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ID:51576778
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页数:26页
时间:2020-03-23
《现代企业财务信用管理讲义t 2.ppt》由会员上传分享,免费在线阅读,更多相关内容在PPT专区-天天文库。
1、ChapterOutline29.1TermsoftheSale29.2TheDecisiontoGrantCredit:RiskandInformation29.3OptimalCreditPolicy29.4CreditAnalysis29.5CollectionPolicy29.6HowtoFinanceTradeCredit29.7Summary&ConclusionsIntroductionAfirm’screditpolicyiscomposedof:TermsofthesaleCreditanalysisCollectionp
2、olicyThischapterdiscusseseachofthecomponentsofcreditpolicythatmakesupthedecisiontograntcredit.TheCashFlowsofGrantingCreditCreditsaleismadeCustomermailscheckFirmdepositscheckBankcreditsfirm’saccountAccountsreceivableCashcollectionTime29.1TermsoftheSaleThetermsofsaleofcompos
3、edofCreditPeriodCashDiscountsCreditInstrumentsCreditPeriodCreditperiodsvaryacrossindustries.Generallyafirmmustconsiderthreefactorsinsettingacreditperiod:Theprobabilitythatthecustomerwillnotpay.Thesizeoftheaccount.Theextenttowhichgoodsareperishable.Lengtheningthecreditperio
4、dgenerallyincreasessalesCashDiscountsOftenpartofthetermsofsale.Tradeoffbetweenthesizeofthediscountandtheincreasedspeedandrateofcollectionofreceivables.Anexamplewouldbe“3/10net30”Thecustomercantakea3%discountifhepayswithin10days.Inanyevent,hemustpaywithin30days.TheInterestR
5、ateImplicitin3/10net30Afirmofferingcredittermsof3/10net30isessentiallyofferingtheircustomersa20-dayloan.Toseethis,considerafirmthatmakesa$1,000saleonday0Somecustomerswillpayonday10andtakethediscount.Othercustomerswillpayonday30andforgothediscount.01030$97001030$1,00001030+
6、$970-$1,000Acustomerthatforgoesthe3%discounttopayonday30isborrowing$970for20daysandpaying$30interest:TheInterestRateImplicitin3/10net30CreditInstrumentsMostcreditisofferedonopenaccount—theinvoiceistheonlycreditinstrument.PromissorynotesareIOUsthataresignedafterthedeliveryo
7、fgoodsCommercialdraftscallforacustomertopayaspecificamountbyaspecificdate.Thedraftissenttothecustomer’sbank,whenthecustomersignsthedraft,thegoodsaresent.Banker’sacceptancesallowabanktosubstituteitscreditworthinessforthecustomer,forafee.Conditionalsalescontractslettheseller
8、retainlegalownershipofthegoodsuntilthecustomerhascompletedpayment.29.2TheDecisiontoGrantC
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