Financialmanagement 150115082928 Conversion Gate02(2)

8/17/2019 Financialmanagement 150115082928 Conversion Gate02(2)

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What is Financial Management? Meaning

• fnancial management means toplan and control the fnance o thecompany. It is done to achieve theobjectives o the company.

• Financial management is concernedwith raising fnancial resources andtheir e ectiveutilisation towards achieving theorganisational goals."

NI ! #I$

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Scope of Financial Management• Financial management has a wide scope. ccording to Dr.

S. C. Saxena % the scope o fnancial management includesthe ollowing ve 'A's .

• Anticipation & Financial management estimates thefnancial needs o the company. 'hat is% it fnds out howmuch fnance is re(uired by the company.

• Acquisition & It collects fnance or the company romdi erent sources.

• Allocation & It uses this collected fnance to purchase f)edand current assets or the company.

• Appropriation & It divides the company*s profts among theshareholders% debenture holders% etc. It +eeps a part o theprofts as reserves.

• Assessment & It also controls all the fnancial activities o

the company. Financial management is the most importantunctional area o management. NI ! #I$


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%

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,ealth ma)imi-ation• ,ealth ma)imi-ation is a F !A!C A"

management techni(ue that concentrates itsocus on increasing the net worth or shareholder

capital gains % o a company or frm. 'hisapproach contrasts with the more traditionalmethod o management that see+s outincreased profts above all other pursuits. 'hosewho pursue this techni(ue also see+ out profts%but they concern themselves with cash ow %earnings per share o shareholders% and thesocial value o any F !A!C A" initiatives as well

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http://www.wisegeek.org/what-is-wealth-maximization.htmhttp://www.wisegeek.com/what-is-net-worth.htmhttp://www.businessdictionary.com/definition/shareholder.htmlhttp://www.businessdictionary.com/definition/capital-gain.htmlhttp://www.wisegeek.com/what-is-cash-flow.htmhttp://www.wisegeek.org/what-is-wealth-maximization.htmhttp://www.wisegeek.org/what-is-wealth-maximization.htmhttp://www.wisegeek.com/what-is-cash-flow.htmhttp://www.businessdictionary.com/definition/capital-gain.htmlhttp://www.businessdictionary.com/definition/shareholder.htmlhttp://www.wisegeek.com/what-is-net-worth.htmhttp://www.wisegeek.org/what-is-wealth-maximization.htm


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proft ma)imi-ation• ,hen a frm applies proft ma)imi-ation% it is

basically saying that its primary ocus is onprofts% and it will use its resources solely to

get the biggest profts possible% regardlesso the conse(uences or the ris+ involved./roft ma)imi-ation is a generally short0termconcept. pplication usually lasts less than

one year% although somecompanies employthis strategy e)clusively% constantly jumpingon the ne)t big trend.

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Accounting an# Finance• ccounting can be broadly defned as the

preparation% evaluation and management oF !A!C A" records% while fnance is best

described as the study and management oinvestments. ccountants are there ore moreconcerned with budgets% audits% ta)es andbusiness F !A!C A" operations% whilefnancial analysts are typically e)perts instoc+s% bonds and various other fnancialproducts available to corporate or individualinvestors.

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http://www.businessadministrationinformation.com/resources/degrees/the-difference-between-finance-and-accounting-degreeshttp://www.businessadministrationinformation.com/resources/degrees/the-difference-between-finance-and-accounting-degreeshttp://www.businessadministrationinformation.com/resources/degrees/the-difference-between-finance-and-accounting-degreeshttp://www.businessadministrationinformation.com/resources/degrees/the-difference-between-finance-and-accounting-degrees


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1apital 2udgeting

1apital budgeting% which is also called"investment appraisal%" is the planningprocess used to determine which o anorgani-ation*s long term investmentssuch as new machinery% replacementmachinery% new plants% new products%

and research development projects areworth pursuing. It is to budget or majorcapital investments or e)penditures.

