第三讲营运资金管理绩效评价分析PPT课件下载推荐.ppt
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合并财务报表母公司、子公司数据来源:
个别财务报表企业集团与母公司的营运资金管理绩效差异?
营运资金管理绩效的客体维度,战略支持能力营运资金增值能力营运资金周转能力营运资金风险水平,传统以资金周转能力为核心的评价,周转率指标流动资产周转率存货周转率应收账款周转率应付账款周转率营运资金周转率,周转期指标流动资产周转期应收账款周转期存货周转期应付账款周转期营业周期营运资金周转期,应收账款周转绩效,应收账款周转率=年赊销收入/平均应收账款应收账款周转天数=360/应收账款周转率应收账款周转天数也称为平均收账期,是信用控制经常采用的指标。
存货周转绩效,存货周转率存货周转率=年销售成本/平均存货存货周转期=360/存货周转率存货周转天数的意义:
从取得存货到销售存货的天数,反映存货转化为现金的速度。
存货周转率和存货周转期也可按营业收入作为周转额计算。
应付账款周转绩效,应付账款周转率应付账款周转率=年销售成本/平均应付账款应付账款周转期=360/应付账款周转率应付账款周转率和应付账款周转期也可按营业收入作为周转额计算。
营业周期分析,营业周期=存货周转期+应收账款周转期从取得存货到收回现金即存货变现的时间。
营业周期存货周转期应收款周转期取得存货销售存货收回现金,现金在此处付出了吗?
营运资金周转期,营运资金周转期=存货周转期+应收款周转期-应付款周转期付出现金应付款周转期营运资金周转期营业周期存货周转期应收款周转期取得存货销售存货收回现金如果应付款周转期大于营业周期,营运资金周转期会怎样?
现金周转期=CCC=存货周转期+应收款周转期-应付款周转期,美国最大1000家企业营运资金管理状况,美国REL咨询公司和CFO杂志发起的营运资金调查(TheWorkingCapitalSurvey,始于1997年,每年对美国最大1000家企业的营运资金进行调查),每年发布调查报告和排行榜。
调查采用的基本指标DWC=DSO+DIO-DPODaysSalesOutstandingDaysInventoryOutstandingDaysPayablesOutstanding,REL&
CFOMAGEZINEWOKINGCAPITALSURVEY,DaysSalesOutstanding:
AR/(totalrevenue/365)Year-endtradereceivablesnetofallowancefordoubtfulaccounts,plusfinancialreceivables,dividedbyonedayofaveragerevenue.DaysInventoryOutstanding:
Inventory/(totalrevenue/365)Year-endinventorydividedbyonedayofaveragerevenue.DaysPayablesOutstanding:
AP/(totalrevenue/365)Year-endtradepayablesdividedbyonedayofaveragerevenue.DaysWorkingCapital:
(AR+inventory-AP)/(totalrevenue/365)Year-endnetworkingcapital(tradereceivablesplusinventory,minusAP)dividedbyonedayofaveragerevenue.,REL&
CFOMAGEZINEWOKINGCAPITALSURVEY,WeightedWorkingCapitalCurrentyearnetworkingcapital-previousyearnetworkingcapitalmultipliedbytheyear-to-yearrevenuechange.WorkingCapitalOpportunityUpper-quartiletradereceivables,inventory,oraccountspayableperformanceofsample-comparableperformanceofacompanyorindustry.,REL&
CFOMAGEZINEWOKINGCAPITALSCORECARD,The2009WorkingCapitalScorecardThe2010WorkingCapitalScorecard,REL&
CFOMAGEZINEWorkingItOut:
The2010WorkingCapitalScorecard,Averagedaysworkingcapital(DWC)for1,000ofthelargestU.S.publiccompaniesjumpedby8.2%,accordingtotheCFO/RELWorkingCapitalScorecard.Thatrise,to38.3daysin2009from35.4daysin2008,marksthebiggestDWCdeteriorationinthelastfiveyearsforthatuniverseoflargecompanies.Amongtheelementsthatmakeupworkingcapital,dayssalesoutstanding(DSO)performancedeterioratedby10.4%,markingaglutinreceivablesthatwasbalancedalmostevenlybyan11.4%jumpindayspayableoutstanding(DPO).Andthecombinationofcompaniesreplenishingtheirinventoriesafter2008andthosestillstuckwithunsellableproductin2009causeddaysinventoryoutstanding(DIO)toburgeonby8.8%.,DellComputerWC&
CA,DellComputerCurrentRatio,DellComputerDaysofSupplyinInventory,DellComputerDaysofSalesinAR,DellComputerDaysofAccountsPayable,DellComputerCashCycleOtherPeoplesMoney,CFO&
RELRanking(2003年以前),CashConversionEfficiency(CCE)(Cashflowfromoperations)/SalesDaysWorkingCapital(DWC)(Receivables+InventoryPayables)/(Sales/365)OverallRanking(HighestoverallCCECompanyCCE)/(HighestoverallCCELowestoverallCCE)x(LowestoverallDWCCompanyDWC)/LowestoverallDWCHighestoverallDWC),MeasuringtheCashConversionCycleinanInternationalSupplyChain,RuthBanomyongThammasatBusinessSchool,ThammasatUniversity,ThailandBAnnualLogisticsResearchNetwork(LRN)ConferenceProceedings2005,Plymouth,UK,7-9September2005,ISBN1-904564-13-5,MeasuringtheCashConversionCycleinanInternationalSupplyChain,Supplychainmanagement(SCM)hasthepotentialtoimprovethethreekeydriversoffinancialperformance-growth,profitability,andcapitalutilisation(Rice&
Hoppe,2001).Thecash-conversion-cycle(C2C)metricisanimportantfinancialmetricasitexpressesoperationalperformanceinfinancialtermsandcanbederivedfrominformationreadilyavailableinpublishedfinancialstatements(Lambert&
Pohlen2001).,MeasuringtheCashConversionCycleinanInternationalSupplyChain,TheshrimpexportsupplychainstartsfromshrimpsuppliersinThailandwhoboughtraisedshrimpsfromfarmersalongthecoastalareasofthecountry.ThesesupplierswillthenselltheirshrimpstoaThaishrimpexporterswhowillhavetofreezeandpacktheshrimpsforoverseassales.TheimporterintheUSwillbuytheshrimpsfromtheThaiexporterandre-selltheshrimpstoamajorretailerintheStates.ThemajorretailerwillthenselltheThaifrozenshrimpsthroughitsoutletsacrosstheUnitedStates。
MeasuringtheCashConversionCycleinanInternationalSupplyChain,中国上市公司营运资金管理状况,2006年度中国上市公司营运资金管理绩效排行榜王竹泉刘文静高芳,中国上市公司营运资金管理调查:
1997-2006,会计研究2007年第12期,中国上市公司营运资金管理状况,其他指标及问题,其他指标流动比率=流动资产/流动负债速动比率=(流动资产-存货)/流动负债问题预收款、预付款?
房地产行业,基于渠道管理的营运资金分类方法,王竹泉、逄咏梅