财务决策Financial for Decision-makingCHAPTER 4

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ACCA笔记 SBL笔记11 Financial Decision Making

ACCA笔记| SBL笔记11 | Financial Decision MakingA考挪到七月中旬，突然又多了一个多月复习时间...谁能想到经历了寒假充值的我们A考备考时间也被充值了今日笔记是关于 Financial Decision Making 的内容~1. Financial objectives of stakeholders- Financial strategy often focuses on shareholders wealth. But there are financial expectations from other stakeholders which must also be considered.- When setting strategy for the organisation, the financial expectations of other stakeholders need also be considered.2. Funding strategy- Funding for Non-for-profit organisations Most non-for-profit organisations need their core costs to be covered.- Funding SBUs and strategic choices using BCG matrix- Alternative sources of financeequity, debt, others (eg. government grants)3. Financial analysis and decision-making techniques- Break even analysis 1) To ascertain how much each $ sold actually contributes towards the fixed costs.C/S ratio = Contribution per unit / selling price per units= total contribution / total sales revenue2) To make zero profit, sales volume should be atBreakeven = FC/(sales price – unit variable cost)= FC/ CPU3) The margin of safety indicates by how much sales can decrease before a loss occurs Margin of safety= budgeted sales –BEP A large margin of safety indicates a low risk of making loss, whereas a small margin of safety might indicate a fairly high risk of loss.- Marginal analysisMarginal analysis refers to situations where we use contribution to make decisions.The key is that only cost which vary with the decision should be included in the analysis of decision.Relevant costs are future cash flows arising as a direct consequence of the decision under consideration.Marginal analysis can be used in key areas of decision making such as:1) Make or buy decisions2) Shut-down decisions3) Further processing decisions- Long-term decision making1) Accounting rate of return (ARR) Average profits / initial investment2) Payback period Determine how quickly the original cash injection is recovered3) Net present value (NPV) Use a cost of capital and discount factors to discount future cash flows to give the present value4) Internal rate of return (IRR) Determine the cost of capital that provides a zero NPV4. Cost and management accounting- Standard costing assumes that business operate in a stable environment where, for example, a standard amount of materials will be used in the production of each product and that a standard price can be attached to the price of those- Forecast 1) Linear regression Linear regression measures the relationship between two variablesThe strength of the relationship is measured by correlation coefficient - 'r', which can range from +1 (perfect positive linear correlation) through 0 (no correlation) to -1 (perfect negative linear correlation).2) Time series analysis Time series analysis aims to separate seasonal and cyclical fluctuations from long-term underlying trends.- Budget 1) Benefits of budgets Promotes forward thinking Helps to co-ordinate the various aspects of the organisation Motivates performance Provides a basis for a system of control Provides a system of authorisation2) Limitations of budgets Employees may be demotivated if they believe the budget to be unattainable. Slack may be built in by managers to make the budget more achievable.Focuses on the short-term results rather than the underlyingUnrealistic budgets may cause managers to make decisions that are detrimental to the company.3) Alternative budgeting models Top-down (Imposed budgeting) VS Bottom-up (Participative budgeting)Fixed budget VS Flexible budget Periodic budgets VS Rolling (Continuous) Budgets Incremental VS Zero based budgets。

