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| Title: | Acme Inc.的困境：財務管理之最佳實務應用
Acme Inc.’s Woes: An Application of Financial Management Best Practices |
| Authors: | 紀洛頤
Luis Quilico |
| Contributors: | 蔡政憲
Jason Tsai
紀洛頤
Luis Quilico |
| Keywords: | 財務管理
實務應用
Financial Management
Application |
| Date: | 2013 |
| Issue Date: | 2014-07-01 12:11:46 (UTC+8) |
| Abstract: | The present paper is based on a real life case, although some details have been hidden or modified to ensure proper confidentiality. The motivation behind this thesis is to exemplify financial management best practices and how these best practices are actually implemented and used in the real world. First a qualitative overview is given to put the company into context, then a thorough financial analysis is undertaken to discover the underlying financial problems the company is facing. Based on the analysis, recommendations are made to address the specific problems. Some of the main topics addressed are working capital management, capital budgeting best practices, capital raising and hedging (foreign exchange and interest rates).
Keywords: Working capital, Capital budgeting, Foreign exchange hedging, Interest rate hedging.
1. Qualitative Analysis 1
1.1. Overview of the Company 1
1.2. Target Market 2
1.3. Organizational Structure and Shareholder Composition 2
1.4. Management Team 3
1.5. Industry Overview 3
1.6. Industry Analysis – Porter Five Forces Framework 4
1.6.1. Threat of New Entrants 4
1.6.2. Substitute Products 5
1.6.3. Intensity of Competition 6
1.6.4. Supplier Bargaining Power 6
1.6.5. Buyer Bargaining Power 7
1.7. Porter Strategy 7
1.8. SWOT Analysis 9
1.8.1. Strengths 9
1.8.2. Weaknesses 9
1.8.3. Opportunities 10
1.8.4. Threats 10
1.8.5. Conclusion SWOT Analysis 10
2. Quantitative Analysis 12
2.1. Quality of the Information 12
2.2. Cash Flow from Operations 12
2.2.1. Sales Analysis 12
2.2.2. Profitability Analysis 13
2.2.3. Cash Flow Cycle Analysis 15
2.2.4. Cash Flow from Operations 17
2.3. Cash Flow from Investment 18
2.3.1. Change in Property Plant and Equipment. 18
2.3.2. Change Accounts Payable to Affiliates. 19
2.3.3. Net Investments 19
2.3.4. Conclusion Cash Flow from Investments 19
2.4. Cash Flow from Financing 19
2.4.1. Increase in Short Term Lending 20
2.4.2. Increase in Long Term Lending 20
2.4.3. Changes Due to Fluctuation in Foreign Currency 21
2.4.4. Net Financing Activities 21
2.4.5. Leverage 22
2.4.6. Net Cash Flow for the Next Year 24
2.5. Problem Identification 25
2.5.1. Planning for Growth 25
2.5.2. Raising Capital 26
2.5.3. Hedging Risks 27
3. Recommendation 28
3.1. Planning for Growth 28
3.1.1. Planning for Growth: Sales 29
3.1.2. Planning for Growth: Investments 33
3.2. Raising Funds 34
3.2.1. Does Debt Policy Matter? How Much Should a Corporation Borrow? The Cost of Financial Distress. 35
3.2.2. Leasing vs. Borrowing. 36
3.3. Hedging Risks 39
4. Conclusions 43
5. What Happened to Acme Inc.? 45
References 46 |
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Central Bank El Salvador. (2005). Indice Mensual de Actividad Economica.
Clinton, K. (April 1988). Transaction Costs and Covered Interest Arbitrage: Theory and Evidence. Journal of Political Economy 96, 358-370.
Fama, E. F. (1984). Forward and Spot Exchange Rates. Journal of Monetary Economics 14, 319-338.
Froot, K. A., Sharfstein, D., & Stein, J. C. (November-December 1994). A Framework for Risk Management. Harvard Business Review, 59-71.
Graham, J. R. (October 2000). How Big Are the Tax Benefits on Debt? Journal of Finance 55, 1901-1941.
Hill, C. W., & Jones, G. R. (2010). Strategic Management Theory: An Integrated Approach. Mason, OH: South-Western, Cenage Learning.
ICE Benchmark Administration Limited (IBA). (2014, February 09). 3-Month London Interbank Offered Rate (LIBOR), based on U.S. Dollar. Retrieved from Economic Research: Federal Research Bank of St. Louis: http://research.stlouisfed.org/fred2/series/USD3MTD156N/downloaddata?cid=33003
Modigliani, F., & Miller, M. H. (June 1958). The Cost of Capital, Corporation Finance and the Theory of Investment. American Economic Review, 261-197.
Modigliani, F., & Miller, M. H. (June 1963). Corporate Income Taxes and the Cost of Capital: A correction. American Economic Review, 433-443.
Porter, M. E. (1980). Competitive Strategy: Techniques for analyzing industries and competitors. New York: The Free Press.
Porter, M. E. (January 2008). The Five Competitive Forces that Shape Strategy. Harvard Business Review, 86-104.
The World Bank. (2013, 10 21). The World Bank. Retrieved from Annual GDP Growth (%) - 2003 to 2007: http://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG?page=1
Wikipedia - Department Store. (2013, 10 21). Retrieved from Wikipedia: http://en.wikipedia.org/wiki/Department_store |
| Description: | 碩士
國立政治大學
國際經營管理英語碩士學位學程(IMBA)
101933042
102 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0101933042 |
| Data Type: | thesis |
| Appears in Collections: | [國際經營管理英語碩士學程IMBA] 學位論文
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