彼得罗斯公司理财Cap027.pptVIP

Chapter 27 Copyright ? 2010 by the McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Key Concepts and Skills Understand the importance of float and how it affects the cash balance Understand how to accelerate collections and manage disbursements Understand the advantages and disadvantages of holding cash and some of the ways to invest idle cash Appendix 27A: Be able to use the BAT and Miller-Orr models Chapter Outline 27.1 Reasons for Holding Cash 27.2 Understanding Float 27.3 Cash Collection and Concentration 27.4 Managing Cash Disbursements 27.5 Investing Idle Cash Appendix 27A 27A.1 The Basic Idea 27A.2 The BAT Model 27A.3 The Miller-Orr Model: A More General Approach 27A.4 Implications of the BAT and Miller-Orr Models 27A.5 Other Factors Influencing the Target Cash Balance 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 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 checks Available balance at bank – book balance 0 Collection float Checks received increase book balance before the bank credits the account Available balance at bank – book balance 0 Net float = disbursement float + collection float Example: Types of Float You have $3,000 in your checking account. You just deposited $2,000 and wrote a check for $2,500. What is the disbursement float? What is the collection float? What is the net float? What is your book balance? What is your available balance? Example: Measuring Float Size of float depends on the dollar amount and the time delay Delay = mailing time + processing delay + availability