下载

1下载券

加入VIP
  • 专属下载特权
  • 现金文档折扣购买
  • VIP免费专区
  • 千万文档免费下载

上传资料

关闭

关闭

关闭

封号提示

内容

首页 财务策划步骤和方法

财务策划步骤和方法.ppt

财务策划步骤和方法

yuhongsongshan_763
2012-02-24 0人阅读 举报 0 0 暂无简介

简介:本文档为《财务策划步骤和方法ppt》,可适用于市场营销领域

FinancialPlanningandForecastingFinancialPlansFinancialPlansFinancialplansevaluatetheeconomicsbehindthestrategyandoperationsTheyconsistofsixsteps:Projectedfinancialstatements:toanalyzetheeffectsoftheoperatingplanonprojectedprofitsandfinancialratiosDeterminethefundsneededtosupporttheplanForecastfundsavailabilityEstablishandmaintainasystemofcontrolstogoverntheallocationanduseoffundswithinthefirmDevelopproceduresforadjustingthebasicplaniftheeconomicforecastsuponwhichtheplanwasbaseddonotmaterializeEstablishaperformancebasedmanagementcompensationsystemSalesForecastSalesForecastSalesforecastsareusuallybasedontheanalysisofhistoricdataAnaccuratesaleforecastiscriticaltothefirm’sprofitability:UnderoptimisticToomuchinventoryandorfixedassetsLowturnoverratioHighcostofdepreciationandstorageWriteoffsofobsoleteinventoryLowprofitLowrateofreturnonequityLowfreecashflowDepressedstockpriceOveroptimisticCompanywillfailtomeetdemandMarketsharewillbelostSalesForecastThePercentofSalesMethodThePercentofSalesMethodThisisthemostcommonmethod,whichbeginswiththesalesforecastexpressedasanannualgrowthrateindollarsalerevenueManyitemsonthebalancesheetandincomestatementareassumedtochangeproportionallywithsalesThePercentofSalesMethod:AnExampleThePercentofSalesMethod:AnExample*Denotesspontaneous,whichmeansincreasespontaneouslywithsalesAllassetsarespontaneousOntheliabilityandequityside,AccountsPayableandAccrualsaretheonlyspontaneousfundsDuringthenextyear,salesincreasebyresultinginaincreaseinTotalAssets(,)Hence,theassetsideonnextyear’sbalancesheetmustgoupbyAlso,thespontaneousfundsontheliabilitysidemustalsoincreasebyExample(cont’d):Example(cont’d):ThespontaneousitemsontheliabilitiessideoftheprojectedbalancesheetmustalsoincreasebyExample(cont’d):Example(cont’d):Example(cont’d):Example(cont’d):RetainedearningswillalsoincreasebutnotatthesamerateassalesTheamountofREistheoldamountplustheadditiontoretainedearnings,whichwecalculatedintheprojectedincomestatementSincetheTA=TLandtheTAhaveincreasedto,,whileTLhaveincreasedto,,thereareadditionalfundsneeded(AFN)of,ontheliabilitiessideExample(cont’d):Example(cont’d):TherearetwocategoriesofsourcesfortheAFN:Issuanceofnewstocks(equity)UsesomecombinationofdebtInthisexample,thereareinternallygeneratedfundsfrom:RetainedEarningsAccountsPayableandAccrualsExample(cont’d):Example(cont’d):FinancingFeedbacksFinancingFeedbacksIfthebusinessissuesnewdebtandcommonstock,thetotalamountofinterestanddividendspaidwillchangeBecauseinterestanddividendsmustbepaidwithcash,anyincreaseinthesecostswilldecreasethefundsthefirmhastoinvestthatis,theamountofincomeaddedtoretainedearningswillbelessthanoriginallyforecastedWhenweconsidertheeffectsoftheincreasedinterestanddividendpayments,wefindthattheAFNisactuallygreaterthanoriginallyexpectedFinancingfeedbacksthatis,theeffectsonthefinancialstatementsofactionstakentofinanceforecastedincreasesinassetsmustbeconsideredtodeterminetheexactamountofAFNExample(cont’d):Example(cont’d):Borrowat(NotesPayable)Itmeansthatnextyeartheinterestwillbe(*,)Insteadofretaining,,thecompanyretains,becauseoftheinterestTheendresultsisthatthecompanyhastoraise,=TheAFNFormulaTheAFNFormulaIntheformula,wecanuseeitheryear(or)numberstoarriveatthefinalresult*AreferstotheTotalAssets*Lreferstothesumofallspontaneousliabilities(AccountsPayableandAccruals)StepsinFinancialForecastingStepsinFinancialForecastingForecastsalesProjecttheassetsneededtosupportsalesProjectinternallygeneratedfundsProjectoutsidefundsneededDecidehowtoraisefundsSeeeffectsofplanonratiosandstockpriceForecastingsalesForecastingsalesReviewpastsales(fivetotenyears)YoucanuseaveragegrowthratebutitmaynotgiveyouacorrectestimateUseregressionslopetocomputegrowthrateConsiderchangesineconomy,marketconditions,etcImpropersalesforecastcanleadtoseriousfinancialplanningissuesAftersalesforecasting,whatisnextAftersalesforecasting,whatisnextForecasttheCOGS(acertainofsales)InventorynumberswillchangewithsalesAR(considercreditpolicychanges)willchangeandsowillARAccordingly,cashandcashequivalentswillchangeSalesforecastingandlongertermassetsandliabilitiesSalesforecastingandlongertermassetsandliabilitiesDotheyneedtobechangedaswellalongwithsalesDependsExistingproductioncapacityrelativetothenewsalesprojectionsReadytopreparetheincomestatementReadytopreparetheincomestatementStartwithforecastedsalesProjecttheCOGSAssumingchangesinlongertermassetsandliabilities,forecastdepreciationandinterestexpenses(assumptionsrequiredforinterestratesCOC,etc)ComputeEBITReadytopreparetheBalanceSheetReadytopreparetheBalanceSheetDeterminethenewlevelofassets(bothshorttermandlongerterm)SeparatethemasoperatingassetsandlongtermassetsForecastliabilities(currentaswellaslongerterm)IsanycommonstockorpreferredstocktobeissuedIfso,takeintoaccountthechangesinthesenumbersAdditionalfundsneededAdditionalfundsneededForecastedassetsandliabilitiesmaynotperfectlymatchThedifferenceisbecauseofAFNoradditionalfundsneededAFNistherequiredassetsminusthespecifiedsourcesoffinancingHowwouldincreasesintheseitemsaffecttheAFNHowwouldincreasesintheseitemsaffecttheAFNHighersales:Increasesassetrequirements,increasesAFNHigherdividendpayoutratio:Reducesfundsavailableinternally,increasesAFN(More…)HowwouldincreasesintheseitemsaffecttheAFNHowwouldincreasesintheseitemsaffecttheAFNHigherprofitmargin:Increasesfundsavailableinternally,decreasesAFNHighercapitalintensityratio,A*S:Increasesassetrequirements,increasesAFNPaysupplierssooner:Decreasesspontaneousliabilities,increasesAFNProjectingProFormaStatementswiththePercentofSalesMethodProjectingProFormaStatementswiththePercentofSalesMethodProjectsalesbasedonforecastedgrowthrateinsalesForecastsomeitemsasapercentoftheforecastedsalesCostsCashAccountsreceivable(More)Itemsaspercentofsales(Continued)InventoriesNetfixedassetsAccountspayableandaccrualsChooseotheritemsDebtDividendpolicy(whichdeterminesretainedearnings)CommonstockSourcesofFinancingNeededtoSupportAssetRequirementsSourcesofFinancingNeededtoSupportAssetRequirementsGiventhepreviousassumptionsandchoices,wecanestimate:RequiredassetstosupportsalesSpecifiedsourcesoffinancingAdditionalfundsneeded(AFN)is:RequiredassetsminusspecifiedsourcesoffinancingImplicationsofAFNImplicationsofAFNIfAFNispositive,thenyoumustsecureadditionalfinancingIfAFNisnegative,thenyouhavemorefinancingthanisneededPayoffdebtBuybackstockBuyshortterminvestmentsHowtoForecastInterestExpenseHowtoForecastInterestExpenseInterestexpenseisactuallybasedonthedailybalanceofdebtduringtheyearTherearethreewaystoapproximateinterestexpenseBaseiton:DebtatendofyearDebtatbeginningofyearAverageofbeginningandendingdebtMore…BasingInterestExpenseonDebtatEndofYearBasingInterestExpenseonDebtatEndofYearWilloverestimateinterestexpenseifdebtisaddedthroughouttheyearinsteadofallonJanuaryCausescircularitycalledfinancialfeedback:moredebtcausesmoreinterest,whichreducesnetincome,whichreducesretainedearnings,whichcausesmoredebt,etcMore…BasingInterestExpenseonDebtatBeginningofYearBasingInterestExpenseonDebtatBeginningofYearWillunderestimateinterestexpenseifdebtisaddedthroughouttheyearinsteadofallonDecemberButdoesn’tcauseproblemofcircularityMore…BasingInterestExpenseonAverageofBeginningandEndingDebtBasingInterestExpenseonAverageofBeginningandEndingDebtWillaccuratelyestimatetheinterestpaymentsifdebtisaddedsmoothlythroughouttheyearButhasproblemofcircularityMore…EquationAFNversusProFormaAFNEquationAFNversusProFormaAFNEquationmethodassumesaconstantprofitmarginProformamethodismoreflexibleMoreimportant,itallowsdifferentitemstogrowatdifferentratesSummary:HowdifferentfactorsaffecttheAFNforecastSummary:HowdifferentfactorsaffecttheAFNforecastExcesscapacity:lowersAFNEconomiesofscale:leadstolessthanproportionalassetincreasesLumpyassets:leadstolargeperiodicAFNrequirements,recurringexcesscapacityEconomicValueAdded(EVA)EconomicValueAdded(EVA)EVA=(OperatingIncome)x(T)WACCx(CapitalEmployed)ChangesinRatiosPerformanceDebtRiskwillleadtochangesinEVA

用户评价(0)

关闭

新课改视野下建构高中语文教学实验成果报告(32KB)

抱歉,积分不足下载失败,请稍后再试!

提示

试读已结束,如需要继续阅读或者下载,敬请购买!

文档小程序码

使用微信“扫一扫”扫码寻找文档

1

打开微信

2

扫描小程序码

3

发布寻找信息

4

等待寻找结果

我知道了
评分:

/33

财务策划步骤和方法

VIP

在线
客服

免费
邮箱

爱问共享资料服务号

扫描关注领取更多福利