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《short-term finance and planning》由會員上傳分享，免費在線閱讀，更多相關內(nèi)容在工程資料-天天文庫。
1、LEARNINGOBJECTIVESAfterstudyingthischapter,youshouldunderstand:LO1TheoperatingandcashcyclesandwhytheyareSHORT-TERMimportant.LO2Thedifferenttypesofshort-term?nancialpolicy.FINANCEANDLO3Theessentialsofshort-18term?nancialplanning.LO4ThesourcesandusesofPLANNINGcashonthebalancesheet.WITHGASOLINEPASSING
2、$4PERGALLONinWhileHondadoesnotreleaseprecisedata,thecom-mid-2008,salesofhybridautomobilesreallybegantopanyreportedthattheinventoryperiodfortheHondapickup.Forexample,during2007,thehybridversionCivichybridwasa“fewdays.”Moreimpressively,theoftheSaturnVuesatondealerlotsfor63days,onaverageToyotaPriusrol
3、ledoffthelotinonly17hours.average,beforeselling.Bythesummerof2008,thisAsthischapterexplores,thelengthoftimegoodsareperiodhadfallento17days.Overall,hybridssatforcarriedininventoryuntiltheyaresoldisanimportant23daysduringAprilandMay2008,whichisconsider-elementofshort-term?nancialmanagement,andablyles
4、sthantheautoindustry’saverageof60days.industriessuchastheautomobileindustrypaycloseAndtheSaturnVuewasn’tthefastest-movingcar:attentiontoit.Mastertheabilitytosolveproblemsinthischapterbyusingaspreadsheet.AccessExcelMasteronthestudentWebsitewww.mhhe.com/rwj.Tothispoint,wehavedescribedmanyofthedecisio
5、nsoflong-term?nance,suchasthoseofcapitalbudgeting,divi-dendpolicy,and?nancialstructure.Inthischapter,webegintodiscussshort-term?nance.Short-term?nanceisprimarilyconcernedwiththeanalysisofdecisionsthataffectcurrentassetsandcurrentliabilities.Frequently,thetermnetworkingcapitalisassociatedwithshort-t
6、erm?nancialdecisionmaking.AswedescribeinChapter2andelsewhere,networkingcapitalisthedifferencebetweencurrentassetsandcurrentliabilities.Often,short-term?nancialmanagementiscalledworkingcapitalmanagement.Thesetermsmeanthesamething.Thereisnouniversallyacceptedde?nitionofshort-term?nance.Themostimporta
7、ntdifferencebetweenshort-termandlong-term?nanceisinthetimingofcash?ows.Short-term?nancialdecisionstypicallyinvolvecashin?owsandout?owsthatoccurwithinayearorless.Forexample,short-term?nancialdecisionsareinvo
