalysismode

1)Thesumofthethreecostsisthesmalt:managementcost＋shortagecost＋opportunitycost

（

2)Thesumofthetwocostsisthesmalt:shortagecost＋opportunitycost

（

3)Thetwocostsareequal:shortagecost＝opportunitycost

（

2.Inventorymode

1)Thesumofthetwocostsisthesmalt:opportunitycost＋Transactioncost

（

2)Twocostsareequal:opportunitycost＝transaction

（

cost

（3）相关指标计算

3.随机模式

（1）确定最优返回线

b：每次有价的固定转换成本；

：预期每天现金金额波动的差；

i：有价的日利息率；

（2）现金存量的上限（H）的计算

H＝3R－2L

（3）现金管理策略

①当现金存量达到控制上限，则用现金购入有价（上限金额减去最优现金返回线金额）；

②当现金存量达到控制下限，则抛售有价换回现金（最优现金返回线金额减去下限金额）；

③当现金存量在上下限之间波动，属于控制范围内变化，是合理的，不予理会。