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1、LiquidityManirifsimizmitr水JLearningObjectives-Explainworkingcapitalandthecashconversioncycle.DescribemotivesforholdingcaDescribeandappiyflaafmanagementtechniques.Describethemechanicsofdiffetypesofshort-termborrowingsevaluatetheircosts.颂。E,ChapterOutline22.1OverviewofWorkingCapitalManagement22.2CashC
2、onversionCycle22.3CashIMarlsadernent22.4Short-TermFinancingLiquidityManagementandPrinciplesofFinanceTimeValueofMoney-Comparebenefitsandcostsofusesansourcesofmoneywithusingafter-taxsIncrementalBenefits-Workingcapitaldecisionsarebasadonincrementalafter-taxcashflowsRisk-ReturnTrade-OffDRisk-returntrade
3、-offsguidethefirmscoffinancingworkingcapitalOptions一Lookfor,andvalue,hiddenoptions.LiquidityManagementandthePrinciplesofFinanceCapitalMarketEfficiency-Distinguishbetweenroutinetransactionsmadeinanefficientmarketandtransactionsnotsubjectedtosuchintensecompetition.Behavioral-Usecommonindustrypractices
4、asastaltingplace.ComparativeAdvantage-Subcontractbusinessactivitiestooutsidevendorswhentheycanprovideserviceslmorecheaply.Two-SidedTransactionsDonotactunethicallytogainshort-termiprofitattheexpenseofasupplierorcustomer。22.1WorkingCapitalMaWorkingcapital=currentassets-currentliaWorkingcapitalmanageme
5、ntreferstochoosirgthelevelsandmixof:-cashyinaiketablssecuiities,receivablesaninventories.-differenttypesofshort-termfinanc“ConsiderationsinLiquiiManagement。Salesimpact。LiquidityRelationswithstakeholders一SUppliers一customers。Short-termfinancingmix-profitability-riskconsiderationsWorkingCapitalMantMatu
6、ritymatchingapproach。ConservativeapproachAggressiveapproach“MaturityMatchingApHedgeriskbymatchingthematuritiesofassetsandliabilities.Permanentcurrentassetsarfinancedwithlong-termfinancing,whileternporarycurrentassetsarefinancedwithshort-termfinancing._Therearenoexcessfunds.MaturityMatchingTemporaryCurrentAssets