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• 1apital budgeting is a re(uired managerialtool. 3ne duty o a fnancial manager is tochoose investments with satis actory cash

ows and rates o return. 'here ore% afnancial manager must be able to decidewhether an investment is worth underta+ingand be able to choose intelligently between

two or more alternatives. 'o do this% a soundprocedure to evaluate% compare% and selectprojects is needed. 'his procedure is calledcapital budgeting.

NI ! #I$


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importance o capital budgeting• #entif$ %pportunities• s a business owner or entrepreneur% you are o ten presented with

many di erent potential opportunities. 4ou could go in a numbero di erent directions as a company. 'he frst step in the capitalbudgeting process is identi ying which opportunities are availableto you at the time. 2e ore you can ma+e a decision he have to+now what is available frst.

• Assess %pportunities• 3nce you have identifed the possible opportunities or your

business% the ne)t step in the process is to assess each

opportunity individually. 4ou to compare each opportunity againstyour vision or the company and the mission statement. $oo+ atthe values o each opportunity and see i they match with yourown values. 5any o the potential opportunities canbe eliminated in the step be ore you can get into the F !A!C A"

in ormation. 4ou want only pursue opportunities that match yourbusiness plan. NI ! #I$

http://www.finweb.com/financial-planning/the-importance-of-capital-budgeting.htmlhttp://www.finweb.com/financial-planning/the-importance-of-capital-budgeting.html


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importance o capital budgeting

• Ma&ing Decisions• 6ltimately% the objective o capital budgeting is to

help you ma+e decisions that are smart or yourbusiness. 'a+ing the necessary steps to evaluateeach opportunity can help you avoid disastrousconse(uences or your business. I these steps arenot ta+en% you can ta+e on a project that does notbring any value to your company. 6ltimately% it

could prove to be the last mista+e your companyrema+es. 'here ore% the capital budgeting processis crucial to consider be ore ma+ing any bigdecisions or any type o project.

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%• 'here are a number o capital budgeting

techni(ues that can be used todetermine the viability and proftability ocapital budget and ! (S)M(!)decisions. 'hese techni(ues include&

• 7 'he ccounting 8ate o 8eturn5ethod

• 7 'he /aybac+ /eriod 5ethod• 7 'he Net /resent 9alue 5ethod• 7 'he /roftability Inde) 5ethod• 7 'he Internal 8ate o 8eturn 5ethod

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https://www.udemy.com/blog/capital-budgeting-techniques/https://www.udemy.com/blog/capital-budgeting-techniques/


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88•

ccounting rate o return :also +nown assimple rate o return; is the ratioo estimated accounting proft o a project tothe average ! (S)M(!) made in the project.

88 is used in ! (S)M(!) appraisal.•


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%• >. dd up all positive cash ows = ?@m A

?@m A ?@m A ?Bm = ?Cm• @. ubtract cost o investment = ?Cm 0

?Dm = ?Em• B. m• E. 1alculate the percentage return& ?>m

?Dm ) >GG = @GH

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*a$+ac& *erio#

'he paybac+ period is the most basicand simple decision tool. ,ith thismethod% you are basically determininghow long it will ta+e to pay bac+ the initial investment that is re(uired to undergo a project.

In order to calculate this% you wouldta+e the total cost o the projectand divide it by how much cash in ow

you e)pect to receive each yearNI ! #I$

http://www.investopedia.com/walkthrough/corporate-finance/4/npv-irr/payback-rule.aspxhttp://www.investopedia.com/walkthrough/corporate-finance/4/npv-irr/payback-rule.aspxhttp://www.investopedia.com/walkthrough/corporate-finance/4/npv-irr/payback-rule.aspxhttp://www.investopedia.com/walkthrough/corporate-finance/4/npv-irr/payback-rule.aspx


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npv• 'he di erence between the present value

o cash in ows and the present value ocash out ows. N/9 is used

in capital budgeting to analy-e theproftability o an ! (S)M(!) or project• Net /resent 9alue :N/9; that is positive

is good :and negative is bad;.• 2ut your choice o interest rate can

change thingsJ

NI ! #I$

http://www.investopedia.com/terms/n/npv.asphttp://www.investopedia.com/terms/n/npv.asp


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nternal -ate of -eturn--/

'he internal rate o return is a discount rate that is commonly used to determine howmuch o a return an investor can e)pect to

reali-e rom a particular project. trictlydefned% the internal rate o return is thediscount rate that occurs when a project isbrea+ even% or when the N/9 e(uals G.• #ere% the decision rule is simple& choose

the project where the I88 is higher thanthe cost o fnancing.

