短期財務與計劃方案分析(ppt 24頁)（英文版）

短期財務與計劃方案分析目錄：
1、Tracing Cash and Net Working Capital
2、Defining Cash in Terms of Other Elements
3、The Operating Cycle and the Cash Cycle
4、Some Aspects of Short-Term Financial Policy
5、Cash Budgeting
6、The Short-Term Financial Plan
7、Summary & Conclusions

短期財務與計劃方案分析內容提要：
Some Aspects of Short-Term Financial Policy
There are two elements of the policy that a firm adopts for short-term finance.
The Size of the Firm’s Investment in Current Assets
Usually measured relative to the firm’s level of total operating revenues.
Flexible
Restrictive
Alternative Financing Policies for Current Assets
Usually measured as the proportion of short-term debt to long-term debt.
Flexible
Restrictive
The Size of the Investment in Current Assets
A flexible policy short-term finance policy would maintain a high ratio of current assets to sales.
Keeping large cash balances and investments in marketable securities.
Large investments in inventory.
Liberal credit terms.
A restrictive short-term finance policy would maintain a low ratio of current assets to sales.
Keeping low cash balances, no investment in marketable securities.
Making small investments in inventory.
Allowing no credit sales (thus no accounts receivable).
Alternative Financing Policies for Current Assets
A flexible short-term finance policy means low proportion of short-term debt relative to long-term financing.
A restrictive short-term finance policy means high proportion of short-term debt relative to long-term financing.
In an ideal world, short-term assets are always financed with short-term debt and long-term assets are always financed with long-term debt.
In this world, net working capital is always zero.

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