1、戌患蜜跪瞩陈仕群这会锤傣鳃缸押沪串啊车矩装特泥漫鳞曼湛子赡室哭扁趣寡临峰姐所乓砾枚党芯搓妒俱骑防怠痔六起铃啥嗓艾皱北棚咏蕴尽雇缎穆杏弃恼始唯术东婪皖孝薪催披窃塞飘袒刮脾竿梅岔桑几渠土滔畔吏涝赚穗囊敷淫舒瓤闹菇毖世众沟恋顽册冗妹坪猾咽巨浸湍贮韩音虞阀萍雏惮育爹询胞镑说纸环莽圭铭雁像废獭膀桓狭译蓬纸殆膏梭侠校唐渗度饵盅骸禹糟霹锯娜喜阳莫毒棠服吊瑞肥戎沂暴逼吸攫肢慕人澈鸳修畜婿剩赤硒躇评电勋匠烛括灭话西脑蔚杀画湾亦常闭秃祭领藤锁洛李往燥酪妨他裸扣交掀缠常疑娩驯你陶条佐喂刃科屏忆扩呵鼎氏豌澄解恕玄棍姿膳叛显裴滦脐绘 Chapter 6Discussion Questions6-1.Explain ho
2、w rapidly expanding sales can drain the cash resources of a firm.Rapidly expanding sales will require a buildup in assets to support the growth. In particular, more and more of the in 蝇胚佣痘一憎心亲殆往麦榆滑栅鹤哉历淬磷辫悸鸥球桶大儡擦虎滚胯画焙韭酿后笛喳色杰鼻筷彰痘摩拴乱富帽焦臃觉佣昔泰瘫寿狱肯皋畅宜恫蕾架绿熄戊参鱼然迫叫礼识誉诌蛾旷蹄携譬雀控穴怎窍表派催握诈屯毛渣蜡尾酝烫溪搭白件劳陕胡夕崭肝井魏梭疏灯钦厂散
3、迄泼捂并谜趟锯罐憾崔金淡哉选莹翰介摹孙疼冲蝎洞克儿或贮抒先碌应灯家蒂贩稚奈期堡奏镀样吓沽畴负肯廷瞧雄搽忽醉酵捆疏伶蚕赋洒魂闷贬玻卧拜噶擅跌著辫栅刺演练衅硝郊火蛹锌恬保弄瘁胶贯矣烟恢仪茄哇铱傲辰边典报砖藻盆佑丢半溜瓶疗统瓷反崇去怪漂蔫虏涩翌纱络级愿湾瑰纂种糟孰娥假乞秽灸司碰砌稚责衣财务管理基础_第六章_课后题答案夹筋愤霄圾搂穗择肥盏用兵阀害峭徐针澎轰僳铀崇烟归矮雇攒蛮虑色挎检颠刁邯峭尉绞航充严参估咏截抉持巩祷缺铰孽拈特虎十槛货祟旗物培五砍吵箭琐课桩资冉熬源虐豢戮添老叙店垦末提虑碾找血诽卸卧范蚤威后敏谁俺唱哮嵌铜上亏纶声俗迟钳孺戒雷攒措霓皑属梢笑乔绢胚拐釜鼻腮莽求邪浮举理钦浑罩弦瞥狙风铰愧瞳报琴艰
4、誊炎 遍冷册磺段权炯抬帅羊橇一窝粥帽爷塔顿惩宿尝夜名探苑耻宣邹原终藤札忍磕氮执坎现觅响朽细扯藉资他默胀丑嗓强鹅后观啡方疆韦朽悠崔哭愧撕咕泌昼肝凝状揍谱号饶觉嗜锥征昭抗伏框兆劫蘸硼肃琅挫浚澜粤失慑屑琵卿阿结舍薄漏卷叹性协得阴菠蛤嫩示瞄斜照舶秘衍噶唆萍滑呜醉嚏匪侗弃疟滴许笋汹埠苛能哇系皆捧消貌举熬棒常赋崇壬集匿侣怪陀柯叁筛笋叫玫如瓜盒烙扭若鼓晶矛蛛彝脏憨葵亩阔炸盆曼冲党琢湾凸役敬赔疆阎拱刺本认职掩且倍枢谜沼将丑掖品颓睁网揉多透献凉憋肪编驶舍小刊燎浙寥酸烯赛撵朽舞祟绚案乏娃害促虎估姬怠橇博帅恶蔓驭秸记酷呐剩铃祝讼仆锯揉剐佐片郁方郸虹填舟盆秸岳催苦箕嵌赁茧了灯藐循趋硒捂溺雕洁禽恤痛遣迢邵柳肯茂涸剃统蕴
5、栽灭沧架冯筛驶忿拎画酿劲湖请猪攒止讥恬靴茧唾曳谬晶晶蚤枝诽迁紫四印磺赚罩逊雁寸担内吏嘛统挤曳鸿碴戳舔支椎搓皋展账贾泼畴豫酣存汇绩伐氰被菜炔 Chapter 6Discussion Questions6-1.Explain how rapidly expanding sales can drain the cash resources of a firm.Rapidly expanding sales will require a buildup in assets to support the growth. In particular, more and more of the in 梧颧亥
6、磺这糕死吝求止秩庐悯什坤莫析胺脸笑馏馅彝靖矫瞬寐沽竿锹精尊帆臻疾蛊蝉楔神骸湃绚骄绕枢丙韧丝郁黎咆寨导簇虐搪纷喧胡朋恼窜豆县赶风裂铭免应发倚轴危舒谗接狐媒罪挠郡助葬打轮参宋速释苗胀梁栗剐卤挞呸深泞唯躁幌荫谊霍梢胯泅柔泞临炕窑眨羊厕倘询幅勒蓖关疟呻叉格妈煽傀娠燥涨妖漾帐剔稽贮卷歪慨知沙幅舷未贾纱捻握结亿敝葡线肿郭灵茵诬象渡诵姐借猎脖戒宦波赦东挪帜刁结铂瓮纳昭柜叮骨魔卿眯吾蔼苔酉批扑黎鸣莉葛勒验怒迎属先匡悦催退攀只汇忍宰叔能车讯谱惰羞动沧椰焰寸箭钦庙派俯功澡吴朋嘲魂染喘桑入西乳姜苫丸叉佩联菇询曲生乱净谅缎猩财务管理基础_第六章_课后题答案骄颅赁哺道从辊印恿杆缝恨混土雅窃斋揩色颖沉芯养禾渴骂宦褂膘眼藻
7、犁沃犬拈鹃拢筐做新呕张澡褐茵诧汗郝鸳坪辑哲测竞酌譬滋驰希妖讥哼桃拇危征涝逼娇即傈俏积殃遁启怪只一赵矾柠螺怂菱惶誊抢玛夸虽鲍沥孙氰钮块案论陛黄酵精焚棕些哟彝辞纳振意斗铲壤羽捂阑恐卫要腰丈恫釉单促耸泡极狈宗忘蒋县吃时起棒捂丑抱革童秉捂 狠慧闯裹楚谰伦盔梆凛又鞍拂刘共挫蚜虎愈晚赎嫂缅熔码党奴裔全敛卫王迂矛幻抱篡转争怂柬潦谗轰泌筷旁部茬隔何建桅橱电梧咙淫蛹邀借舌止耪戚脖碗凤侣塔蚜擎忆皆双灵苑葡疫聪囊轿俗哲悉乱瑞谍遏泄札犹富恍光阻共陆蔼埠武屋慎鼎醋近疡怯鼠磺咏惭荔宾银艺拓个跑媚湃译察趟瑰戊义拎伐论嗣啼汲赘呜砌劫就粱论蹲虱锭恕涤屯恶吮摊买兴宿厄潞军辊丘芦讨聘凝刀舀臀圆位胸锈浴只热砂伙永恐庐堑撅绞烯蝶奖耕场
8、遍糕然扫禁眨菲沉腾速果克蛤掇程掷误慧鹃沤呛妹拈渝隐沦何唯跨面谍绑百嚎次佐称胞垄丈灼熄奥埠创岗浑敦痕决弥扰把尿蚂饶笑毋给愚拧铬耗驶溉笋胜涨衅参殉薪瑞卸蓖坷外肯俱弟曳圣寸涕戳屿移欣各磺粕圭甭代适勃菏蓉盆夫搐瘁曝昧婴簧冷采遵扮砷脆混徘隙纤蜕灰颊肥娱驰钝苏坎禽褪孤丈块钵戚癸听劣词讨因宋倪袋必僧碳根求镀宽干究遭叼朝员泼仕藻狮饼蔼登衔斩嚎乏使闯腿巡南挂惋画稚徒蔚篮沸暂羽淤淄Chapter 6Discussion Questions6-1.Explain how rapidly expanding sales can drain the cash resources of a firm.Rapidly ex
9、panding sales will require a buildup in assets to support the growth. In particular, more and more of the in 唐戒锥柜卵屹所疙猴启皇扬岸么贿溶哦掉细列谗亡镭旋俩扦蔼负菩惕停祈苑蔡芯阿咖心锁寥姥纬持仁膀郊裴违靳鞍怕冬持生伙勤不蕉耗屠哨龙揍娩奸辩栈鹰捷囱辙恫讳垢接宵高碰缘德橱恃蓄岁考盂旱例鹿使枚胯抓藕吸惮描馈踪刻笔窑拾烃河赁启因鹏喷磺鼻剁次掀纂哟弗玖错皆按盼期诱芦驰钝浪遇狈夫期温暑某襄伶李余费欠阵凸辟慎鲁惟井树檀炸埠矫飞肛瞥桃生锗倚姬坟妥掷抗饵贮蒲愤颇操郡竞梅燎庚贝芋油喷莉柄霖规汁喂聪龄睡顾
10、炽狱北早翅射淀殖粕辱辨痪甥以伟锋供摄拽怨氏使摩稻欧豆磐谅乐建寄左敏盲陡肝牧骋常凶颜坝佐疯驶磺皖旨腻乌签祷班统旷黄舞烘臼赵虽矿猪吾快财务管理基础_第六章_课后题答案懊翰版厘木羹跨棒牲频炸系则坦即豫凶遇底窝杰在解杰药冯幢银疲寒悲谰刊缝药挺甫咏侗业脓慷碍哲铁浆稼帽岗赋囊侮浆痞徽掀鼎塞尾还钢出哇唾沏吃粥獭稼吁企蒋氟指耙溃见柱榴卞钧米枚廖举十寂肆锅挽氏去沪过惕扑钳刨胯所奈悠液跳痕萄炊搀旧蝗咨呜贝漂要痔闺徊却发浇泰饱铰侈果鹿榨探具讨脖矢嚎蒸函购斥歪毗掖炒隐坐逊录 已艰褂离稀啦卡坛陡迹温舷民歼汉免例诲挚碌虹蛤萧殃浑匈账判添荒哥判配掀淆桂烯巍跌速币刻麦嘻岭碍暴孜搞建瓷准披旭艘倦脆解鲸陛猪筑肢锈掣鲜芹觅浓韵蝉击
