Lecture Four存货应收账款管理.docx
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LectureFour存货应收账款管理
LectureFour:
Workingcapitalmanagement营运资金管理
Objectives:
---understandwhatisworkingcapital(懂得什么是营运资金)
---understandtheimportanceofworkingcapital(理解营运资金的重要性)
---understandoperatingcycleandcashconversioncycle(理解什么是经营周期和现金循环周期)
---understandthemanagementofaccountreceivablesandinventories(存货的管理以及应收账款的管理)
1.1Workingcapital营运资金的内涵
Workingcapitalisthedifferencebetweenthecompany’scurrentassetsandcurrentliabilities.
营运资金从会计的角度看是指流动资产与流动负债的净额。
为可用来偿还支付义务的流动资产,减去支付义务的流动负债的差额。
请回顾一下什么是流动资产,什么是流动负债
1.2Theimportanceofworkingcapital营运资金的重要性
Afirmmusthaveworkingcapitaltooperateandsurvive.Inmanyindustries,workingcapitalconstitutesarelativelylargepercentageoftotalassets.Inthemanufacturingsector,forexample,currentassetscompriseabout40%ofthetotalassets.While,thewholesalingandretailingsectors,thepercentageareevenhigher—inthe50-60%.
公司必须持有一定的营运资金才能正常运转。
在很多企业,营运资金占据了公司总资产很大的份额。
例如,制造行业,流动资产大概占总资产的40%,零售业,流动资产大概占据了50-60%。
Ontheotherhand,itisalsowidelyusedasonemeasureofthefirm’srisk.Risk,asusedinthiscontext,dealswiththeprobabilitythatafirmwillencounterfinancialdifficulties,suchasinabilitytopaybillsontime.Allotherthingsbeingequal,themorenetworkingcapitalafirmhas,themorelikelyitistobeabletomeetcurrentfinancialobligations.
从风险的角度来看,营运资金可用来衡量公司的潜在风险。
企业在一定时间持有的营运资金越多,承担的风险相对就越小;反之,企业持有的营运资金越少,所承担的风险也就越大。
1.3OperatingCycle(营运周期)&CashConversionCycle
Acompany’soperatingcycletypicallyconsistsofthreeprimaryactivities:
purchasingresources,producingtheproduct,anddistributing(selling)theproduct.Thatis,thecompanymustinvestininventoriestofillcustomerorderspromptly,maintainacashbalancetopaythebillsastheycomedue,andinvestsinaccountsreceivablestoextendcredittoitscustomers.
一个公司的营运周期包括三大主要活动:
采购资源,制造产品,并且销售产品。
换句话来说,公司必须要投资一定资金来购买存货(原材料,半成品,商品等)来及时的满足顾客的需求,必须确保有一定的现金来支付到期的费用(例如,水电费),并且会根据商业信用,用赊销的方式来跟客户之间进行交易。
Theoperatingcycleisequaltothelengthoftheinventoryandreceivablesperiods.
(一)营运周期就是存货周转期与应收帐款期之和。
Operatingcycle=Inventoryturnoverperiod+ReceivablesDay
营运周期=存货周转期+应收账款期
(二)现金循环周期(cashconversioncycle)
Cashconversioncycle=Operatingcycle–Payablesperiod
现金循环周期=存货转换期间+应收帐款期间-应付帐款期间=生产经营周期-应付帐款付款期
【例题1】某企业的原材料采购和产品销售均采用信用方式,其应收占款的平均收款天数为30天,应付占款的平均付款天数为40天,平均存货期为50天。
那么此公司的营运周期以及现金周转期为多少?
1.4Debtmanagement/receivablesmanagement应收账款的管理
(一)定义:
Accountreceivable/debtorsconsistofthecreditabusinessgrantsitscustomerswhensellinggoodsorservices.
一般来说,企业都愿意采用现销(cashsale)来销售产品或劳务,这样可以立刻收回现金,提高流动资金的周转速度。
但是,在激烈的竞争中,为了增加销售收入,企业经常要采用信用销售(creditsale)方式,将产品赊销给客户,就形成了应收账款。
(二)信用条件:
Credittermspecifytheconditionsunderwhichthecustomerisrequiredtopayforthecreditextendedtoit.Theseconditionsincludethelengthofthecreditperiodandthecashdiscount(ifany)givenforpromptpaymentplusanyspecialterms.
