Professional Documents
Culture Documents
Planning
EXECUTIVE SUMMARY
Current
Liabilities
Current Assets
Net
Working
Long-Term
Capital Debt
Long-
Net Working Fixed
+ = Term + Equity
Capital Assets
Debt
Raw material
Cash
purchased Finished goods sold
received
Order Stock
Placed Arrives
Time
Accounts payable period
Cash cycle
THE OPERATING CYCLE AND THE CASH CYCLE
Accounts
Cash cycle = Operating cycle – payable
period
In practice, the inventory period, the accounts receivable period, and the
accounts payable period are measured by days in inventory, days in
receivables, and days in payables.
Table 1. Tradewinds Manufacturing
365
Days in inventory 110.6 days.
3.3
THE OPERATING CYCLE AND THE CASH CYCLE: AN EXAMPLE (CONTINUED)
365
Days in receivable s 57 days.
6.4
365
Days in payables 38.8 days.
9.4
THE OPERATING CYCLE AND THE CASH CYCLE: AN EXAMPLE (CONTINUED)
The cash cycle increases as the inventory and receivables periods get
longer.
The cash cycle decreases if the company is able to stall payment of
payables by lengthening the payables period.
The cash cycle is related to profitability and sustainable growth.
Increased inventories and receivables that may cause a cash cycle problem will also
reduce total asset turnover and result in lower profitability.
The total asset turnover is directly linked to sustainable growth (Ch.26): reducing
total asset turnover lowers sustainable growth.
SOME ASPECTS OF SHORT-TERM FINANCIAL POLICY
There are two elements of the policy that a firm adopts for short-term
finance.
The Size of the Firm’s Investment in Current Assets
Usually measured relative to the firm’s level of total operating revenues.
Flexible
Restrictive
Alternative Financing Policies for Current Assets
Usually measured as the proportion of short-term debt to long-term debt.
Flexible
Restrictive
Carrying costs : Costs that rise with increases in the level
of investment in current assets.
Shortage costs Costs that fall with increases in the level
of investment in current assets.
Shortage costs
CA* Investment in
Current Assets ($)
THE SIZE OF THE INVESTMENT IN CURRENT ASSETS
Shortage costs
CA* Investment in
Current Assets ($)
WHEN A RESTRICTIVE POLICY IS APPROPRIATE
Carrying costs
Shortage
costs
CA* Investment in
Current Assets ($)
ALTERNATIVE FINANCING POLICIES FOR
CURRENT ASSETS
A flexible short-term finance policy means low proportion of short-
term debt relative to long-term financing.
A restrictive short-term finance policy means high proportion of short-
term debt relative to long-term financing.
ALTERNATIVE FINANCING POLICIES FOR
CURRENT ASSETS
In an ideal world, short-term assets are always financed with short-
term debt and long-term assets are always financed with long-term
debt.
In this world, net working capital is always zero.
THE BALANCE-SHEET MODEL OF THE FIRM
The Net Working Capital Investment Decision
Current
Liabilities
Current Assets
Net
Working
Long-Term
Capital Debt
Current assets =
$
Short-term debt
Long-term
debt plus
common
Fixed assets: stock
a growing firm
0 1 2 3 4 5 Time
Grain elevator operators buy crops after harvest, store them,
and sell them during the year. Inventory is financed with short-
term debt. Net working capital is always zero.
PENGARUH MODAL KERJA TERHADAP PROFITABILITAS
(Studi pada Perusahaan Manufaktur Indonesia yang terdaftar di BEI tahun 2013-2015)
Nuraeni
Penelitian ini bertujuan untuk mengetahui pengaruh modal kerja terhadap profitabilitas perusahaan
manufaktur di Indonesia.Penelitian ini menggunakan data sekunder perusahaan yang terdaftar di Bursa
Efek Indonesia periode 2013-2015. Sampel yang digunakan dalam penelitian ini adalah purposive
sampling ,meliputi perusahaan yang terdaftar dalam Bursa Efek Indonesia (BEI) yang berjumlah 81
perusahaan manufaktur. Penelitian menggunakan teknik analisis regresi, modal kerja diukur melalui
siklus konversi kas,receivables conversion period, inventory conversion period, payables deferral
period.Hasil penelitian menunjukkan bahwa siklus konversi kas memiliki pengaruh negatif signifikan
terhadap profitabilitas. Komponen dari siklus konversi kas yakni lamanya rata-rata pengumpulan piutang
dan konversi inventori memiliki pengaruh negatif signifikan terhadap profitabilitas , sedangkan
komponen dari siklus konversi kas lainnya yaitu rata-rata lamanya pembayaran utang tidak berpengaruh
terhadap profitabilitas. Dari hasil penelitian diperoleh hasil bahwa siklus konversi kas yang lebih pendek
berarti perusahaan yang mengelola modal kerjanya lebih efisien karena memiliki lebih sedikit investasi
dalam modal kerjanya dan akibatnya biaya pendanaan berkurang.
Kata Kunci : Profitabilitas, Siklus Konversi kas, receivables conversion period, inventory conversion
period, payables deferral period.
PENGARUH MODAL KERJA TERHADAP PROFITABILITAS
(Studi pada Perusahaan Manufaktur Indonesia yang terdaftar di BEI tahun 2013-2015)
1. Aneka Industri 18
The financial manager can use the cash budget to identify short-term
financial needs.
The cash budget tells the manager what borrowing is required or
what lending will be possible in the short run.
The firm has available to it a number of possible ways of acquiring
funds to meet short-term shortfalls, including unsecured and secured
loans.