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Lecture Introduction to finance: Markets, investments, and financial management (14th edition): Chapter 16 - Melicher, Norton

Chapter 16 - Short-term business financing. This chapter includes contents: Identify and describe strategies for financing working capital, identify and briefly explain the factors that affect short-term financing requirements, identify the types of unsecured loans made by commercial banks to business borrowers,. | Chapter 16 Short-Term Business Financing © 2011 John Wiley and Sons Chapter Outcomes Identify and describe strategies for financing working capital. Identify and briefly explain the factors that affect short-term financing requirements. Identify the types of unsecured loans made by commercial banks to business borrowers. Describe the use of accounts receivable, inventory, and other sources of security for bank loans. Explain the characteristics, terms, and costs of trade credit. Explain the role of commercial finance companies, factors, Small Business Administration, and commercial paper in providing short-term business financing. Chapter Outcomes, continued Strategies for Financing Working Capital Working capital Net working capital (NWC) NWC and financing strategy If NWC>0, NWC represents the dollar amount of current assets financed with long-term funds If NWC Another way to look at a firm’s assets. Fixed Assets Permanent current assets Temporary current assets Asset levels fluctuate over time for a firm Asset Trends for a Growing Firm Assets ($) Time Fixed Assets Permanent Current Assets Temporary or Fluctuating Current Assets Asset Trends for a Growing Firm: Maturity Matching Assets ($) Time Fixed Assets Permanent Current Assets Temporary or Fluctuating Current Assets Long-term financing Short-term financing Asset Trends for a Growing Firm: Aggressive Financing Assets ($) Time Fixed Assets Permanent Current Assets Temporary or Fluctuating Current Assets Long-term financing Short-term financing Asset Trends for a Growing Firm: Conservative Financing Assets ($) Time Fixed Assets Permanent Current Assets Temporary or Fluctuating Current Assets Long-term financing Short-term financing Basic Financing Strategies Maturity matching Aggressive Conservative Financing Strategy Problems Over-reliance on short-term debt Exposure to increases | Chapter 16 Short-Term Business Financing © 2011 John Wiley and Sons Chapter Outcomes Identify and describe strategies for financing working capital. Identify and briefly explain the factors that affect short-term financing requirements. Identify the types of unsecured loans made by commercial banks to business borrowers. Describe the use of accounts receivable, inventory, and other sources of security for bank loans. Explain the characteristics, terms, and costs of trade credit. Explain the role of commercial finance companies, factors, Small Business Administration, and commercial paper in providing short-term business financing. Chapter Outcomes, continued Strategies for Financing Working Capital Working capital Net working capital (NWC) NWC and financing strategy If NWC>0, NWC represents the dollar amount of current assets financed with long-term funds If NWC Another way to look .