Introduction
The basic financial aim of an enterprise is maximization of its va'ue. At the
same time, a large both theoretical and practica' meaning has the research for
determinants increasing the firm value. Most financial literature contains information
about numerousfactors influencing the value. Among those tactors isthe networking
capital and e'ements creating it, such as the 'eve' ot cashtied inaccounts receivable
inventories and operationa' cash balances. A large majority of classic financia
mode's proposais, re'ating to the optimum current assets management, were
constructedwith net profit maximization inview. In order to make these modelsmore
suitable for firms, which want to maximize their value, some ot them must be
reconstructed. In the sphere ot inventory management, the estimation of the
influence of changes in a firm's decisions is a compromise between 'imiting risk b
havinggreater inventory and limitingthe costs of inventory. It isthe essentia' problem
ot the corporatetinancial management. 汉语言文学专业优秀实习生代表发言稿
The basic financial inventory management aim is holding the inventory to a
minimally acceptable 'eve' in relation to its costs. Holding inventory means usin
capital to tinance inventory and links with inventory storage, insurance, transport
obsolescence, wasting and spoilage costs. However, maintaining a low inventor
'evelcan, intum, leadto other problemswith regardto meeting supplydemands.
1. Value based inventory management本文来自优.文~论^文·网原文请找腾讯3249,114
If advantages from holding inventory on alevel defined by the firm will be
greater than the negative influence of an opportunity costs from its holding, then the
firm's va'ue will grow. Change of the accounts receivable leve' affects the firm value
To measure that value, we use a formula based on the assumption that the firm
value is a sum ot future tree cash flows to firm (FCFF) discounted by cost of capita
financingthefirm:F- LlFCFv2447