第09-1章G营运资本管理概论

Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,*,*,单击此处编辑母版标题样式,单击此处编辑母版文本样式,第二级,第三级,第四级,第五级,*,第9-10章 营运资本管理,营运资金管理概论,企业的短期资产管理政策,企业的短期筹资政策,营运资本的概念,营运资本与现金周转,营运资本管理,营运资本的基本概念,广义：短期资产,狭义：短期资产减去短期负债的差额,营运资本与现金周转,应收账款周转,存货周转,转帐,时间,应付账款周转,转账,采购原料 支付命令 付出现金,订货,收到货物,销售,对方付款 收到现金,夏新电子：2009年5月27日暂停上市至今,夏新电子 2009年利润情况,PDF 40,营运资本管理主要解决两个问题,如何确定短期资产的最佳持有量,如何筹措短期资金,短期资产的特征与分类,短期资产的持有政策,短期资产政策对公司风险和收益的影响,短期资产又称作流动资产，是指可以在1年以内或超过1年的一个营业周期内变现或运用的资产。,第一节 短期资产管理流动资产,一、短期资产管理基本特点及现状,短期资产具有以下几个突出特点,周转速度快,变现能力强,财务风险小,短期资产按不同标准可作不同分类,按实物形态,现金,短期金融资产,应收及预付款项,存货,报表回顾,公司名称,短期资产内部各项目占短期资产的比重,短期资产,占总资产,的比重,现金及,现金等价物,短期,投资,应收,账款净额,存货,其他,短期资产,Microsoft Corp,（微软公司）,23.91%,30.81%,36.09%,2.28%,6.91%,59.40%,Ford Motors Co.,（福特汽车公司）,59.86%,0.00%,16.74%,23.40%,0.00%,16.87%,Wal-Mart Stores Inc,（沃尔玛公司）,14.86%,0.00%,7.98%,70.50%,6.66%,29.95%,Motorola Inc,（摩托罗拉公司）,17.65%,22.55%,36.49%,15.31%,8.01%,62.30%,Du Pont,（杜邦公司）,23.81%,0.39%,37.77%,37.10%,0.93%,42.29%,注,：表中数据根据,http:/,中各公司的年度报表相关数据计算得出。,美国代表企业的短期资产结构,我国企业短期资产现实状况,公司,名称,短期资产内部各项目占短期资产的比重,短期资,产占总,资产的,比重,货币,资金,短期,投资,净额,应收,票据,应收,股利,应收,利息,应收,账款,净额,其他应,收款净,额,预付,账款,存货,净额,其他,流动,资产,方正,科技,47.25%,0.00%,8.24%,0.02%,0.00%,19.40%,1.89%,6.29%,16.91%,0.00%,51.54%,一汽,轿车,30.61%,0.00%,43.36%,0.00%,0.00%,3.15%,1.12%,1.18%,20.58%,0.00%,62.11%,华联,股份,91.78%,0.00%,0.00%,0.00%,0.00%,0.00%,0.39%,0.66%,3.17%,3.99%,21.72%,中国,联通,26.24%,0.00%,0.12%,0.00%,0.02%,25.75%,40.52%,4.11%,3.24%,0.00%,10.42%,复星,医药,41.60%,0.004%,4.55%,7.56%,0.00%,18.62%,2.45%,3.27%,21.95%,0.00%,32.06%,注：表中数据根据上海、深圳证券交易所披露的各公司年度报告相关数据计算得出。,雅虎财经等网站数据,中国代表企业的短期资产结构,短期资产的持有政策,在权衡确定短期资产的最优持有水平时，应当综合考虑如下因素:,风险与收益,企业所处的行业,企业规模,外部融资环境,短期资产政策类型,行业,短期资产内部各项目占短期资产的比重（%）,短期资产,占总资产,的比重,货币,资金,短期投,资净额,应收,票据,应收,股利,应收,利息,应收账,款净额,其他应,收款净额,预付,账款,存货,净额,其他流,动资产,农、林、牧、渔业,18.75,0.00,0.33,0.01,0.03,6.39,4.42,4.96,24.31,0.13,60.70,采矿业,8.51,0.00,7.55,0.00,0.00,7.07,0.97,4.01,5.70,0.00,33.82,制造业,15.07,0.00,3.01,0.03,0.02,9.48,2.87,3.65,16.73,0.21,50.94,电力、煤气及水的,生产和供应业,6.73,0.00,0.36,0.04,0.00,5.03,1.34,3.12,7.20,0.01,24.33,建筑业,14.32,0.00,0.38,0.00,0.00,16.07,4.37,6.74,28.34,0.21,71.33,交通运输、仓储业,17.86,0.00,0.17,0.14,0.04,4.02,3.73,2.58,5.64,0.18,34.50,信息技术业,23.22,0.00,0.51,0.00,0.02,10.71,10.62,3.80,15.88,0.75,66.09,批发和零售贸易,22.45,0.00,0.57,0.02,0.01,6.41,1.67,4.21,19.81,0.26,55.70,房地产业,12.20,0.00,0.06,0.01,0.00,0.79,3.40,3.03,56.68,0.30,76.52,社会服务业,11.00,0.00,0.22,0.01,0.03,3.26,2.50,3.44,12.94,1.09,34.56,传播与文化产业,11.33,0.00,0.00,0.61,0.00,9.11,2.02,0.97,7.24,0.07,31.44,综合类,14