财务管理中的财务决策

财务管理中的财务决策财务决策在企业的财务管理中起到至关重要的作用。

它不仅仅关乎企业的财务状况，更关系到企业的生存与发展。

因此，在财务管理中做出明智的财务决策至关重要。

I. 资本预算和投资决策在财务管理中，资本预算和投资决策是一项关键任务。

企业的长远发展离不开恰当的投资决策。

资本预算是评估和选择投资项目的过程，其中包括确定项目的投资回报率，评估风险和收益，并为最终决策提供依据。

在资本预算和投资决策中，企业需要进行风险和收益的权衡。

常用的决策工具包括净现值、内部收益率和会计回报率等。

通过对投资项目的仔细评估和分析，企业能够选择最具有潜力和回报的项目，从而实现财务目标的最大化。

II. 资金筹集和融资决策资金筹集和融资决策是指企业如何获取所需资金以支持运营和投资活动。

在财务管理中，企业可以通过自有资金和外借资金两种方式进行资金筹集。

融资决策需要考虑多种因素，包括资金成本、风险和企业的融资结构。

企业可以通过发行股票、债券或贷款等方式来筹集资金。

然而，每种融资方式都有其优势和劣势，企业需要综合考虑各种因素，做出最适合自身的融资决策。

III. 预算和业绩评估在财务管理中，预算和业绩评估是企业财务决策的重要组成部分。

预算是一个有计划的财务指标，它可以帮助企业确立明确的财务目标，并对实际业绩进行监控和评估。

企业需要通过制定预算，合理安排和利用财务资源，确保企业的运营和发展。

同时，通过与实际业绩进行比较和评估，企业可以及时调整财务决策，以适应市场和经济环境的变化。

IV. 现金管理和流动性决策现金管理和流动性决策是确保企业正常运营的关键因素。

企业需要合理管理现金流量，以确保及时支付短期债务、筹集资金和投资项目。

通过合理制定现金流量预测和管理政策，企业可以降低流动性风险，提高资金利用效率。

企业可以通过短期投资、贷款和资产质押等方式进行现金管理，因此确保流动性决策的有效性。

V. 分红决策和资本结构在财务管理中，分红决策和资本结构是与股东权益直接相关的决策。

如何有效进行财务决策和财务策略制定

如何有效进行财务决策和财务策略制定财务决策和财务策略制定对于企业的长期发展和盈利能力具有重要影响。

在面对日益复杂和多变的经济环境时，有效地进行财务决策和制定合理的财务策略至关重要。

本文将围绕如何有效进行财务决策和财务策略制定展开，提出一些实用的方法和建议。

在进行财务决策和财务策略制定时，以下几点是需要注意的：第一，明确企业的长期目标和战略。

财务决策和策略制定是为了实现企业的长期目标和战略，因此首先需要明确企业的长期目标和战略。

这样才能确保财务决策和策略的一致性和有效性。

例如，如果企业的长期目标是扩大市场份额，那么财务决策和策略就应该聚焦于提高市场推广力度和营销活动。

第二，建立完善的财务管理体系和流程。

财务决策和策略的执行需要一个完善的财务管理体系和流程来支持。

这包括清晰的财务报告和分析体系、有效的预算和成本控制机制、规范的财务决策程序等。

只有建立了有效的财务管理体系，才能为决策者提供信息和数据支持，帮助其做出明智的财务决策和策略制定。

第三，合理评估风险和收益。

财务决策和策略的制定离不开对风险和收益的评估。

在制定财务决策和策略时，需要全面考虑各种可能的风险因素，并进行合理的风险评估。

同时，也需要评估各种决策和策略的预期收益和回报。

通过风险与收益的平衡，可以找到最佳的财务决策和策略。

第四，充分利用财务和非财务数据。

在进行财务决策和策略制定时，需要综合考虑财务和非财务数据。

财务数据可以提供企业的财务状况和绩效指标，而非财务数据可以提供企业的市场动态、竞争情况和客户需求等信息。

只有将财务和非财务数据结合起来，才能做出更准确和全面的决策和策略。

第五，持续监测和调整。

财务决策和策略制定不是一次性的过程，而是一个动态的过程。

在执行财务决策和策略之后，需要持续监测其执行结果，并根据实际情况及时调整和优化。

只有持续监测和调整，才能保证财务决策和策略的有效性和适应性。

综上所述，进行财务决策和制定财务策略的有效方法主要包括明确长期目标和战略、建立完善的财务管理体系和流程、合理评估风险和收益、充分利用财务和非财务数据以及持续监测和调整。

《财务决策》幻灯片PPT

1、基本条款 2、限制条款
1、一般性限制条款
限制条款
2、例行性限制条款 3、特殊性限制条款
（六）长期借款的优缺点
优点
缺点
1、借款筹资速度快；筹资风险较高；
2、借款成本较低；（低于债券）
3、借款弹性较大；
4、财务杠杆作用。
限制条件较多；筹资数量有限。
七、发行债券筹资
债券：
是债务人为筹集债权资本而发行的，约定在一定期限内向债权人还本付息的有价证券。
是指发行公司将股票销售业务委托给证券承销机构代理。
包销：是发行公司与证券经营机构签订承销协议，由证券承销机构买进股份公司的全部股票，然后将所购股票转销给社会上的投资者。
代销：是由证券经营机构代理股票发售业务，若实际募集股份数达不到发行数，承销商将未售出的股份归还给发行公司。
包销与代销方式对发行公司的风险
二、企业筹资的原那么：
• 适应性原那么：筹资数量适用、期限适用、方式适用 • 低本钱原那么：个别资金本钱或综合资金本钱最低 • 稳定性原那么：筹资方式相对稳定、资金业务往来机构相
对稳定 • 收益与本钱权衡原那么：收益与本钱、收益与风险、权益
资本与负债〔优化资本构造，适度进展负债经营〕
三、企业筹资的渠道与方式：
股票上市的不利之处：各种“公开”的要求可能会暴露公司的商业秘密。股市的人为波动可能歪曲公司的实际情况。可能分散公司的控制权。
因此有些公司即使已符合上市条件，也宁愿放弃上市机会
股票上市的条件：〔?证券法?规定的条件〕
股票经核准已经公开发行；
公司股本总额不少于人民币5000万元；
最近三年连续盈利；
7、普通股筹资的优缺点

