财管第四章思维导图
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思维导图大纲
Long-term Financial Planning and Growth思维导图模板大纲
Financial Planning
Elements of Financial Planning
Investment in new assets-determined by capital budgeting decisions
Degree of financial leverage-determined by capital structure decisions
Cash paid to shareholedrs-determined by dividend policy decisions
Liquidity requirements-determined by net working capital decisions
Financial Planning Progress
Planning Horizon
short-run decisions(usually next 12 months)
long-run decisions(usully 2-5years)
Aggregation
combine capital budgeting decisions into one large project
Assumptions and Senarios
Make realistic assumptions about important variables
Run several scenarios where you vary the assumptions by reasonable amounts
Determine, at a minimum, worst case, normal case, and best case scenarios
Role of Financial Planning
Examine interactions
help management see the interactions between decisions
Explore options
give management a systematic framework for exploring its opportunities
Avoid surprises
help management identify possible outcomes and plan accordingly
Ensure feasibility and internal consistency
help management determine if goals can be accomplished and if the various stated(and unstated)goals of the firm are consistent with one another
Financial Planning Models:A First Look
Financial planning model ingredients
Sales Forecast
many cash flows depend directly on the level of sales(oftenestimated using sales growth rate)
Pro Forma Statement
setting up the plan using projected financial statements allows
consistency
ease of interpretation
Assets Requirements
the additional assets that will be required to meet slaes projected
Financial Requirements
the amount of financing needed to pay for the assets aquired
Plug Variable
determined by management deciding what type of financing will be used to make the balance sheet balance
Economic Assumptions
explicit assumptions about the coming economic environment
Example
historical financial statements
pro forma financial statements
Percentage of Sales Approach
items in the financial statements
vary directly with sales
Cost(PM is constant)
accounts payable
do not vary with sales
depreciation
interest expense
dividends(determined by divendend policy decisions)
retained earings
long-term notes payable
long-term debt
equity
special one
fixed assests
at full capacity
vary direcctly with sales at idle
at idle capacity
compare additional capacity needed with the idle capacity
addition capacity needed>idle capacity
need additional fixed asstes
addition capacity needed<=idle capacity
remain constant
example
income statement
balance sheet
external financing needed
External Financing and Growth
the Internal Growth Rate
telling how much the firm can grow assets using retained earnings as the only source of financing
the maximum growth rate a firm can achieve without external financing of any kind
Internal Growth Rate=ROA*b/(1-ROA*b)
b=retention ratio=plow back ratio=1-dividend payout ratio
the Sustainable Growth Rate
telling how much the firm can grow by using internally generated funds and issuing debt to maintain a constant debt ratio
the maximum growth rate a firm can acieve without external equity financing while maintaining a constant debt-equity ratio
Sustainable Growth Rate=ROE*b/(1-ROE*b)
Determinants of Growth
Profit Margin-operating efficiency
Toatal Asset Turnover-asset use efficiency
Financial Leverage-choice of optimal debt ratio
Dividend Policy-choice of how much to pay to shareholders versus reinvesting in the firm
determined by capital structure decisions思维导图模板大纲
determined by dividend policy decisions思维导图模板大纲
senario analysis思维导图模板大纲
PM is not constant思维导图模板大纲
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