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238 References: Financial Management by Khan Jain References: Financial Management by Khan Jain Financial Management by I. M. Pandey Financial Management by Prasanna Chandra Financial Management by Shashi Gupta and Neeti Gupta Financial Management by Rustogi SIKKIM MANIPAL UNIVERSITY 238 Financial Management Subject code : MB0029 Contents Unit 1 Financial Management 1 Unit 2 Financial Planning 15 Unit 3 Time Value of Money 34 Unit 4 Valuation of Bonds and shares 50 Unit 5 Cost of Capital 72 Unit 6 Leverage 88 Unit 7 Capital Structure 101 Unit 8 Capital Budgeting 113 Edition: Fall 2008 Contents Unit 9 Risk Analysis in Capital Budgeting 147 Unit 10 Capital Rationing 167 Unit 11 Working Capital management 174 Unit 12 Cash Management 190 Unit 13 Inventory Management 204 Unit 14 Receivables Management 218 Unit 15 Dividend Decision 231 Edition: Fall 2008 BKID – B0671 Dr. K. Jayakumar Vice Chancellor Sikkim Manipal University of Health, Medical, and Technological studies Prof. Nandagopal V. B. Director and Dean Sikkim Manipal University of Health, Medical, and Technological studies. Board of Studies Dr. T. V. Narasimha Rao Prof. K. V. Varambally Professor. Manipal Universal Learning Director, Manipal Institute of Management, Manipal Ms. Vimala Parthasarathy Mr. Shankar Jagannathan Asst. Professor. Sikkim Manipal University of Health, Former Group Treasurer Medical and Technological studies. Wipro Technologies Limited, Bangalore Ms. Sadhana Dash Mr. Abraham Mathews Senor Manager HR Chief Financial Officer Microsoft India corporation ( Pvt) limited Infosys BPO, Bangalore Mr. Pankaj Khanna Director, HR, Fidelity Mutual Fund Content Preparation Team Content Reviewed and Edited by 1. Prof V. Narayanan Dr. T. V. Narasimha Rao Dean, M.S. Ramaiah Institute of Management, Bangalore Professor. Manipal Universal Learning 2. Smt. Asha Nadig Adarsh Institute of Management, Bangalore Edition: Fall 2008 This book is a distance education module comprising of collection of learning material for our students. All rights reserved. No part of this work may be reproduced in any form by any means without permission in writing from Sikkim Manipal University of Health, Medical and Technological Sciences, Gangtok, Sikkim. Printed and Published on behalf of Sikkim Manipal University of Health, Medical and Technological Sciences, Gangtok, Sikkim by Mr. Rajkumar Mascreen, GM, Manipal Universal Learning Pvt. Ltd., Manipal – 576 104. Printed at Manipal Press Limited, Manipal. INTRODUCTION Financial Management deals with the management of financial resource of a business firm. It discusses the goal of financial management and emphasizes on shareholder value maximization. Financial management mainly comprises of all managerial actions relating to the three major decision areas such as Investment, Financing and Dividends and working capital management. This courseware comprises 15 units: Unit 1: Financial Management Explains the meaning and scope of financial management. It examines the goal of corporate financial management. Unit 2: Financial Planning Gives a brief account of the meaning and need for financial planning. Unit 3: Time Value of Money This unit introduces the concepts of time value of money, compounding and Discounting of cashflows. Unit 4: Valuation of Bonds and Shares Explains the principles behind the valuations of bonds and equality shares Unit 5: Cost of Capital This unit describes the concept of cost of capital and the computation of the weighted average cost of capital. Unit 6: Leverage Describes the concepts of operating, financial and combined leverage and gives the procedure for computing the different types of leverage. Unit 7: Capital Structure This unit introduces the concept of capital structure and the importance thereof. It also discusses the various theories of capital of structure. Unit 8: Capital Budgeting Explains the meaning and significance of capital budgeting decisions. It gives a detailed account of various investment appraisal techniques. Unit 9: Risk Analysis in Capital Budgeting Gives the meaning of risk types and sources of risk in capital budgeting decisions. It also analysis the various approaches for handling the risk factor in investment decisions Unit 10: Capital Rationing This unit explains the meaning of capital rationing. It also examines the steps involved in capital rationing process. Unit 11: Working Capital Management Gives the meaning of various concepts of working capital. It gives a detailed account of the factors that influence the working capital requirements of a firm. Unit 12: Cash Management Cash is an important component of working capital. It needs to be managed efficiently so as to avoid either excess cash balances or cash shortages. This unit looks at different cash management tools. Unit 13: Inventory Management