財務(wù)管理ch 應(yīng)收款和庫存

1、Chapter 5-3Accounts Receivable and Inventory Management應(yīng)收賬款與存貨管理Credit and Collection Policies of the Firm(1) Average Collection Period(2) Bad-debtLossesQuality ofTrade AccountLength ofCredit PeriodPossible CashDiscountFirmCollectionProgramCredit Standards(信用標(biāo)準(zhǔn)）Credit Standards - The minimum quality

2、 of credit worthiness of a credit applicant that is acceptable to the firm.Five Cs of CreditCharacter willingness to meet financial obligationsCapacity ability to meet financial obligations out of operating cash flowsCapital financial reserves（儲備）Collateral assets pledged as securityConditions gener

3、al economic conditions related to customers businessCredit and Collection Policies of the Firm(1) Average Collection Period(2) Bad-debtLossesQuality ofTrade AccountLength ofCredit PeriodPossible CashDiscountFirmCollectionProgramCredit Terms（信用條款）Credit Period - The total length of time over which cr

4、edit is extended to a customer to pay a bill. For example, “net 30” requires full payment to the firm within 30 days from the invoice date.Credit Terms - Specify the length of time over which credit is extended to a customer and the discount, if any, given for early payment. For example, “2/10, net

5、30.”Credit and Collection Policies of the Firm(1) Average Collection Period(2) Bad-debtLossesQuality ofTrade AccountLength ofCredit PeriodPossible CashDiscountFirmCollectionProgramCredit TermsCash Discount - A percent (%) reduction in sales or purchase price allowed for early payment of invoices. Fo

6、r example, “2/10” allows the customer to take a 2% cash discount during the cash discount period.Cash Discount Period - The period of time during which a cash discount can be taken for early payment. For example, “2/10” allows a cash discount in the first 10 days from the invoice date.Terms of SaleB

7、asic Form: 2/10 net 452% discount if paid in 10 daysTotal amount due in 45 days if discount not takenBuy $500 worth of merchandise with the credit terms given abovePay $500(1 - .02) = $490 if you pay in 10 daysPay $500 if you pay in 45 daysExample: Cash DiscountsFinding the implied interest rate whe

8、n customers do not take the discountCredit terms of 2/10 net 45 and $500 loan$10 interest (.02*500)Period rate = 10 / 490 = 2.0408%Period = (45 10) = 35 days365 / 35 = 10.4286 periods per yearEAR = (1.020408)10.4286 1 = 23.45%The company benefits when customers choose to forego discountsCredit and C

9、ollection Policies of the Firm(1) Average Collection Period(2) Bad-debtLossesQuality ofTrade AccountLength ofCredit PeriodPossible CashDiscountFirmCollectionProgramCollection Policy and ProceduresThe firm should increase collection expenditures until the marginal reduction in bad-debt losses equals

10、the marginal outlay to collect. Collection Procedures LettersPhone callsPersonal visitsLegal actionSaturationPointCollection ExpendituresBad-Debt LossesAnalyzing the Credit ApplicantObtaining information on the credit applicantAnalyzing this information to determine the applicants creditworthinessMa

11、king the credit decisionInventory Management and ControlRaw-materials inventoryWork-in-process inventoryIn-transit inventoryFinished-goods inventoryInventories form a link between production and sale of a product.Inventory types:Appropriate Level of InventoriesEmploy a cost-benefit analysisCompare t

12、he benefits of economies of production, purchasing, and product marketing against the cost of the additional investment in inventories.How does a firm determine the appropriate level of inventories?ABC Method of Inventory ControlMethod which controls expensive inventory items more closely than less

13、expensive items.Review “A” items most frequently Review “B” and “C” items less rigorously and/or less frequently.ABC method of inventory control0 15 45 100Cumulative Percentage of Items in Inventory7090100Cumulative Percentage of Inventory ValueABC存貨ABC分類管理 所謂ABC分類管理就是按照一定的標(biāo)準(zhǔn)，將企業(yè)的存貨劃分為A、B、C三類，分別實行分品

14、種重點管理、分類別一般控制和按總額靈活掌握的存貨管理方法。 分類的標(biāo)準(zhǔn)主要有兩個：一是金額標(biāo)準(zhǔn)， 二是品種數(shù)量標(biāo)準(zhǔn)。 其中金額標(biāo)準(zhǔn)是最基本的，品種數(shù)量標(biāo)準(zhǔn)僅作為參考。 A類存貨的特點是金額巨大，但品種數(shù)量較少； B類存貨的金額一般，品種數(shù)量相對較多； C類存貨品種數(shù)量繁多，但價值金額卻很少。 【例62】濱江百貨企業(yè)擁有2 000余種商品，其中：家用電器、高檔皮貨、家具、摩托車、大型健身器械等商品的品種數(shù)量并不很多，只有近200種，占所有品種數(shù)的比重不足10%，但價值額卻相當(dāng)大，占所有商品價值的70%多，企業(yè)管理當(dāng)局把此類存貨劃歸為A類，按品種重點管理；大眾化的服裝、鞋帽、床上用品、布匹、文具用

15、具等商品品種數(shù)量比較多，有400多種，占20%多，但價值額相對A類商品要小得多，只占全部商品價值的20%，企業(yè)管理當(dāng)局把此類存貨劃歸為B類，按類別進(jìn)行一般控制；至于各種小百貨，如針線、鈕扣、日常衛(wèi)生用品等，品種數(shù)量非常多，達(dá)到近1 500種，占所有品種數(shù)的70%多，但所占金額卻很小，不到全部商品價值的10%，于是管理當(dāng)局把此類存貨劃歸為C類，按總額靈活控制。How Much to Order? Forecast usage Ordering cost Carrying costOrdering can mean either the purchase or production of the

16、item.The optimal quantity to order depends on:Total Inventory CostsC: Carrying costs per unit per periodO: Ordering costs per orderS: Total usage during the periodTotal inventory costs (T) =C (Q / 2) + O (S / Q)TIMEQ / 2QAverageInventoryINVENTORY (in units)Economic Order Quantity（經(jīng)濟(jì)訂貨量）The EOQ or op

17、timal quantity (Q*) is:The quantity of an inventory item to order so that total inventory costs are minimized over the firms planning period.Q* =2 (O) (S)CExample of the Economic Order QuantityBasket Wonders is attempting to determine the economic order quantity for fabric used in the production of

18、baskets. 10,000 yards of fabric were used at a constant rate last period.Each order represents an ordering cost of $200.Carrying costs are $1 per yard over the 100-day planning period.What is the economic order quantity?Economic Order QuantityWe will solve for the economic order quantity given that ordering costs are $200 per order, total us