- 1、本文档共39页,可阅读全部内容。
- 2、原创力文档(book118)网站文档一经付费(服务费),不意味着购买了该文档的版权,仅供个人/单位学习、研究之用,不得用于商业用途,未经授权,严禁复制、发行、汇编、翻译或者网络传播等,侵权必究。
- 3、本站所有内容均由合作方或网友上传,本站不对文档的完整性、权威性及其观点立场正确性做任何保证或承诺!文档内容仅供研究参考,付费前请自行鉴别。如您付费,意味着您自己接受本站规则且自行承担风险,本站不退款、不进行额外附加服务;查看《如何避免下载的几个坑》。如果您已付费下载过本站文档,您可以点击 这里二次下载。
- 4、如文档侵犯商业秘密、侵犯著作权、侵犯人身权等,请点击“版权申诉”(推荐),也可以打举报电话:400-050-0827(电话支持时间:9:00-18:30)。
16WorkingCapitalManagementandShort-TermFinancing?2009South-Western/Cengage
22IntroductionThischapterdealswiththemanagementofworkingcapital,whichinvolvesdecisionsabouttheoptimaloveralllevelofcurrentassetsandtheoptimalmixofshort-termfundsusedtofinancethecompany’sassets.Italsodiscussesshort-termcreditsourcesoffundingavailabletoacompany.Thesesourcesincludetradecreditandbankloans.
33WorkingCapitalPolicyInvolvesdecisionsaboutacompany’scurrentassets(CA)andcurrentliabilities(CL)WorkingcapitalNetworkingcapital=CA–CLWorkingcapitalmanagement
4
55WorkingCapitalRepresentsassetsthatflowthroughthefirmOperatingcycleMadenecessarybytheasynchronousnatureofcashreceiptsanddisbursements
66OperatingCycleOperatingcycleCharacterizedbythetimeintervalsbetweenthefollowingdates:Date1PurchaseofresourcesDate2PayforresourcepurchasesDate3SellproductoncreditDate4Collectreceivables1234
77
88posingtheOperatingCyclePayablesdeferralperiodReceivablesconversionperiod
1234Cashconversioncycle
99OperatingCycle=InventoryConversionPeriod+ReceivablesConversionPeriodInventoryConversionPeriod=AverageInventoryCostofSales/365ReceivablesConversionPeriod=AccountsReceivableAnnualCreditSales/365OperatingCycleAnalysis
1010CashConversionCycle=OperatingCycle+PayablesDeferralPeriodOperatingCycleAnalysis,ContinuedPayablesDeferralPeriod=AccountsPayable+Salaries,BenefitsPayrollTaxesPayableCostofSales–Selling,Gen,AdminExp(/365)
11
1212SizeandNatureofaFirm’sInvestmentinCurrentAssetsTypeofproductLengthofoperatingcycleInventorysizeSafetystockProbabilityofrunningoutCreditpoliciesEfficiencyofcurrentassetsmanagement
1313AppropriateLevelofWorkingCapitalMoreconservativepoliciesoftenresultinlostsalesduetorestrictivecreditpolicies.Optimallevelofworkingcapitalinvestmentisthelevelwhich
您可能关注的文档
- 营养食品中色素测定.pdf
- 高二物理期中圈题实验测小灯泡伏安特性曲线乾.pdf
- 章债券1corporate finance 3rdberkdemarzo solution习题全解答案bd3 sm06.pdf
- 详解课件说明neng tz0 history route 2 paper 3 aspects of the americas hl markscheme spanish.pdf
- abb培训机器人手册3hac.pdf
- 高一历史课件必修版课与美洲济区域化.pptx
- 简单两位数乘一位数.pdf
- 元器件型号规格以表为准hi3516admeb ver sch.pdf
- msm金字塔training单店行销.pptx
- 附件龙翼-电话回访操作手册.pdf
文档评论(0)