注会综合阶段英语水平提升班——第六单元6

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Transactions motive                    交易性动机

Precautionary motive                预防性动机

Speculative motive                     投机性动机

Collection float                        收款浮游量

Compensating balance                补偿性余额

Disbursement float                     付款浮游量

Liquidity requirements and a firm’s profitability and risk policies are the primary determinants of its cash levels. Profitability typically varies inversely with liquidity. The firm can use a variety of procedures to manage the collection and disbursement of cash to speed up the collection of cash and slow down payments.

流动性要求和企业的盈利性和风险政策是决定现金水平的主要决定因素。盈利性与流动性往往是反方向变化。企业应采用各种方法管理现金，以加速收款和推迟付款。

At the optimal amount of credit, the incremental cash flows from increased sales are exactly equal to the carrying costs from the increase in accounts receivable.

Carrying costs are the costs associated with granting credit and making an investment in receivables: delay in receiving cash, the losses from bad debts, and the costs of managing credit.

最优信用额指应收账款增加而产生的持有成本与收入增加带来的增量现金流量相等时的金额。 持有成本包括应收账款占用资金应计利息，坏账损失，信用管理等费用。

Paisley Co has sales of $20 million for the previous year, receivables at the year end of $4 million and the cost of financing receivables is covered by an overdraft at the interest rate of 12% pa. It is now considering offering a cash discount of 2% for payment of debts within 10 days. Should it be introduced if 40% of customers will take up the discount?

To determine if the early settlement discount should be introduced, a comparison must be made between the cost and the benefit.

Cost

$20m of revenue ×40% take up ×2% discount=$160,000

Benefit

The benefit is a reduction in the receivables balance which will result in a higher cash balance, thereby reducing interest payable (say, on an overdraft balance). The value can be found by:

1) Calculate the current level of receivables & receivables days

2) Calculate the cost of financing this

3) Calculate the new level of receivables & receivables days

4) Calculate the cost of financing this new level

5) Compare the old cost with the new cost to determine the benefit

Step1： Calculate the current level of receivables & receivables days

The current receivables balance is $4m. This implies receivables days of $4m/$20m ×365=73 days

Step2： Calculate the cost of financing this

$4m ×12% interest= $480,000 pa

Step3： Calculate the new level of receivables & receivables days

Since 40% of customers will now pay within 10 days, and the remaining 60% will continue paying as before (i.e. taking 73 days), the new level of receivables can be assumed to be:

10/365 ×$20m ×40%=$219,178

73/365×$20m ×60%= $2,400,000

Total $2,619,178

Step4： Calculate the cost of financing this new level

$2,619,178 ×12% interest= $314,301

Step5： Compare the old cost with the new cost to determine the benefit

The benefit of the lower receivables balance is therefore $480,000-$314,301=$165,699.

Comparison of cost and benefit

Now we can compare the cost of offering the discount with the benefit.

Cost =$160,000

Benefit =$165,699

Net benefit=$5,699

The conclusion is that this discount should be offered.

Re-order                                                        再订购，重新订购

Lead-time                                                        订货至交货的时间

Stock out                                                        库存中断；脱销

EOQ （economic order quantity）            经济订货量

Order cost                                                        订货成本

Hold cost                                                        持有成本

Large order discount                                大宗订货折扣

The objective of good inventory management is to determine:

The optimum re-order level – how many items are left in inventory when the next order is placed.

The optimum re-order quantity – how many items should be ordered when the order is placed.

In practice, this means striking a balance between holding costs on the one hand and stock-out and re-order costs on the other.

存货管理的目标是确定最优再订货水平和最优再订货数量。 这意味着存货持有成本和缺货成本，再订货成本达到平衡。

Short-term finance is usually cheaper than long-term finance. This is largely due to the risks taken by creditors.

Short-term finance also tends to be more flexible.

Short-term finance includes items such as trade payables, which are normally regarded as low cost funds, whereas long-term finance will include debt and equity.

Short-term financing has already been established as generally “the cheaper option”. However, the price paid for reduced cost is increased risk for the borrower: renewal problems and unstable interest rates.

短期负债融资的特点：筹资成本较低；筹资富有弹性；筹资风险高。