信用条件是指销货企业要求赊购客户支付货款的条件,主要由信用期限和现金折扣两个要素组成。
e.gCredittermof‘net30’是什么意思?
Credittermisimportantbecauseacompanycanchangeittoaffectitssales.Somecompanymayconsiderlengtheningthecreditperiodtostimulatesalesorprovidingcashdiscount.However,companiesmustbeverycautiousaboutthis.Becauseincreasinginacompany’screditperioddoincreasetheprofitability,atthesametime,offeringcashdiscounttopromptcustomerscanreducethecashconversionperiod,additionalbaddebtslossesmayalsooccur.
信用条件非常重要,因为公司可以改变部分条件来影响销售,例如,延长赊销期或给予现金折扣可能会刺激销售增长,缩短收款时间,减少资金占用,加速企业的流动资金周转。
但是,公司应该特别的小心。
尽管刺激销售可能会带来利润的增加,但是只要提供信用,就可能导致坏账的增长。
(三)Analyzethepossibleeffects:
(分析改变信用条件带来的影响)
改变信用条件会给企业带来销售额增加或者减少,并且同时还有一定的机会成本(例如坏账增加)。
因此,分析信用条件改变带来的影响,实质上为分析其带来的利弊,如果利大于弊,那么应该考虑改变信用条件。
如果弊大于利,那么应该坚持原来的信用条件。
【例题一】Tightplcwishestoimprovethecollectionofpaymentsfromitscustomersandisconsideringtheintroductionofacashdiscountschemetoencourageearlypayment.(Tight公司希望引进现金折扣来鼓励提前付款,其目的为了缩短应收账款期)Inthefinancialyear2004/2005thecompany’ssales(whicharealloncredit)were€2millionanditsdebtorsattheyearendwere€500,000.(在2004-2005年这个财务期间,公司有2百万欧元的赊销,其中应收账款有500,000欧元。
)Theproposeddiscountschemewouldoffera4%discountforpaymentwithin10daysanda2.5%discountforpaymentwithin30days.(所提议的现金折扣方案将考虑为10天内付款者提供4%的现金折扣,为30天内付款者提供2.5%的现金折扣)Ithasbeenestimatedthatcustomersrepresenting30%ofthesaleswilltakeadvantageofpaymentwithin10days,andafurther20%willpaywithin30days.Theremainingcustomerswillnotchangetheirpaymentpolicy.(现估计30%的客户会在10天付款,20%的客户将30天付款,其余的客户维持以前的付款期不变)ThecostoffinanceforTightplcis12%perannum.(假设TIGHT公司的资金成本,即利息率为12%)。
Itcanbeassumedthatsalesandpaymentsarespreadevenlyovertheyear.
Youarerequiredto:
(a)Calculatethecurrentdebtorcollectionperiodandthedebtorcollectionperiodiftheproposeddiscountschemeisimplemented.(请先计算出当前的应收账款器,并且核算出如果采用了现金折扣方案后,新的应收账款期应该为多少)
(b)Estimatethebenefitsandcostswhichwouldresultfromtheproposeddiscountschemeandadvisewhether,onthesecriteria,theschemeshouldbeimplemented.(请进行利弊分析,并且建议是否要推行现金折扣方案)
(c)Commentonanyqualitativefactorswhichshouldbeconsideredpriortoimplementationofadiscountscheme.
(除了上述的量化分析外,请进行定性分析(即是否有其他因素)会影响你最终的决策?
【例题2】Efficiencyplcisacompanyintheconstructionindustryandhasbeenexperiencingdifficultyinitscashcollectionproceduresforsometimenowdespitethebuoyantbuildingboom.(E公司是一家建筑公司并且现在在现金收回问题上面临着非常大的困难)TheFinanceDirectorhasrecentlyattendedacourseintheInstituteofCharteredAccountantswherehewasintroducedtothecleverconceptofofferingcustomersdiscountsforearlypayment.(公司的财务主管最近上了ICA的课程,课程引进了对于客户实施现金折扣来鼓励提前付款的概念)
HedecidedtoputthetheorystraighttothetestinhisowncompanyEfficiencyplc.hehasascertainedthatthecreditsalesforthefinancialyearendDecember2006were€8millionanditsdebtorsattheyearendwere€3m.(于是,他就想把理论引用到实践中来,他很确信2006年这一年赊销额为8百万欧元,应收账款有3百万欧元)
Theproposeddiscountschemewouldoffera5%discountforpaymentwithin10daysanda3%discountforpaymentwithin40days.Ithasbeenestimatedthatcustomersrepresenting30%ofthesaleswilltakeadvantageofpaymentwithin10days,andafurther20%willpaywithin40days.Theremainingcustomerswillnotchangetheirpaymentpolicy.ThecostoffinanceforEfficiencyplcis12%perannum.Itcanbeassumedthatsalesandpaymentsarespreadevenlyovertheyear.