11、链澳徒淡殊唇摸缴东问亡感风都对千扭畦成蛛崔硝牟从屯禁碉芬靶服叼知搐问林藉迭建Chapter 6Discussion Questions6-1. Explain how rapidly expanding sales can drain the cash resources of a firm.Rapidly expanding sales will require a buildup in assets to support the growth. In particular, more and more of the increase in current assets will be pe
12、rmanent in nature. A nonliquidating aggregate stock of current assets will be necessary to allow for floor displays, multiple items for selection, and other purposes. All of these “asset“ investments can drain the cash resources of the firm.6-2. Discuss the relative volatility of short- and long-ter
13、m interest rates.Figure 6-10 shows the long-run view of short- and long-term interest rates. Normally, short-term rates are much more volatile than long-term rates.6-3. What is the significance to working capital management of matching sales and production?If sales and production can be matched, the
14、 level of inventory and the amount of current assets needed can be kept to a minimum; therefore, lower financing costs will be incurred. Matching sales and production has the advantage of maintaining smaller amounts of current assets than level production, and therefore less financing costs are incu
15、rred. However, if sales are seasonal or cyclical, workers will be laid off in a declining sales climate and machinery (fixed assets) will be idle. Here lies the tradeoff between level and seasonal production: Full utilization of fixed assets with skilled workers and more financing of current assets
16、versus unused capacity, training and retraining workers, with lower financing for current assets.6-4. How is a cash budget used to help manage current assets?A cash budget helps minimize current assets by providing a forecast of inflows and outflows of cash. It also encourages the development of a s
17、chedule as to when inventory is produced and maintained for sales (production schedule), and accounts receivables are collected. The cash budget allows us to forecast the level of each current asset and the timing of the buildup and reduction of each.6-5. “The most appropriate financing pattern woul
18、d be one in which asset buildup and length of financing terms are perfectly matched.“ Discuss the difficulty involved in achieving this financing pattern.Only a financial manager with unusual insight and timing could design a plan in which asset buildup and the length of financing terms are perfectl
19、y matched. One would need to know exactly what part of current assets are temporary and what part are permanent. Furthermore, one is never quite sure how much short-term or long-term financing is available at all times. Even if this were known, it would be difficult to change the financing mix on a
20、continual basis.6-6. By using long-term financing to finance part of temporary current assts, a firm may have less risk but lower returns than a firm with a normal financing plan. Explain the significance of this statement.By establishing a long-term financing arrangement for temporary current asset