NI ! #I$

http://www.investopedia.com/articles/07/internal_rate_return.asphttp://www.investopedia.com/articles/07/internal_rate_return.asp


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"oo& %ut0For the --1 the #ecisionrules are as follo2s3

f -- 4 hur#le rate1 acceptthe pro5ect

f --6 hur#lerate1 re5ect the pro5ect

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A

Net /resent 9alue

Initial ! (S)M(!)

8e(uiredNI ! #I$

ccept a project i the proftability inde) is greater than>% stay indi erent i the proftability inde) is -ero anddon*t accept a project i the proftability inde) is below>./roftability inde) is sometimes called beneft0cost ratiotoo and is use ul in capital rationing since it helps inran+ing projects based on their per dollar return.

http://accountingexplained.com/managerial/capital-budgeting/profitability-indexhttp://accountingexplained.com/managerial/capital-budgeting/profitability-indexhttp://accountingexplained.com/managerial/capital-budgeting/profitability-indexhttp://accountingexplained.com/managerial/capital-budgeting/profitability-index


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Wor&ing Capital Management

• Working capital management involvesthe relationship between a frm*sshort0termassets and its short0term liabilities. 'he goalo wor+ing capital management isto ensure that a frm is able to continueits operations and that it has suLcient abilityto satis y both maturing short0term debtand upcomingoperational e)penses. 'hemanagement o wor+ing capital involvesmanaging inventories% accounts receivableand payable% and cash

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%• 1oncept o wor+ing capital includes meaning

o wor+ing capital and its nature. ,or+ingcapital is the ! (S)M(!) in current assets.

,ithout this investment% we can not operate ourf)ed assets properly. For getting good proftsrom f)ed assets% we need to buy some current

assets or pay some e)penses or ! (S) our

money in current assets. For e)ample% we +eepsome o cash which is the one o major part owor+ing capital. t any time% our machines mayneed repair. 8epair is revenue e)pense butwithout cash% we can not repair our machinesand without machines% our production maydelay. $i+e this% we need inventory or to ! (S) in debtors and other short term securities

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http://www.svtuition.org/2011/08/concept-of-working-capital.htmlhttp://www.svtuition.org/2011/08/concept-of-working-capital.htmlhttp://www.svtuition.org/2011/08/concept-of-working-capital.htmlhttp://www.svtuition.org/2011/08/concept-of-working-capital.htmlhttp://www.svtuition.org/2011/08/concept-of-working-capital.htmlhttp://www.svtuition.org/2011/08/concept-of-working-capital.htmlhttp://www.svtuition.org/2011/08/concept-of-working-capital.html


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" Working capital importance•

" Working capital is an excess of current assets overcurrent liabilities. In other words, The amount ofcurrent assets which is more than current liabilitiesis known as Working Capital. If current liabilities arenil then, working capital will e ual to current assets.Working capital shows strength of business in short

period of time . If a compan! have some amount inthe form of working capital , it means Compan!have li uid assets, with this mone! compan! canface ever! crises position in market.

• Wor&ing Capital 7 Current Assets 8 Current"ia+ilities

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NI ! #I$

Current assets1urrent assets are those assets which canbe converted into cash within 3ne year orless then one year . In current assets% weincludes cash% ban+% debtors% billreceivables% prepaid e)penses% outstandingincomes .Current "ia+ilities1urrent $iabilities are those liabilities which

can be paid to respective parties within oneyear or less than one year at their maturity.In current liabilities% we includes creditors%outstanding bills% ban+ overdra t%bills a able and short term loans


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Determinants of Wor&ing Capital

•

in wor+ing capital. 'he ollowing is the description oactors which generally in uence the wor+ing capitalre(uirements o frms.

