管理經(jīng)濟(jì)學(xué)課件-營運(yùn)資金管理績效評價(jià)分析

營運(yùn)資金管理績效評價(jià)分析營運(yùn)資金管理績效的主體維度母公司股東母公司債權(quán)人子公司債權(quán)人母公司經(jīng)營者、企業(yè)集團(tuán)經(jīng)營者子公司經(jīng)營者。。。。。。營運(yùn)資金管理績效的組織維度企業(yè)集團(tuán)數(shù)據(jù)來源：合并財(cái)務(wù)報(bào)表母公司、子公司數(shù)據(jù)來源：個(gè)別財(cái)務(wù)報(bào)表企業(yè)集團(tuán)與母公司的營運(yùn)資金管理績效差異?營運(yùn)資金管理績效的客體維度戰(zhàn)略支持能力營運(yùn)資金增值能力營運(yùn)資金周轉(zhuǎn)能力營運(yùn)資金風(fēng)險(xiǎn)水平傳統(tǒng)以資金周轉(zhuǎn)能力為核心的評價(jià)周轉(zhuǎn)率指標(biāo)流動(dòng)資產(chǎn)周轉(zhuǎn)率存貨周轉(zhuǎn)率應(yīng)收賬款周轉(zhuǎn)率應(yīng)付賬款周轉(zhuǎn)率營運(yùn)資金周轉(zhuǎn)率周轉(zhuǎn)期指標(biāo)流動(dòng)資產(chǎn)周轉(zhuǎn)期應(yīng)收賬款周轉(zhuǎn)期存貨周轉(zhuǎn)期應(yīng)付賬款周轉(zhuǎn)期營業(yè)周期營運(yùn)資金周轉(zhuǎn)期應(yīng)收賬款周轉(zhuǎn)績效應(yīng)收賬款周轉(zhuǎn)率

=年賒銷收入/平均應(yīng)收賬款應(yīng)收賬款周轉(zhuǎn)天數(shù)

=360/應(yīng)收賬款周轉(zhuǎn)率應(yīng)收賬款周轉(zhuǎn)天數(shù)也稱為平均收賬期，是信用控制經(jīng)常采用的指標(biāo)。存貨周轉(zhuǎn)績效存貨周轉(zhuǎn)率存貨周轉(zhuǎn)率=年銷售成本/平均存貨存貨周轉(zhuǎn)期=360/存貨周轉(zhuǎn)率存貨周轉(zhuǎn)天數(shù)的意義：從取得存貨到銷售存貨的天數(shù)，反映存貨轉(zhuǎn)化為現(xiàn)金的速度。存貨周轉(zhuǎn)率和存貨周轉(zhuǎn)期也可按營業(yè)收入作為周轉(zhuǎn)額計(jì)算。

應(yīng)付賬款周轉(zhuǎn)績效應(yīng)付賬款周轉(zhuǎn)率應(yīng)付賬款周轉(zhuǎn)率=年銷售成本/平均應(yīng)付賬款應(yīng)付賬款周轉(zhuǎn)期=360/應(yīng)付賬款周轉(zhuǎn)率應(yīng)付賬款周轉(zhuǎn)率和應(yīng)付賬款周轉(zhuǎn)期也可按營業(yè)收入作為周轉(zhuǎn)額計(jì)算。

營業(yè)周期分析營業(yè)周期=存貨周轉(zhuǎn)期+應(yīng)收賬款周轉(zhuǎn)期從取得存貨到收回現(xiàn)金即存貨變現(xiàn)的時(shí)間。營業(yè)周期

存貨周轉(zhuǎn)期應(yīng)收款周轉(zhuǎn)期取得存貨銷售存貨收回現(xiàn)金現(xiàn)金在此處付出了嗎？營運(yùn)資金周轉(zhuǎn)期營運(yùn)資金周轉(zhuǎn)期=存貨周轉(zhuǎn)期+應(yīng)收款周轉(zhuǎn)期-應(yīng)付款周轉(zhuǎn)期

