公司理财第五版高等院校双语教材·金融系列-chapter-18(课件-42页).ppt

Trade credit: 商业信用 Consumer credit: 消费信贷 Raw materials: 原材料 Work in process: 在产品 Finished goods: 产成品 Cash conversion cycle: 资金循环周期 Inventory period: 存货周转天数 Accounts receivable period: 应收账款周转天数 Accounts payable period: 应付账款周转天数 Carrying costs: 持有成本 Shortage costs: 短缺成本 COPYRIGHT?ZHULI * Content Links between long-term and short-term financing Working capital Tracing changes in cash and working capital Cash budgeting A short-term financing plan Sources of short-term financing The cost of bank loans COPYRIGHT?ZHULI * COPYRIGHT?ZHULI * Content Links between long-term and short-term financing Working capital Tracing changes in cash and working capital Cash budgeting A short-term financing plan Sources of short-term financing The cost of bank loans COPYRIGHT?ZHULI * Three steps to preparing a cash budget Forecast the sources of cash. Forecast uses of cash. Calculate whether the firm is facing a cash shortage or surplus. The financial plan sets out a strategy for investing cash surpluses or financing any deficit. COPYRIGHT?ZHULI * Forecast sources of cash Suppose that 80% of sales are collected in the immediate quarter and the remaining 20% in the next. COPYRIGHT?ZHULI * Forecast uses of cash Payments of accounts payable Labor, administrative, and other expenses Capital expenditures Taxes, interest, and dividend payments COPYRIGHT?ZHULI * The cash balance The next step will be to develop a short-term financing plan that addresses the forecast requirements in the most economical way possible. COPYRIGHT?ZHULI * Cash budgeting: 现金预算 Minimum operating cash balance: 最低现金余额 COPYRIGHT?ZHULI * Content Links between long-term and short-term financing Working capital Tracing changes in cash and working capital Cash budgeting A short-term financing plan Sources of short-term financing The cost of bank loans COPYRIGHT?ZHULI * There are dozens of sources of short-term financing, but for simplicity we will consider only two: obtaining bank loans or stretching payab