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Lecture Essentials of corporate finance (2/e) – 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 © 2011 McGraw-Hill Australia Pty Ltd PPTs t/a Essentials of Corporate Finance 2e by Ross et al. Slides prepared by David E. Allen and Abhay K. Singh Chapter outline Cash and liquidity management Cash management: collection, disbursement and investment Credit and receivables Inventory management Inventory management techniques 17- Copyright © 2011 McGraw-Hill Australia Pty Ltd PPTs t/a Essentials of Corporate Finance 2e by Ross et al. Slides prepared by David E. Allen and Abhay K. Singh Reasons for holding cash John Maynard Keynes 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 the opportunity cost of holding cash and the transaction cost of converting marketable securities to cash for transactions 17- Copyright © 2011 McGraw-Hill Australia Pty Ltd PPTs t/a Essentials of Corporate Finance 2e by Ross et al. Slides prepared by David E. Allen and Abhay K. Singh 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 © 2011 McGraw-Hill Australia Pty Ltd PPTs t/a Essentials of Corporate Finance 2e by Ross et al. Slides prepared by David E. Allen . | 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 © 2011 McGraw-Hill Australia Pty Ltd PPTs t/a Essentials of Corporate Finance 2e by Ross et al. Slides prepared by David E. Allen and Abhay K. Singh Chapter outline Cash and liquidity management Cash management: collection, disbursement and investment Credit and receivables Inventory management Inventory management techniques 17- Copyright © 2011 McGraw-Hill Australia Pty Ltd PPTs t/a Essentials of Corporate Finance 2e by Ross et al. Slides prepared by David E. Allen and Abhay K. Singh Reasons for holding cash John Maynard Keynes Speculative motive—hold cash to take advantage of unexpected .