操作的周转资本管理.pptVIP

Operational Working Capital Management Financing Schemes in Receivables Management Alcatel-2002 Wu Yajun What is Accounting Accounting is a science GAAP A dialogue between a missile expert and accounting professor Accounting is an art Importance principal Accounting estimate, accounting accrual, accounting provision,etc Accounting is a magic (cooking) Enron event Worldcom event Working Capital vs OWC Working Capital Working Capital ? Balance Sheet Working Capital = Current Assets - Current Liability OWC OWC ? Cash flow statement operation activities investment activities financing activities Cash Concept Working Capital vs OWC Cash is the beginning point and the ending point within the cash flow, but cash does not involve in the cash flow. Cash is not operational asset generally OWC is concluded as follows OWC = Advance Payment + Inventory +AR - AP OWC yield = sales / average OWC OWC management OWC draws more and more attention in modern society Inventory Management Inventory Turnover = COGS /Average Inventory Just In Time Concept Accounts Receivables Management Receivables magt. becomes more and more important now Credit assessment through business circulation Financing Schemes Receivables Management——Credit Value Assessment Credit Value Assessment financial reports analysis financial ratios analysis 5C standards analysis Character, Capacity, Capital, Collateral, Condition aging analysis of receivables and overdue Take Attribute Analysis Model to assess credit of the customer Use the three categories information to grade each customer the customer characteristics Receivables Management——Credit Value Assessment the customer characteristics customer impression, product introduction, product requirement, /the ability to compete, final user, internal managementcontrol system the priority characteristics profitability, product quality, the market drawing, /the market competition status, product guarantee, substitute of the