什么是资本管理?
2016年12月20日星期二|上午12:00
资本管理对绝大多数人来说是个谜. 虽然大多数人都明白，资金在全球经济中流动, 很少有人能理解将这笔资金用于公司运作的复杂之处. 因此，许多人很难理解什么是资本管理.
资本管理定义
咨询总部, 一个关注商业世界的顶级新闻和排名机构, defines capital management as “a financial strategy aimed at ensuring maximum efficiency in a company’s cash flow.由此，回答“什么是资本管理”?就是“管理公司的资金”.” In reality, though, a more accurate capital management definition is much more complex.
资本管理平衡
一个准确的资本管理定义必须包括余额. The capital manager’s ultimate goal is maximum efficiency among a number of competing factors. 正如咨询总部所言, “Sometimes the financial state of a company can be improved by cutting unnecessary expenses; at other times, earnings can be increased by implementing a small change in one of the main areas of business.” Knowing what measures to implement at what times is effective capital management.
短期资本管理
资本管理者必须关注短期因素. 在这方面, the definition of capital management includes an assets-and-liabilities focus: a company must have enough assets so “the business can easily handle its expenses and debts without any risk to the core.”
对于以商品为基础的企业，这些资产包括原材料. Managing a company’s raw material assets ensures that all necessary raw materials are present to avoid any production stoppages. 进一步, manufactured goods should go to market as quickly as possible to collect accounts receivable. 这笔钱可以支付所有应付账款, 然后, 最后, 任何额外的收入都会为下一个周期提供缓冲.
然而, 公司很少在开始一个新周期之前还清所有债务, 而且整个库存很少能很快卖出去. This is why capital managers must balance various streams of information to determine the best course of action to keep companies from collapsing under their own debt.
三个基本策略
根据 eFinance管理, capital management strategies fall into three categories: conservative, aggressive and hedging.
保守的策略
Conservative strategies include “financing the working capital with low risk and low profitability.用这种方法, 除固定资产和永久性流动资产外, a part of temporary working capital is also financed by long-term financing sources.这就是, 长期投资, 哪一种利率更低，盈利能力更低, 当前生产周期的一部分资金. A conservative strategy offers the company less immediate reward but more security.
积极的策略
激进的战略更看重盈利而不是安全. 短期资金, 伴随着更高的利率, 为当前周期的成本提供资金, and “long-term funds are utilized only to finance fixed assets and a part of the permanent working capital.” As eFinance管理 points out, this strategy “saves the interest cost at the cost of high risk.”
对冲策略
Hedge strategies fall somewhere between conservative and aggressive strategies. They are so varied that a tighter definition falls outside the scope of this article. 然而, those skilled in capital management use a number of procedures to manage risk and return, 包括长期和短期.
了解 University of Texas Rio Grande Valley online MBA in Financial Planning program.
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