营运资本融资策略与短期信用来源.pptxVIP

CHAPTER17

FinancingCurrentAssetsWorkingcapitalfinancingpoliciesA/P(tradecredit)CommercialpaperS-Tbankloans

WorkingCapitalFinancingPoliciesModerate:Matchthematurityoftheassetswiththematurityofthefinancing.Aggressive:Useshort-termfinancingtofinancepermanentassets.Conservative:Usepermanentcapitalforpermanentassetsandtemporaryassets.

Years$PermC.A.FixedAssetsTemp.C.A.Lowerdashedline,moreaggressive.}S-TLoansL-TFin:Stock,Bonds,Spon.C.L.ModerateFinancingPolicy

ConservativeFinancingPolicyFixedAssetsYears$PermC.A.L-TFin:Stock,Bonds,Spon.C.L.