财务决策Financial for Decision-makingCHAPTER 13

CHAPTER 13Problem 13.1: SolutionSchedule of projected cash receipts for CrownJewel in ($ thousands)October November December Total Room sales $ 540 $ 500 $ 60010% cash sales. $ 54 $ 50 $ 60 $ 164 50% received in month following300 270 250 820 sale231 210 189 630 35% received 2 months followingsale5% received 3 months following sale 31.5 33 30 94.5 Total room receipts $ 616.5 $ 563 $ 529 $ 1,708.5 Restaurant & bar sales $ 70 $ 60 $ 8030% cash sales $ 21 $ 18 $ 24 $ 6356 49 42 147 70% received in month followingsaleTotal restaurant & bar receipts 77 67 66 210 Total all receipts $ 693.5 $ 630 $ 595 $ 1,918.5Problem 13.2: SolutionSchedule of projected cash disbursements for CrownJewel Hotel (in $ thousands)October November December Total$ 64.8 $ 60.0 $ 72.0 $ 196.8 Room variable costs paid in monthincurred (Room revenue X .2 X .6).48.0 43.2 40.0 131.2 Room variable costs paid onemonth after incurred (Roomrevenue X .2 X .4).7.0 6.0 8.0 21.0 Restaurant & bar wages(Restaurant revenue X .1).Food & drink costs paid in month4.2 3.6 4.8 12.6 incurred (Rest. & bar revenueX .15 X .4)7.2 6.3 5.4 18.9 Food & drink costs paid followingmonth incurred (R&B. revenueX .15 X .6)Fixed costs 15.0 15.0 15.0 45.0 Electricity and insurance. 3.0 7.5 10.5 Total disbursements $ 146.2 $ 137.1 $ 152.7 $ 436.0Problem 13.3: SolutionCash budget for CrownJewelOctober November December Total Total cash receipts a$ 693.5 $ 630.0 $ 595.0 $ 1,918.5 Less Total cash disbursements b146.2 137.1 152.7 436.0Net cash flow 547.3 492.9 442.3 1,482.5 Add Opening cash balance 12.0 559.3 1,052.2 12.0 Ending cash $ 559.3 $ 1,052.2 $ 1,494.5 $ 1,494.5 a: From solution to Problem 13.1.b: From solution to Problem 13.2.Problem 13.5: Solutiona) Credit sales per annum = 40% of $6,000,000 = $2,400,000Accounts receivable turnover =Credit sales ÷ Accounts receivable balance$2,400,000 ÷ $263,014 = 9.125Average number of days to collect accounts receivable =Days in the year ÷ Accounts receivable turnover365 ÷ 9.125 = 40 daysThe hotel is extending 30 day credit terms, yet the analysis of the year end account balance indicates that the average period that credit customers are taking to settle their accounts is 40 days. The extent to which this represents a matter for significant concern should be considered in the context of the additional days credit that have been taken by the average customer in the past. A more detailed review of the accounts receivable balance may reveal that several large and loyal customers are taking more than 40 days to settle their accounts. Before management decides to more aggressively pursue the collection of these overdue accounts, it should appraise whether goodwill with the customers may be damaged.b) This significantly alters the interpretation that should be attached to the accounts receivable turnover calculated in part (a). As November and December represent relatively busy months, it is to be expected that an above average accounts receivable balance will result at the end of December. It is to be expected that a relatively low “accounts receivable turnover” figure (and, as a consequence, a relatively high “number of days to collect accounts receivable” figure) will be calculated, if it is based on the accounts receivable balance pertaining at the end of a busy period.In this situation, the low accounts receivable turnover figure can not be interpreted as signifying poor accounts receivable management. In order to gain a fairer reflection of the average accounts receivable turnover over the course of the year, we would need to take an average of the accounts receivable balance across the entire year (i.e., sum the 12 balances at the end of each month and divide by 12). The year end information provided is not sufficient to enable the interested manager to compute a true average accounts receivable turnover that is reflective of the performance across the whole year. The onus is therefore on the interested manager to ask the accounting department to provide the additional information required.c)CreatureComforts Aging of Accounts Receivable Schedule as at 31st DecemberCurrent 0-30 31-60 61-90 91-120 121-150DaysoverdueMonth Dec. Nov. Oct. Sep. Aug. July Total $210,000 $26,300 $7,890 $2,782 $13,448 $2,594 $263,014 Accountsreceivable80% 10% 3% 1% 5% 1% 100% % of total(rounded)The aging of accounts receivable schedule reveals a fairly typical time distribution of the accounts receivable balance, as most of the year end accounts receivable balance pertains to credit sales made in the current month (i.e., accounts receivable that are not yet overdue). The schedule also reveals, however, that there appears to be a problem with those accounts that are overdue by between 91 and 120 days. These accounts constitute 5% of the total amounts owing at the end of the year. 120 days represents a long time for accounts to be overdue. It may well be the case that a single large account comprises most of the amount falling into the 91 to 120 days overdue category. If this is the case, further analysis should be made of the cause for the late payment and steps implemented to collect the outstanding amounts as soon as possible.Problem 13.6: SolutionPer annum usage of detergent = 25 X 12 = 300 boxes.EOQ = √ (2 X U X O ÷ C)= √ (2 X 300 X 20 ÷ 2)= √ 6,000= 77.46 (as 0.46 of a box cannot be ordered, TartanDays should place ordersin lot sizes of 77 or 78).Problem 13.9: SolutionIn this situation it appears that Feast’N’Run is not considering between paying on the 10th and 40th days of the credit period, but between the 10th and 50th days of the credit period. Accordingly, the basic formula has been adapted in the following way:% discount offered X Days in a year100 - % discount offered Difference between 10th and 50th daysi.e., (1 ÷ 99) X (365 ÷ 40) = 0.92 (or 9.2%).As Feast’N’Run would have to borrow at 9.5% interest in order to take a trade discount that provides an effective rate of return of 9.2%, it is not in Feast’N’Run’s interest to take the trade discount offered.。

