短期财务与计划方案分析(英文版)

(excluding cash)
Fixed Assets
2 7 . 2 Defining Cash in Terms of Other
Elements Long-
Net Working
Cash = Term + Equity – Capital –
Debt
(excluding cash)
Fixed Assets
Usually measured relative to the firm’s level of total operating revenues.
Cash cycle
27.3 The Operating Cycle and the Cash Cycle
Accounts Cash cycle = Operating cycle – payable
period
❖ In practice, the inventory period, the accounts receivable period, and the accounts payable period are measured by days in inventory, days in receivables and days in payables.
❖ An increase in long-term debt and or equity leads to an increase in cash—as does a decrease in fixed assets or a decrease in the non-cash components of net working capital.
1 Tangible 2 Intangible
Shareholders’ Equity
The Balance-Sheet Model of the Firm The Net Working Capital Investment Decision
Current
Current Assets
Net Working Capital
❖ Current Liabilities are obligations that are expected to require cash payment within the
2 7 . 2 Defining Cash in Terms of Other
Elements
Net Working Capital
❖ The Sources and Uses of Cash Statement follows from this reasoning.
27.3 The Operating Cycle and the Cash Cycle
Raw material purchased
Order Stock Placed Arrives
27.4 Some Aspects of ShortTerm Financial Policy
❖ There are two elements of the policy that a firm adopts for short-term finance.
The Size of the Firm’s Investment in Current Assets
❖ Current Assets are cash and other assets that are expected to be converted to cash with the year.
Cash Marketable securities Accounts receivable Inventory
Finished goods sold
Cash received
Inventory period
Accounts receivable period
Accounts payable period
Time
Firm receives invoice
Cash paid for materials
Operating cycle
+
Fixed Assets
=
LongTerm + Debt
Equity
Net Working Capital
=
Cash
ቤተ መጻሕፍቲ ባይዱ
–
Other Current Assets
+
Current Liabilities
Long-
Net Working
Cash = Term + Equity – Capital –
Debt
Current
Current Assets
Liabilities
Long-Term
Debt
Fixed Assets 1 Tangible 2 Intangible
What longterm investments should the firm engage in?
Shareholders’ Equity
Liabilities
Long-Term Debt
Fixed Assets 1 Tangible 2 Intangible
How much shortterm cash flow does a company need to pay its bills?
Shareholders’ Equity
2 7 . 1 Tracing Cash and Net Working Capital
Executive Summary
❖ We are solidly in to the third great question of corporate finance.
The Balance-Sheet Model of the
Firm The Capital Budgeting Decision
The Balance-Sheet Model of the Firm The Capital Structure Decision
Current Assets
Current Liabilities
How can the firm
Long-Term Debt
raise the money
for the required Fixed Assets investments?