第三讲营运资金管理绩效评价分析.ppt

1、营运资金管理第三讲 营运资金管理绩效评价分析,王竹泉 教授 博士生导师 管理学院副院长兼会计学系主任 会计硕士（MPAcc）教育中心 主任 中国企业营运资金管理研究中心主任 Email:,营运资金管理绩效的主体维度,母公司股东母公司债权人子公司债权人母公司经营者、企业集团经营者子公司经营者。,营运资金管理绩效的组织维度,企业集团数据来源：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

2、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

3、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

4、发起的营运资金调查（The Working Capital Survey，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-DPODays Sales Outstanding Days Inventory Outstanding Days Payables Outstanding,REL&CFO MAGEZINE WOKING CAPITAL SURVEY,Days Sales Outstanding:AR/(total revenue/365)Year-end trade receivables net of

5、 allowance for doubtful accounts,plus financial receivables,divided by one day of average revenue.Days Inventory Outstanding:Inventory/(total revenue/365)Year-end inventory divided by one day of average revenue.Days Payables Outstanding:AP/(total revenue/365)Year-end trade payables divided by one da

6、y of average revenue.Days Working Capital:(AR+inventory-AP)/(total revenue/365)Year-end net working capital(trade receivables plus inventory,minus AP)divided by one day of average revenue.,REL&CFO MAGEZINE WOKING CAPITAL SURVEY,Weighted Working CapitalCurrent year net working capital-previous year n

7、et working capital multiplied by the year-to-year revenue change.Working Capital OpportunityUpper-quartile trade receivables,inventory,or accounts payable performance of sample-comparable performance of a company or industry.,REL&CFO MAGEZINE WOKING CAPITAL SCORECARD,The 2009 Working Capital Scoreca

8、rdThe 2010 Working Capital Scorecard,REL&CFO MAGEZINE Working It Out:The 2010 Working Capital Scorecard,Average days working capital(DWC)for 1,000 of the largest U.S.public companies jumped by 8.2%,according to the CFO/REL Working Capital Scorecard.That rise,to 38.3 days in 2009 from 35.4 days in 20

9、08,marks the biggest DWC deterioration in the last five years for that universe of large companies.Among the elements that make up working capital,days sales outstanding(DSO)performance deteriorated by 10.4%,marking a glut in receivables that was balanced almost evenly by an 11.4%jump in days payabl

10、e outstanding(DPO).And the combination of companies replenishing their inventories after 2008 and those still stuck with unsellable product in 2009 caused days inventory outstanding(DIO)to burgeon by 8.8%.,Dell ComputerWC&CA,Dell ComputerCurrent Ratio,Dell ComputerDays of Supply in Inventory,Dell Co

11、mputerDays of Sales in AR,Dell ComputerDays of Accounts Payable,Dell ComputerCash CycleOther Peoples Money,CFO&REL Ranking(2003年以前）,Cash Conversion Efficiency(CCE)(Cash flow from operations)/SalesDays Working Capital(DWC)(Receivables+Inventory Payables)/(Sales/365)Overall Ranking(Highest overall CCE

12、 Company CCE)/(Highest overall CCE Lowest overall CCE)x(Lowest overall DWC Company DWC)/Lowest overall DWC Highest overall DWC),Measuring the Cash Conversion Cycle in an International Supply Chain,Ruth Banomyong Thammasat Business School,Thammasat University,Thailand BAnnual Logistics Research Netwo

13、rk(LRN)Conference Proceedings 2005,Plymouth,UK,7-9 September 2005,ISBN 1-904564-13-5,Measuring the Cash Conversion Cycle in an International Supply Chain,Supply chain management(SCM)has the potential to improve the three key drivers of financial performance-growth,profitability,and capital utilisati

14、on(Rice&Hoppe,2001).The cash-conversion-cycle(C2C)metric is an important financial metric as it expresses operational performance in financial terms and can be derived from information readily available in published financial statements(Lambert&Pohlen 2001).,Measuring the Cash Conversion Cycle in an

15、 International Supply Chain,The shrimp export supply chain starts from shrimp suppliers in Thailand who bought raised shrimps from farmers along the coastal areas of the country.These suppliers will then sell their shrimps to a Thai shrimp exporters who will have to freeze and pack the shrimps for o

16、verseas sales.The importer in the US will buy the shrimps from the Thai exporter and re-sell the shrimps to a major retailer in the States.The major retailer will then sell the Thai frozen shrimps through its outlets across the United States。,Measuring the Cash Conversion Cycle in an International Supply Chain,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