Youarerequiredto:
(a)Calculatethecurrentdebtorcollectionperiodandthedebtorcollectionperiodiftheproposeddiscountschemeisimplemented.
(b)Estimatethebenefitsandcostswhichwouldresultfromtheproposeddiscountschemeandadvisewhethertheschemeshouldbeimplementedornot.
(c)Commentonanyqualitativefactorswhichshouldbeconsideredpriortoimplementationofadiscountscheme.
【例题三】TheDirectorsofHuntplcareconcernedwiththespeedatwhichthecompanyiscollectingpaymentsfromitscustomers.AtarecentboardmeetingtheyaskedtheFinanceDirectortoconsideremployingtheservicesofacreditcontrolagencytotryandimprovethecashcollectionsituationasthecompanyisconsistentlyrequiringoverdraftfacilitiesfromtheirbanks.TheFinanceDirectorhasaskedforyourassistanceindecidingwhethertorecommendtheproposalandhasprovidedyouwiththefollowingdetails:
∙Inthefinancialyear2007thecompany’screditsaleswere€10millionanddebtorswere€1.5matyearend.
∙ThecostoffundsforHuntplcis12%anditcanbeassumedthatallsalesandpaymentsarespreadevenlythroughouttheyear.
∙ThecreditcollectionfirmPayUpLtd.havecommittedtoimprovingdebtorsdaysto30days.TheFinanceDirectorestimatesthatsaleswilldropby€300,000ifthedebtcollectionservicesareemployedtoactonbehalfofthecompanyduetothedemandsforpromptpayment.Thecompanyalsoexpectstosave€40,000inadministrationcostsunderthisscenario.TheservicesofferedbyPayUpLtd.areestimatedtocost1%oftotalsalesanditisestimatedthatbaddebtswillbereducedby1%(from3%to2%)asaresultofthisnewservice.Itisalsoexpectedthatdiscountsofferedtocustomerswillincreaseby€50,000.
ThepolicyofHuntplcistogivecustomers30dayscreditbutcustomersarenowtaking,onaverage,90daystosettleaccounts.Thecompanyhasagrossmarginof12%.
Youarerequiredto:
Recommendinfinancialterms,ifthecompanyshouldretaintheservicesoftheCreditCollectionfirm.
(四)Collectioneffort(收帐政策):
Thecollectioneffortconsistsofthemethodsabusinessemploysinattemptingtocollectpaymentonpast-dueaccounts.Somecommonlyusedmethodsincludethefollowing:
收账政策是指企业的信用条件被违反时,企业应采取的收账策略。
最常见的收账政策有下面几种:
------Sendingnoticesorlettersinformingthecustomerofthepast-duestatusoftheaccountandrequestingpayments(措词委婉地写信催款)
------Telephoneand/orvisitingthecustomerinanefforttoobtainpayment(sitevisit)(频繁的电话催款以及上门催款)
-----Employingacollectionagency(雇用催帐中介)
-----Takinglegalactionagainstthecustomer(必要时提请有关部门仲裁或向法院提起诉讼)
但是,企业一般不会轻易采用诉讼方式收账,因为用诉讼方式收账一方面不利于企业与客户之间的关系,另一方面可能使客户破产,破产清偿债务仍有可能不能足额回收债权。
(五)Evaluatingandmonitoringindividualcreditapplicants分析并监督信用申请人
Onceacompanyhasestablisheditscreditandcollectionpolicies,itcanusethemasabasisforevaluatingindividualcreditapplicants.Ingeneral,thecreditevaluationprocessconsistsofthesemainsteps:
公司在制定了信用规定之后,,就应该贯彻到企业的经营活动中去。
是否给客户提供商业信用,要对客户的信用状况进行调查和评估。
常见的评估方法有一下几个步骤:
(1)Gatheringrelevantinformationonthecreditapplicant.Informationforevaluatingthecreditworthinessofacustomerisavailablefromavarietyofsources,includethefollowing:
----Financialstatemen