财务决策Financial for Decision-makingCHAPTER 7

CHAPTER 7Problem 7.2: Solutiona)Variable costs: £Food and drink 7.0Conference materials 6.0Fixed costs (£360 ÷ 80) 4.5£17.5b)Variable costs: £Food and drink 7Conference materials 6Fixed costs (£360 ÷120) 3£16c) The cost per attendee declines with more attendees because the fixed cost is spread across moreattendees.d) If 120 people attend, the cost per attendee is £16.If profit is to be 20% of revenue, then cost must be 80% of revenue.As cost = £16 per person when 120 people attend, revenue per person must be £16 ÷ 0.8 = £20.e) The lowest price that does not result in the conference adversely affecting this year’s profit is thevariable cost, i.e., £13 (£7 + £6).Problem 7.3: Solutiona)Determination of variable cost function:When 20,000 kgs of laundry was processed (highest level of activity), cost = $22,000. When 18,000 kgs of laundry was processed (lowest level of activity), cost = $20,400. It therefore costs an extra $1,600 ($22,000 - $20,400), to process an extra 2,000 kgs of laundry (20,000 - 18,000).Therefore, the variable cost per kg is $1,600 ÷ 2,000 = $0.80 per kg. Determination of fixed cost function:Calculation based on July’s performance:HighFlyer’s laundry costs for J uly are $22,000, and their variable laundry costs are $16,000 ($0.80 X 20,000 kgs). Fixed laundry costs must therefore be $6,000 ($22,000 - $16,000).b) Total laundry costs if 25,000 kilograms of laundry are processed:(25,000 X $0.80) + $6,000 = $26,000Problem 7.4: SolutionComputational schedule of indirect expense allocationsAmount allocated toRooms Amount allocated toRestaurantsAmount allocated toBarsBuilding rent expense 350 ÷ 500 X $90,000 =$63,000100 ÷ 500 X $90,000 =$18,00050 ÷ 500 X $90,000 =$9,000Advertising expense $1.15m ÷ $1.5m X$20,000 = $15,333$250,000 ÷ $1.5m X$20,000 = $3,333$100,000 ÷ $1.5m X$20,000 = $1,333Depreciation expense $900,000 ÷ $1.2m X$45,000 = $33,750$200,000 ÷ $1.2m X$45,000 = $7,500$100,000 ÷ $1.2m X$45,000 = $3,750Personnel department expense $250,000 ÷ $500,000 X$100,000 = $50,000$210,000 ÷ $500,000 X$100,000 = $42,000$40,000 ÷ $500,000 X$100,000 = $8,000Problem 7.5: SolutionImpact on hotel’s profitabilityresulting from shop closureLost gross profit $115,000Expenses saved126,000 - 12,000 - 4,500 $109,500Net decline in hotel profit $ 5,500Santa Fe’s shop should not be closed as this would result in a decline of $5,500 in the hotel’s total profit.Alternative way of looking at this problemImpact of closing1) Negative implication: Gross profit lost = $115,0002) Positive implications: Reduced electricity expenses $3,000Other reduced expenses$126,000 - $7,500 - $12,000 = $106,500 Negative implication of $115,000 outweighs positive implications of $109,500 ($3,000 + $106,500) by $5,500.Problem 7.9: Solutiona)Impact on profit if one day university conference is hosted:$ $Increased revenueDelegate fees (400 X $26) 10,400Venue hire 3,000Incremental revenue 13,400Variable costsFood (400 X $15) 6,000Drink (400 X $12) 4,800Casual staff wages (400 X $6) 2,40013,200Increase to profit $ 200Hosting the university conference is justifiable on financial grounds, as it will increase profit by $200.b)Impact on profit if magician conference is hosted:$ $Increased revenueFee per delegate (200 X 3 X $12) 7,200Room sales contribution (200 X 3 X 30) 18,000Incremental revenue 25,200Variable costsFood (200 X 3 X $15) 9,000Drink (200 X 3 X $12) 7,200Casual staff wages (200 X 3 X $6) 3,60019,800Increase to profit $ 5,400Hosting the magician conference can be justified on financial grounds, as it will increase profit by $5,400.。

财务决策(financialdecision)

财务决策（financialdecision）对财务方案、财务政策进行选择和决定的过程。

财务决策的目的在于确定最为令人满意的财务方案。

只有确定了效果好并切实可行的方案，财务活动才能取得好的效益，完成企业价值化的财务管理目标（参见“财务管理目标”）。

因此财务决策是整个财务管理的核心。

财务决策需要有财务决策的基础与前提，财务决策则是对财务预测结果的分析与选择。

财务决策是一种多标准的综合决策。

决定方案取舍的、既有货币化、可计量的经济标准，又有非货币化、不可计量的非经济标准，因此决策方案往往是多种因素综合平衡的结果。

分类财务决策按照能否程序化，可以分为程序化财务决策和非程序化财务决策。

前者指对不断重复出现的例行财务活动所作的决策，后者指对不重复出现、具有独特性的非例行财务活动所作的决策。

按照决策所涉及的时间长短，可分为长期财务决策和短期财务决策。

前者指所涉及时间超过一年的财务决策，后者指所涉及时间不超过一年的财务决策。

财务决策又可以按照决策所处的条件，分为确定型财务决策、风险型财务决策和非确定型财务决策，前者指对未来情况完全掌握、每种方案只有一种结果的事件的决策；次者指对未来情况不完全掌握、每种方案会出现几种结果，但可按概率确定的条件的决策；后者指对未来情况完全不掌握，每种方案会出现几种结果，且其结果不能确定的事件的决策。

