ACCA F9：Internal Sources of Finance-高顿教育ACCA培训机构官方网站

ACCA F9：Internal Sources of Finance

2015年06月10日
16:04
作者：高顿财经
来源：高顿财经
阅读：（125）

2024ACCA备考资料

财务英语入门
历年考题答案
2024考纲白皮书
2024考前冲刺资料
高顿内部名师讲义
高顿内部在线题库

摘要：【高顿ACCA小编】2015年 ACCA 考试即将开始，我们将第一时间公布考试相关内容，请各位考生密切关注高顿ACCA，预祝大家顺利通过ACCA考试。今天为大家带来的...

　【高顿ACCA小编】2015年ACCA考试即将开始，我们将第一时间公布考试相关内容，请各位考生密切关注高顿ACCA，预祝大家顺利通过ACCA考试。今天为大家带来的是ACCA F9：Internal Sources of Finance

　　The main internal source of finance is retained earnings (accumulated profits). Internal finance can also be generated by increasing efficiency in working capital management.

　　1.1 Pecking Order Theory

　　Company managers may prefer to use internal finance rather than external finance for the following reasons:

　　A belief that using internal finance costs nothing. In fact, this is not true as retained earnings belong to the shareholders who expect significant returns.

　　Avoids the issue of information asymmetry. External investors do not have as much knowledge of the business as the management, and are therefore often reluctant to provide finance or will only provide it at high cost. This is particularly significant for small and medium-sized entities (SMEs), which often have problems attracting new investors due to little public knowledge of the business. Using internal finance avoids the problem.

　　There are no issue costs on internal finance, whereas the cost of issuing new shares can be significant.

　　It does not result in a change of the control structure.

　　Shareholders may prefer capital gains over dividends due to taxation issues (e.g. in the UK, individuals are given a large tax-free limit on capital gains).

　　Sensitive information about projects does not need to be released (as compared to a share issue, which could require a prospectus).

　　Internal finance can be done immediately, and this speed compares favourably to a share issue, which can take many months.

　　This preference for internal finance is known as the "pecking order theory" and is supported by research that found company directors often choose "the path of least resistance" when it comes to financing.

　　1.2 Working Capital Management

　　Creating accounting profits does not guarantee the availability of internal equity finance, as the company must also be converting the profits into positive cash flows. Thus, a company's ability to generate internal finance depends on its ability to generate operating cash flow in excess of interest and taxes.

　　Potential internal finance available = operating cash flow – interest – tax

　　As interest and tax are committed costs, the focus must be on maximising operating cash flows.

　　Operating cash flows are calculated as follows:

　　Earnings before interest and tax, depreciation and x

　　amortisation (EBITDA)

　　Rise/fall in inventory (x)/x

　　Rise/fall in receivables (x)/x

　　Rise/fall in payables x/(x)

　　Operating cash flow x

　　Improved working capital management can help to release more internal equity finance. Potential areas for improvement include:

　　Reducing the time taken to receive payments from customers (e.g. by offering discounts for quick payment or outsourcing debt collection to a factor).

　　Reduction in the amount of inventory (e.g. through improved supply chain management or even moving to Just-in-Time (JIT) production).

　　Taking increased credit from suppliers. However, care must be taken not to lose settlement discounts or compromise relationships with key suppliers.

本文由高顿ACCA编辑整理，转载请注明出处

推荐：考生都在用的ACCA资料>>【领取2023ACCA完整资料】 (资料包含ACCA必考点总结,提升备考效率,加分必备)

1、凡本网站注明“来源高顿ACCA”或“来源高顿、ACCA学习帮”，的所有作品，均为本网站合法拥有版权的作品，未经本网站授权，任何媒体、网站、个人不得转载、链接、转帖或以其他方式使用。

2、经本网站合法授权的，应在授权范围内使用，且使用时必须注明“来源高顿ACCA”或“来源高顿、ACCA学习帮”，并不得对作品中出现的“高顿”字样进行删减、替换等。违反上述声明者，本网站将依法追究其法律责任。

3、本网站的部分资料转载自互联网，均尽力标明作者和出处。本网站转载的目的在于传递更多信息，并不意味着赞同其观点或证实其描述，本网站不对其真实性负责。

4、如您认为本网站刊载作品涉及版权等问题，请与本网站联系(邮箱fawu@gaodun.com，电话：021-31587497)，本网站核实确认后会尽快予以处理。

急速通关计划 ACCA全球私播课周末面授班其他课程

急速通关计划-全科免费试听课程咨询

私播课免费试听课程咨询
ACCA私播课2.0 免费试听课程咨询

周末面授班免费试听课程咨询

周末精品面授班免费试听课程咨询

寒假冲刺班免费试听课程咨询
暑假冲刺班免费试听课程咨询

其他课程免费试听课程咨询