第二十八章现金管理

McGraw-Hill/IrwinCopyright©2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.28-0ChapterOutline28.1ReasonsforHoldingCash28.2DeterminingtheTargetCashBalance28.3ManagingtheCollectionandDisbursementofCash28.4InvestingIdleCash28.5Summary&ConclusionsMcGraw-Hill/IrwinCopyright©2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.28-128.1ReasonsforHoldingCash•Transactionsmotive•CompensatingbalancesMcGraw-Hill/IrwinCopyright©2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.28-228.2DeterminingtheTargetCashBalance•TheBaumolModel•TheMiller-OrrModel•OtherFactorsInfluencingtheTargetCashBalanceMcGraw-Hill/IrwinCopyright©2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.28-3CostsofHoldingCashOpportunityCostsTradingcostsTotalcostofholdingcashC*CostsindollarsofholdingcashSizeofcashbalanceTheinvestmentincomeforegonewhenholdingcash.Tradingcostsincreasewhenthefirmmustsellsecuritiestomeetcashneeds.McGraw-Hill/IrwinCopyright©2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.28-4TheBaumolModelF=ThefixedcostofsellingsecuritiestoraisecashT=ThetotalamountofnewcashneededK=Theopportunitycostofholdingcash:thisistheinterestrate.TimeCIfwestartwith$C,spendataconstantrateeachperiodandreplaceourcashwith$Cwhenwerunoutofcash,ouraveragecashbalancewillbe.2C2C123Theopportunitycostofholdingis2CKC2McGraw-Hill/IrwinCopyright©2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.28-5TheBaumolModelF=ThefixedcostofsellingsecuritiestoraisecashT=ThetotalamountofnewcashneededK=Theopportunitycostofholdingcash:thisistheinterestrate.TimeCAswetransfer$CeachperiodweincuratradingcostofFeachperiod.IfweneedTintotalovertheplanningperiodwewillpay$F,T÷Ctimes.2C123ThetradingcostisFCTMcGraw-Hill/IrwinCopyright©2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.28-6TheBaumolModelC*SizeofcashbalanceFTKCC2costTotalOpportunityCostsKC2FTCTradingcostsTheoptimalcashbalanceisfoundwheretheopportunitycostsequalsthetradingcostsFKTC2*McGraw-Hill/IrwinCopyright©2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.28-7TheBaumolModelOpportunityCosts=TradingCostsFCTKC2TheoptimalcashbalanceisfoundwheretheopportunitycostsequalsthetradingcostsKTFC2*MultiplybothsidesbyCFTKC22KFTC22McGraw-Hill/IrwinCopyright©2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.28-8TheMiller-OrrModel•Thefirmallowsitscashbalancetowanderrandomlybetweenupperandlowercontrollimits.$TimeHZLWhenthecashbalancereachestheuppercontrollimitHcashisinvestedelsewheretogetustothetargetcashbalanceZ.Whenthecashbalancereachesthelowercontrollimit,L,investmentsaresoldtoraisecashtogetusuptothetargetcashbalance.McGraw-Hill/IrwinCopyright©2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.28-9TheMiller-OrrModelMath•GivenL,whichissetbythefirm,theMiller-OrrmodelsolvesforZandHLKFσZ32*43LZH23**wheres2isthevarianceofnetdailycashflows.•TheaveragecashbalanceintheMiller-Orrmodelis34balancecashAverage*LZMcGraw-Hill/IrwinCopyright©2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.28-10ImplicationsoftheMiller-OrrModel•TousetheMiller-Orrmodel,themanagermustdofourthings:1.Setthelowercontrollimitforthecashbalance.2.Estimatethestandarddeviationofdailycashflows.3.Determinetheinterestrate.4.Estimatethetradingcostsofbuyingandsellingsecurities.•Themodelclarifiestheissuesofcashmanagement:–Thebestreturnpoint,Z,ispositivelyrelatedtotradingcosts,F,andnegativelyrelatedtotheinterestrateK.–Zandtheaveragecashbalancearepositivelyrelatedtothevariabilityofcashflows.McGraw-Hill/IrwinCopyright©2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.28-11OtherFactorsInfluencingtheTargetCashBalance•Borrowing–Borrowingislikelytobemoreexpensivethansellingmarketablesecurities.–Theneedtoborrowwilldependonmanagement’sdesiretoholdlowcashbalances.•CompensatingBalance–Firmshavecashinthebankasacompensationforbankingservices.–Largecorporationshavethousandsofaccountswithseveraldozenbanks—sometimesitmakesmoresensetoleavecashalonethantomanageeachaccountonadailybasis.McGraw-Hill/IrwinCopyright©2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.28-12Float•Thedifferencebetweenbankcashandbookcashiscalledfloat.•Floatmanagementinvolvescontrollingthecollectionanddisbursementofcash.McGraw-Hill/IrwinCopyright©2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.28-1328.3ManagingtheCollectionandDisbursementofCash•AcceleratingCollections•DelayingDisbursements•DisbursementFloat•Zero-BalanceAccounts•Drafts•EthicalandLegalQuestionsMcGraw-Hill/IrwinCopyright©2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.28-14AcceleratingCollectionsCustomermailspaymentCompanyreceivespaymentCompanydepositspaymentCashreceivedMaildelayMailfloatProcessingdelayProcessingfloatClearingdelayClearingfloattimeCollectionfloatMcGraw-Hill/IrwinCopyright©2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.28-15OverviewofLockboxProcessingCorporateCustomersCorporateCustomersCorporateCustomersCorporateCustomersLocalBankCollectsfundsfromPOBoxesEnvelopesopened;separationofchecksandreceiptsDepositofchecksintobankaccountsDetailsofreceivablesgotofirmFirmprocessesreceivablesBankclearschecksPost