.03,0.00,1.30,0.04,0.01,4.61,7.23,7.05,23.46,0.05,55.63,短期资产结构的,行业差异,：各项短期资产占总资产的比重,企业规模,对资产组合的影响：制造业上市公司各项短期资产占总资产的比重,资产规模,（亿元）,短期资产内部各项目占短期资产的比重（%）,短期资产,占总资产,的比重,货币,资金,短期投,资净额,应收,票据,应收,股利,应收,利息,应收账,款净额,其他应,收款净额,预付,账款,存货,净额,其他流,动资产,5以下,14.47,0.00,2.32,0.02,0.00,10.84,3.77,2.94,15.61,0.21,50.18,510,15.01,0.00,2.10,0.04,0.01,11.30,2.77,3.80,17.67,0.17,52.87,1025,13.99,0.00,2.33,0.04,0.02,9.42,2.62,3.68,19.37,0.14,51.61,2575,14.94,0.00,3.16,0.02,0.01,10.80,2.07,3.58,17.93,0.14,52.65,75150,14.37,0.00,3.21,0.02,0.01,9.00,1.54,4.03,18.60,0.09,50.87,150以上,14.73,0.00,4.70,0.05,0.04,5.01,0.99,4.00,18.99,0.57,49.08,注：根据2008年末我国制造业上市公司的年度报告相关数据计算得出。数据来源：国泰安数据库。,11/28/2024,我国制造业上市公司,19922008,年的短期资产结构,短期资产政策类型,销售额,流,动,资,产,宽松政策,适中政策,紧缩政策,收益高,风险大,收益低,风险小,收益,和风险的平衡,三、短期资产政策对公司风险和收益的影响,长期资产减少，短期资产增加：减少风险和盈利,长期资产增加，短期资产减少：增加风险和盈利,资产组合,筹资组合,短期资产40 000,短期资金20 000,长期资产60 000,长期资金80 000,合计100 000,合计100 000,恒远公司资产组合与资组合单位：元,其他资料,：,目前年销售量 1 000件 销售收入 150 000元 利润15 000元,根据市场预测：未来年销售量 1 200件 销售收入 180 000元 实现净利润 18 000元；但要必须追加5 000元长期资产投资,公司决定：在资产总额不变的情况下，减少短期资产投资5 000元 增加长期资产投资5 000元,假设筹资组合不变，那么，不同的资产组合对企业风险和收益的影响。,项 目,现在情况,(保守的组合),计划变动情况,(冒险的组合),资产组合,短期资产,40 000,35 000,长期资产,60 000,65 000,资产总计,100 000,100 000,净利润*,15 000,18 000,主要财务比率,投资收益率,15 000/100 000=15%,18 000/100 000=18%,短期资产/总资产,40 000/100 000=,40%,35 000/100 000=,35%,流动比率,40 000/20 000=,2,35 000/20 000=,1.75,注：*这里没有考虑所得税。,11/28/2024,1-短期筹资的特征与分类,短期筹资是指筹集在一年内或者超过一年的一个营业周期内到期的资金，通常是指短期负债筹资。,1,2,3,4,筹资速度快,筹资,弹性好,筹资成本低,筹资,风险大,短期筹资的,特征,第二节 短期筹资管理流动负债,1-短期筹资的特征与分类,应付金额确定的短期负债是指那些根据合同或法律规定，到期必须偿付，并有确定金额的短期负债，如短期借款、应付票据、应付账款等。,应付金额不确定的短期负债是指那些要根据公司生产经营状况，到一定时期才能确定的短期负债或应付金额需要估计的短期负债，如应交税金、应交利润等。,以应付金额是否确定为标准,自然性短期负债是指产生于公司正常的持续经营活动中，不需要正式安排，由于结算程序的原因自然形成的那部分短期负债。如商业信用、应付工资、应交税金等。,临时性短期负债是因为临时的资金需求而发生的负债，由财务人员根据公司对短期资金的需求情况，通过人为安排形成，如短期银行借款等。,以短期负债的形成情况为标准,短期筹资的分类：,美国代表企业的短期筹资结构,公司名称,短期负债内部各项目占短期负债的比重,短期负债占总负债,的比重,短期负债,占总资产,的比重,应付账款,一年内到期,的长期负债,其他,短期负债,Microsoft Corp,（微软公司）,42.93,0.00,57.07,81.86,41.06,Ford Motors Co.,（福特汽车公司）,100.00,0.00,0.00,33.17,35.80,1,Wal-Mart Stores Inc,（沃尔玛公司）,86.00,13.85,0.15,56.44,33.89,Motorola Inc,（摩托罗拉公司）,84.70,0.87,14.44,57.84,38.11,Du Pont,（杜邦公司）,63.58,25.74,10.68,33.39,26.82,注：表中数据根据http:/中各公司的年度报表相关数据计算得出。,中国代表企业的短期筹资结构,公司,名称,短期负债内部各项目占短期负债的比重(%),短期负债,占总负债,的比重,短期负债,占总资产,的比重,短期,借款,应付,票据,应付,账款,预收,账款,应付,工资,应付,股利,应交,税金,其他,应付款,预计,负债,一年内,到期的,长期,负债,其他短,期负债,方正科技,30.40,23.17,37.64,1.89,0.06,0.00,-0.23,6.42,0.00,0.58,0.08,90.73,39.88,一汽轿车,0.00,0.00,76.65,15.02,1.50,0.61,0.36,5.85,0.00