Financial plan

The financial plan regards the preservation of the liquidity under the condition of the profitability maximization as its major task, thus the capital cost minimizing. Therefore a dynamic equilibrium between all future receipts of payment and payments must prevail. The inability to pay does not threaten to be able to be repaired also in cases, if the equilibrium is disturbed in an infinitely small payment period, should it by immediate measures (additional liquid means).

Against the financial plan four demands are made.

1. the future purchase
2. the gross principle, which forbids a balancing of in and disbursements around information losses to avoid
3. the completeness, which demands that all in and disbursements are considered
4. the date accuracy, which demands a precise by-diode-exact collection

Possible liquidity conditions:

• Excess liquidity: calculatory loss by missing interest incomes
• Inability to pay

Around excess liquidity to diminish investments can be transacted, paid back debts or be transacted payments to the own capital funds givers. knows by additional external sources of capital (credits, capital increases) or by means of cancellations by expenditures to be caught enterprise-internally.

The financial plan can be divided after the Fristigkeit in two categories.

1. capital requirement planning and that

Capital requirement planning

Capital requirement planning extends over one prognosis period of several years. One plans for years and as arithmetic and logic unit the balance existence are used.

This be based on payment stream and can be further partitioned.

1. the liquidity arrangement. Here over one week until maximally one month the liquidity is planned day-exactly on the basis the payment stream.
2. the financial plan strictly speaking plans the order possibilities over finances up to one year on weeks or monthly basis.

Analysis of financial titles

Contrary to the financial plan (view of the enterprise) with the analysis by financial titles the view of the own capital funds givers and/or the creditor/outside capital giver are accepted. Nevertheless enterprises also can appear as financial sources for other enterprises, in which they put on e.g. necessary liquidity in securities. This kind of the analysis can be called also security analysis.

From the account system the method originates to determine on the basis the balance financialeconomical characteristic numbers in order to measure or from view of the own capital funds givers of referring to the economic situation of the enterprise get from view of the creditor the loss risk of an outside financing. For it four characteristic numbers essentially exist:

Systematically the following beginnings are differentiated:

Traditional beginnings

• technical analysis
• Fundamental analysis

Modern beginnings

• individual Portfoliotheorie
• Price formation of risky securities at financial markets (CAPM)

Statement analysis

A high outside capital ratio or the opposite, a low own capital funds ratio means frequently a increased risk, since with a bankruptcy those can partly fail not or not completely by collateral of covered credits. The debt ratio marks the relation of the outside capital to own capital funds and evaluates thus the same as the two financing ratios.

System-dependent weaknesses of the statement analysis are potential the missing information over market position, - and quality management, since the balance supplies few information about the future position of the enterprise as deadline overview and hardly over past successes or problems of the management in the market states something.

Spezialfinanzierung

A Spezialfinanzierung is a financing instrument, which is created for only one purpose (transaction). The structure of this financing is a purpose company (Special PUR-float Vehicle, SPV. Only the demands from this financial acquisition are held as fortunes. The demands are re-imbursed from the yields from this fortune.

See also

• Corporate Finance
• Finance management
• Basel II
• Real estate financing
• Equity financing
• Public Social private Partnership
• Project financing

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