TAILIEUCHUNG - Lecture Fundamentals of corporate finance (3/e): Chapter 19 - Robert Parrino, David S. Kidwell, Thomas Bates

Chapter 19, financial planning and forecasting. This chapter introduces the basic elements of short-term financial decisions. First, we discuss the short-term operating activities of the firm. We then identify some alternative short-term financial policies. Finally, we outline the basic elements in a short-term fi nancial plan and describe short-term financing instruments. | Fundamentals of Corporate Finance, 3/e Robert Parrino, . David S. Kidwell, . Thomas W. Bates, . 1 Copyright© 2015 John Wiley & Sons, Inc. Chapter 19: Financial Planning and Managing Growth Learning Objectives Explain what a financial plan is and why financial planning is important Discuss how management uses financial planning models in the planning process, and explain the importance of sales forecasts in the construction of financial planning models Discuss how the relation between projected sales and the income statement and balance sheet accounts can be determined, and analyze a strategic investment decision using a percent of sales model Copyright© 2015 John Wiley & Sons, Inc. 3 Learning Objectives Describe the conditions under which fixed assets vary directly with sales, and discuss the impact of so-called lumpy assets on this relation Explain what factors determine a firm’s sustainable growth rate, discuss why it is of interest to management, and compute the sustainable growth rate for a firm Copyright© 2015 John Wiley & Sons, Inc. 4 Financial Planning Financial planning relates to the identification of the kinds of projects that a firm needs to undertake and the ways of financing those projects; this results in a financial plan The financial plan integrates the firm’s basic plans into a single planning document with a detailed budget Typically, the plan extends over a three-to-five year period called the planning horizon The Planning Documents Strategic Plan – Where is the company headed? Investment Plan – What capital resources does the management need to get there? Financing Plan – How is the firm going to pay for the resources needed? Divisional Business Plans – what the division will do to achieve the firm’s strategic goals. Cash Budget – How is the firm going to pay its day-to-day bills? The Planning Documents The Strategic Plan Describes the vision of the firm Documents the firm’s long-term goals, the strategies that management will use .

• Tài chính doanh nghiệp
• Corporate finance
• Fundamentals of corporate finance
• Capital budgeting decisions
• Capital management
• Financing decisions
• Financial planning
• Intermediate corporate finance
• Lecture Intermediate corporate finance
• Tài chính doanh nghiệp
• Corporate valuation
• Value based management
• Business organization
• Financial management
• International corporate finance
• Capital market history
• Raising capital
• Financial leverage
• Financial reporting
• Social welfare
• Forward contracts
• The stock markets
• Basic return concepts
• Portfolio theory
• Bond valuation
• Basic stock valuation
• Accounting for financial management
• Analysis of financial statements
• Forecasting financial statements
• Capital budgeting
• Decision criteria
• Estimating cash flows
• Real options
• Capital structure decisions
• The levered firm
• Cash management
• Financial distress
• Hedging risk
• Warrants and convertibles
• Principles of corporate finance
• Understanding options
• Valuing options
• Financial analysis
• Financial manager
• Financial institutions