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Lecture Essentials of corporate finance - Chapter 17: Working capital management

Chapter 17 - Working capital management. This chapter include objectives: Understand how firms manage cash and various collection, concentration and disbursement techniques; understand how to manage receivables and the basic components of credit policy; understand various inventory types, different inventory management systems and what determines the optimal inventory level. | Working Capital Management Chapter 17 Key Concepts and Skills Understand how firms manage cash and various collection, concentration and disbursement techniques Understand how to manage receivables and the basic components of credit policy Understand various inventory types, different inventory management systems and what determines the optimal inventory level 17- Copyright 2007 McGraw-Hill Australia Pty Ltd PPTs t/a Essentials of Corporate Finance by Ross, Trayler, Bird, Westerfield & Jordan Slides prepared by Rowan Trayler Chapter Outline Float and Cash Management Cash Management: Collection, Disbursement, and Investment Credit and Receivables Inventory Management Inventory Management Techniques 17- Copyright 2007 McGraw-Hill Australia Pty Ltd PPTs t/a Essentials of Corporate Finance by Ross, Trayler, Bird, Westerfield & Jordan Slides prepared by Rowan Trayler Reasons for Holding Cash Speculative motive – hold cash to take advantage of unexpected opportunities Precautionary motive – hold cash in case of emergencies Transaction motive – hold cash to pay the day-to-day bills Trade-off between opportunity cost of holding cash relative to the transaction cost of converting marketable securities to cash for transactions 17- Copyright 2007 McGraw-Hill Australia Pty Ltd PPTs t/a Essentials of Corporate Finance by Ross, Trayler, Bird, Westerfield & Jordan Slides prepared by Rowan Trayler Understanding Float Float – difference between cash balance recorded in the cash account and the cash balance recorded at the bank Disbursement float Generated when a firm writes cheques Available balance at bank – book balance > 0 Collection float Cheques received increase book balance before the bank credits the account Available balance at bank – book balance 17- Copyright 2007 McGraw-Hill Australia Pty Ltd PPTs t/a Essentials of Corporate Finance by Ross, Trayler, Bird, Westerfield & Jordan Slides . | Working Capital Management Chapter 17 Key Concepts and Skills Understand how firms manage cash and various collection, concentration and disbursement techniques Understand how to manage receivables and the basic components of credit policy Understand various inventory types, different inventory management systems and what determines the optimal inventory level 17- Copyright 2007 McGraw-Hill Australia Pty Ltd PPTs t/a Essentials of Corporate Finance by Ross, Trayler, Bird, Westerfield & Jordan Slides prepared by Rowan Trayler Chapter Outline Float and Cash Management Cash Management: Collection, Disbursement, and Investment Credit and Receivables Inventory Management Inventory Management Techniques 17- Copyright 2007 McGraw-Hill Australia Pty Ltd PPTs t/a Essentials of Corporate Finance by Ross, Trayler, Bird, Westerfield & Jordan Slides prepared by Rowan Trayler Reasons for Holding Cash Speculative motive – hold cash to take advantage of unexpected opportunities .