《ACCA考试之财务管理 FINANCIAL MANAGEMENT》课件PPT 11 Specific investment decisions
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《ACCA考试之财务管理 FINANCIAL MANAGEMENT》课件PPT 1 Financial Management and financialobjectives
financial management is concerned with the long term raising of finance and the allocation and control of resources.
➢management accounting is concerned with day-to-day planning, control and decision making.
8
Exam guide
Discussion question, or Financial ratios computation and discussion
9
1 the nature, purpose and scope of financial management
Fast forward
Financial management decisions cover investment decisions, financing decisions, dividend decisions and risk management.
15
1.4 Financial management decisions
Investment decisions
Allocation of resources
Fixed assets Current assets Risk and return expected
16
1.4 Financial management decisions
➢ financial accounting reports to external interested parties the results of the decisions taken by management (historical information), not directly involved in the day-to-day planning, control and decision making of an oቤተ መጻሕፍቲ ባይዱganization
➢management accounting is concerned with day-to-day planning, control and decision making.
8
Exam guide
Discussion question, or Financial ratios computation and discussion
9
1 the nature, purpose and scope of financial management
Fast forward
Financial management decisions cover investment decisions, financing decisions, dividend decisions and risk management.
15
1.4 Financial management decisions
Investment decisions
Allocation of resources
Fixed assets Current assets Risk and return expected
16
1.4 Financial management decisions
➢ financial accounting reports to external interested parties the results of the decisions taken by management (historical information), not directly involved in the day-to-day planning, control and decision making of an oቤተ መጻሕፍቲ ባይዱganization
《ACCA考试之财务管理 FINANCIAL MANAGEMENT》课件PPT 4 Working Capital
For a wholesale or retail business, there will be no raw materials or WIP holding periods, and the cycle simplifies:
Cash operating cycle= stock holding period + debtors’ collections period – creditors’ payment period.
Capital assets
Long-term debt and equity
11
1.1 Working capital characteristic of different business
Holding inventory Taking time to pay suppliers and other account payable Allowing customers time to pay
> current liabilities
Current liabilities
Capital assets
Long-term debt and equity
9
NWC: An operational focus
Current assets = current liabilities
Current assets
15
3 Role of working capital management
Fast forward
A business needs to have clear policies for management of each component of working capital.
Cash operating cycle= stock holding period + debtors’ collections period – creditors’ payment period.
Capital assets
Long-term debt and equity
11
1.1 Working capital characteristic of different business
Holding inventory Taking time to pay suppliers and other account payable Allowing customers time to pay
> current liabilities
Current liabilities
Capital assets
Long-term debt and equity
9
NWC: An operational focus
Current assets = current liabilities
Current assets
15
3 Role of working capital management
Fast forward
A business needs to have clear policies for management of each component of working capital.
财务管理基础 financial management 清华大学出版社ppt1
Determine how the assets (LHS of balance sheet) will be financed (RHS of balance sheet). • What is the best type of financing? • What is the best financing mix? • What is the best dividend policy (e.g., dividend-payout ratio)? • How will the funds be physically acquired?
Profit Maximization
•
Maximizing a firm’s earnings after taxes.
Problems
•
Could increase current profits while harming firm (e.g., defer maintenance, issue common stock to buy T-bills, etc.). Ignores changes in the risk level of the firm.
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Why should I care about Financial Management ?
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Profit Maximization
•
Maximizing a firm’s earnings after taxes.
Problems
•
Could increase current profits while harming firm (e.g., defer maintenance, issue common stock to buy T-bills, etc.). Ignores changes in the risk level of the firm.
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Why should I care about Financial Management ?
Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
《ACCA考试之财务管理 FINANCIAL MANAGEMENT》课件PPT 8 Investment appraisal using DCF methods
5
1 Discounted cash flows
Two important points about DCF are as follows:
DCF analysis is based on future cash flows, not accounting profits or losses. The timing of cash flows is taken into account by discounting them to a ‘present value’.
6
ቤተ መጻሕፍቲ ባይዱ
1.1 Compounding
Key terms
A sum money invested or borrowed is known as principal. When money is invested it earns interest, similarly when money is borrowed, interest is payable. Interest on an investment can be calculated as either simple interest or compound interest.
FVn P0 (1 i n)
Present value The current value of a future amount of money, or a series of payments, evaluated at a given interest rate.
3
Exam guide
Applying the various investment appraisal techniques Discussing theirs relative merits
1 Discounted cash flows
Two important points about DCF are as follows:
DCF analysis is based on future cash flows, not accounting profits or losses. The timing of cash flows is taken into account by discounting them to a ‘present value’.
