第11章營(yíng)運(yùn)資本與短期債務(wù)融資營(yíng)運(yùn)資本與短期債務(wù)融資共28頁，您現(xiàn)在瀏覽的是第1頁!第1節(jié)營(yíng)運(yùn)資本基本概念營(yíng)運(yùn)資本與短期債務(wù)融資共28頁，您現(xiàn)在瀏覽的是第2頁!營(yíng)運(yùn)資本營(yíng)運(yùn)資本：企業(yè)在經(jīng)營(yíng)活動(dòng)中占用在短期資產(chǎn)上資金。在流動(dòng)資產(chǎn)上的總投資額流動(dòng)資產(chǎn)減無息債務(wù)后的余額營(yíng)運(yùn)資本的特點(diǎn)流動(dòng)性強(qiáng)波動(dòng)性大營(yíng)運(yùn)資本與短期債務(wù)融資共28頁，您現(xiàn)在瀏覽的是第3頁!期初存貨+生產(chǎn)量-銷售量期末存貨存貨價(jià)值（每個(gè)2000元）Oct80080030013002,600,000Nov130080015019503,900,000Dec19508005027005,400,000Jan2700800035007,000,000Feb3500800043008,600,000Mar430080060045009,000,000Apr4500800100043008,600,000May4300800200031006,200,000June3100800200019003,800,000July190080020007001,400,000Aug70080010005001,000,000Sep5008005008001,600,000營(yíng)運(yùn)資本與短期債務(wù)融資共28頁，您現(xiàn)在瀏覽的是第4頁!OctNovDeccashpaymentsschedule($millions)Constantproductionof800unitsPermonth(cost,$2000)1.61.61.6Overhead0.40.40.4

Dividendsandinterest000Taxes0.3--Totalcashpayments2.32.02.0營(yíng)運(yùn)資本與短期債務(wù)融資共28頁，您現(xiàn)在瀏覽的是第5頁!營(yíng)運(yùn)資本與短期債務(wù)融資共28頁，您現(xiàn)在瀏覽的是第6頁!營(yíng)運(yùn)資本與短期債務(wù)融資共28頁，您現(xiàn)在瀏覽的是第7頁!營(yíng)業(yè)周期和現(xiàn)金周期存貨周轉(zhuǎn)天數(shù)應(yīng)收款周轉(zhuǎn)天數(shù)購(gòu)貨銷售現(xiàn)金經(jīng)營(yíng)周期應(yīng)付款周期現(xiàn)金周期營(yíng)運(yùn)資本與短期債務(wù)融資共28頁，您現(xiàn)在瀏覽的是第8頁!營(yíng)業(yè)周期和現(xiàn)金周期年份應(yīng)收款周轉(zhuǎn)期存貨周轉(zhuǎn)期應(yīng)付款周轉(zhuǎn)期經(jīng)營(yíng)周期現(xiàn)金周期20003465440-14200129656352120022756732-3520032546929-402004273723042200527474314320062547429-45營(yíng)運(yùn)資本與短期債務(wù)融資共28頁，您現(xiàn)在瀏覽的是第9頁!營(yíng)運(yùn)資本與短期債務(wù)融資共28頁，您現(xiàn)在瀏覽的是第10頁!流動(dòng)資產(chǎn)投資策略流動(dòng)資產(chǎn)投資平衡的因素投資收益經(jīng)營(yíng)風(fēng)險(xiǎn)營(yíng)運(yùn)資本與短期債務(wù)融資共28頁，您現(xiàn)在瀏覽的是第11頁!營(yíng)運(yùn)資本與短期債務(wù)融資共28頁，您現(xiàn)在瀏覽的是第12頁!營(yíng)運(yùn)資本與短期債務(wù)融資共28頁，您現(xiàn)在瀏覽的是第13頁!短期債務(wù)融資短期債務(wù)融資分類無息債務(wù)融資有息債務(wù)融資營(yíng)運(yùn)資本與短期債務(wù)融資共28頁，您現(xiàn)在瀏覽的是第14頁!商業(yè)信用的資本成本為促使顧客早日歸還貨款，供應(yīng)商有時(shí)會(huì)提供商業(yè)信用現(xiàn)金折扣。例如：2/10,n/30。若采購(gòu)商放棄折扣，則存在機(jī)會(huì)成本。在上例中，若供應(yīng)商于購(gòu)貨后25天付款，則機(jī)會(huì)成本是多少？機(jī)會(huì)成本=2%÷(1-2%)×360÷(25–10)=49%營(yíng)運(yùn)資本與短期債務(wù)融資共28頁，您現(xiàn)在瀏覽的是第15頁!工廠采用均衡生產(chǎn)第1季度第2季度第3季度第4季度Oct300Jan0April1000July2000Nov150Feb0May2000Aug1000Dec50Mar600June2000Sep500銷售量9600個(gè)，單價(jià)$3000，銷售額$28,800,000

