Working Capital Management精选.pdfVIP

C H A P T E R 21 Working Capital Management Working capital management involves two basic questions: (1) What is the appropriate amount of working capital, both in total and for each specific account, and (2) how should working capital be financed? Note that sound working capital manage- The ThomsonNOW Web site contains an ment goes beyond finance. Indeed, the ideas for improving working capital management often stem from other disciplines. Excel file that will guide you through the For example, experts in logistics, operations management, and chapter’s calculations. The file for this information technology often work with the marketing group to chapter is IFM9 Ch21 Tool Kit.xls, and develop a better way to deliver the firm’s products. Where we encourage you to open the file and finance comes into play is in evaluating the profitability of alter- follow along as you read the chapter. native proposals. In addition, financial managers determine how much cash a company must keep on hand, and how much short- term financing it should use. We begin our discussion of working capital policy by review-