[管理學]chap003-longtermfinancialplaning-資料下載頁
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【正文】 ?McGrawHill/Irwin Copyright 169。 2021 by The McGrawHill Companies, Inc. All rights reserved. 324 Assumptions : 1. the firm‘s asset will grow in proportion to its sales 2. ine is a constant proportion of its sales 3. the firm has a given dividendpayout policy and a given shares of stock 4. the firm will not change the number of outstanding shares of stock McGrawHill/Irwin Copyright 169。 2021 by The McGrawHill Companies, Inc. All rights reserved. 325 Sustainable growth rate Cash deficit Cash surplus Real growth rate Sales growth rate ROE McGrawHill/Irwin Copyright 169。 2021 by The McGrawHill Companies, Inc. All rights reserved. 326 △ Asset = △ (Debt + Equity) All asset =debt + equity+ external financing requirement Ta s s ets a les ? Ta s s e ts a le s ???McGrawHill/Irwin Copyright 169。 2021 by The McGrawHill Companies, Inc. All rights reserved. 327 Increasing the Sustainable Growth Rate ? A firm can do several things to increase its sustainable growth rate: – Sell new shares of stock – Increase its reliance on debt – Reduce its dividendpayout ratio – Increase profit margins – Decrease its assetrequirement ratio McGrawHill/Irwin Copyright 169。 2021 by The McGrawHill Companies, Inc. All rights reserved. 328 Some Caveats of Financial Planning Models ? Financial planning models do not indicate which financial polices are the best. ? They are often simplifications of reality—and the world can change in unexpected ways. ? Without some sort of plan, the firm may find itself adrift in a sea of change without a rudder for guidance. McGrawHill/Irwin Copyright 169。 2021 by The McGrawHill Companies, Inc. All rights reserved. 329 Summary amp。 Conclusions ? Financial planning forces the firm to think about and forecast the future. ? It involves – Building a corporate financial model. – Describing different scenarios of future development from best to worst case. – Using the models to construct pro forma financial statements. – Running the model under different scenarios (sensitivity analysis). – Examining the financial implications of ultimate strategic plans. McGrawHill/Irwin Copyright 169。 2021 by The McGrawHill Companies, Inc. All rights reserved. 330 Summary amp。 Conclusions ? Corporate financial planning should not bee an end in an of itself. If it does, it will probably focus on the wrong things. ? The alternative to financial planning is stumbling into the future.
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