企业财务管理--现金管理(ppt 23页)（英文版）

企业财务管理--现金管理目录：
1、Reasons for Holding Cash
2、Determining the Target Cash Balance
3、Managing the Collection and Disbursement of Cash
4、Investing Idle Cash
5、Summary & Conclusions

 

企业财务管理--现金管理内容提要：
Implications of the Miller-Orr Model
To use the Miller-Orr model, the manager must do four things:
Set the lower control limit for the cash balance.
Estimate the standard deviation of daily cash flows.
Determine the interest rate.
Estimate the trading costs of buying and selling securities.
The model clarifies the issues of cash management:
 The best return point, Z, is positively related to trading costs, F, and negatively related to the interest rate K.
Z and the average cash balance are positively related to the variability of cash flows.
Other Factors Influencing the Target Cash Balance
Borrowing
Borrowing is likely to be more expensive than selling marketable securities.
The need to borrow will depend on management’s desire to hold low cash balances.
Compensating Balance
Firms have cash in the bank as a compensation for banking services.
Large corporations have thousands of accounts with several dozen banks—sometimes it makes more sense to leave cash alone than to manage each account on a daily basis.
Float
The difference between bank cash and book cash is called float.
Float management involves controlling the collection and disbursement of cash.

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