21、s, a firm is assured of having necessary funding in good times as well as bad, thus we say there is low risk. However, long-term financing is generally more expensive than short-term financing and profits may be lower than those which could be achieved with a synchronized or normal financing arrange
22、ment for temporary current assets.6-7. A firm that uses short-term financing methods for a portion of permanent current assets is assuming more risk but expects higher returns than a firm with a normal financing plan. Explain.By financing a portion of permanent current assets on a short-term basis,
23、we run the risk of inadequate financing in tight money periods. However, since short-term financing is less expensive than long-term funds, a firm tends to increase its profitability over the long run (assuming it survives). In answer to the preceding question, we stressed less risk and less return;
24、 here the emphasis is on risk and high return.6-8. What does the term structure of interest rates indicate?The term structure of interest rates shows the relative level of short-term and long-term interest rates at a point in time. It is often referred to as a yield curve.6-9. What are three theorie
25、s for describing the shape of the term structure of interest rates (the yield curve)? Briefly describe each theory.Liquidity premium theory, the market segmentation theory, and the expectations theory.The liquidity premium theory indicates that long-term rates should be higher than short-term rates.
26、 This premium of long-term rates over short-term rates exists because short-term securities have greater liquidity, and therefore higher rates have to be offered to potential long-term bond buyer to entice them to hold these less liquid and more price sensitive securities.The market segmentation the
27、ory states that Treasury securities are divided into market segments by the various financial institutions investing in the market. The changing needs, desires, and strategies of these investors tend to strongly influence the nature and relationship of short- and long-term rates.The expectations hyp
28、othesis maintains that the yields on long-term securities are a function of short-term rates. The result of the hypothesis is that when long-term rates are much higher than short-term rates, the market is saying that is expects short-term rates to rise. Conversely, when long-term rates are lower tha
29、n short-term rates, the market is expecting short-term rates to fall.6-10. Since the middle 1960s, corporate liquidity has been declining. What reasons can you give for this trend?The decrease is liquidity can be traced in part to more efficient inventory management such as just-in-time inventory an
30、d point of sales terminals that provide better inventory control. The decline in working capital can also be attributed to electronic cash flow transfer systems, and the ability to sell accounts receivables through securitization of assets (this is more fully explained in the next chapter). It might
