第十二章企业日本常财务管理.pptVIP

信用政策的组成 销售条件 信用期间 现金折扣和折扣期 信用工具的类型 信用分析 – 区分将要付款和不会付款的顾客 收账政策 – 应付账款到期时收回现金的难题 销售条件 基本形式: 2/10，净 45 从发票日起客户须在45天内全额付款 但是在10天内付款享受2%的折扣 以上面所给的信用条款购买$500的商品 10天内付款只需支付 $500(1 - .02) = $490 10天之后须支付$500 现金折扣 如果顾客不享受该现金折扣，那么实际利率是多少？ 信用条款为 2/10 净 45 ，贷款$500 利息= 0.02*500= $10 期间利率 = 10 / 490 = 2.0408% 期间 = (45 – 10) = 35 days 每年期数365 / 35 = 10.4286 EAR = (1+0.020408)10.4286 – 1 = 23.45% 分析信用政策 信用政策影响因素： 收入效应：增加的毛利 成本效应：销售成本 债务成本 不付款的可能性 现金折扣 信用信息 财务报表 客户对其他公司付款历史的信用报告 银行 客户对公司的付款纪录 信用评价和评分 5C信用评估法 品性（Character） – 客户履行到期债务的意愿 能力（Capacity） – 客户用经营性现金流量履行到期债务的能力 资本（Capital）– 客户的财务储备 抵押（Collateral） – 为违约担保而抵押的客户资产 条件（Conditions） – 客户所在行业的宏观经济状况 信用评分：分别对上述单项评分，再汇总 存货成本 持有成本– 大约每年占存货价值的20% ~ 40% 仓储和保管成本 保险和税款 由过时、毁坏或者盗窃引起的损失 所占用资金的机会成本 短缺成本 再订货成本 存货不足引起的销售损失和商誉损失 存货管理的基本目标：使总成本最小化 存货管理方法 - ABC 将存货分为三类 将有限的资源管理用在最重要的资产上 重点管理数量少但总价值高的存货 经济订货量模型 ??Thanks ！ panhb@126.com * * This is similar to the example in the book, just with a different number of zeros. * * Note that we are assuming that all sales are credit sales. So, on average it takes 168 days from the time we receive the inventory to sell it and collect on the sale . * * Point out that these two policies are the extremes. Most companies will be somewhere in between. What are advantages and disadvantages of a flexible policy? Advantages – you should not have difficulty meeting short-term obligations and you have cash on hand for emergencies or unexpected opportunities, lower shortage costs Disadvantages – liquid securities generally do not offer as high a return as long-term assets (opportunity cost of liquidity), financing short-term assets with long-term debt can be dangerous if you run into an economic downturn (you sell less inventory and you may have too much on hand, accounts receivable defaults may increase and you still have to pay off long-term debt), high carrying costs What are the advantages and disadvantages with the restrictive policy? Advantages – Higher investment in long-term assets generally