Фінанси зарубіжних корпорацій - Sutormina V.М., Fedosov V.М.

Theme 6. Werewolf kapital of corporations

Treba nobles zmist category of "revolutions capitals of corporations" and "sweeps werewolves kapital", a kind of accrual to vidnimannyam vіd sumi pochichnykh activeivy sumi pochochnyh pasivіv. Слід знати, по управління оборотним капіталом perebacha прийняття рішень і for streaming assets, і for flowing passives.

It is necessary to catch up the structure of current assets and current pasivs, economical methods, and vplyivayut on efektivnist turnaround.

Далі слід опанувати окремі статті поточних активів, їх призначення та зміст.

The statute of "Groshovi koshti" is to become a sign for 1.5 to 9% of active assets. For підвищення ефективності управління грошинвими коштами складається касовий бюджет. At ynomu to plan (on pivroku beforehand, pomisjaschno, potizhnevo) vse nakohodzhennya for realizovanu product. On the other side, all includes vitrati (zabobitnina fee, divendendi, taxes, payments for rahunks). At the end of the line, the balance is displayed; Yakshcho vno vіd'єmne, then the corporation will formalize short-line loans, at times the positive balance of sums can be baked up to redeeming bor- gies, on deposit, however. Corporatio zdіysnjute polnovu polichiku shodo prisokorennja priklivu grosovih koshtiv for realizovanu product. Zastosovuyatsya takіi method: alternate uzgodzhenya debetuvannya (written off) bankівських рахунків покупця, використання чеків, центлізація грошових платеів, використання перевідних векселів.

Treba rozumytysya on the category of "compensatory gutter" - the minimum lump of koshtiv for rahunku, I have a firìmi vimagae bank for payment of bank services.

Stattya "Contribution to the Rinky tsinnyi paperi" - 1-2% active. Suhasna korottsiіya not tilki є emitentom on fіnansovomu rinku, and th investor; Вона shapeє власний портфель цінних паперів. Meta tsyogo - znizhennia statti "Groshovi koshti" ta pribannya lіkvіdnikh activeiv.

Statte "Debtori" - 20% of the active. Сучасні корпорації збілшують цю статтю; For sale on credit. Сlід розуміти, що ефективне управління дебіторською заборгованістю сприяє збільшенню прибутку, tom corporation to conduct a singer's credit to the policy, yaka stoosyutsya viznachennya standardіv lendingprodostnosti ubovitsya, умо торгівлі, умов інкасації, засосування факторингу (sale of rights to stjagennya дебіторської заборгованості.

Stattia "Commodity-Material Reserve" - ​​20-25% of active assets, in corporations of trading galusies - up to 40%. Potrnbno nobility warehouse statti, zmist model ekonomichno obvornovannogo obsna zamovlenya, method of control (I call name ABC), vpliv інфляції on viznachennya stock of commodity-material tsennosti.

I would like to add a respect to the problem of priadilis problems and viznachennya dzherel short-line financing of a turnaround capita. Pririst reversible kapitalu (revolving fund) financed one-time with the growth of the main capital through the dovgostrokov fіnansuvannya. Potencny consumer pokrivayutsya for rahunok zaluchennia i vikoristanny short-rowed dzherel. Before them lay down: trading (commercial) loan, yo yo nadaut posters; Short posts of commercial banks; Емісія короткострокових фінансових інструментів.

Vikoristan komercitsynogo credit forme statu poposchnih pasivіv - creditorku zaborgovannіst, to that korporatsіya maє postіyno pіdtrimuvati its "credit honor", but by the top platnik pіd hour завергоня заборговаі. It is necessary to formulate a formula for calculating the value of a trade credit.

Слід усвідомити, що стаття "Кредитори" в пасивах відповідає статті "Дебітори" in the assets; Formulate two streams of credit. The politics of corporations are mowing up on the sinking of net-zaborgovanosti.

Okrіm komercіynogo kredituvannya korporatsії vikoristovyu bank loans. Treba of the nobility see the bank positivity: the pose is unbeaten, the pose, the credit line, the automatic overdrafts, the overdraft are positively fixed. Take care of the formula for calculating the interest rate for bank loans:

Formula for calculating the interest rate for bank loans

In denominator 1 - the rate of compensatory lining.

Fіrma mozhe takozh vikoristy vekselniy credit, tobto oblіk svoїh vekselіv at komertsiynomu bank. Oblikovy percent is calculated for the formula:

The formula for calculating the percentage of interest

De N - a nominal of a bill, R - a bill of exchange of a bill by a bank, t - lines, which are lined with payment for a bill.

UK banks have a lot of factoring factoring. Corporatio mozut takozh vikoristvuvati posits pіd урядові гарантії.

