财务管理专题7：营运资本管理.pptVIP

* 17.* * * * * * Credit scoring is less subjective than the five Cs, but firms have to be careful with the information they choose to include in the score, e.g. race, gender and geographic location cannot be included in the score * If the average collection period is well outside your credit terms, then there is definitely a problem. If you offer a discount and the ACP is not less than your “net” terms, then there is probably a problem. An aging schedule can help you pinpoint if you have customers paying late more or less across the board or if there are a few customers that are paying really late. * * * The optimal order quantity is where the cost function is minimized. This will occur where total carrying cost = total restocking cost. If your students have had calculus, you can have them verify that taking the derivative, setting it equal to zero and solving for Q provides the same result. * Carrying costs are the cash flows that must be incurred when credit is granted. They are positively related to the amount of credit extended. Opportunity costs are the lost sales from refusing credit. These costs go down when credit is granted. * Total carrying costs = (2582/2)(1.50) = 1936.50 Total restocking costs = 50(100,000)/2582 = 1936.48 * 20.2 存货管理——EOQ模型 EOQ模型 总持有成本=（平均存货量）×每年每单位的持有成本=（Q/2）×C 再订货成本=每次订货固定成本×订货次数=F×（T/Q） 总成本 = 持有成本＋再订货成本＝(Q/2)(C) + F(T/Q) 公式为 某公司每月期初保持4000单位的库存，这些库存在当月用完并重新订货。如果每单位库存的年持有成本为1美元，而固定的订购成本为10美元/次。则分析： 按照现时的存货水平，由于平均存货持有成本=4000/2*1=2000120=12*10=全年订货固定成本，故现时月初4000片的存货水平过高。 按照经济订货量（EOQ）公式求出最优的月初存货水平： =﹛ [2×（4000×12) ×10]/1﹜^(1/2)=980 20.2 存货管理——EOQ模型 20.2 存货管理——EOQ模型扩展 安全库存（Safety Stock） 不可能等存货降低到零再去订货，必须有一个保留在手头上的最低存货量 增加了持有成本 再订购点（Reorder Point） 再订货的时间点 需要考虑运输、交货时间 衍生存货管理 物料需求计划（Materials Requirements Planning ，即MRP) 准时生产体系的存货管理（Just-in-Time Inventory，即JIT） 谢谢各位同学！ * * * * * * * * 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 avera