公司理財(cái)本科班第十一講營運(yùn)資本管理-資料下載頁
2025-03-08 12:08本頁面
【正文】 rate 365/extra days credit discount discounted price ?1 ? ?1+ ? 303 credit management ? Example ? Calculate implied interest rate on $100 sale with terms 5/10 60 Effective annual rate 95 365/extra days credit discount discounted price ? ?1+ 5 ?365/50 ?1 = .454, or % ?1 ? ?1 + ? 303 credit management ? Terminology ? Open account ? Promissory note ? Commercial draft ? Sight draft ? Time draft 303 credit management ? Terminology ? Trade acceptance ? Banker’s acceptance ? Irrevocable letter of credit ? Conditional sale 303 credit management ? Credit Analysis ? Procedure to determine likelihood customer will pay bills ? Credit agencies provide reports on credit worthiness of potential customers ? Financial ratios can help determine a customer’s ability to pay bills 303 credit management ? Credit Policy ? Standards set to determine amount and nature of credit extended to customers ? Credit Scoring ? Procedure to determine eligibility of borrower ? Extending credit grants probability of making profit, not guarantee ? Creditholder may default ? Denying credit guarantees neither profit nor loss 303 credit management PV(rev) ? Credit Decision ? Based of probability of payoffs, expected profit can be expressed as: p ? PV(rev? cost) ? (1? p) ? (PV(cost)) ? Breakeven probability of collection p = PV(cost) Figure credit decision and probable payoffs 303 credit management ? Collection Policy ? Procedure to collect and monitor receivables ? Aging Schedule ? Classification of accounts receivable by time outstanding ? Factoring ? Financial institution buys pany’s accounts receivable and collects debt 303 credit management ? Sample Aging Schedule, Accounts Receivable 11,000 * * * 30,000 $298,000 0 * * * 15,000 $43,000 0 * * * 6,000 $15,000 3,000 * * * 4,000 $40,000 B 8,000 * * * * * * Z 5,000 Total $200,000 Total Owed 10,000 More than 3 Months 0 2 3 Months 0 1 2 Months 0 Less than 1 Month 10,000 Customer39。 s Name A 304 cash ? Cash Does Not Pay Interest ? Move money from cash accounts to shortterm securities ? Sweep programs ? Concentration banking ? Lockbox system Figure percentage of total volume of cashless transactions, 2023 304 cash ? Electronic Funds Transfer (EFT) ? Allows instantaneous payment ? Automated Clearinghouse (ACH) ? Allows direct payment of recurring expenditures ? International cash management ? Manages surplus cash in multinational firms ? Compensating balances ? Demand deposits earmarked to pay for bank services Table use of payment systems in the ., 2023
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