【正文】 e an impact on the firm within a year( working capital decision). ?The most important difference between shortterm and longterm finance is the timing of cash flows. Shortterm financial decisions involve cash flows and outflows within a year or less. 營運(yùn)資金決策 ? 現(xiàn)金決策－定義 Cash = Longterm debt + Equity – Net working capital (excluding cash) – Fixed assets Net working capital+Fixed assets=Longterm debt+Equity Net working capital=Cash+Other current assetsCurrent liabilities Cash+Other current assetsCurrent liabilities=Longterm debt+EquityFixed assets Cash= Longterm debt+EquityFixed assets(Other current assetsCurrent liabilities) Indicating increasing longterm debt and equity and decreasing fixed assets and working capital (excluding cash) will increase cash to the firm. 營運(yùn)資金決策 ? 現(xiàn)金決策－來源和用途 Sources of Cash: Cash flow from operations: Net ine Depreciation Total cash flow from operations Decrease in working capital: Increase in accounts payable Increase in notes payable Increase in accrued expenses Increase in taxes payable Total sources of cash Uses of Cash: Increase in fixed assets Increase in prepayments Dividends Increase in working capital: Investment in inventory Increase in accounts receivable Increase in marketable securities Total uses of cash Change in cash balance 營運(yùn)資金決策 ? 現(xiàn)金循環(huán) Raw material purchased Order placed Stock arrives Firm receives invoice Cash paid for materials Finished goods sold Cash received Time Inventory period Accounts payable period Accounts receivable period Operating cycle Cash cycle ?The operating cycle is the time period from the arrival of stock until the receipt of cash. The cash cycle begins when cash is paid for materials and ends when cash is collected from receivables. ?The need for shortterm financial decision making is suggested by the gap between the cash inflows and cash outflows. This is related to the lengths of the operating cycle and the accounts payable period. This gap can be filled either by borrowing or by holding a liquidity reserve for marketable securities. The gap can be shortened by changing the inventory, receivable, and payable periods. 營運(yùn)資金決策 ? 流動資產(chǎn)決策 The Size of the Firm’s Investment in Current Assets(Current Assets/Sales) The Financing for Current Assets(shortterm debt/longterm financing) Flexible Policy ?Keeping large balances of cash and marketable securities ?Making large investments in inventory ?Granting liberal credit terms, which results in a high level of accounts receivable Restrictive Policy ?Keeping low cash balances and no investment in marketable securities ?Making small investments in inventory ?Allowing no credit sales and no accounts receivable. An Ideal Model ?Shortterm assets can always be financed with shortterm debt, and longterm assets can be financed with longterm debt and equity. Net working capital is always zero. An Secular Model ?Current assets cannot be expected to drop to zero in the real world, because a longterm rising level of sales will result in some permanent investment in current assets. A growing firm can be thought of as having both a permanent requirement for current assets and one for longterm assets. matching 營運(yùn)資金決策 ? 流動資產(chǎn)決策 Carrying costs increase with the level of investment in current assets. They include both opportunity costs and the costs of maintaining the asset’s economic value. Shortage costs decrease with increases in the level of investment in current assets. They include trading costs and the costs of running out of the current asset. For example, being short of cash. CA* CA* CA* Total cost of holding current assets Carrying costs Shortage costs Amount of current assets(CA) Dollars Minimum point Flexible policy Restrictive policy 營運(yùn)資金決策 ? 流動資產(chǎn)決策與融資 Fixed assets Time Dollar Current assets = Shortterm debt Longterm debt plus mon stock Dollar Time Total asset requirement Seasonal variation Secular growth in fixed assets and permanent current assets Ideal Model(Zero Net Working Capital) Secular Model(Total Assets Requirement ) There is no definitive answer to the most appropriate amount of shortterm borrowing. Several considerations must be included in proper analysis: ? Cash Reserves(現(xiàn)金儲備 ): investment in cash and marketable securities are zero NPV ? Maturity Hedging(期限匹配 ): avoiding maturity mismatching ? Term Structure(利率期限結(jié)構(gòu) ): shortterm interest rateslongterm interest rates 營運(yùn)資金決策 ? 營運(yùn)資金融資工具 ? Commercial Credit: Account payable, Note payable, Accrued expenses ? Unsecured Loans ? Nonmitted line of credit: (1)an informal arrangement that allows firms to borrow up to a previously specified limit without going through the normal paperwork。 (2) It provides information to the stockholder concerning the firm’s performance, which put an effect on stock price. 股利決策 ? 相關(guān)概念 ? Dividend Per Share (DPS，每股股利） : total dividends paid to mon shareholders ? Dividend Payment Ratio（股利支付率） : dividends paid divided by profit ( DPS/EPS) ? Dividend Yield（股票收益率） : DPS/Price ? The Process of Dividend Paying（股利發(fā)放程序） ? Declaration Date（分紅預(yù)案公布日、分紅方案批準(zhǔn)即宣告日） ? Date of Record（股權(quán)登記日） ? ExDividend Date（除息 /除權(quán)日） ? Date of Payment（送股交易日、股利發(fā)放日） ? Cash Dividend(派現(xiàn) )、 Stock Dividend(送股 )、 Private Placement (配股 )、資本公積轉(zhuǎn)增股本 ? Stock Split（股票分拆）、 Stock Repurchase（股票回購） 股利決策 ? 股利決策理論流派 ? MM Theory（ MM的股利政策無效理論） : in a perfect capital market, dividend policy cannot put an effect on the corporate value, the latter only depends on the corporate’s profitability (EBIT). ? Information Content Effect（股利政策的信息效應(yīng)理論） : for example, high dividend payment ratio usually transfers a m