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the firm into a cohesive budget statement),including a lack of explicit consideration of broad,long term company objectives,the emphasis on satisficing through trial and error rather than on maximization of some explicit goal,and the reliance on accounting specifications rather than financial policy.After this discussion of the possible weaknesses of the various financial planning models,the authors use an example to show how contemporary finance theory can be incorporated into a firm's model inputs to generate financially sound decisions (dividends,working capital levels,financing sources).The philosophy of model building within the firm's financial decision-making process is explicated to derive useful rules and goals to be used in a more specific company setting.
\x05Both Spies (1974) and Stern (1980) show the importance of explicitly considering the dynamic characteristics of financial planning.Spies' model focuses on capital budgeting and relates the major components of firm decisions (new debt and equity financing,long term investment,dividends,and short term investment) to the capital budgeting process through a sources and uses of funds identity.Spies proposes a simultaneous capital budgeting model.The exogenous variables required by the system are:cash flow (net profits and depreciation allowances),net investment in short term assets,the corporate bond rate,the rate of return expected by the company on long term investments,and the present debt/equity ratio.Estimates of the coefficients of the equations are used to analyze the adjustment of the various exogenous variables to capital budgeting decisions along industry groupings.He illustrates empirically the interdependence of various components of capital budgeting and examines the relative speed and extent of adjustment of the various components and their relative place in corporate planning.Spies' model thus takes investment,financing and dividend policy into account simultaneously.Dynamic simulation processes for investigating the impacts of three alternative policies are also discussed.
\x05Stern's paper first evaulates the use of conventional accounting tools as measures of corporate performance.He then develops an analytical framework for financial management in accordance with M&M's theories and other financial valuation theories.
the firm into a cohesive budget statement),including a lack of explicit consideration of broad,long term company objectives,the emphasis on satisficing through trial and error rather than on maximization of some explicit goal,and the reliance on accounting specifications rather than financial policy.After this discussion of the possible weaknesses of the various financial planning models,the authors use an example to show how contemporary finance theory can be incorporated into a firm's model inputs to generate financially sound decisions (dividends,working capital levels,financing sources).The philosophy of model building within the firm's financial decision-making process is explicated to derive useful rules and goals to be used in a more specific company setting.
\x05Both Spies (1974) and Stern (1980) show the importance of explicitly considering the dynamic characteristics of financial planning.Spies' model focuses on capital budgeting and relates the major components of firm decisions (new debt and equity financing,long term investment,dividends,and short term investment) to the capital budgeting process through a sources and uses of funds identity.Spies proposes a simultaneous capital budgeting model.The exogenous variables required by the system are:cash flow (net profits and depreciation allowances),net investment in short term assets,the corporate bond rate,the rate of return expected by the company on long term investments,and the present debt/equity ratio.Estimates of the coefficients of the equations are used to analyze the adjustment of the various exogenous variables to capital budgeting decisions along industry groupings.He illustrates empirically the interdependence of various components of capital budgeting and examines the relative speed and extent of adjustment of the various components and their relative place in corporate planning.Spies' model thus takes investment,financing and dividend policy into account simultaneously.Dynamic simulation processes for investigating the impacts of three alternative policies are also discussed.
\x05Stern's paper first evaulates the use of conventional accounting tools as measures of corporate performance.He then develops an analytical framework for financial management in accordance with M&M's theories and other financial valuation theories.
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