第二十八章 现金管理

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1. Chapter Outline28.1 Reasons for Holding Cash 28.2 Determining the Target Cash Balance 28.3 Managing the Collection and Disbursement of Cash 28.4 Investing Idle Cash 28.5 Summary & Conclusions
2. 28.1 Reasons for Holding CashTransactions motive Compensating balances
3. 28.2 Determining the Target Cash BalanceThe Baumol Model The Miller-Orr Model Other Factors Influencing the Target Cash Balance
4. Costs of Holding CashOpportunity CostsTrading costsTotal cost of holding cashC*Costs in dollars of holding cashSize of cash balanceThe investment income foregone when holding cash.Trading costs increase when the firm must sell securities to meet cash needs.
5. The Baumol ModelF = The fixed cost of selling securities to raise cash T = The total amount of new cash needed K = The opportunity cost of holding cash: this is the interest rate.TimeCIf we start with $C, spend at a constant rate each period and replace our cash with $C when we run out of cash, our average cash balance will be .1 2 3The opportunity cost of holding is
6. The Baumol ModelF = The fixed cost of selling securities to raise cash T = The total amount of new cash needed K = The opportunity cost of holding cash: this is the interest rate.TimeCAs we transfer $C each period we incur a trading cost of F each period. If we need T in total over the planning period we will pay $F, T ÷ C times.1 2 3The trading cost is
7. The Baumol ModelC*Size of cash balanceOpportunity CostsTrading costsThe optimal cash balance is found where the opportunity costs equals the trading costs
8. The Baumol ModelOpportunity Costs = Trading CostsThe optimal cash balance is found where the opportunity costs equals the trading costsMultiply both sides by C
9. The Miller-Orr ModelThe firm allows its cash balance to wander randomly between upper and lower control limits.$TimeHZLWhen the cash balance reaches the upper control limit H cash is invested elsewhere to get us to the target cash balance Z.When the cash balance reaches the lower control limit, L, investments are sold to raise cash to get us up to the target cash balance.
10. The Miller-Orr Model MathGiven L, which is set by the firm, the Miller-Orr model solves for Z and Hwhere s2 is the variance of net daily cash flows. The average cash balance in the Miller-Orr model is
11. Implications of the Miller-Orr ModelTo use the Miller-Orr model, the manager must do four things: Set the lower control limit for the cash balance. Estimate the standard deviation of daily cash flows. Determine the interest rate. Estimate the trading costs of buying and selling securities. The model clarifies the issues of cash management: The best return point, Z, is positively related to trading costs, F, and negatively related to the interest rate K. Z and the average cash balance are positively related to the variability of cash flows.
12. Other Factors Influencing the Target Cash BalanceBorrowing Borrowing is likely to be more expensive than selling marketable securities. The need to borrow will depend on management’s desire to hold low cash balances. Compensating Balance Firms have cash in the bank as a compensation for banking services. Large corporations have thousands of accounts with several dozen banks—sometimes it makes more sense to leave cash alone than to manage each account on a daily basis.
13. FloatThe difference between bank cash and book cash is called float. Float management involves controlling the collection and disbursement of cash.
14. 28.3 Managing the Collection and Disbursement of CashAccelerating Collections Delaying Disbursements Disbursement Float Zero-Balance Accounts Drafts Ethical and Legal Questions
15. Accelerating CollectionsCustomer mails paymentCompany receives paymentCompany deposits paymentCash receivedMail delayMail floatProcessing delayProcessing floatClearing delayClearing floattimeCollection float
16. Overview of Lockbox Processing Corporate Customers Corporate Customers Corporate Customers Corporate Customers Local Bank Collects funds from PO Boxes Envelopes opened; separation of checks and receipts Deposit of checks into bank accounts Details of receivables go to firm Firm processes receivables Bank clears checks Post Office Box 1 Post Office Box 2
17. Delaying DisbursementsWrite check on a distant bank. Hold payment for several days after postmarked in office. Call supplier firm to verify statement accuracy for large amounts. Mail from distant post office. Mail from post office that requires a great deal of handling. Firm prepares check to supplier Post Office processing Delivery of check to supplier Deposit goes to supplier’s bank Bank collects funds
18. DraftsFirms sometimes use drafts instead of checks. Drafts differ from checks because they are not drawn on a bank but on an issuer (the firm) and are payable by the issuer. The bank acts only as an agent, presenting the draft to the issuer for payment. When the draft is transmitted to a firm’s bank for collection, the bank must present the draft to the issuing firm for acceptance before making payment. After the draft has been accepted, the firm must deposit the necessary cash to cover the payments. This allows the firm to keep less cash on hand.
19. Ethical and Legal QuestionsThe financial managers must always work with collected company cash balances and not with the company’s book balance, which reflects checks that have been deposited but not collected. If you are borrowing the bank’s money without their knowledge, you are raising serious ethical and legal questions.
20. 28.4 Investing Idle CashA firm with surplus cash can park it in the money market. Some large firms and many small ones use money market mutual funds. Firms have surplus cash for three reasons: Seasonal or Cyclical Activities Planned Expenditures Different Types of Money Market Securities
21. Seasonal Cash DemandsLong-term financingShort-term financingTimeTotal Financing needsJ F M A M Marketable securitiesBank loans
22. 28.5 Summary & ConclusionsA firm holds cash to conduct transactions and to compensate banks for the various services they render. The optimal amount of cash for a firm to hold depends on the opportunity cost of holding cash and the uncertainty of future cash inflows and outflows. Two transactions models that provide rough guidelines for determining the optimal cash postion are: The Miller-Orr model The Baumol model
23. 28.5 Summary & ConclusionsThe firm can make use of a variety of procedures to manage the collection and disbursement of cash in such as way as to speed up the collection of cash and slow down payments. Some methods to speed collections are Lockboxes Concentration banking Wire transfers The financial managers must always work with collected company cash balances and not with the company’s book balance.
24. 28.5 Summary & ConclusionsIf you are borrowing the bank’s money without their knowledge, you are raising serious ethical and legal questions. The answers to which you probably know by now.