按照决策所涉及的内容，财务决策还可以分为投资决策、筹资决策和分配决策。

前者指资金对外投出和内部配置使用的决策，次者指有关资金筹措的决策，后者指有关利润分配的决策。

步骤进行财务决策需经如下步骤：（1）确定决策目标。

指确定决策所要解决的问题和达到的目的。

（2）进行财务预测。

即通过财务预测，取得财务决策所需的业经科学处理的预测结果。

（3）方案评价与选优。

指依据预测结果建立若干备选方案，并运用决策方法和根据决策标准对各方案进行分析论证，作出综合评价，选取其中最为满意的方案。

（4）决策过程的结束，还需进行具体的计划安排，组织实施，并对计划执行过程进行控制和搜集执行结果的信息反馈，以便判断决策的正误，及时修正方案，确保决策目标的实现。

财务决策Financial for Decision-makingCHAPTER 5

CHAPTER 5 Problem 5.1: Solutiona)Dupont (ROI) EBITT.A.= EBITRevenueX RevenueT.A.HoJo: 50 ÷ 250 = 50 ÷ 500 X 500 ÷ 250,0.2 = 0.1 X 2EasyRest 15 ÷ 75 = 15 ÷ 300 X 300 ÷ 75,0.2 = 0.05 X 4b) Both companies’ F&B activities h ave achieved a 20% return on total assets. However, their methods of achieving this return have been quite different. HoJo has earned a 10% profit margin and a 200% turnover of sales to total assets, whereas EasyRest has had a much higher sales turnover (4 or 400%) with a smaller profit margin (5%).The companies appear to have different pricing policies. HoJo’s mark-up on cost of sales is 150% (300/200), whereas EastRest only marks up cost of sales by 36% (80/220).Problem 5.3: Solutiona Year ending 20X1 working capital:($10,800 + 27,000 + 7,500 + 10,400 + 1,500) - ($8,400 + 3,600 + 4,500 + 700 + 10,700) = $57,200 - $27,900 = $29,300Year ending 20X2 working capital:($14,300 + 26,000 + 7,500 + 12,000 + 1,600) - ($12,200 + 5,600 + 3,400 + 400 + 9,500) = $61,400 - $31,100 = $30,300b.Year ending 20X1 current asset ratio: $57,200 ÷ $27,900 = 2.05Year ending 20X2 current asset ratio: $61,400 ÷ $31,100 = 1.97c.Year ending 20X1 acid test ratio: ($57,200 -10,400 - 1,500) ÷ $27,900 = 1.62Year ending 20X2 acid test ratio: ($61,400 - 12,000 - 1,600) ÷ $31,100 = 1.54d.The working capital shows a marginal increase, however both the current asset ratio and theacid test ratio have decreased marginally. It appears the increase in the working capital has largely been accounted for by an increase in the size of the business (all things being equal, asa business doubles in size, so its working capital needs to double in order to maintain the samelevel of liquidity). Overall, we can conclude that there has been a marginal decrease in the restaurant’s level of liquidity.e.Accounts receivable turnover = Credit sales ÷ average accounts receivableCredit sales = $500,000 X 0.55 = $275,000Average accounts receivable = ($27,000 + $26,000) ÷ 2 = $26,500Accounts receivable turnover = $275,000 ÷ $26,500 = 10.38f.Accounts receivable collection period = 365 ÷ A.R. turnover:365 ÷ 10.38 = 35.16 daysg.Inventory turnover = Cost of sales ÷ average inventoryCost of sales = $150,000Average inventory = ($10,400 + $12,000) ÷ 2 = $11,200Inventory turnover = $150,000 ÷ $11,200 = 13.39h.Inventory collection period = 365 ÷ inventory turnover:365 ÷ 13.39 = 27.25 daysa ROI = Profit margin X Total asset turnover (TATO)14% = 40% X TATOTATO = 14 ÷ 40 = 0.35b.Following a 10% decline in selling price, assuming cost per cover remains constant, profitmargin per average cover would fall from 40% (i.e., 8 ÷ 20) to 33% (i.e., 6 ÷18). TATO required to maintain ROI at 14% can be calculated as follows:14% = 33% X TATO ;TATO = 14 ÷ 33;TATO = 0.42c.As old TATO = 0.35, and assets = $200,000;Old total revenue = 0.35 X 200,000 = $70,000As old cover price is $20; number of meals served = $70,000 ÷ 20 = 3,500.$ Revenue needed at new price to maintain 14% ROI: 0.42 X $200,000 = $84,000Unit sales needed = 84,000 ÷ 18 = 4,666.67Increase in covers = 4,666.67 - 3,500 = 1,166.67Problem 5.9: Solutionb) TulipTower had a concerning liquidity status in 20X1 with a current asset ratio of 1.43 and an acid test ratio of 0.98. The acid test ratio is particularly concerning as it was less than 1. The hotel’s liquidity has improved in 20X2 with a current asset ratio of 1.73 and an acid test ratio. While this suggests a positive trend, many analysts like to see the current ratio to be in excess of 2.d) The debt to assets ratio has decreased from 63% in 20X1 to 56% in 20X2. This signifies that the hotel’s relative debt burden is decreasing. The hotel’s times interest earned ratio has also increased, signifying greater ease in meeting interest payments, although the 17.8 ratio for 20X1 would not be considered high.b) When 20x1 is compared to 20X2, the turnover of inventory and accounts receivable is increasing. This signifies more efficient asset utilisation as, relatively speaking, less assets are being held to generate sales.d) SmallIsle’s gross profit margin has decreased from 62% in 20X1 to 59% in 20X2. This signifies that its cost of sales is greater relative to sales. The hotel’s net profit margin has increased, however, from 4.13% to 4.8%. This signifies that, relative to sales, the hotel must be saving in some area of expenses other than cost of sales.。