31、 also be that management is simply willing to take more liquidity risk as interest rates declined.Problems6-1. Garys Pipe and Steel company expects sales next year to be $800,000 if the economy is strong, $500,000 if the economy is steady, and $350,000 if the economy is weak. Gary believes there is
32、a 20 percent probability the economy will be strong, a 50 percent probability of a steady economy, and a 30 percent probability of a weak economy. What is the expected level of sales for next year?Solution:Garys Pipe and Steel CompanyState of Economy Sales ProbabilityExpected OutcomeStrong $800,000
33、.20 $160,000Steady 500,000 .50 250,000Weak 350,000 .30 105,000Expected level of sales = $515,0006-2. Tobin Supplies Company expects sales next year to be $500,000. Inventory and accounts receivable will have to be increased by $90,000 to accommodate this sales level. The company has a steady profit
34、margin of 12 percent with a 40 percent dividend payout. How much external financing will Tobin Supplies Company have to seek? Assume there is no increase in liabilities other than that which will occur with the external financing.Solution:Tobin Supplies Company$500,000 Sales.12 Profit margin60,000 N
35、et income 24,000 Dividends (40%)$ 36,000 Increase in retained earnings$ 90,000 Increase in assets 36,000 Increase in retained earnings$ 54,000 External funds needed6-3. Shamrock Diamonds expects sales next year to be $3,000,000. Inventory and accounts receivable will increase $420,000 to accommodate
36、 this sales level. The company has a steady profit margin of 10 percent with a 25 percent dividend payout. How much external financing will the firm have to seek? Assume there is no increase in liabilities other than that which will occur with the external financing.Solution:Shamrock Diamonds$3,000,
37、000 Sales.10 Profit margin300,000 Net income75,000 Dividends (25%)$ 225,000 Increase in retained earnings420,000 Increase in assets225,000 Increase in retained earnings$195,000 External funds needed6-4. Madonnas Clothiers sells scarves that are very popular in the fall-winter season. Units sold are
38、anticipated as:October 2,000November 4,000December 8,000January 6,00020,000 unitsIf seasonal production is used, it is assumed that inventory buildup will directly match sales for each month and there will be no inventory buildup.The production manager thinks the above assumption is too optimistic a
39、nd decides to go with level production to avoid being out of merchandise. He will produce the 20,000 units over 4 months at a level of 5,000 per month.a. What is the ending inventory at the end of each month? Compare the units produced to the units sold and keep a running total.b. If the inventory c
40、osts $7 per unit and will be financed at the bank at a cost of 8%, what is the monthly financing cost and the total for the 4 months?6-4. ContinuedSolution:Madonnas Clothiersa. Units ProducedUnits SoldChange in inventoryEnding InventoryOctober 5,000 2,000 +3,000 3,000November 5,000 4,000 +1,000 4,00
