公司財務模型和長期計劃講義(ppt 22頁)（英文版）

公司財務模型和長期計劃講義目錄：
1、What is Corporate Financial Planning?
2、A Financial Planning Model: The Ingredients
3、What Determines Growth?
4、Some Caveats of Financial Planning Models
5、Summary & Conclusions

公司財務模型和長期計劃講義內容提要：
What is Corporate Financial Planning?
It formulates the method by which financial goals are to be achieved.
There are two dimensions:
A Time Frame
Short run is probably anything less than a year.
Long run is anything over that; usually taken to be a two-year to five-year period.
A Level of Aggregation
Each division and operational unit should have a plan.
As the capital-budgeting analyses of each of the firm’s divisions are added up, the firm aggregates these small projects as a big project.
What Will the Planning Process Accomplish?
Interactions
The plan must make explicit the linkages between investment proposals and the firm’s financing choices.
Options
The plan provides an opportunity for the firm to weigh its various options.
Feasibility
Avoiding Surprises
Nobody plans to fail, but many fail to plan.
Sales Forecast
All financial plans require a sales forecast.
Perfect foreknowledge is impossible since sales depend on the uncertain future state of the economy.
Businesses that specialize in macroeconomic and industry projects can be help in estimating sales.
Pro Forma Statements
The financial plan will have a forecast balance sheet, a forecast income statement, and a forecast sources-and-uses-of-cash statement.
These are called pro forma statements or pro formas.
Asset Requirements
The financial plan will describe projected capital spending.
In addition it will the discuss the proposed uses of net working capital.
Financial Requirements
The plan will include a section on financing arrangements.
Dividend policy and capital structure policy should be addressed.
If new funds are to be raised, the plan should consider what kinds of securities must be sold and what methods of issuance are most appropriate.

..............................