财务决策Financial for Decision-makingCHAPTER 14

CHAPTER 14Problem 14.2: Solutiona) Present value = $500 (PVA10,8yr) = $500 X 5.335 = $2,667.50b) In this problem, as the PVA table is compiled on the basis that the first cash flow occurs in one year’s time, we need to isolate the first cash flow as it is due to occur today. As this cash flow is occurring today, it is already stated in terms of today’s $, therefore there is no need to discount it. The present value of this stream of cash flows will be calculated on the following basis: P resent value = Today’s cash flow + The present value of the annuity to be received at the end of the next seven yearsPresent value = $500 + $500 (PVA10,7yr) =$500 + ($500 X 4.868) =$500 + $2,434 = $2,934Problem 14.4: Solutiona) Inve stment A’s accounting rate of return.Average annual profit generated by the investmentARR =Average investmentInvestment A’s average annual profit generated by the investment =(£6,400 + £4,900 + £3,400 + £1,900 + £2,400) ÷ 5 = £3,800Investment A’s average investment = (£36,000 + £3,000) ÷ 2 = £19,500Investment A’s ARR = £3,800 ÷ £19,500 X 100 = 19.5%Investment B’s accounting rate of return.Investment B’s average annual profit generated by the investment =(£0 + £800 + £8,400 + £10,400 + £5,400) ÷ 5 = £5,000Investment B’s average investment = (£36,000 + £7,000) ÷ 2 = £21,500Investment B’s ARR = £5,000 ÷ £21,500 X 100 = 23.3%b) Note that the payback method is based on cash flows and not profit.I nvestment A’s payback.£36,000 is initially invested.After 1 year, £14,000 has been recouped.After 2 years, £26,000 has been recouped (£14,000 + £12,000).After 3 years, £36,000 has been recouped (£14,000 + £12,000 + £10,000).The payback is therefore 3 years.Investment B’s payback.£36,000 is initially invested.After 1 year, £5,000 has been recouped.After 2 years, £12,000 has been recouped (£5,000 + £7,000).After 3 years, £27,000 has been recouped (£5,000 + £7,000 + £15,000), at this time there is still £9,000 of the £36,000 initial investment to be recouped.As £18,000 is recouped in year 4, we will assume that the final £9,000 needed was recouped half way through the project’s fourth year.The payback is therefore 3.5 years.c) Calculation of investment A’s and investment B’s NPVIn the following table “year 0” refers to cash flows occurring todayInvestment A Investment BYear PV Discountfactor @ 12% Net cash flows(£)Present valueof cash flows(£)Net cashflows (£)Present value ofcash flows (£)0 1 - 36,000 - 36,000- 36,000 - 36,0001 0.893 14,000 12,502 5,000 4,4652 0.797 12,000 9,564 7,000 5,5793 0.712 10,000 7,120 15,000 10,6804 0.636 8,000 5,088 18,000 11,4485 0.567 11,000* 6,237 20,000* 11,340 Net present value £4,511 £7,512 Conclusion: Investment B is preferable as it has the higher NPV.d) The following table summarises the findings made when analysing the two investments using ARR, payback and net present value. As commentaries on investment appraisal techniques concur that NPV should be preferred to ARR and payback, investment B should be selected as the preferred investment. It provides the higher NPV.Investment A Investment B Preferredinvestment Accounting rate of return 19.5% 23.3% BPayback 3 year 3.5 years ANet present value £4,511 £7,512 BProblem 14.6: Solutiona) If 12% results in a positive discount rate, the IRR will be above 12%. If a higher discount rate is tried as part of the trial and error approach of seeking the IRR, the lower discounting factors associated with a higher discount rate (if you’re not sure of this, check the PV and PVA tables and see) will cause the present valu es of the project’s future cash inflows to have a lower present value. This, in turn, will reduce the NPV.b) In a single project, accept / reject, situation the NPV and the IRR will not conflict, i.e., a positive NPV signifies that the IRR will be greater than the required rate of return. When ranking investment projects, such as in the choice of the Italian restaurant or the British pub, the highest NPV project will not necessarily be the highest IRR project. In this situation, the Italian restaurant should be selected as it has the higher NPV. Commentaries on investment appraisal techniques concur that NPV should be preferred over the IRR, ARR and payback investment appraisal techniques when ranking more than one investment proposal.Problem 14.8: Solutiona)Net initial investmentPayback =Annual cash savingNote that investment in assets comprises the investment in any fixed asset associated with capital expenditure and also any necessary investment in working capital (current assets - current liabilities). In this case, the investment proposed will result in a decreased investment in stock held (i.e., a portion of funds locked up in assets will be liquidated).Investment:Computer hardware $40,000Reduction in stock held (10,000)Net investment $30,000Net annual cash saving:Wages saved $15,000License fee (5,000)Net annual saving $10,000$30,000Payback = = 3 years$10,000b) NPV:In order to calculate the extra taxation cash outflow, we need to determine annual depreciation (depreciation is a tax deductible expense). In the calculations below, it is assumed that the license fee is paid at the end of each year of the project’s 5 year life.NPV: $ PV PV of annual tax flow: 800 (PVA 10,5yr) = 800 X 3.791 = (3,033)PV of annual license fee: 5,000 (PVA 10,5yr) = 5,000 X 3.791 = (18,955)PV of wage savings: 15,000 (PVA 10,5yr) = 15,000 X 3.791 = 56,865PV of net initial investment (40,000 - 10,000) (30,000)Net Present Value $ 4,877 Conclusion: The investment is financially justified as the NPV is positive.Problem 14.10: Solution (The Stellar Views’ Chapel Case Study)a) In the following calculations, the contribution levels referred to in the case are assumed torepresent a reasonable indication of cash flows.$ Cash flows generated by local market ceremoniesAnnual cash flow received from ceremonies 115 X ($550 - $100) 51,750Annual cash flow received from receptions 115 X 0.2 X $5,000 115,000Annual cash flow received from accommodation 115 X 15 X $100 172,500Cash flows generated by Japanese market ceremoniesAnnual cash flow received from ceremonies 80 X ($550 - $100) 36,000Annual cash flow received from receptions 80 X 0.9 X $2,000 144,000Annual cash flow received from accommodation 80 X 0.9 X $1,000 72,000Less: Annual fixed costs 10,000Total annual cash flows generated by chapel weddings $581,250 Present value of Chapel investment =-Initial Investment + Present value of future cash inflows.-$1,000,000 + $581,250 (PVA 14,5yr) =-$1,000,000 + $581,250 (3.433) =-$1,000,000 + $1,995,431.2 = $995,431.2As the NPV is positive, the chapel project should be supported.b) The chapel investment is risky in the sense that it is taking the hotel outside its core areas of expertise, i.e., conventional activities associated with hotel management. The hotel has no previous experience in wedding ceremony marketing and management. As the activity is completely new, the estimated demand figures provided by the consulting company are bound to have involved a high degree of subjectivity (i.e., a degree of “guesstimation”). The case provides no information on whether in-house staff will maintain the facility or whether maintenance of the chapel will be outsourced. Again, the hotel’s lack of experience with respe ct to this activity raises the risk profile of the investment.In light of the relatively high risk associated with the investment, it would be appropriate for Stellar Views to use a discount rate higher than its cost of capital to calculate the NPV.c) Stellar Views should seek quotations from building companies that specialise in the particular type of building work required in a chapel (e.g., polished timbered seating, etc.). For a large building contract such as this, most hotels require at least three tenders from prospective builders. The issue of gaining tenders was actually noted to be a problem in the hotel that provided the basic information for the case. The Financial Controller indicated that the hotel had sought quotes on so many jobs that had not been pursued that building companies were becoming reluctant to take the time necessary to prepare a well-considered quote.。

