【正文】 ceipt 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 營運資金決策 ? 營運資金融資工具 ? 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。當EBIT增長時，每一元利潤負擔(dān)的固定資本成本就會減少，從而使普通股的 EPS以更快的速度增長，當 EBIT減少時，每一元利潤負擔(dān)的固定資本成本就會增加，從而使普通股的 EPS以更快的速度下降。節(jié)稅利益的存在，使得負債企業(yè)的價值及其股東權(quán)益高于無負債企業(yè)； ? Motivation Effects（經(jīng)營激勵效應(yīng)）：當公司增加債務(wù)時，公司的破產(chǎn)可能性增加，對債權(quán)人還本付息的現(xiàn)金流壓力會使經(jīng)理人手中的“自由現(xiàn)金”得到控制，現(xiàn)金流出的壓力會促使經(jīng)理人提高經(jīng)營效率，以免因公司破產(chǎn)而導(dǎo)致個人的名譽、地位和收益損失。 要報酬率無負債公司的普通股必資本成本有負債公司的加權(quán)平均無負債公司的價值有負債公司的價值公司價值?????????UUSAULSAULKKVVVKE B I TKE B I TVVVInvestment=Depreciation, because of Zero growth ???? ?Tt tAT KE B ITim1 )1(?If levered firms are priced too high, rational investors will simply borrow on their personal accounts to buy shares in unlevered firms. This substitution is oftentimes called homemade leverage. As long as individuals borrows (and lend) on the same terms as the firms, they can duplicate the effects of corporate leverage on their own. The same ?EBIT regardless of the L/S ratio(Assumption) 融資決策－資本結(jié)構(gòu) ? 負債約束 VL = VU + TD Maximize firm value by issue maximum debt? No! How to maximize firm value? Maximize firm value by issue maximum debt? ? making use of those benefits from debt financing, such as tax shield benefit。 融資決策－資本結(jié)構(gòu) MM Propositions Without Taxes Proposition I ( no taxes ): The value of the levered firm is the same as the value of the unlevered firm無論公司有無負債，其價值等于公司所有資產(chǎn)的預(yù)期收益額除以適于該公司風(fēng)險等級的報酬率。 (4)efficient feedback. 融資決策的理論假設(shè)－ EMH ?Information set of past prices ? Information set of publicly available ? All information relevant to a stock ? 有效市場假設(shè) ? Three types of efficient capital markets The weakform of efficiency: today’s price reflects only information on past prices. Pt = Pt1 + Expected return +Random errort 不完全信息、無傳輸滲漏、不完全解讀（能且只能解讀歷史價格信息）、無時滯反饋 The semistrong form of efficiency: today’s price reflects all publicly available information. 不完全信息、無傳輸滲漏、完全解讀、無時滯反饋 The strongform of efficiency: today’s price reflects all information, both public and private. 完全信息、無傳輸滲漏、完全解讀、無時滯反饋 ?implies ? , ? implies ? 融資決策的理論假設(shè)－ EMH ? 資本結(jié)構(gòu) Bonds60% Stocks40% Bonds40% Stocks60% Value of firm Value of firm V ? B + S ? How to maximizing the value of the entire firm? ? what is the ratio of debt to equity that maximizes the shareholders’ interest? 融資決策－資本結(jié)構(gòu) MM Propositions Without Taxes Presuppositions: ? Without taxes 公司在無稅收環(huán)境下運營 ? Perfect market 存在高度完善的資本市場，股票和債券在完全資本市場上的交易意味著：１）沒有交易成本；２）投資者進入和退出市場不受限制；３）所有投資者可以平等、免費獲取市場信息；４）投資者個人和組織可同公司一樣以同等利率借款。 (2)efficiently receive。 ? 增量現(xiàn)金流不確定的處理方法 不確定條件的投資決策 Year 0 Initial investment Sales units revenues Variable costs Fixed costs Depreciation Taxes(34%) Net pro