第二十六章 公司财务模型和长期计划
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❖ If new funds are to be raised, the plan should consider what kinds of securities must be sold and what methods of issuance are most appropriate.
Plug
Pro Forma Statements
❖ The financial plan will have a forecast balance sheet, a forecast income statement, and a forecast sources-and-uses-of-cash statement.
❖ These are called pro forma statements or pro formas.
Asset Requirements
❖ The financial plan will describe projected capital spending.
❖ In addition it will the discuss the proposed uses of net working capital.
Financial Requirements
❖ The plan will include a section on Dividend policy and capital structure policy should be addressed.
第二十六章 公司财务模型和长期计划
2 6 . 1 What is Corporate Financial Planning?
❖ It formulates the method by which financial goals are to be achieved.
❖ There are two dimensions:
Economic Assumptions
26.2 A Financial Planning Model: The Ingredients
1. Sales forecast 2. Pro forma statements 3. Asset requirements 4. Financial requirements 5. Plug 6. Economic assumptions
❖ Options
The plan provides an opportunity for the firm to weigh its various options.
❖ Feasibility ❖ Avoiding Surprises
Nobody plans to fail, but many fail to plan.
26.1 What is Corporate Financial Planning?
❖ Scenario Analysis
Each division might be asked to prepare three different plans for the near term future:
A Worst Case
A Normal Case
A Best Case
What Will the Planning Process Accomplish?
❖ Interactions
The plan must make explicit the linkages between investment proposals and the firm’s financing choices.
2. A Level of Aggregation
❖ Each division and operational unit should have a plan.
❖ As the capital-budgeting analyses of each of the firm’s divisions are added up, the firm aggregates these small projects as a big project.
❖ Compatibility across various growth targets will usually require adjustment in a third variable.
❖ Suppose a financial planner assumes that sales, costs, and net income will rise at g1. Further, suppose that the planner desires assets and liabilities to grow at a different rate, g2. These two rates may be incompatible unless a third variable is
Sales Forecast
❖ All financial plans require a sales forecast. ❖ Perfect foreknowledge is impossible since
sales depend on the uncertain future state of the economy. ❖ Businesses that specialize in macroeconomic and industry projects can be help in estimating sales.
1. A Time Frame
❖ Short run is probably anything less than a year.
❖ Long run is anything over that; usually taken to be a two-year to five-year period.
Plug
Pro Forma Statements
❖ The financial plan will have a forecast balance sheet, a forecast income statement, and a forecast sources-and-uses-of-cash statement.
❖ These are called pro forma statements or pro formas.
Asset Requirements
❖ The financial plan will describe projected capital spending.
❖ In addition it will the discuss the proposed uses of net working capital.
Financial Requirements
❖ The plan will include a section on Dividend policy and capital structure policy should be addressed.
第二十六章 公司财务模型和长期计划
2 6 . 1 What is Corporate Financial Planning?
❖ It formulates the method by which financial goals are to be achieved.
❖ There are two dimensions:
Economic Assumptions
26.2 A Financial Planning Model: The Ingredients
1. Sales forecast 2. Pro forma statements 3. Asset requirements 4. Financial requirements 5. Plug 6. Economic assumptions
❖ Options
The plan provides an opportunity for the firm to weigh its various options.
❖ Feasibility ❖ Avoiding Surprises
Nobody plans to fail, but many fail to plan.
26.1 What is Corporate Financial Planning?
❖ Scenario Analysis
Each division might be asked to prepare three different plans for the near term future:
A Worst Case
A Normal Case
A Best Case
What Will the Planning Process Accomplish?
❖ Interactions
The plan must make explicit the linkages between investment proposals and the firm’s financing choices.
2. A Level of Aggregation
❖ Each division and operational unit should have a plan.
❖ As the capital-budgeting analyses of each of the firm’s divisions are added up, the firm aggregates these small projects as a big project.
❖ Compatibility across various growth targets will usually require adjustment in a third variable.
❖ Suppose a financial planner assumes that sales, costs, and net income will rise at g1. Further, suppose that the planner desires assets and liabilities to grow at a different rate, g2. These two rates may be incompatible unless a third variable is
Sales Forecast
❖ All financial plans require a sales forecast. ❖ Perfect foreknowledge is impossible since
sales depend on the uncertain future state of the economy. ❖ Businesses that specialize in macroeconomic and industry projects can be help in estimating sales.
1. A Time Frame
❖ Short run is probably anything less than a year.
❖ Long run is anything over that; usually taken to be a two-year to five-year period.