【正文】 ty 69 有價(jià)證券的種類 ?有價(jià)證券的種類 – 圖表 2B20， 733頁 Types of Marketable Securities ?Types of marketable securities – figure 2B20, page 192 有價(jià)證券的管理 Marketable Security Management 70 應(yīng)收款管理 Accounts Receivable Management ?應(yīng)收款管理 – 短期資產(chǎn) 為什么公司持有應(yīng)收賬款 ?延展信用和持有應(yīng)收帳款的因素 – 一般經(jīng)濟(jì)條件，目標(biāo)市場，行業(yè)慣例，潛在利潤 ?Accounts receivable – short term assets Why Companies Carry Accounts Receivable ?Extend credit and carry accounts receivable factors – general economic condition, target market, industry practices, potential profit 71 應(yīng)收款管理 Accounts Receivable Management 為什么公司持有應(yīng)收賬款 ?影響公司應(yīng)收賬款管理的一般性因素 – 735頁 延展信用期限 ?信用條款，信用期限，折扣條款，現(xiàn)金折扣 ?信用延展的類型 – 圖表 2B21， 736頁 Why Companies Carry Accounts Receivable ?Factors influencing management of a pany’s receivable – page 192193 Credit Terms ?Credit terms, Credit period, Discount terms, Cash discount ?Types of Credit Extension – figure 2B21, page 193 72 延展信用期限 ?改變折扣條款 – 案例， 736頁 違約風(fēng)險(xiǎn) ?違約風(fēng)險(xiǎn) – 公司不能支付債務(wù)的利息和本金的風(fēng)險(xiǎn) Extending the Credit Period ?Changing the Discount Terms – for example, page 194 Default Risk ?Default risk – pany not be able to pay interest or principal on debt obligation 應(yīng)收款管理 Accounts Receivable Management 73 違約風(fēng)險(xiǎn) ?信用信息的內(nèi)部來源 – 737頁 ?信用信息的外部來源 – 737頁 最優(yōu)信用 /收款政策的考慮因素 ?存在的關(guān)系 – 737頁 Default Risk ?Sources of internal credit information – page 194 ?External sources of credit information – page 195 Factors Contributing to Optimal Credit/Collection Policies ?Following relationships have been found to exist – page 195 應(yīng)收款管理 Accounts Receivable Management 74 平均收款期（應(yīng)收帳款收款天數(shù)） ?平均收款期 = 365/應(yīng)收賬款周轉(zhuǎn)率 Average Collection Period (Days Sales Outstanding) ?Average collection period = 365/accounts receivable turnover 應(yīng)收款管理 Accounts Receivable Management 75 存貨管理 Inventory Management ?存貨，存貨清單 ?存貨控制 – 三個(gè)問題， 738 ?存貨管理 – 三個(gè)額外的問題， 738 為什么公司持有存貨 ?為什么公司持有存貨 – 彌補(bǔ)供給和需求之間的變動(dòng)性，739頁 ?Stock, inventory ?Inventory control – three question, page 196 ?Inventory management – three additional question, page 197 Why panies Carry Inventory ?Why panies carry inventory pensate the variability between the supply and the demand, other reasons, page 197 76 存貨管理 Inventory Management 存貨，存貨清單 ?經(jīng)濟(jì)訂單量 – 最佳的訂貨規(guī)模 ?訂單成本 – 發(fā)采購訂單或生產(chǎn)訂單的邊際成本 ?持有成本 – 邊際儲(chǔ)存和處理成本，過時(shí)和變質(zhì)成本，稅，資金成本 Economic Order Quantity ?Economic order quantity – optimum order size ?Ordering costs – marginal cost of placing a purchase or production order ?Carrying costs – marginal storage and handling costs, obsolescence and deterioration costs, insurance, taxes, cost of funds 77 存貨管理 Inventory Management 經(jīng)濟(jì)訂單量 ?EOQ和持有成本、訂單成本和訂單數(shù)量之間的關(guān)系 – 圖表2B22， 740頁，公式，案例， 741頁 ?