公司理财课件-英文版.ppt

Short-Term Finance and Planning
Cash Working Capital
Current Assets are cash and other assets that are expected to be converted to cash within the year.
Cash
Marketable securities
Accounts receivable
Inventory
Current Liabilities are obligations that are expected to require cash payment within the year.
Accounts payable
Accrued wages
Taxes
Balance Sheet Model of the Firm
How much short-term cash flow does pany need to pay its bills?
Net Working Capital
Current Assets
Fixed Assets
1. Tangible
2. Intangible
Shareholders’ Equity
Current Liabilities
Long-Term Debt
Defining Cash in Terms of Other Elements
Net Working Capital
+
Fixed Assets
=
Long-Term Debt
+
Equity
Net Working Capital
=
Cash
Other Current Assets
Current Liabilities
–
+
Cash
=
Long-Term Debt
+
Equity
–
Net Working Capital (excluding cash)
Fixed Assets
–
Defining Cash in Terms of Other Elements
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-ponents working capital.
The sources and uses of cash follow from this reasoning. p522
Cash
=
Long-Term Debt
+
Equity
–
Net Working Capital (excluding cash)
Fixed Assets
–
The Operating Cycle and the Cash Cycle
Time
Accounts payable period
Cash cycle
Operating cycle
Cash received
Accounts receivable period
Inventory period
Finished goods sold
Firm receives invoice
Cash paid for materials
Order Placed
Stock Arrives
Raw material purchased
时间
应付账款周转天数
现金周期
经营周期
收到现金
应收账款周转天数
存货周转天数
产成品销售
存货到达
支付购货款
再订
货点
存货
送达
存货采购
The Operating Cycle and the Cash Cycle
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.
Cash cycle
=
Operating cycle
–
Accounts payable period
销售收入净额
应收账款平均余额
=
360
应收账款周转次数
=
销货成本
存货平均余额
=
360
存货周转次数
=
营业周期