财管第四章思维导图

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2024-06-29

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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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﻿Financial Planning

﻿Financial Planning Models:A First Look