弱點(diǎn) – 741頁 Economic Order Quantity ?EOQ and the relationship between carrying cost, ordering cost, and order quantity – figure 2B22, page 198199, formula, for example, page 199 ?Weakness – page 199200 78 存貨管理 Inventory Management 前置時(shí)間和安全存貨的影響 ?前置時(shí)間 – 下達(dá)訂單到存貨入庫之間的時(shí)間，縮短前置時(shí)間， 741頁 ?安全存貨 – 預(yù)防供求波動(dòng)，普遍使用的概念 再訂點(diǎn) ?ROP = U L + 安全存貨 Impact of Lead Time and Safety Stock ?Lead time – time between placing an order and getting the units in stock, by reducing the time, page 200 ?Safety stock – protect against fluctuation in supply and demand, general concepts apply, page 200 Reorder Points ?ROP = U L + safety stock 79 存貨管理 Inventory Management 及時(shí)制和看板 存貨管理指標(biāo) ?存貨周轉(zhuǎn)率 = 銷貨成本 /平均存貨 ?存貨周轉(zhuǎn)天數(shù) = 365/存貨周轉(zhuǎn)率 JustinTime System and Kanban Inventory Management Metrics ?Inventory turnover = cost of good sold/average inventory ?Days on hand = 365/inventory turnover 80 短期信用的類型 Types of ShortTerm Credit ?滿足短期借款需求 – 743頁 ?幾種短期信用安排 – 743頁 ?應(yīng)計(jì)費(fèi)用 – 尚未支付而欠下的金額 ?貿(mào)易信用 – 供應(yīng)商為客戶提供的信用條件 ?Meet shortterm borrowing needs – page 202 ?Several types of shortterm credit arrangement – page 202203 ?Accrued Expenses – firm owns but not yet paid ?Trade credit – supplier grants credit terms to customers 81 短期信用的類型 Types of ShortTerm Credit ?無擔(dān)保銀行貸款 – 期票 ?信用額度 – 在特定期間、在限定的金額范圍內(nèi)借款的協(xié)議 ?循環(huán)貸款 – 允許企業(yè)在一定金額范圍內(nèi)借錢、還錢再借錢 ?擔(dān)保短期貸款 – 應(yīng)收款作抵押，存貨作抵押 ?Unsecured shortterm bank loans – promissory note ?Lines of credit – to borrow up to a specified limit during a particular time period ?Revolving credit – allows a business to borrow, repay and reborrow up to a specified amount ?Secured shortterm loans – collateralized accounts receivable, collateralized inventory 82 ?商業(yè)票據(jù) – 企業(yè)簽發(fā)的無擔(dān)保期票，低于面值價(jià)格的折價(jià)出售，面值為 $100,000，期限從隔夜到 270天不等，使用CP作為短期融資手段， 745頁 ?銀行承兌 – 用于進(jìn)出口產(chǎn)品融資的短期工具 ?Commercial paper – unsecured promissory note issued by a corporation, discount from par value, denomination of $100,000, maturity range from overnight to 270 days, the use of CP for shortterm financing, page 205 ?Banker’s acceptances – shortterm instrument used to finance import and export of goods 短期信用的類型 Types of ShortTerm Credit 83 短期信用成本的最小化 Minimizing the Cost of Shortterm Credit ?三種類型的短期融資成本 – 746頁 以貿(mào)易信用形式提供的現(xiàn)金折扣 ?EID = DR/(1DR) 365/(NDP), 案例， 746 實(shí)際年利率 ?利率 ?Three types of shortterm financing costs – page 205 Cash Discounts Extended with Trade Credit ?EID = DR/(1DR) 365/(NDP), for example, page 206 Effective Annual Interest Rate ?Interest rate 84 短期信用成本的最小化 Minimizing the Cost of Shortterm Credit 以貿(mào)易信用形式提供的現(xiàn)金折扣 ?承諾費(fèi) ?補(bǔ)償性余額 ?EI = (PR+CF)/(1CB) (365/M),案例， 747頁 Effective Annual Interest Rate ?Commitment fee ?Compensation balance ?EI = (PR+CF)/(1CB)