财务策划步骤和方法.ppt

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1、FinancialPlanningandForecasting1FinancialPlansFinancialplansevaluatetheeconomicsbehindthestrategyandoperations.Theyconsistofsixsteps:Projectedfinancialstatements:toanalyzetheeffectsoftheoperatingplanonprojectedprofitsandfinancialratios.Determinethefundsneededtosupporttheplan.Fo

2、recastfundsavailability.Establishandmaintainasystemofcontrolstogoverntheallocationanduseoffundswithinthefirm.DevelopproceduresforadjustingthebasicplaniftheeconomicforecastsuponwhichtheplanwasbaseddonotmaterializeEstablishaperformance-basedmanagementcompensationsystem.2SalesFore

3、castSalesforecastsareusuallybasedontheanalysisofhistoricdata.Anaccuratesaleforecastiscriticaltothefirm’sprofitability:Under-optimisticToomuchinventoryand/orfixedassetsLowturnoverratioHighcostofdepreciationandstorageWrite-offsofobsoleteinventoryLowprofitLowrateofreturnonequityLo

4、wfreecashflowDepressedstockpriceOver-optimisticCompanywillfailtomeetdemandMarketsharewillbelostSalesForecast3ThePercentofSalesMethodThisisthemostcommonmethod,whichbeginswiththesalesforecastexpressedasanannualgrowthrateindollarsalerevenue.Manyitemsonthebalancesheetandincomestate

5、mentareassumedtochangeproportionallywithsales.4ThePercentofSalesMethod:AnExample*Denotesspontaneous,whichmeansincreasespontaneouslywithsales.Allassetsarespontaneous.Ontheliabilityandequityside,AccountsPayableandAccrualsaretheonlyspontaneousfunds.Duringthenextyear,salesincreaseb

6、y15%resultingina15%increaseinTotalAssets(4,374).Hence,theassetsideonnextyear’sbalancesheetmustgoupby15%.Also,thespontaneousfundsontheliabilitysidemustalsoincreaseby15%.5Example(cont’d):Thespontaneousitemsontheliabilitiessideoftheprojectedbalancesheetmustalsoincreaseby15%.6Examp

7、le(cont’d):7Example(cont’d):Retainedearningswillalsoincreasebutnotatthesamerateassales.The2002amountofREistheoldamountplustheadditiontoretainedearnings,whichwecalculatedintheprojectedincomestatement.SincetheTA=TLandtheTAhaveincreasedto33,534,whileTLhaveincreasedto31,406,therear

8、eadditionalfundsneeded(AFN)of2,128ontheliabilitiesside