第10章 营运资金管理

第10章 营运资金管理

Chapter 10Overview of Working Capital Management8-1

第10章 营运资金管理

Overview of Working Capital ManagementWorking Capital Concepts Working Capital Issues Financing Current Assets: Short-Term and Long-Term Mix Combining Liability Structure and Current Asset Decisions8-2

第10章 营运资金管理

Working Capital ConceptsNet Working CapitalCurrent Assets - Current Liabilities.

Gross Working CapitalThe firm’s investment in current assets.

Working Capital ManagementThe administration of the firm’s current assets and the financing needed to support current assets.8-3

第10章 营运资金管理

Significance of Working Capital ManagementIn a typical manufacturing firm, current assets exceed one-half of total assets. Excessive levels can result in a substandard Return on Investment (ROI). Current liabilities are the principal source of external financing for small firms. Requires continuous, day-to-day managerial supervision. Working capital management affects the company’s risk, return, and share price.8-4

第10章 营运资金管理

Working Capital IssuesOptimal Amount (Level) of Current Assets Assumptions 50,000 maximum units of production Continuous production Three different policies for current asset levels are possible8-5 ASSET LEVEL ($) Policy A Policy B Policy C

Current Assets

0

25,000 OUTPUT (units)

50,000

第10章 营运资金管理

Impact on LiquidityOptimal Amount (Level) of Current AssetsASSET LEVEL ($)

Liquidity Analysis Policy Liquidity A High B Average C Low Greater current asset levels generate more liquidity all other factors held constant.8-6

Policy A Policy B Policy C

Current Assets

0

25,000 OUTPUT (units)

50,000

第10章 营运资金管理

Impact on Expected ProfitabilityOptimal Amount (Level) of Current AssetsReturn on Investment =ASSET LEVEL ($) Policy A Policy B Policy C

Net Profit Total Assets Let Current Assets = (Cash + Rec. + Inv.) Return on Investment = Net Profit Current + Fixed Assets8-7

Current Assets

0

25,000 OUTPUT (units)

50,000

第10章 营运资金管理

Impact on Expected ProfitabilityOptimal Amount (Level) of Current AssetsASSET LEVEL ($)

Profitability Analysis Policy Profitability A Low B Average C HighAs current asset levels decline, total assets will decline and the ROI will rise.8-8

Policy A Policy B Policy C

Current Assets

0

25,000 OUTPUT (units)

50,000

第10章 营运资金管理

Impact on RiskOptimal Amount (Level) of Current AssetsDecreasing cash reduces the firm’s ability to meet its financial obligations. More risk! Stricter credit policies reduce receivables and possibly lose sales and customers. More risk! Lower inventory levels increase stockouts and lost sales. More risk!8-9 ASSET LEVEL ($) Policy A Policy B Policy C

Current Assets

0

25,000 OUTPUT (units)

50,000

第10章 营运资金管理

Impact on RiskOptimal Amount (Level) of Current AssetsASSET LEVEL ($)

Risk Analysis Policy Risk A Low B Average C HighRisk increases as the level of current assets are reduced.8-10

Policy A Policy B Policy C

Current Assets

0

25,000 OUTPUT (units)

50,000

第10章 营运资金管理

Summary of the Optimal Amount of Current AssetsSUMMARY OF OPTIMAL CURRENT ASSET ANALYSISPolicy A B C Liqu

idity High Average Low Profitability Low Average High Risk Low Average High

1. Profitability varies inversely with liquidity. 2. Profitability moves together with risk. (risk and return go hand-in-hand!)8-11

第10章 营运资金管理

Classifications of Working CapitalComponentsCash, marketable securities, receivables, and inventory Time Permanent Temporary8-12

第10章 营运资金管理

Permanent Working CapitalThe amount of current assets required to meet a firm’s long-term minimum needs. longDOLLAR AMOUNT

Permanent current assets

TIME8-13

第10章 营运资金管理

Temporary Working CapitalThe amount of current assets that varies with seasonal requirements. DOLLAR AMOUNT Temporary current assets

Permanent current assets

TIME8-14

第10章 营运资金管理

Financing Current Assets: ShortShort-Term and Long-Term Mix LongSpontaneous Financing: Trade credit, and Financing: other payables and accruals, that arise spontaneously in the firm’s day-to-day operations.Based on policies regarding payment for purchases, labor, taxes, and other expenses. We are concerned with managing nonspontaneous financing of assets.8-15

第10章 营运资金管理

Hedging (or Maturity Matching) ApproachA method of financing where each asset would be offset with a financing instrument of the same approximate maturity.Short-term financing**

DOLLAR AMOUNT

Current assets* Long-term financing Fixed assets

TIME8-16