付出現(xiàn)金

應(yīng)付款周轉(zhuǎn)期

營運(yùn)資金周轉(zhuǎn)期

營業(yè)周期

存貨周轉(zhuǎn)期應(yīng)收款周轉(zhuǎn)期取得存貨銷售存貨收回現(xiàn)金如果應(yīng)付款周轉(zhuǎn)期大于營業(yè)周期，營運(yùn)資金周轉(zhuǎn)期會(huì)怎樣？現(xiàn)金周轉(zhuǎn)期=CCC=存貨周轉(zhuǎn)期+應(yīng)收款周轉(zhuǎn)期-應(yīng)付款周轉(zhuǎn)期美國最大1000家企業(yè)營運(yùn)資金管理狀況美國REL咨詢公司和CFO雜志發(fā)起的營運(yùn)資金調(diào)查（TheWorkingCapitalSurvey，始于1997年，每年對美國最大1000家企業(yè)的營運(yùn)資金進(jìn)行調(diào)查），每年發(fā)布調(diào)查報(bào)告和排行榜。調(diào)查采用的基本指標(biāo)DWC=DSO+DIO-DPODaysSalesOutstanding

DaysInventoryOutstanding

DaysPayablesOutstanding

REL&CFOMAGEZINE

WOKINGCAPITALSURVEYDaysSalesOutstanding:AR/(totalrevenue/365)Year-endtradereceivablesnetofallowancefordoubtfulaccounts,plusfinancialreceivables,dividedbyonedayofaveragerevenue.DaysInventoryOutstanding:Inventory/(totalrevenue/365)Year-endinventorydividedbyonedayofaveragerevenue.DaysPayablesOutstanding:AP/(totalrevenue/365)Year-endtradepayablesdividedbyonedayofaveragerevenue.DaysWorkingCapital:(AR+inventory-AP)/(totalrevenue/365)Year-endnetworkingcapital(tradereceivablesplusinventory,minusAP)dividedbyonedayofaveragerevenue.REL&CFOMAGEZINE

WOKINGCAPITALSURVEYWeightedWorkingCapitalCurrentyearnetworkingcapital-previousyearnetworkingcapitalmultipliedbytheyear-to-yearrevenuechange.WorkingCapitalOpportunityUpper-quartiletradereceivables,inventory,oraccountspayableperformanceofsample-comparableperformanceofacompanyorindustry.REL&CFOMAGEZINE

WOKINGCAPITALSCORECARDThe2009WorkingCapitalScorecardThe2010WorkingCapitalScorecardREL&CFOMAGEZINE

WorkingItOut:The2010WorkingCapitalScorecardAveragedaysworkingcapital(DWC)for1,000ofthelargestU.S.publiccompaniesjumpedby8.2%,accordingtotheCFO/RELWorkingCapitalScorecard.Thatrise,to38.3daysin2009from35.4daysin2008,marksthebiggestDWCdeteriorationinthelastfiveyearsforthatuniverseoflargecompanies.Amongtheelementsthatmakeupworkingcapital,dayssalesoutstanding(DSO)performancedeterioratedby10.4%,markingaglutinreceivablesthatwasbalancedalmostevenlybyan11.4%jumpindayspayableoutstanding(DPO).Andthecombinationofcompaniesreplenishingtheirinventoriesafter2008andthosestillstuckwithunsellableproductin2009causeddaysinventoryoutstanding(DIO)toburgeonby8.8%.DellComputer—WC&CADellComputer—CurrentRatioDellComputer—DaysofSupplyinInventoryDellComputer—DaysofSalesinARDellComputer—DaysofAccountsPayableDellComputer—CashCycle

OtherPeople’sMoneyCategory19992000200120022003DaysofSalesinAR3634322928DaysofSupplyinInv.66543DaysinAP5458586968CashCycle-12-18-21-36-37CFO&RELRanking(2003年以前）CashConversionEfficiency(CCE)(Cashflowfromoperations)/SalesDaysWorkingCapital(DWC)(Receivables+Inventory–Payables)/(Sales/365)OverallRanking(HighestoverallCCE–CompanyCCE)/(HighestoverallCCE–LowestoverallCCE)x(LowestoverallDWC–CompanyDWC)/LowestoverallDWC–HighestoverallDWC)

MeasuringtheCashConversionCycleinanInternationalSupplyChain

RuthBanomyongThammasatBusinessSchool,ThammasatUniversity,ThailandBanomyong@AnnualLogisticsResearchNetwork(LRN)ConferenceProceedings2005,Plymouth,UK,7-9September2005,ISBN1-904564-13-5

MeasuringtheCashConversionCycleinanInternationalSupplyChainSupplychainmanagement(SCM)hasthepotentialtoimprovethethreekeydriversoffinancialperformance-growth,profitability,andcapitalutilisation(Rice&Hoppe,2001).Thecash-conversion-cycle(C2C)metricisanimportantfinancialmetricasitexpressesoperationalperformanceinfinancialtermsandcanbederivedfrominformationreadilyavailableinpublishedfinancialstatements(Lambert&Pohlen2001).