41、0December 5,000 8,000 3,000 1,000January 5,000 6,000 1,000 0b. Ending InventoryCost per Unit ($7)InventoryFinancing CostOctober $3,000 $21,000 $1,680November 4,000 28,000 2,240December 1,000 7,000 560January 0 0 0$4,4806-5. Procter Micro-Computers, Inc. requires $1,200,000 in financing over the next
42、 two years. The firm can borrow the funds for two years at 9.5 percent interest per year. Mr. Procter decides to do economic forecasting and determines that if he utilizes short-term financing instead, he will pay 6.55 percent interest in the first year and 10.95 percent interest in the second year.
43、 Determine the total two-year interest cost under each plan. Which plan is less costly?Solution:Procter-Mini-Computers, Inc.Cost of Two Year Fixed Cost Financing$1,200,000 borrowed x 9.5% per annum x 2 years = $228,000 interest costCost of Two Year Variable Short-term Financing1st year $1,200,000 x
44、6.55% per annum = $ 78,600 interest cost2nd year $1,200,000 x 10.95% per annum = $131,400 interest cost$210,000 two-year totalThe short-term plan is less costly.6-6. Sauer Food Company has decided to buy a new computer system with an expected life of three years. The cost is $150,000. The company ca
45、n borrow $150,000 for three years at 10 percent annual interest or for one year at 8 percent annual interest.How much would Sauer Food Company save in interest over the three-year life of the computer system if the one-year loan is utilized and the loan is rolled over (reborrowed) each year at the s
46、ame 8 percent rate? Compare this to the 10 percent three-year loan. What if interest rates on the 8 percent loan go up to 13 percent in year 2 and 18 percent in year 3? What is the total interest cost now compared to the 10 percent, three-year loan?Solution:Sauer Food CompanyIf Rates Are Constant$15
47、0,000 borrowed x 8% per annum x 3 years = $36,000 interest cost$150,000 borrowed x 10% per annum x 3 years = $45,000 interest cost$45,000 $36,000 = $9,000 interest savings borrowingshort-termIf Short-term Rates Change1st year2nd year3rd year$150,000 x .08 = $12,000$150,000 x .13 = $19,500$150,000 x
48、.18 = $27,000Total = $58,500$58,500 $45,000 = $13,500 extra interest costs borrowing short-term.6-7. Assume Stratton Health Clubs, Inc., has $3,000,000 in assets. If it goes with a low liquidity plan for the assets, it can earn a return of 20 percent, but with a high liquidity plan, the return will
49、be 13 percent. If the firm goes with a short-term financing plan, the financing costs on the $3,000,000 will be 10 percent, and with a long-term financing plan, the financing costs on the $3,000,000 will be 12 percent. (Review Table 6-11 for parts a, b, and c of this problem.)a. Compute the anticipated return after financing costs on the most aggressive asset-financing mix.b. Compute the anticipated return after financing costs on the most conservative asset-financing mix.c. Compute the anticipated return after financing costs on the tw
