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財務管理基礎 第13版 教學課件Chap007_PPT.ppt

'財務管理基礎 第13版 教學課件Chap007_PPT.ppt'
Current Asset Management7Chapter OutlineWhat is current asset managementCash management and its importanceManagement of marketable securitiesAccounts receivable and inventory managementInventory management and policy decisions requiredLiquidity vis-à-vis returns2Cash ManagementFinancial managers actively attempt to keep cash (non-earning asset) to a minimumIt is critical to have sufficient cash to assuage emergenciesSteps to improve overall profitability of a firm:Minimize cash balancesHave accurate knowledge of when cash moves in and out of the firm3Reasons for Holding Cash BalancesTransactions balancesPayments towards planned expensesCompensative balances for banksCompensate a bank for services provided rather than paying directly for themPrecautionary needsEmergency purposes4Cash Flow CycleEnsure that cash inflows and outflows are synchronized for transaction purposesCash budgets is a tool used to track cash flows and ensuing balancesCash flow relies on:Payment pattern of customersSpeed at which suppliers and creditors process checksEfficiency of the banking system5Cash Flow Cycle (cont’d)Cash inflows are driven by sales and influenced by: Type of customersCustomers’ geographical locationProduct being soldIndustryWhen the cash balance increases, the extra cash can be Used for various payments to lenders, stockholders, government, etcUsed to invest in marketable securitiesWhen there is a need for cash a firm can:Sell the marketable securitiesBorrow funds from short-term lenders6Expanded Cash Flow Cycle7E-commerce and SalesBenefits: faster cash flow Credit card companies advance cash to the retailer within 7–10 days against retailer’s with a 30 day payment termsFinancial managers must pay close attention to the percentage of sales generated:By cashBy outside credit cardsBy the company’s own credit cards8FloatDifference between firm’s recorded amount and amount credited to the firm by a bankTwo types of float:Mail float: Arises duet to the time it takes to deliver a check.Clearing float: Arises due to the time it takes to clear a check once the payment is madeBoth these floats do not exist anymore due to:Electronic payments Check Clearing for the 21st Century ActCheck Clearing for the 21st Century Act (Check 21) Allows banks and others to electronically process a check9Improving Collections and Extending Disbursements Improving collection: Setting up multiple collection centers at different locationsAdopt lockbox system for expeditious check clearance at lower costsExtending disbursement:General trend:Speedup processing of incoming checksSlow down payment proceduresExtended disbursement float – allows companies to hold onto their cash balances for as long as possible10Cost-Benefit AnalysisAllows companies to analyze the benefits, received by investing on an efficiently maintained cash management program11Cash Management Network12Electronic Funds TransferFunds are moved between computer terminals 。省略部分。ximum efficiency in manpower and machinery usageMay result in high inventory buildupSeasonal productionEliminates inventory buildup problemsMay result in unused capacity during slack periodsMay result in overtime labor charges and overused equipment repair charges27Inventory Policy in Inflation (and Deflation)Inventory position can be protected in an environment of price instability by:Taking moderate inventory positionsHedging with a futures contract to sell at a stipulated price some months from nowRapid price movements in inventory may also have a major impact on the reported income of the firm28The Inventory Decision ModelCarrying costsInterest on funds tied up in inventoryCost of warehouse space, insurance premiums, and material handling expensesImplicit cost associated with the risk of obsolescence and perish-ability Ordering costsCost of orderingCost of processing inventory into stock29Determining the Optimum Inventory Level30Economic Ordering QuantityEOQ = 2SO ; CWhere,S = Total sales in unitsO = Ordering cost for each orderC = Carrying cost per unit in dollarsAssuming:EOQ = 2SO = 2 X 2,000 X $8U = $32,000 = 160,000 C $0.20 $0.20 = 400 units31Safety Stocks and Stock OutsStock out occurs when a firm is:Out of a specific inventory itemUnable to sell or deliver the productSafety stock reduces such risks Increases cost of inventory due to a rise in carrying costs This cost should be offset by:Eliminating lost profits due to stockouts Increased profits from unexpected orders32Safety Stocks and Stock Outs (cont’d)Assuming that;Average inventory = EOQ + Safety stock 2Average inventory = 400 + 50 2The inventory carrying costs will now increase by $50Carrying costs = Average inventory in units × Carrying cost per unit = 250 × $0.20 = $5033Just-in-Time Inventory ManagementBasic requirements for JIT:Quality production that continually satisfies customer requirementsClose ties between suppliers, manufactures, and customersMinimization of the level of inventoryCost Savings from lower inventory:On average, JIT has reduced inventory to sales ratio by 10% over the last decade34Advantages of JITReduction in space due to reduced warehouse space requirementReduced construction and overhead expenses for utilities and manpowerBetter technology with the development of electronic data interchange systems (EDI)EDI reduces re-keying errors and duplication of formsReduction in costs from quality controlElimination of waste35Areas of Concern for JITIntegration costsParts shortages could lead to lost sales and slow growthUn-forecasted increase in sales: Inability to keep up with demand Un-forecasted decrease in sales:Inventory can pile upA revaluation may be needed in high-growth industries fostering dynamic technologies36
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教學 13 chap007 chap 基礎 007 ppt 財務管理
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