Working Capital Requirements Revisited
作者:
CARLM. HUBBARD,
DANIELT. WALZ,
期刊:
The Engineering Economist
(Taylor Available online 1993)
卷期:
Volume 38,
issue 3
页码: 249-256
ISSN:0013-791X
年代: 1993
DOI:10.1080/00137919308903101
出版商: Taylor & Francis Group
数据来源: Taylor
摘要:
The conventional approach to considering working capital cash flows in capital budgeting is to omit them or include some ad hoc figures at the initiation and termination of the project. The authors argue for an endogenous system of estimating relevant working capital cash flows on a periodic basis. Otherwise, the present value of working capital cash flows is biased against the project's acceptance. Examples of calculating working capital cash flows as related to changes in annual sales are presented for three time patterns of sales and contrasted to the conventional method. An empirical study of the linear relationship of net working capital and sales revenue of 770 companies is reported, and an alternative cash flow model is offered thai includes working capilal cash flows.
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