如何进行有效的财务决策和执行

如何进行有效的财务决策和执行财务决策和执行是企业管理中至关重要的环节。

正确的财务决策和执行可以帮助企业提高盈利能力，实现可持续发展。

本文将介绍如何进行有效的财务决策和执行，并提供实用的方法和建议。

1. 确立明确的目标和战略在进行财务决策和执行之前，首先要明确企业的目标和战略。

明确的目标和战略可以帮助决策者更好地制定财务策略，做出正确的决策。

例如，企业的目标是实现盈利增长，那么决策者就需要制定相应的财务决策和执行计划来实现这个目标。

2. 收集和分析财务信息在进行财务决策和执行之前，必须收集和分析相关的财务信息。

这些信息包括企业的财务报表、财务指标、成本数据等。

通过仔细分析这些信息，决策者可以更好地了解企业的财务状况和运营情况，从而做出明智的决策。

3. 建立可靠的预算预算是财务决策和执行的重要工具。

通过建立合理的预算，可以帮助企业合理分配资源，控制成本，提高效益。

预算应该基于充分的财务信息和合理的假设，同时要与企业的目标和战略相一致。

在制定预算时，应该尽可能地考虑各种可能的情况和风险，确保预算的可行性和稳定性。

4. 定制有效的财务控制措施财务控制措施是确保财务决策和执行有效的重要手段。

这些措施包括内部控制制度、审计制度、财务监督机制等。

通过建立有效的控制措施，可以及时发现和纠正财务问题，防止财务风险的发生。

5. 监测和评估财务绩效财务绩效的监测和评估是财务决策和执行的核心内容。

通过建立有效的绩效评估体系，可以及时了解企业的财务状况和运营情况，发现问题并采取相应的措施。

绩效评估应该基于准确的财务信息和合理的评估指标，同时要与企业的目标和战略相一致。

6. 持续改进和学习财务决策和执行是一个不断学习和改进的过程。

决策者应该及时总结和分析财务决策和执行的结果，发现问题并采取相应的改进措施。

同时，决策者还应该关注市场和行业的变化，及时调整财务策略和决策方案，以适应新的环境和挑战。

总结：有效的财务决策和执行是企业成功的关键因素之一。

金融管理中的公司财务与投资决策

金融管理中的公司财务与投资决策在现代商业环境中，公司财务与投资决策是一个至关重要的方面。

它涉及到资金的筹集、利润的分配以及投资项目的选择等诸多关键问题。

本文将探讨金融管理中的公司财务与投资决策，并分析其对企业发展的影响。

一、财务决策财务决策是指公司管理层在资金筹集、利润分配和资产配置等方面所做出的决策。

在财务决策中，公司需要考虑如何最大程度地保持资金的流动性，以及如何在不同的投资机会之间做出选择。

首先，公司需要决定如何筹集资金。

资金筹集的方式多种多样，包括债务融资、股权融资和内部融资等。

公司需要根据自身的实际情况和市场环境，选择最适合的资金筹集方式。

例如，如果公司具有稳定的现金流和较低的债务负担，可以选择债务融资来降低融资成本。

相反，如果公司有较高的成长潜力和投资回报率，可以选择股权融资来吸引更多的投资者。

其次，公司需要决定如何分配利润。

利润分配是指公司将利润分配给股东、留存利润或进行再投资等。

在利润分配中，公司需要平衡股东的权益和公司的发展需求。

如果公司需要进行扩张或投资新项目，可以选择留存利润或进行再投资。

相反，如果公司的股东对现金分红更感兴趣，可以选择将利润分配给股东。

最后，公司需要决定如何配置资产。

资产配置是指公司将资金投资于不同的项目或资产类别。

在资产配置中，公司需要考虑投资回报率、风险和流动性等因素。

公司可以选择投资于不同的资产类别，如股票、债券、房地产等。

通过合理的资产配置，公司可以实现风险的分散和收益的最大化。

二、投资决策投资决策是指公司在选择投资项目时所做出的决策。

在投资决策中，公司需要评估不同的投资机会，并选择最具潜力和回报的项目。

首先，公司需要评估投资项目的潜力和回报。

评估投资项目的潜力包括市场需求、竞争环境和技术创新等因素。

评估投资项目的回报包括投资回报率、现金流量和利润等。

通过评估投资项目的潜力和回报，公司可以选择最具潜力和回报的项目。

其次，公司需要评估投资项目的风险。

会计学中的财务分析与金融决策