營(yíng)運(yùn)資本與短期債務(wù)融資共28頁，您現(xiàn)在瀏覽的是第16頁!OctNovDecSales(unit)30015050Sales(unitprice,$3000)$0.9m0.45m0.15mCashreceiptsschedule($millions)50%cash0.450.2250.07550%frompriormonth’ssales0.750.450.225Totalcashreceipts1.20.6750.300assumesSepsalesof$1.5million營(yíng)運(yùn)資本與短期債務(wù)融資共28頁，您現(xiàn)在瀏覽的是第17頁!OctNovDeccashbudgets($million;requiredminimumbalanceis0.25m)Cashflow(1.1)(1.325)(1.7)Beginningcash0.250.250.25Cumulativecashbalance(0.85)(1.075)(1.45)Monthlyloanor(repayment)1.11.3251.7Cumulativeloan1.12.4254.125Endingcashbalance0.250.250.25營(yíng)運(yùn)資本與短期債務(wù)融資共28頁，您現(xiàn)在瀏覽的是第18頁!營(yíng)運(yùn)資本與短期債務(wù)融資共28頁，您現(xiàn)在瀏覽的是第19頁!馬鋼股份流動(dòng)資產(chǎn)變化圖營(yíng)運(yùn)資本與短期債務(wù)融資共28頁，您現(xiàn)在瀏覽的是第20頁!營(yíng)業(yè)周期和現(xiàn)金周期經(jīng)營(yíng)周期：從購(gòu)貨到應(yīng)收賬款現(xiàn)金回收的期間。現(xiàn)金周期：從支付貨款到應(yīng)收賬款回收的期間。現(xiàn)金周期=經(jīng)營(yíng)周期–應(yīng)付款周轉(zhuǎn)天數(shù)=存貨周轉(zhuǎn)天數(shù)+應(yīng)收款周轉(zhuǎn)天數(shù)–應(yīng)付款周轉(zhuǎn)天數(shù)

營(yíng)運(yùn)資本與短期債務(wù)融資共28頁，您現(xiàn)在瀏覽的是第21頁!流動(dòng)資產(chǎn)投資策略流動(dòng)資產(chǎn)變化特點(diǎn)相對(duì)穩(wěn)定的流動(dòng)資產(chǎn)隨著經(jīng)營(yíng)發(fā)展變動(dòng)的流動(dòng)資產(chǎn)營(yíng)運(yùn)資本與短期債務(wù)融資共28頁，您現(xiàn)在瀏覽的是第22頁!固定資產(chǎn)永久性流動(dòng)資產(chǎn)臨時(shí)性流動(dòng)資產(chǎn)營(yíng)運(yùn)資本與短期債務(wù)融資共28頁，您現(xiàn)在瀏覽的是第23頁!營(yíng)運(yùn)資本融資策略基本融資策略：長(zhǎng)對(duì)長(zhǎng)、短對(duì)短保守型融資策略：長(zhǎng)對(duì)短激進(jìn)型融資策略：短對(duì)長(zhǎng)營(yíng)運(yùn)資本與短期債務(wù)融資共28頁，您現(xiàn)在瀏覽的是第24頁!營(yíng)運(yùn)資本與短期債務(wù)融資共28頁，您現(xiàn)在瀏覽的是第25頁!短期債務(wù)融資企業(yè)在流動(dòng)資產(chǎn)上的投資主要靠短期負(fù)債融資來滿足。流動(dòng)資產(chǎn)與流動(dòng)負(fù)債在數(shù)量、期限的匹配性可以使公司提高資產(chǎn)營(yíng)運(yùn)