6
ቤተ መጻሕፍቲ ባይዱ
1.1 Compounding
Key terms
A sum money invested or borrowed is known as principal. When money is invested it earns interest, similarly when money is borrowed, interest is payable. Interest on an investment can be calculated as either simple interest or compound interest.
FVn P0 (1 i n)
Present value The current value of a future amount of money, or a series of payments, evaluated at a given interest rate.
3
Exam guide
Applying the various investment appraisal techniques Discussing theirs relative merits
财务管理专业英语PPT课件
2020/2/21
山东轻工业学院商学院
9
1）Account、Accounting & Accountant
Accountant：会计师、会计人员 Certified Public Accountant 注册会计师（CPA）
2020/2/21
山东轻工业学院商学院
10
2）Assets、Liabilities & Owner’s Equity
2020/2/21
山东轻工业学院商学院
16
Cash
$50,000 Current liabilities (4)
Accounts receivable 50,000 Long-term debt
(5)
Inventory
(1)
Shareholders’ equity (6)
Plant and equipment
10% Total assets turnover = 2 times Sales = $2 million Debt ratio = 50%
9. Capital Structure 资本结构
10. Dividend Policy 股利政策
11. Working Capital Management 营运资本管理
2020/2/21
山东轻工业学院商学院
5
一、Contents—内容
12. International Financial Management 国际财务管理
会计科目；账户
2020/2/21
山东轻工业学院商学院
8
1）Account、Accounting & Accountant
Accounting：会计、会计学 Financial Accounting and Managerial Accounting are two major specialized fields in Accounting. 财务会计和管理会计是会 计的两个主要的专门领域。 Accounting elements 会计要素
财管课件Financial Management-topic04-2013
21
Term Structure of Interest Rate
Theories of term structure
Three theories of term structure: the expectation theory, the liquidity preference theory and the market segmentation theory
6-4
Learning Goals
LG7 Differentiate between debt andfeatures of both common and preferred stock. LG9 Describe the process of issuing common stock, including venture capital, going public and the investment banker.
2
Learning Goals
LG1 Describe interest rate fundamentals, the term structure of interest rates, and risk premiums. LG2 Review the legal aspects of bond financing and bond cost. LG3 Discuss the general features, yields, prices, popular types, and international issues of corporate bonds.
2
3 5
7
maturities
1 0
2 0
TreasuryYield Curve
Term Structure of Interest Rate
Theories of term structure
Three theories of term structure: the expectation theory, the liquidity preference theory and the market segmentation theory
6-4
Learning Goals
LG7 Differentiate between debt andfeatures of both common and preferred stock. LG9 Describe the process of issuing common stock, including venture capital, going public and the investment banker.
2
Learning Goals
LG1 Describe interest rate fundamentals, the term structure of interest rates, and risk premiums. LG2 Review the legal aspects of bond financing and bond cost. LG3 Discuss the general features, yields, prices, popular types, and international issues of corporate bonds.
2
3 5
7
maturities
1 0
2 0
TreasuryYield Curve
《ACCA考试之财务管理 FINANCIAL MANAGEMENT》课件PPT 5 Managing working capital
C0 = cost of placing one order CH = holding cost per unit of inventory for one period Q = re-order quantity
9
Economic order quantity (EOQ) model
Pattern of stock levels
inventory).
6
Economic order quantity (EOQ) model
Pattern of stock levels
stock
Order quantity
Buffer stock
0
time
7
Inventory costs
Holding costs
Procuring costs Shortage costs
4
1 Managing inventory
Fast forward
An economic order quantity can be calculated as a guide to minimizing costs in managing inventory level. Bulks discounts can however mean that a different order quantity minimizing inventory costs.
Cost of inventory
The cost of capital Ware housing and handling costs Deterioration Obsolescence Insurance Pilferage Ordering costs Delivery costs Contribution from lost sales Extra cost of emergency inventory Cost of lost production and sales in a inventory Relevant particularly when calculating discounts
9
Economic order quantity (EOQ) model
Pattern of stock levels
inventory).
6
Economic order quantity (EOQ) model
Pattern of stock levels
stock
Order quantity
Buffer stock
0
time
7
Inventory costs
Holding costs
Procuring costs Shortage costs
4
1 Managing inventory
Fast forward
An economic order quantity can be calculated as a guide to minimizing costs in managing inventory level. Bulks discounts can however mean that a different order quantity minimizing inventory costs.