• 9. Small or "arge :usiness

It is the frst determinant o wor+ing capital that itis a ected with the nature o business. 2usiness maybe small or large. In small business% company needhigh wor+ing capital because% small business

is relating to )-AD !; o goods% or starting smallbusiness% you need very small f)ed capital but needhigh wor+ing capital or paying day to day e)penses.2ut in large business% we re(uire more f)ed capitalthan wor+ing capital or purchasing f)ed asset.

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< S ll " D #

http://www.svtuition.org/2010/04/determinants-of-working-capital.htmlhttp://www.svtuition.org/2010/04/determinants-of-working-capital.htmlhttp://www.svtuition.org/2010/04/determinants-of-working-capital.htmlhttp://www.svtuition.org/2010/04/determinants-of-working-capital.html


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%•


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%. *ro#uction *olic$

/roduction policy is also main determinant o wor+ing capitalre(uirement.


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%• . *rice "evel Changes

I there is increasing trend o products prices% we need

to store high amount o wor+ing capital% because ne)ttime% it is precisely that we have to pay more orpurchasing raw material or other service e)penses.In ation and de ation are two major actors whichdecide the ne)t level o wor+ing capital in business.

B. ( ect of (xternal :usiness (nvironmentalFactors

'here are many e)ternal business environmental actorswhich a ect the need o wor+ing capital li+e fscalpolicy% monetary policy and ban+ policies and acilities.

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)he 2or&ing capital c$cle

• 'he wor+ing capital cycle measuresthe time between paying or goodssupplied to you and the fnal receipto cash to you rom their sale. It isdesirable to +eep the cycle as shortas possible as it increases the

e ectiveness o wor+ing

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'he wor+ing capital cycle• 'he wor+ing capital cycle is the time that elapses between

! (S) !; in a product or service and receiving paymentor that product or service. 'he starting point o the wor+ing

capital cycle is usually when the business purchase rawmaterials or hires people or the service. 'he ending pointo the wor+ing capital cycle is when the customer ma+esthe payment% regardless o whether such payment comespre0paid or the service or purchase% payment ta+es place attime o purchase or obtaining the service% or the paymentcomes later owing to sale on credit.

• For instance% i a company purchase raw material on day >%manu actures the product on day M% and sells it on day >D%receiving payment on day @B% the wor+ing capital cycle is@B days. I the company sells the same product on cashbasis% the wor+ing capital cycle is >D days.

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http://www.brighthub.com/office/finance/articles/106740.aspxhttp://www.brighthub.com/office/finance/articles/106740.aspx


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1ash• 1ash is the most li(uid asset. 1ash is

common denominator to which all othercurrent assets can be reduced becausereceivables and inventories get convertedinto cash. 1ash is li eblood o any frmneeded to ac(uire supply resources%e(uipment and other assets used ingenerating the products and services.5ar+etable securities also come under nearcash% serve as bac+ pool o li(uidity whichprovide (uic+ cash when needed.

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1ash management• 1ash management is concerned with

management o cash in such a wayas to achieve the generally acceptedobjectives o the frm0 ma)imumproftability with ma)imum li(uidityo the frm. It is the management*s

ability to recogni-e cash problemsbe ore they arise% to solve themwhen they arise and having made

solution available to delegateNI ! #I$


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mportance %f Cash Management

• >. 1ash management ensures that the frm has suLcientcash during pea+ times or purchase and or otherpurposes.

• @. 1ash management helps to meet obligatory cash outows when they all due.

• B. 1ash management assists in planning capitale)penditure projects.

• E. 1ash management helps to arrange or outside fnancingat avorable terms and conditions% i necessary

•

D. 1ash management helps to allow the frm to ta+eadvantage o discount% special purchases and businessopportunities.

• O. 1ash management helps to invest surplus cash or shortor long0term periods to +eep the idle unds ully employed.

