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ACCA FM知识点：How much capital is needed？

文章来源：ACCA全球官网

发布时间：2021-11-22 14:35

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财务管理教学大纲的E部分涉及商业财务：什么类型的财务？什么来源？什么组合？首先考虑企业的形成和初始增长，然后是成熟和成熟的公司，并将研究在不同阶段可能面临的融资选择和决策。上文我们介绍了Retained profits，本文重点讲解How much capital is needed?

Trade credit

This simply means taking credit from suppliers–typically 30 days.That is obviously a very short period,but it can be very helpful to new businesses.Typically,credit suppliers to new businesses will want some sort of reference,either from a bank or from other suppliers(trade references).However,some will be prepared to offer modest credit initially without references,and as trust grows this can be increased.

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How much capital is needed?

Capital is needed:

●for investment in non-current assets

●to sustain the company through initial loss-making periods

●for investment in current assets.

Cash-flow forecasts are an essential tool in planning capital needs.Typically,suppliers of capital will want forecasts for three to five years.One of the biggest dangers facing new successful businesses is overtrading,where they try to do too much with too little capital.Most businesses know that capital will be needed to finance non-current assets,but many overlook that finance is also needed for current assets.

This company starts with a healthy liquidity position(Stage 1).Business then doubles,without investing in more non-current assets and without raising more equity capital.It is a reasonable assumption that if turnover doubles then so will inventory,receivables and payables(Stage 2).But here this forces the company to rely on an overdraft(probably unexpected and unplanned)to finance its net current assets.Relying permanently on overdraft finance is precarious and the company would be advised to seek some more permanent form of capital.

When capital is raised,the company has to decide what to do with it,and there are two main uses:

●invest in non-current assets

●invest in current assets,including leaving it as cash.

The more capital invested in non-current assets,the greater should be the profit-earning potential of the business.However,leaving too little cash in current assets increases the risk that the company will have liquidity problems.On the other hand,leaving too much capital in current assets is wasteful:cash will earn modest interest(but investors want higher returns from a company),and cash tied up in inventory often causes costs(storage,damage,obsolescence).So,the company has to decide on its working capital policy.An aggressive policy is one which maintains relatively low working capital compared to another company;a conservative policy is one which maintains relatively high working capital.Which policy is appropriate partly depends on the nature of the business.If the business is one where trading cash flows are very predictable then it should be able to survive with an aggressive policy.If,however,cash flows are erratic and unpredictable the company would be wise to build a margin of safety into its cash management.Additionally,if the company foresees a period of losses,it will need to keep cash available(probably earning interest in a deposit account)to see it through its lean years.

Note that companies do not have to have actually raised capital to have it available for emergency use.What they need is a pre-agreed right to borrow a certain amount on demand.That is known as a line of credit.Many of us make use of lines of credit in our personal lives,but there we call them credit cards.So we don’t have to have$1,000 sitting in the bank in case our car needs a major repair,but it’s comforting to know that if repairs are necessary,we can pay for them immediately.Of course,the credit card debt will have to be repaid at some time,but repayments can be spread.

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