第二十八章-現(xiàn)金管理

ChapterOutline28.1ReasonsforHoldingCash28.2DeterminingtheTargetCashBalance28.3ManagingtheCollectionandDisbursementofCash28.4InvestingIdleCash28.5Summary&Conclusions28.1ReasonsforHoldingCashTransactionsmotiveCompensatingbalances28.2DeterminingtheTargetCashBalanceTheBaumolModelTheMiller-OrrModelOtherFactorsInfluencingtheTargetCashBalanceCostsofHoldingCashOpportunityCostsTradingcostsTotalcostofholdingcashC*CostsindollarsofholdingcashSizeofcashbalanceTheinvestmentincomeforegonewhenholdingcash.Tradingcostsincreasewhenthefirmmustsellsecuritiestomeetcashneeds.TheBaumolModelF=ThefixedcostofsellingsecuritiestoraisecashT=ThetotalamountofnewcashneededK=Theopportunitycostofholdingcash:thisistheinterestrate.TimeCIfwestartwith$C,spendataconstantrateeachperiodandreplaceourcashwith$Cwhenwerunoutofcash,ouraveragecashbalancewillbe.123Theopportunitycostofholding isTheBaumolModelF=ThefixedcostofsellingsecuritiestoraisecashT=ThetotalamountofnewcashneededK=Theopportunitycostofholdingcash:thisistheinterestrate.TimeCAswetransfer$CeachperiodweincuratradingcostofFeachperiod.IfweneedTintotalovertheplanningperiodwewillpay$F,

T÷Ctimes.123ThetradingcostisTheBaumolModelC*SizeofcashbalanceOpportunityCostsTradingcostsTheoptimalcashbalanceisfoundwheretheopportunitycostsequalsthetradingcostsTheBaumolModelOpportunityCosts=TradingCostsTheoptimalcashbalanceisfoundwheretheopportunitycostsequalsthetradingcostsMultiplybothsidesbyCTheMiller-OrrModelThefirmallowsitscashbalancetowanderrandomlybetweenupperandlowercontrollimits.$TimeHZLWhenthecashbalancereachestheuppercontrollimitHcashisinvestedelsewheretogetustothetargetcashbalanceZ.Whenthecashbalancereachesthelowercontrollimit,L,investmentsaresoldtoraisecashtogetusuptothetargetcashbalance.TheMiller-OrrModelMathGivenL,whichissetbythefirm,theMiller-OrrmodelsolvesforZandHwheres2isthevarianceofnetdailycashflows.TheaveragecashbalanceintheMiller-OrrmodelisImplicationsoftheMiller-OrrModelTousetheMiller-Orrmodel,themanagermustdofourthings:Setthelowercontrollimitforthecashbalance.Estimatethestandarddeviationofdailycashflows.Determinetheinterestrate.Estimatethetradingcostsofbuyingandsellingsecurities.Themodelclarifiestheissuesofcashmanagement:Thebestreturnpoint,Z,ispositivelyrelatedtotradingcosts,F,andnegativelyrelatedtotheinterestrateK.Zandtheaveragecashbalancearepositivelyrelatedtothevariabilityofcashflows.OtherFactorsInfluencingtheTargetCashBalanceBorrowingBorrowingislikelytobemoreexpensivethansellingmarketablesecurities.Theneedtoborrowwilldependonmanagement’sdesiretoholdlowcashbalances.CompensatingBalanceFirmshavecashinthebankasacompensationforbankingservices.Largecorporationshavethousandsofaccountswithseveraldozenbanks—sometimesitmakesmoresensetoleavecashalonethantomanageeachaccountonadailybasis.FloatThedifferencebetweenbankcashandbookcashiscalledfloat.Floatmanagementinvolvescontrollingthecollectionanddisbursementofcash.28.3ManagingtheCollectionandDisbursementofCashAcceleratingCollectionsDelayingDisbursementsDisbursementFloatZero-BalanceAccountsDraftsEthicalandLegalQuestionsAcceleratingCollectionsCustomermailspaymentCompanyreceivespaymentCompanydepositspaymentCashreceivedMaildelayMailfloatProcessingdelayProcessingfloatClearingdelayClearingfloattimeCollectionfloatOverviewofLockboxProcessing

CorporateCustomers

CorporateCustomers

CorporateCustomers

CorporateCustomers

LocalBankCollectsfundsfromPOBoxes

Envelopesopened;separationofchecksandreceipts

Depositofchecksintobankaccounts

Detailsofreceivablesgotofirm

Firmprocessesreceivables

Bankclearschecks

PostOfficeBox1

PostOfficeBox2DelayingDisbursementsWritecheckonadistantbank.Holdpaymentforseveraldaysafterpostmarkedinoffice.Callsupplierfirmtoverifystatementaccuracyforlargeamounts.Mailfromdistantpostoffice.Mailfrompostofficethatrequiresagreatdealofhandling.

Firmprepareschecktosupplier

PostOfficeprocessing

Deliveryofchecktosupplier

Depositgoestosupplier’sbank

BankcollectsfundsDraftsFirmssometimesusedraftsinsteadofchecks.Draftsdifferfromchecksbecausetheyarenotdrawnonabankbutonanissuer(thefirm)andarepayablebytheissuer.Thebankactsonlyasanagent,presentingthedrafttotheissuerforpayment.Whenthedraftistransmittedtoafirm’sbankforcollection,thebankmustpresentthedrafttotheissuingfirmforacceptancebeforemakingpayment.Afterthedrafthasbeenaccepted,thefirmmustdepositthenecessarycashtocoverthepayments.Thisallowsthefirmtokeeplesscashonhand.EthicalandLegalQuestionsThefinancialmanagersmustalwaysworkwithcollectedcompanycashbalancesandnotwiththecompany’sbookbalance,whichreflectschecksthathavebeendepositedbutnotcollected.Ifyouareborrowingthebank’smoneywithouttheirknowledge,youareraisingseriousethicalandlegalquestions.28.4InvestingIdleCashAfirmwithsurpluscashcanparkitinthemoneymarket.Somelargefirmsandmanysmallonesusemoneymarketmutualfunds.Firmshavesurpluscashforthreereasons:SeasonalorCyclicalActivitiesPlannedExpendituresDifferentTypesofMoneyMarketSecuritiesSeasonalCashDemandsLong-termfinancingShort-termfinancingTimeTotalFinancingneedsJ F M A M MarketablesecuritiesBankloans28.5Summary&ConclusionsAfirmholdscashtoconducttransactionsandtocompensatebanksforthevariousservicestheyrender.Theoptimalamountofcashforafirmtoholddependsontheopportunitycostofholdingcashandtheuncertaintyoffuturecashinflowsandoutflows.Twotransactionsmodelsth