Cost of inventory
The cost of capital Ware housing and handling costs Deterioration Obsolescence Insurance Pilferage Ordering costs Delivery costs Contribution from lost sales Extra cost of emergency inventory Cost of lost production and sales in a inventory Relevant particularly when calculating discounts
《ACCA考试之财务管理 FINANCIAL MANAGEMENT》课件PPT 3 Financial Markets and Institutions
Common and preferred stocks, bonds, bills, and notes all are types of financial assets, Financial assets, financial instrument, financial contracts
11
Major Categories of Financial Assets
5
1.1 Financial intermediation
Key term
A financial intermediary is a party bring together providers and users of finance, either as broker or as principal. A financial intermediary is an institution which links lender with borrowers, by obtaining deposits from lenders and re-lending them to borrowers.
7
Financial Intermediation
Example of intermediaries
Clearing banks Investment banks Savings banks Building societies Finance companies Pension funds Insurance companies Investment/unit trusts
6
1.1 Financial intermediation
Surplus unit
Person
savings funds
11
Major Categories of Financial Assets
5
1.1 Financial intermediation
Key term
A financial intermediary is a party bring together providers and users of finance, either as broker or as principal. A financial intermediary is an institution which links lender with borrowers, by obtaining deposits from lenders and re-lending them to borrowers.
7
Financial Intermediation
Example of intermediaries
Clearing banks Investment banks Savings banks Building societies Finance companies Pension funds Insurance companies Investment/unit trusts
6
1.1 Financial intermediation
Surplus unit
Person
savings funds
财务管理 英文版PPT课件
1
Chapter
The Goals and Functions of Financial Management
Copyright © 2008 by The McGraw-Hill CompanieMs, IcnGc.rAalwl r-iHghitlsl/rIerswerivned.
Chapter Outline
– Cash and inventory management – Capital structure theory – Dividend policy
1-5
Modern Issues in Finance
• Focus has been on:
– Risk-return relationships – Maximization of return for a given level of risk – Portfolio management – Capital structure theory
– Income statements – Balance sheets – Statement of cash flows
• Finance links economic theory with the numbers of accounting
1-3
Evolution of the Field of Finance
• At the turn of the century: Emerged as a field separate from economics
• By 1930s: Financial practices revolved around such topics as:
– Preservation of capital – Maintenance of liquidity – Reorganization of financially troubled
Chapter
The Goals and Functions of Financial Management
Copyright © 2008 by The McGraw-Hill CompanieMs, IcnGc.rAalwl r-iHghitlsl/rIerswerivned.
Chapter Outline
– Cash and inventory management – Capital structure theory – Dividend policy
1-5
Modern Issues in Finance
• Focus has been on:
– Risk-return relationships – Maximization of return for a given level of risk – Portfolio management – Capital structure theory
– Income statements – Balance sheets – Statement of cash flows
• Finance links economic theory with the numbers of accounting
1-3
Evolution of the Field of Finance
• At the turn of the century: Emerged as a field separate from economics
• By 1930s: Financial practices revolved around such topics as:
– Preservation of capital – Maintenance of liquidity – Reorganization of financially troubled
《ACCA考试之财务管理 FINANCIAL MANAGEMENT》课件PPT 12 Source of finance
3
Exam guide
Source of finance are a major topic You may be asked to describe appropriate sources of finance for a particular company and discuss in general terms when different sources of finance should be utilized and when they are likely to be available.
Quick Flexibility (borrowed at any time) Low cost-interest is only paid when the account is overdraw.
6
1.1 Overdrafts
overdrafts
Amount Margin Should not exceed limit, usually based on known income Interest charged at base rate plus margin on daily amount overdrawn and charged quarterly. Fee may be charged for large facility Generally to cover short term deficits Technically repayable on demand Depends on size of facility Customer has flexible means of short term borrowing; bank has to accept fluctuation
《ACCA考试之财务管理 FINANCIAL MANAGEMENT》课件PPT 6 Working Capital Finance
Paper F9 Financial Management
Accounting School
1
Chapter 6
Working capital finance
2
Topic list
The management of cash Cash flow forecasts Treasury management Cash management models Investing surplus cash Working capital funding strategies
cash sales
collections
9
1.1 Why organization hold cash
liquidity v profitability
Profitability varies inversely with liquidity. Increased liquidity generally comes at the expense of reduced profitability.