会计学中的财务分析与金融决策在现代商业世界中，财务分析和金融决策是企业成功的关键因素之一。

会计学作为一门研究财务信息和决策的学科，为企业提供了有效的工具和方法来分析和评估其财务状况。

本文将探讨会计学中的财务分析和金融决策的重要性，并介绍一些常用的财务分析方法和技巧。

首先，财务分析在金融决策中起着重要的作用。

财务分析可以帮助企业了解其财务状况，评估其盈利能力和偿债能力，并为金融决策提供依据。

通过对财务报表的分析，企业可以了解自己的资产、负债和所有者权益的组成，从而更好地规划和管理自己的财务资源。

此外，财务分析还可以帮助企业识别潜在的风险和机会，并制定相应的应对策略。

因此，财务分析在金融决策中起着不可或缺的作用。

其次，会计学提供了一系列的财务分析方法和技巧。

其中最常用的方法之一是比率分析。

比率分析通过计算不同财务指标之间的比率，来评估企业的财务状况和绩效。

常用的比率包括流动比率、速动比率、负债比率、资产周转率等。

这些比率可以帮助企业了解自己的偿债能力、盈利能力和运营效率，并与同行业的企业进行比较。

另外，会计学还提供了现金流量分析和财务报表分析等方法，用于评估企业的现金流量和财务状况。

除了财务分析，会计学还涉及金融决策的其他方面。

例如，会计学可以帮助企业制定资本预算决策。

资本预算决策是指企业在购买资产或进行投资时所做的决策。

会计学提供了一系列的技术和方法，如净现值、内部收益率等，用于评估投资项目的可行性和收益率。

通过这些方法，企业可以选择最有利可图的投资项目，并优化资本配置。

此外，会计学还可以帮助企业进行风险管理和财务规划。

风险管理是指企业在面临不确定性和风险时所采取的措施和策略。

会计学提供了风险评估和风险管理的方法，如敏感性分析、蒙特卡洛模拟等，用于评估和管理企业的风险。

财务规划则是指企业根据自身的财务目标和资源状况，制定长期和短期的财务计划和策略。

会计学提供了财务规划的方法和技巧，如预算编制、财务预测等，用于帮助企业实现其财务目标。

如何做出正确的财务决策和投资决策

如何做出正确的财务决策和投资决策经济水平和环境的飞速发展，造成了财务决策和投资决策的迫切需求。

掌握正确的财务决策和投资决策是重要的财务管理的关键。

本文将探讨制定正确的财务决策和投资决策，为你未来的财务规划提供切实可行的支持。

一、强调个人理财的重要性个人理财同样重要。

理财不仅仅是为了明确收入、支出和储蓄，更是为了优化金融资源。

合理的储蓄和有效的投资是每个人创造可持续性和长期财务安全的必要条件。

在财务决策中，我们要考虑风险、时间、回报率、支出以及未来的收益。

为了让个人理财计划成功，首先要建立预算和储蓄的计划。

一个合理的预算计划可以帮助你全面审视你的收入、支出和储蓄。

通过建立储蓄目标，你将更好地掌握你的资产。

二、正确理解目标和投资投资的目标有深刻的影响。

投资可能是短期或长期。

因此，投资决策应根据个人的目标，对投资周期进行清晰的分析。

在投资前，第一步是理解你的投资目标。

你所追求的收益与风险水平的选择，会在很大程度上影响你的投资规划。

其次，选择合适的投资工具。

包括现金、股票、债券和基金等。

这样，你就可以根据资金流动的需求选择适当的投资类型。

三、重视金融市场风险每项投资都存在风险。

金融市场不稳定的时期，需要谨慎处理风险。

四个字的风马牛不相及，证券市场价格也是如此。

不能凭空猜测和追逐高回报，应该通过调查和分析信息，包括公司、行业、市场和政策等方面的信息，确认你的决策。

此外，我们可以通过多元化来规避金融风险。

多元化投资可以帮助你在某些投资的发展周期较低时，仍然收获丰硕的回报。

由于投资组合中不同资产的相关性不同，因此调整投资组合可以降低总的金融风险。

四、根据不同的需要制定计划制定计划是财务决策中非常重要的一个方面。

财务计划应是具体、实用和可行的，基于自己的实际需求制定。

计划应该包括一个清晰的预算，并确定每月储蓄的目标和未来目标。

对于理财的投资和保险，应该实用而不是追求短期回报最大化。

同时，根据不同的需要制定计划也涵盖了为未来的年龄做准备的计划。