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Lecture note Essentials of corporate finance – Chater 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. | 17- Copyright © 2011 by the McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin 17- Key Concepts and Skills Understand How firms manage cash and various collection, concentration, and disbursement techniques How to manage receivables, and the basic components of credit policy Various inventory types, different inventory management systems, and what determines the optimal inventory level 17- Chapter Outline 17.1 Float and Cash Management 17.2 Cash Management: Collection, Disbursement, and Investment 17.3 Credit and Receivables 17.4 Inventory Management 17.5 Inventory Management Techniques 17- Reasons for Holding Cash John Maynard Keynes Speculative motive = take advantage of unexpected opportunities Precautionary motive = in case of emergencies Transaction motive = to pay day-to-day bills Trade-off: opportunity cost of holding cash vs. transaction cost of converting marketable securities to cash 17- Understanding Float Float = difference . | 17- Copyright © 2011 by the McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin 17- Key Concepts and Skills Understand How firms manage cash and various collection, concentration, and disbursement techniques How to manage receivables, and the basic components of credit policy Various inventory types, different inventory management systems, and what determines the optimal inventory level 17- Chapter Outline 17.1 Float and Cash Management 17.2 Cash Management: Collection, Disbursement, and Investment 17.3 Credit and Receivables 17.4 Inventory Management 17.5 Inventory Management Techniques 17- Reasons for Holding Cash John Maynard Keynes Speculative motive = take advantage of unexpected opportunities Precautionary motive = in case of emergencies Transaction motive = to pay day-to-day bills Trade-off: opportunity cost of holding cash vs. transaction cost of converting marketable securities to cash 17- 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 17- Managing Float Management concern = net float and available balance Collections and disbursement times Mailing time Processing delay Availability delay To speed collections, decrease one or more To slow disbursements, increase one or more 17- Float Issues “Kiting” Systematic overdrafting Writing checks for no economic reason other than to exploit float Electronic Data Interchange & Check 21 EDI = direct, electronic information exchange Check 21 = bank receiving a customer check may transmit an electronic image and receive immediate payment 17- Example: Types of .