This unit describes briefly the various forms of inventory that a firm keeps. A brief description and pricing of inventory along with the determination of stock levels are also explained. Unit 14: Receivables Management Gives the meaning of receivables management. Costs of maintaining receivables, formulation of credit policy and determinations of an optimal credit period are discussed. Unit 15: Dividend Decision Dividends are payments made by firm to its shareholders. Dividends form a part of the returns expected by the shareholders. This unit explains the dividend policy matters of a business firm and the different types of dividends. Financial Management Unit 1 Unit 1 Financial Management Structure 1.1 Introduction 1.2 Meaning And Definitions 1.3 Goals Of Financial Management 1.3.1 Profit Maximization 1.3.2 Wealth Maximization 1.4 Finance Functions 1.4.1 Investment Decisions: 1.4.2 Financing Decisions: 1.4.3 Dividend Decisions 1.4.4 Liquidity Decision 1.5 Organization Of Finance Function 1.5.1 Interface Between Finance And Other Business Functions 1.5.2 Finance And Accounting 1.5.3 Finance And Marketing 1.5.4 Finance And Production (Operations) 1.5.5 Finance And HR 1.6 Summary Terminal Questions Answers to SAQs and TQs 1.1 Introduction To establish any business, a person must find answers to the following questions: a) Capital investments are required to be made. Capital investments are made to acquire the real assets, required for establishing and running the business smoothly. Real assets are land and buildings, plant and equipments etc. b) Decision to be taken on the sources from which the funds required for the capital investments mentioned above could be obtained, to be taken. c) Therefore, there are two sources of funds viz. debt and equity. In what proportion the funds are to be obtained from these sources is to be decided for formulating the financing plan. Sikkim Manipal University 1 Financial Management Unit 1 d) Decision on the routine aspects of day to day management of collecting money due from the firms’ customers and making payments to the suppliers of various resources to the firm. These are the core elements of financial management of a firm. Financial Management of a firm is concerned with procurement and effective utilization of funds for the benefit of its stakeholders. The most admired Indian companies are Reliance, Infosys. They have been rated well by the financial analyst on many crucial aspects that enabled them to create value for its share holders. They employ the best technology, produce quality goods or render services at the least cost and continuously contribute to the share holders’ wealth. All corporate decisions have financial implications. Therefore, financial management embraces all those managerial activities that are required to procure funds at the least cost and their effective deployment. Finance is the life blood of all organizations. It occupies a pivotal role in corporate management. Any business which ignores the role of finance in its functioning cannot grow competitively in today’s complex business world. Value maximization is the cardinal rule of efficient financial managers today. Learning Objectives: After studying this unit, you should be able to understand the following. 1. The meaning of Business Finance. 2. The objectives of Financial Management. 3. The various interfaces between finance and other managerial functions of a firm. 1.2Meaning And Definitions The branch of knowledge that deals with the art and science of managing money is called financial management. With liberalization and globalization of Indian economy, regulatory and economic environments have undergone drastic changes. This has changed the profile of Indian finance managers today. Indian financial managers have transformed themselves from licensed raj managers to well informed dynamic proactive managers capable of taking decisions of complex nature in the present global scenario. Traditionally, financial management was considered a branch of knowledge with focus on the procurement of funds. Instruments of financing, formation, merger & restructuring of firms, legal and institutional frame work involved therein occupied the prime place in this traditional approach. Sikkim Manipal University 2 Financial Management Unit 1 The modern approach transformed the field of study from the traditional narrow approach to the most analytical nature. The core of modern approach evolved around, procurement of the least cost funds and its effective utilization for maximization of share holders’ wealth. Globalization of business and impact of information technology on financial management have added new dimensions to the scope of financial management. Self Assessment Question 1 1. Financial Management deals with procurement of
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