短期筹资(PPT40)(1).pptx
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1、11-1Short-Term Short-Term FinancingFinancing11-2Short-Term FinancinguSpontaneous FinancinguNegotiated FinancinguFactoring Accounts ReceivableuComposition of Short-Term Financing11-3Spontaneous FinancinguAccounts Payable(Trade Credit from Suppliers)uAccrued ExpensesTypes of spontaneous financing11-4S
2、pontaneous FinancinguOpen Accounts:the seller ships goods to the buyer with an invoice specifying goods shipped,total amount due,and terms of the sale.uNotes Payable:the buyer signs a note that evidences a debt to the seller.Trade Credit-credit granted from one business to another.Examples of trade
3、credit trade credit are:11-5Spontaneous FinancingDraftDraft-A signed,written order by which the first party(drawer)instructs a second party(drawee)to pay a specified amount of money to a third party(payee).The drawer and payee are often one and the same.uTrade Acceptances:the seller draws a draftdra
4、ft on the buyer that orders the buyer to pay the draft at some future time period.11-6Terms of the SaleuuNet Period-No Cash DiscountNet Period-No Cash Discount -when credit is extended,the seller specifies the period of time allowed for payment.“Net 30”implies full payment in 30 days from the invoic
5、e date.uuCODCOD and and CBDCBD-No Trade Credit:the buyer pays cash on delivery cash on delivery or cash before deliverycash before delivery.This reduces the sellers risk under CODCOD to the buyer refusing the shipment or eliminates it completely for CBD.11-7Terms of the SaleuuSeasonal DatingSeasonal
6、 Dating-credit terms that encourage the buyer of seasonal products to take delivery before the peak sales period and to defer payment until after the peak sales period.uuNet Period-Cash DiscountNet Period-Cash Discount -when credit is extended,the seller specifies the period of time allowed for paym
7、ent and offers a cash discount if paid in the early part of the period.“2/10,net 30”implies full payment within 30 days from the invoice date less a 2%discount if paid within 10 days.11-8Trade Credit as a Means of Financing$1,000 x 30 days=$30,000 account balanceWhat happens to accounts payable if a
8、 firm purchases$1,000/day at“net 30”?What happens to accounts payable if a firm purchases$1,500/day at“net 30”?$1,500 x 30 days=$45,000 account balanceA$15,000 increase from operations!11-9Cost to Forgo a DiscountApproximate annual interest cost=%discount365 days (100%-%discount)(payment date-discou
9、nt period)What is the approximate annual cost to forgo the cash discount of“2/10,net 30”after the first ten days?X11-10Cost to Forgo a DiscountApproximate annual interest cost=2%365 days (100%-2%)(30 days-10 days)=(2/98)x(365/20)=37.2%What is the approximate annual cost to forgo the cash discount of
10、“2/10,net 30,”and pay at the end of the credit period?X11-11 Payment Date*Payment Date*Annual rate of interestAnnual rate of interest 11744.9%20 74.5 3030 37.237.2 60 14.9 90 9.3*days from invoice dateCost to Forgo a DiscountThe approximate interest cost over a variety of payment decisions for “2/10
11、,net _.”11-12S-t-r-e-t-c-h-i-n-g Account PayablesuCost of the cash discount(if any)forgoneuLate payment penalties or interestuDeterioration in credit ratingPostponing payment beyond the end of the net period is known as“stretching accounts payable”or“leaning on the trade.”Possible costs of“stretchin
12、g accounts payable”11-13Advantages of Trade CredituConvenience and availability of trade credituGreater flexibility as a means of financingCompare costs of forgoing a possible cash discount against the advantages of trade credit.11-14Who Bears the Cost of Funds for Trade Credit?uuBuyers-when costs c
13、an be fully passed on through higher prices to the buyer by the seller.uuBoth-when costs can partially be passed on to buyers by sellers.uuSuppliers-when trade costs cannot be passed on to buyers because of price competition and demand.11-15Accrued ExpensesuuWagesWages-Benefits accrue via no direct
14、cash costs,but costs can develop by reduced employee morale and efficiency.uuTaxesTaxes-Benefits accrue until the due date,but costs of penalties and interest beyond the due date reduce the benefits.uuAccrued ExpensesAccrued Expenses-Amounts owed but not yet paid for wages,taxes,interest,and dividen
15、ds.The accrued expenses account is a short-term liability.11-16Spontaneous FinancinguuMoney Market CredituCommercial PaperuBankers AcceptancesuuUnsecured LoansuLine of CredituRevolving Credit AgreementuTransaction LoanTypes of negotiated financing:11-17“Stand-Alone”Commercial PaperuuCommercial paper
16、 market is composed of Commercial paper market is composed of the the(1)dealer and(2)direct-placement markets.uuAdvantageAdvantage:Cheaper than a short-term business loan from a commercial bank.uDealers require a line of credit line of credit to ensure that the commercial paper is paid off.Commercia
17、l PaperCommercial Paper-Short-term,unsecured promissory notes,generally issued by large corporations(unsecured corporate IOUs).11-18“Bank-Supported”Commercial PaperuuLetter of credit(L/C)Letter of credit(L/C)-A promise from a third party(usually a bank)for payment in the event that certain condition
18、s are met.It is frequently used to guarantee payment of an obligation.uBest for lesser-known firms to access lower cost funds.uA bank provides a letter of creditletter of credit,for a fee,guaranteeingguaranteeing the investor that the companys obligation will be paid.11-19Bankers AcceptancesuUsed to
19、 facilitate foreign trade or the shipment of certain marketable goods.uLiquid market provides rates similar to commercial paper rates.Bankers AcceptancesBankers Acceptances-Short-term promissory trade notes for which a bank(by having“accepted”them)promises to pay the holder the face amount at maturi
20、ty.11-20Short-Term Business LoansuuSecured Loans-A form of debt for money borrowed in which specific assets have been pledged to guarantee payment.uuUnsecured Loans-A form of debt for money borrowed that is not backed by the pledge of specific assets.11-21Unsecured LoansuOne-year limit that is revie
21、wed prior to renewal to determine if conditions necessitate a change.uCredit line is based on the banks assessment of the creditworthiness and credit needs of the firm.u“Cleanup”provision requires the firm to owe the bank nothing for a period of time.uuLine of Credit(with a bank)Line of Credit(with
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