《short-term financial planning and management》由會員上傳分享，免費(fèi)在線閱讀，更多相關(guān)內(nèi)容在工程資料-天天文庫。

1、LEARNINGOBJECTIVESAfterstudyingthischapter,youshouldunderstand:LO1TheoperatingandcashcyclesandwhytheyareSHORT-TERMimportant.LO2Thedifferenttypesofshort-term?nancialpolicy.FINANCEANDLO3Theessentialsofshort-18term?nancialplanning.LO4ThesourcesandusesofPLANNINGcashonthebalanc

2、esheet.WITHGASOLINEPASSING$4PERGALLONinWhileHondadoesnotreleaseprecisedata,thecom-mid-2008,salesofhybridautomobilesreallybegantopanyreportedthattheinventoryperiodfortheHondapickup.Forexample,during2007,thehybridversionCivichybridwasa“fewdays.”Moreimpressively,theoftheSatur

3、nVuesatondealerlotsfor63days,onaverageToyotaPriusrolledoffthelotinonly17hours.average,beforeselling.Bythesummerof2008,thisAsthischapterexplores,thelengthoftimegoodsareperiodhadfallento17days.Overall,hybridssatforcarriedininventoryuntiltheyaresoldisanimportant23daysduringAp

4、rilandMay2008,whichisconsider-elementofshort-term?nancialmanagement,andablylessthantheautoindustry’saverageof60days.industriessuchastheautomobileindustrypaycloseAndtheSaturnVuewasn’tthefastest-movingcar:attentiontoit.Mastertheabilitytosolveproblemsinthischapterbyusingaspre

5、adsheet.AccessExcelMasteronthestudentWebsitewww.mhhe.com/rwj.Tothispoint,wehavedescribedmanyofthedecisionsoflong-term?nance,suchasthoseofcapitalbudgeting,divi-dendpolicy,and?nancialstructure.Inthischapter,webegintodiscussshort-term?nance.Short-term?nanceisprimarilyconcerne

6、dwiththeanalysisofdecisionsthataffectcurrentassetsandcurrentliabilities.Frequently,thetermnetworkingcapitalisassociatedwithshort-term?nancialdecisionmaking.AswedescribeinChapter2andelsewhere,networkingcapitalisthedifferencebetweencurrentassetsandcurrentliabilities.Often,sh

7、ort-term?nancialmanagementiscalledworkingcapitalmanagement.Thesetermsmeanthesamething.Thereisnouniversallyacceptedde?nitionofshort-term?nance.Themostimportantdifferencebetweenshort-termandlong-term?nanceisinthetimingofcash?ows.Short-term?nancialdecisionstypicallyinvolvecas

8、hin?owsandout?owsthatoccurwithinayearorless.Forexample,short-term?nancialdecisionsareinvo