Velikі credisprodmonі korotecії emіtіku komertsіynі pаperi, yakі for its sutyu - bills. Corporations vypusayut so zvanyi straight paperi ta rozmischuyut їх on a penny market. The corporation can be zvernutisya to the dealer, a kind of vigilate tsinnyi paperi. Perevagi chjogo way fіnnsuvannya polagayut at vidnosnіy cheap cheap grovesov koshtіv, scho zaluchayutsya, oskilki not potrebno zaprolitsynogo lining, yak for bankivskogo kredituvannya.

Practically busy

Відповіді на запитання викладача.

Розв'язання з допомогою викладача ситуацій 1, 3.

Samostyna ta individualna robot

For self-esteem, students are adversely affected by the situation 2 abo 4 (for vibe).

Temi Abstracts

Credit policy of corporations.

Kasoviy (groscheny) the budget of corporations.

Myers S., Brauley R. Principles of Corporate Finance: Per. With the English. - Moscow: Olimp-Biznes, 1997. - P. 823-872.

Perar J. Finance management: with exercises: Trans. With fr. - Moscow: Finance and Statistics, 1999. - P. 127-141.

Helfert E. Technology of financial analysis: Trans. With the English. - M .: UNITY, 1986. - P. 214-230.

Ross S., Westerfield R., Jordan B. Fundamentals of Corporate Finance. - Moscow: Laboratory of Basic Knowledge, 2000. - P. 529-536; 536-539.

Situation

Situation 1

The company X sells a comrade on such mentalities: "1/30, clean 60". The company Y is bought by a friend for a zagalu sumu $ 1000.

Viznacht:

Yaku sumu kompanіya Y mozhe vidrahuvati z rahunka, yakshcho vona raschuet on the 30th dobu;

As an effective interest rate, yakshcho company Y rally in domovlenu date, and not on the 30th dob;

Scho, on your duma, budi robiti kompanіya X - vimagati shvidkogo ot trivalovu payment for such minds:

A) comrade, scho svidko psyuyutsya;

B) a friend does not peddle shvidkom resale;

C) a friend is selling a trade mark.

Situation 2

Mi mozhmo mati koshti, yaki do not bring interest, nevinvestuvati tsi koshti in tsinnyi paperi at a percentage rate of 8%. Tsіnnі pаperi can not be easily sold in a short term, then they povynnyi поповнювати дефіцит грошових коштів through vіdkrtya credit lines to the bank, the interest for an apparent 10%. Viznacht, more unlabel minshe peredodetsya інвестувати в цінні папери, якщо:

Mi not recollected in the Maybutn streams of grotesque koshtivs;

The interest rate for banking and wholesale rates up to 11%;

The interest rate for the average paperes is the interest rate for bank and wholesale pending loans;

After an hour, the prognosis of the consumption of penny-sized cows was changed to the appearance of wigs, but the stink of change.

Situation 3

Shop Х щорічно продаватиме 200 примірників the book of the free naimenuvannya. Vitrati on zberіgannya zapisiv tsikh book zrosli up to 2 gros. Od. On oditsnju on rik, todi yak vitrati on zamovlennja were filled with postsigns - 2 gros. Od. On the pillage.

Viznacht:

Yakimi є bordering vitrati on zberіga nnya for bil'shoi kіlkostі oditnits y uvovlenny;

In an emergency, bordering vitrati on zberigannya dorivnyuvatimut boundary znizhennu vitrate for zamovlennya;

Яку кількість мовлень на рік має зробити shop;

Yakim - the optimal rozmіr zamovlenya.

Situation 4

Аналітик передбачає мільйонний дефіцит грошових коштів на найближчий квартал. However, the total deficit of grotesque koshtis becomes 50%. Zgіdno із prognosis існує 20% -на умовірність addition, but in the company взагаі не буде дефіциту, that 30% is on the level, but for the company it is expected to be 2 million groschen. Od. On short-line fіnansuvannya.

The company can secure a 90-percent bonus for a 1% stake on a loan, debit a loan, splice 1% on a monthly basis for a sum of money in the amount of 20 thousand yen. Penny. Od. For the sake of self, the civic method is obovvjazkim rozmischennya compensatory filling in rozmіrі 20% for підтримання poschki. Yaksho timchasovo vіlnі koshti mozhna reinvestuvati pid 9%, yak ziz dzherel zaluchchennia koshtiv є cheap?

Pitan for self-translation know-how

Give viznachennya understand "werewolves kapital" and "net-turnover kapital".

Name the main statti of current assets and those of the current ones.

Chomu for managing the turnaround capitalist neobhidno priymati rishennya yak shchodo pochochnyh active, so і schodo pochochnyh pasivіv?

Yakimi є dzherela fіnnisuvannya increment of the turnaround cap for current consumption?

Do you understand the "kasoviy budget"?

Nazvit method, shto zastosovuyutsya for prisokorennya priplivu koshtiv for realizovanu product.

For someone else's compensation?

Перелічіть methods zaluchchennya krestokostrokovyh dzherel for finansuvannya commodity-materialnyh spare.

To name the main methods of bank lending of a working capital.