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IN9KN'384 5 N PK5KN'

• cientifc method o fnding out how muchstoc+ should be maintained in order to meetthe production demands and be able to

provide right type o material at right time%in right (uantities and at competitive prices• inventory is actually mone$1 2hich is

availa+le in the shape of materials

ra2 materials% in0 process and fnishedproducts;% e(uipment% storage space% wor+0time etc

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32QK1'I9K• 6tili-ing o scare resources :capital; and

investment judiciously.• b; Reeping the production on as on0going basis.• c; /reventing idleness o men% machine and

morale. @>• d; voiding ris+ o loss o li e :moral S social;.• e; 8educing administrative wor+load.• ; Piving satis action to customers in terms o

(uality0care% competitive price and prompt delivery• . g; Inducing confdence in customers and to

create trust and aith.

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5otives or holdinginventories

)ransaction motive8 to acilitatesmooth production and salesoperations.

*recautionar$ motive T to guardagainst the ris+ o unpredictablechanges in demand and supply other

orces. Speculative motive T in uences

the decision to increase or reduce

inventory level to ta+e advantage oNI ! #I$


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1apitalstructure

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1apital tructure• 'he term capital structure is used to represent the

proportionate relationship between debt and e(uity.• 1apital tructure is the way a company fnances its

assets through a combination o e(uity andliabilities.

• 'he combination o a company*s long0term debt%specifc short0term debt% common e(uity% and

pre erred e(uity the capital structure is the frm*svarious sources o unds used to fnance its overalloperations and growth.

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1apital structure• frm*s capital structure is the

composition or *structure* o itsliabilities . For e)ample% a frm thatsells @G billion dollars in e(uity andVG billion dollars in debt is said to be@GH e(uity0fnanced and VGH debt0

fnanced. 'he frm*s ratio o debt tototal fnancing % VGH in this e)ample%is re erred to as the frm*s leverage .

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https://www.boundless.com/definition/liabilities/https://www.boundless.com/definition/ratio/https://www.boundless.com/definition/financing/https://www.boundless.com/definition/leverage/https://www.boundless.com/definition/leverage/https://www.boundless.com/definition/financing/https://www.boundless.com/definition/ratio/https://www.boundless.com/definition/liabilities/


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orms o capital• (quit$ Capital & 'his re ers to money put up and owned by

the shareholders :owners;. 'ypically% e(uity capital consistso two types& >.; contributed capital% which is the money thatwas originally invested in the business in e)change orshares o stoc+ or ownership and @.; retained earnings % whichrepresents profts rom past years that have been +ept by thecompany and used to strengthen the balance sheet or undgrowth% ac(uisitions% or e)pansion.

• De+t Capital & 'he debt capital in a company*s capitalstructure re ers to borrowed money that is at wor+ in the

business. 'he sa est type is generally considered long0termbonds because the company has years% i not decades% tocome up with the principal% while paying interest only in themeantime.

NI ! #I$

http://beginnersinvest.about.com/cs/investinglessons/l/blles3retear.htmhttp://beginnersinvest.about.com/cs/investinglessons/l/blles3intro.htmhttp://beginnersinvest.about.com/cs/bonds1/a/040401a.htmhttp://beginnersinvest.about.com/cs/bonds1/a/040401a.htmhttp://beginnersinvest.about.com/cs/investinglessons/l/blles3intro.htmhttp://beginnersinvest.about.com/cs/investinglessons/l/blles3retear.htm


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theories o 1apital structure• Net Income :NI; 'heory• Net 3perating Income :N3I; 'heory

'raditional 'heory• 5odigliani05iller :505; 'heory

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Net Income :NI; pproach

Net Income pproach waspresented by


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9 !() %*(-A) !; !C%M(A**-%ACE

• modern theory o capital structure% suggestedby Duran# . 'his is just the opposite to theNet Income approach . ccording to thisapproach% 1apital tructure decision isirrelevant to the valuation o the frm. 'hemar+et value o the frm is not at all a ectedby the capital structure changes.

• ccording to this approach% the change incapital structure will not lead to any change inthe total value o the frm and mar+et price oshares as well as the overall cost o capital.