7
The cash Management Activity
Speeding up receipts
Slowing down disbursements
Maintaining sound banking relationship
Management of cash flow
Establishing an optimal cash balance
3
Exam guide
The material covered in this chapter is highly examinable. Any of the calculation could form part or all of a question and you need to also be able to explain the meaning of your answers.
Accounting School
1
Chapter 6
Working capital finance
2
Topic list
The management of cash Cash flow forecasts Treasury management Cash management models Investing surplus cash Working capital funding strategies
cash sales
collections
9
1.1 Why organization hold cash
liquidity v profitability
Profitability varies inversely with liquidity. Increased liquidity generally comes at the expense of reduced profitability.
7
The cash Management Activity
Speeding up receipts
Slowing down disbursements
Maintaining sound banking relationship
Management of cash flow
Establishing an optimal cash balance
3
Exam guide
The material covered in this chapter is highly examinable. Any of the calculation could form part or all of a question and you need to also be able to explain the meaning of your answers.
《ACCA考试之财务管理 FINANCIAL MANAGEMENT》课件PPT 5 Managing working capital
8
1.1 The basic EOQ formula
Key term
The economic order quantity (EOQ) is the optimal ordering quantity for an item of inventory which will minimize costs (order set-up + holding costs). Let D = usage in unit for one period (the demand)
4
1 Managing inventory
Fast forward
An economic order quantity can be calculated as a guide to minimizing costs in managing inventory level. Bulks discounts can however mean that a different order quantity minimizing inventory costs.
I * Q* U 2
2Co D U CH
16
1.3 Uncertainties in demand and lead times: a re-order level system
Fast forward
Uncertainties in demand and lead times taken to fulfill orders mean that inventory will be ordered once it reaches a re-order level Re-order level = maximum usage × maximum lead time
1.1 The basic EOQ formula
Key term
The economic order quantity (EOQ) is the optimal ordering quantity for an item of inventory which will minimize costs (order set-up + holding costs). Let D = usage in unit for one period (the demand)
4
1 Managing inventory
Fast forward
An economic order quantity can be calculated as a guide to minimizing costs in managing inventory level. Bulks discounts can however mean that a different order quantity minimizing inventory costs.
I * Q* U 2
2Co D U CH
16
1.3 Uncertainties in demand and lead times: a re-order level system
Fast forward
Uncertainties in demand and lead times taken to fulfill orders mean that inventory will be ordered once it reaches a re-order level Re-order level = maximum usage × maximum lead time
财务管理基础 financial management 清华大学出版社ppt12
12.7 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
Screng
• Depreciation represents the systematic allocation of the cost of a capital asset over a period of time for financial reporting purposes, tax purposes, or both. • Generally, profitable firms prefer to use an accelerated method for tax reporting purposes (MACRS).
12.4 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
The Capital Budgeting Process
Basic characteristics of relevant project flows
• Cash (not accounting income) flows • Operating (not financing) flows
• After-tax flows
• Incremental flows
• Generate investment proposals consistent with the firm‟s strategic objectives. • Estimate after-tax incremental operating cash flows for the investment projects. • Evaluate project incremental cash flows.
Screng
• Depreciation represents the systematic allocation of the cost of a capital asset over a period of time for financial reporting purposes, tax purposes, or both. • Generally, profitable firms prefer to use an accelerated method for tax reporting purposes (MACRS).
12.4 Van Horne and Wachowicz, Fundamentals of Financial Management, 13th edition. © Pearson Education Limited 2009. Created by Gregory Kuhlemeyer.
The Capital Budgeting Process
Basic characteristics of relevant project flows
• Cash (not accounting income) flows • Operating (not financing) flows
• After-tax flows
• Incremental flows
• Generate investment proposals consistent with the firm‟s strategic objectives. • Estimate after-tax incremental operating cash flows for the investment projects. • Evaluate project incremental cash flows.
FinancialManagement财务管理,英文版.ppt
Copyright © 2001 by Harcourt, Inc.
All rights reserved.
19 - 16
The 11 Member Nations of the European Monetary Union
Austria Germany
Netherlands
Belgium Ireland
The U.S. dollar was tied to gold.
Other currencies were tied to the dollar.
Copyright © 2001 by Harcourt, Inc.
All rights reserved.
19 - 15
The European Monetary Union
on the product, what should the juice sell for in Japan?
Price = (1.75)(1.50)(111.11) = 291.66 yen.
Copyright © 2001 by Harcourt, Inc.
All rights reserved.
In 2002, the full implementation of the “euro” is expected to be complete. The national currencies of the 11 participating countries will be phased out in favor of the “euro.” The newly formed European Central Bank will control the monetary policy of the EMU.
