清華大學(xué)公司財(cái)務(wù)講義-資料下載頁(yè)
2024-10-04 18:39本頁(yè)面
【正文】 Maturity hedging ? Relative interest rates ? Compromise policy – borrow shortterm to meet peak needs, maintain a cash reserve for emergencies 2022/10/23 chapter11 working capital management(I) 31 Figure 2022/10/23 chapter11 working capital management(I) 32 Temporary, Permanent, and Spontaneous Sources of Financing ? Temporary sources of financing ? unsecured bank loans, ? secured loans (use accounts receivable and inventories as collateral ) ? mercial paper, etc. 2022/10/23 chapter11 working capital management(I) 33 Temporary, Permanent, and Spontaneous Sources of Financing (continued) ? Permanent sources of financing include: ? intermediateterm loans and longterm debt ? preferred stock, and mon equity. ? Spontaneous sources of financing ? wage and salaries payable ? accrued interest and accrued taxes ? Trade credit 2022/10/23 chapter11 working capital management(I) 34 How to Make Choice ? There is no absolute advantages one alternative over the others theoretically. ? ? Two practical observations are ? most of financial managers attempt to match maturates of asset and liabilities ? most of financial managers like to make permanent investment in working capital. 2022/10/23 chapter11 working capital management(I) 35 Advantages and Disadvantages of Current Liabilities ? Advantages ? Current liabilities offer the firm a flexibility source of financing. It can be used to match the time of a firm’s needs for shortterm financing. ? Interest cost is lower when the firm use shortterm financing rather than longterm financing. 2022/10/23 chapter11 working capital management(I) 36 Advantages and Disadvantages of Current Liabilities (continued) ? Disadvantages ? First, shortterm debt must be repaid or rolled over more often, and so it increase the possibility that the firm’s financial condition might deteriorate to a point where the needed funds might not be available. ? A second disadvantage of shortterm debt is the uncertainty of interest costs from year to year. 2022/10/23 chapter11 working capital management(I) 37 Thank you for your attention
環(huán)評(píng)公示相關(guān)推薦
鄂ICP備17016276號(hào)-1