NI ! #I$

http://mvn.edu.in/lms/mod/assign/view.php?id=474http://mvn.edu.in/lms/mod/assign/view.php?id=474


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$everage• $everage is an investment techni(ue in

which you use a small amount o yourown money to ma+e an investment o

much larger value. In that way% leveragegives you signifcant fnancial power)$pes o $everages•

3perating leverage• Financial leverage• Kconomic $everage

NI ! #I$


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)$pes o $everages

3perating leverage – 3perating leverage arises rom the e)istence o f)ed

operating e)penses – 3perating leverage = 1ontribution 3perating /roft

Financial leverage• It is the tendency o the residual net income to

vary disproportionately with the operating proft.It indicates the change that ta+es place in the

ta)able income as the result o the change in theoperating proft. F$ = 3/:K2I'; /2'• Kconomic $everage is volatility o e(uity divided by

volatility o an unlevered investment in the sameassets.

NI ! #I$


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1ost o capital• 1ost o capital

'he rate o return that a frm must earn on theprojects in which it invests to maintain itsmar+et value and attract unds.

•

It is the minimum rate o return that a frmmust earn on its investments or the mar+etvalue o the frm to remain unchanged. It isalso re erred to as cut0o rate% target rate%hurdle rate% minimum re(uired rate o returnor standard return.

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Divi#en# #ecisions

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D i f Di i# # * li $


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Determinants of Divi#en# *olic$

• i/ )$pe of n#ustr$3• Industries that are characteri-ed by stability o earnings

may ormulate a more consistent policy as to dividendsthan those having an uneven ow o income. Fore)ample% public utilities concerns are in a much betterposition to adopt a relatively f)ed dividend rate than theindustrial concerns.

•

ii/ Age of Corporation3•

Newly established enterprises re(uire most o theirearning or plant improvement and e)pansion% while oldcompanies which have attained a longer earninge)perience% can ormulate clear cut dividend policies andmay even be liberal in the distribution o dividends.

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Determinants of Divi#en# *olic$• iii/ (xtent of share #istri+ution3•

closely held company is li+ely to get consent o theshareholders or the suspension o dividends or orollowing a conservative dividend policy. 2ut a company

with a large number o shareholders widely scatteredwould ace a great diLculty in securing such assent.

8eduction in dividends can be a ected but not without theco0operation o shareholders.

• iv/ !ee# for a##itional Capital3• 'he e)tent to which the profts are ploughed bac+ into the

business has got a considerable in uence on the dividendpolicy. 'he income may be conserved or meeting theincreased re(uirements o wor+ing capital or uturee)pansion.

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Determinants of Divi#en# *olic$

•

v/ :usiness C$cles3• CMD.

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2onus shares• 2onus shares are issued in a certain

proportion to the e)isting holders. @ or > bonus would mean you gettwo additional shares W ree o costW or the one share you hold in thecompany.I you hold >GG shares o a

company and a @&> bonus o er isdeclared% you get @GG shares ree. 'hat means your total holding oshares in that company will now be

NI ! #I$


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'heories o dividend policy

'#K384 3F I88K$K9 N1K• >. 8esidual approach• @. 5iller and 5odigliani approach

'#K384 3F 8K$K9 N1K• >. ,alter s approach•

@. Porden approach

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,alters model• ,alters model supports the principle

that dividends are relevant. 'heinvestment policy o a frm cannot beseparated rom its dividend policyand both are inter0related. 'he choiceo an appropriate dividend policy

a ects the value o an enterprise.

NI ! #I$

ssumption o alters


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ssumption o ,altersmodel

• 'he investment o the frm arefnanced through internal fnancingor retain earning only.

• 8ate o interest and cost o e(uityare constant.

• Karning S dividend don t changewhile determining the value o thefrm.

• Firm has very long li e.NI ! #I$


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• 5ade by• Nia- ahil• Rabul university• chool o business study• nia-.GGMMXgmail.com•

nia-.GGMMXyahoo.com• https& twitter.com nia-sahil
mailto:[email protected]:[email protected]:[email protected]:[email protected]

Financialmanagement 150115082928 Conversion Gate02(2)

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