MeasuringtheCashConversionCycleinanInternationalSupplyChainTheshrimpexportsupplychainstartsfromshrimpsuppliersinThailandwhoboughtraisedshrimpsfromfarmersalongthecoastalareasofthecountry.ThesesupplierswillthenselltheirshrimpstoaThaishrimpexporterswhowillhavetofreezeandpacktheshrimpsforoverseassales.TheimporterintheUSwillbuytheshrimpsfromtheThaiexporterandre-selltheshrimpstoamajorretailerintheStates.ThemajorretailerwillthenselltheThaifrozenshrimpsthroughitsoutletsacrosstheUnitedStates。

MeasuringtheCashConversionCycleinanInternationalSupplyChain中國上市公司營運(yùn)資金管理狀況2006年度中國上市公司營運(yùn)資金管理績效排行榜

王竹泉?jiǎng)⑽撵o高芳，中國上市公司營運(yùn)資金管理調(diào)查：1997-2006，《會(huì)計(jì)研究》2007年第12期中國上市公司營運(yùn)資金管理狀況制造業(yè)上市公司營運(yùn)資金周轉(zhuǎn)期變動(dòng)趨勢0501001502002501997199819992000200120022003200420052006(年)(天)存貨周轉(zhuǎn)期應(yīng)收帳款周轉(zhuǎn)期應(yīng)付帳款周轉(zhuǎn)期營運(yùn)資金周轉(zhuǎn)期其他指標(biāo)及問題其他指標(biāo)流動(dòng)比率=流動(dòng)資產(chǎn)/流動(dòng)負(fù)債速動(dòng)比率=（流動(dòng)資產(chǎn)-存貨）/流動(dòng)負(fù)債問題預(yù)收款、預(yù)付款？房地產(chǎn)行業(yè)基于渠道管理的營運(yùn)資金分類方法王竹泉、逄詠梅、孫建強(qiáng)（2007）提出了營運(yùn)資金分類的新視角。首先將營運(yùn)資金分為經(jīng)營活動(dòng)營運(yùn)資金和理財(cái)活動(dòng)營運(yùn)資金。進(jìn)一步將經(jīng)營活動(dòng)營運(yùn)資金按照其與經(jīng)營渠道的關(guān)系分為營銷渠道的營運(yùn)資金、生產(chǎn)渠道的營運(yùn)資金和采購渠道的營運(yùn)資金，借以考察營運(yùn)資金在渠道上的分布狀況。王竹泉,逄詠梅,孫建強(qiáng).國內(nèi)外營運(yùn)資金管理研究的回顧與展望.《會(huì)計(jì)研究》,2007年第2期基于渠道管理的營運(yùn)資金分類方法王竹泉?jiǎng)⑽撵o王興河楊立霏張欣怡（2008）經(jīng)營活動(dòng)的營運(yùn)資金包括材料存貨、在產(chǎn)品存貨、庫存商品、應(yīng)收賬款、應(yīng)收票據(jù)、預(yù)付賬款、其他應(yīng)收款、應(yīng)付賬款、應(yīng)付票據(jù)、預(yù)收賬款、應(yīng)付職工薪酬、應(yīng)付稅費(fèi)等。營銷渠道營運(yùn)資金(成品存貨+應(yīng)收賬款、應(yīng)收票據(jù)-預(yù)收賬款-應(yīng)交稅費(fèi))生產(chǎn)渠道營運(yùn)資金(在產(chǎn)品存貨+其他應(yīng)收款-應(yīng)付職工薪酬-其他應(yīng)付款)采購渠道營運(yùn)資金(材料存貨+預(yù)付賬款-應(yīng)付賬款、應(yīng)付票