清華大學(xué)公司財(cái)務(wù)講義(參考版)
2024-10-06 18:39本頁面
【正文】 ? according to expected sales ? according to additional amounts or safety stocks 2022/10/23 chapter11 working capital management(I) 22 How to make choice? (in practice) ? Detail idea: ? calculate different items separately 2022/10/23 chapter11 working capital management(I) 23 Alternative Working Capital Financing Policies ? Important Concepts ? Permanent and Temporary Assets ? Alternative Policies ? Moderate (Hedging ) Policy ? Aggressive Policy ? Conservative Policy 2022/10/23 chapter11 working capital management(I) 24 Permanent and Temporary Investment in Assets ? A permanent investment in an asset is an investment that the firm expects to hold for a period longer than one year, not just the useful life of the asset. ? Temporary asset investments, on the other hand, are posed of current assets that will be liquidated and not replaced within the current year. 2022/10/23 chapter11 working capital management(I) 25 Temporary current asset Total permanent asset Fixed assets Fluctuating current asset 2022/10/23 chapter11 working capital management(I) 26 Hedging Principle (principle of selfliquidating debt) ? Hedging principle involves matching the cashflowgenerating characteristics of an asset with the maturity of the source of financing used to finance its acquisition. 2022/10/23 chapter11 working capital management(I) 27 Temporary current asset Total permanent asset Fixed assets Fluctuating current asset Shortterm nonspontaneous debt Shortterm spontaneous debt Longterm debt equity 2022/10/23 chapter11 working capital management(I) 28 Temporary current asset Total permanent asset Fixed assets Fluctuating current asset Shortterm nonspontaneous debt Longterm debt equity Shortterm spontaneous debt 2022/10/23 chapter11 working capital management(I) 29 Temporary current asset Total permanent asset Fixed assets Fluctuating current asset Shortterm nonspontaneous debt Longterm debt equity Shortterm spontaneous debt 2022/10/23 chapter11 working capital management(I) 30 Choosing the Best Policy ? Be
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