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5
1.1 The nature of leasing
Key terms
Leasing is a contract between a lessor and a lessee for hire of a specific asset selected from a manufacturer or vendor of such assets by lessee The lessor has ownership of the asset. The lessee has possession and use of the asset on payment of specified rentals over a period.
The lessor may very well carry on a trade in this type of asset.
The leassor normally responsible for repairs and maintenance
The lease can sometimes be cancelled at short notice.
6
Lease and buy decisions
Lease is a contract under which one party, the lessor (owner) of an asset, agrees to grant the use of that asset to another, the lessee, in exchange for periodic rental payments. Leasing is a form of financing whereby an asset can be used within a business without it necessarily being bought outright.
8
1.1 The nature of leasing
Types of leases
Financial leases Operating leases Sales and leaseback
9
The criteria distinguishing finance lease from operating lease
The substance of transaction is the short term rental of an asset
10
1.2 Operating leases
Key term
Operating lease
The lease period is less than the useful life of asset. The lessor relies on subsequent leasing or eventual sale of the asset to cover his capital outlay and show a profit.
4
1 Lease and buy decisions
Fast forward
Leasing is a commonly used source of finance. We distinguish three types of leasing:
Operating leases (lessor responsible for maintaining asset) Finance leases (lessee responsible for maintenance) Sale and leaseback arrangements
The lease agreement can’t be cancelled. The leasee has a liability for all payment.
The substance of the transaction is the purchase of the asset by the lessee financed by a loan from the lessor, i.e. it is effectively a source of medium to long term debt finance.
Financing leases
One lease exists for the whole usually life of the asset.
The lessor doesn’t usually deal directly in this type of asset.
The lessor doesn’t retain the risk or rewards of ownership.
Paper F9 Financial Management
Accounting School
1
Chapter 11
Specific investment decisions
2
Topic list
Lease or buy decisions Asset replacement decisions Capital rationing
7
1.1 The nature of leasing
Examples of lessors
Banks Insurance companies
Types of asset leased
Office equipment Computers Cars Commercial vehicles Aircraft Ships Buildings
3
Exam guide
To calculate the results of different options and careful, methodical workings will be essential. These calculations can be quite difficult and will need lots of practice.
1.1 The nature of leasing
Key terms
Leasing is a contract between a lessor and a lessee for hire of a specific asset selected from a manufacturer or vendor of such assets by lessee The lessor has ownership of the asset. The lessee has possession and use of the asset on payment of specified rentals over a period.
The lessor may very well carry on a trade in this type of asset.
The leassor normally responsible for repairs and maintenance
The lease can sometimes be cancelled at short notice.
6
Lease and buy decisions
Lease is a contract under which one party, the lessor (owner) of an asset, agrees to grant the use of that asset to another, the lessee, in exchange for periodic rental payments. Leasing is a form of financing whereby an asset can be used within a business without it necessarily being bought outright.
8
1.1 The nature of leasing
Types of leases
Financial leases Operating leases Sales and leaseback
9
The criteria distinguishing finance lease from operating lease
The substance of transaction is the short term rental of an asset
10
1.2 Operating leases
Key term
Operating lease
The lease period is less than the useful life of asset. The lessor relies on subsequent leasing or eventual sale of the asset to cover his capital outlay and show a profit.
4
1 Lease and buy decisions
Fast forward
Leasing is a commonly used source of finance. We distinguish three types of leasing:
Operating leases (lessor responsible for maintaining asset) Finance leases (lessee responsible for maintenance) Sale and leaseback arrangements
The lease agreement can’t be cancelled. The leasee has a liability for all payment.
The substance of the transaction is the purchase of the asset by the lessee financed by a loan from the lessor, i.e. it is effectively a source of medium to long term debt finance.
Financing leases
One lease exists for the whole usually life of the asset.
The lessor doesn’t usually deal directly in this type of asset.
The lessor doesn’t retain the risk or rewards of ownership.
Paper F9 Financial Management
Accounting School
1
Chapter 11
Specific investment decisions
2
Topic list
Lease or buy decisions Asset replacement decisions Capital rationing
7
1.1 The nature of leasing
Examples of lessors
Banks Insurance companies
Types of asset leased
Office equipment Computers Cars Commercial vehicles Aircraft Ships Buildings
3
Exam guide
To calculate the results of different options and careful, methodical workings will be essential. These calculations can be quite difficult and will need lots of practice.