Chapter 10 Accounts Receivable and Inventory Management 应收帐款和存货管理,Chapter 10 Accounts Receivable and Inventory Management 应收帐款和存货管理,一、Accounts receivable 应收帐款 1.原则主要是确定信用和收帐政策(credit and collection policies)确定的原则:增加的收益大于增加的成本,在风险和获利能力之间进行权衡(trade-off between profitability and risk)根据基本原则来确定:信用标准、信用条件（信用期间、现金折扣与折扣期间、收帐政策）收益的增加：销售收入、销售量增加导致利润增加成本的增加：机会成本、管理成本、坏帐成本、折扣成本 eg:Lowering credit standards may stimulate demand ,which,in turn,should lead to higher sales and profits.But there is a cost to carrying the addition receivables,as well as a greater risk of bad-debt losses.,2.信用标准 credit standards 理论上,只要销售获利收入超过应收帐款所增加的成本,就应该放宽信用标准.其中,增加的成本主要有: 信用部门扩大,增加处理账户的职工,增加处理应收账款的服务 增加的坏帐损失 平均收账期延长,增加了资金占用利息 例如: 表10-1 增加的销售的获利能力=单位边际贡献销售增加量 增加的应收帐款=增加的销售收入/新客户的应收帐款周转率 增加的应收帐款投资=单位变动成本/销售单价增加的应收帐款 增加的投资的必要税前收益=机会成本率应收帐款,3.Credit terms 信用条件(信用期间（credit period）、现金折扣期间（cash discount period）、现金折扣率（cash discount rate）)The optimal policy is the one that provides the greatest incremental benefit.最优的政策应是能提供最大增量收益的政策. 4.Collection Policy and Procedure收帐政策和程序收帐费用越高,坏帐比率越低,平均收帐期就越短.The greater the relative amount expended,the lower the proportion of bad-debt losses,and the shorter the average collection period. 权衡收帐费用的增加和坏帐损失的减少及应收帐款占用资金的节省.Trade-off the level of expenditures with the reduction in the cost of bad-debt losses and savings due to the reduction in investment in receivables.,二、Inventory management and control 存货管理与控制 1.inventories(库存) raw materials,work-in-process,in transit,finished-goods,et.库存过多,将会占用资金;过少,存货短缺(生产损失和销售损失).存货管理的重点:the resulting savings exceed the total cost of holding the added inventory.,2.Economic Order Quantity 经济订货量 EOQ每次订货成本 O(ordering costs),固定不变;单位储存成本C(carrying costs per unit),常数;一次订货量 Q(quantity ordered),寻找最优订货量;年耗用量S(the total usage in units- per year),常数假定,无缺货成本,订货无延迟,随订随到 总存货成本 =储存成本+订货成本+购置成本(单价一定时,与经济订货量无关) =平均存货量单位储存成本+每次订货成本订货次数 TC(Q)=Q/2*C+O*S/Q,3.Order Point 订货点 通常发出订单到收到存货之间有一段时滞-交货期(lead time) Order Point(OP)=Lead time Daily usage 再订货点=订货提前期每日耗用量 4.Safety Stock 安全存货量(保险储备) 为防止需求量(耗用量)和交货期的不确定性而持有的存货 Order Point(OP)=(Average lead time Average daily usage)+Safety stock 再订货点=平均交货期平均日耗用量+安全存货量 权衡储存成本与缺货成本,使两者之和最小,