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1、CHAPTER28CreditManagementInanysale,oneofthemostimportantdecisionsmadefirms,theperiodismuchshorter.Forexample,retailerbytheselleriswhethertograntcreditand,ifcreditisWal-MartswasabouttwodaysandgrocerKrogerswasgranted,thetermsofthecreditsale.Aswithmanyotheraboutfourdays.Neitherfirmroutinelygrantscredi
2、ttoitsdecisions,thereisvariationfromcompanytocompany,customers,sothesenumberscomeasnosurprise.Inbutcreditpoliciestendtobesimilarwithinindustries.contrast,inthepharmaceuticalbusiness,creditperiodsOnewaytoexamineacompanyscreditpolicyistoarelonger.Pfizer,forexample,hadacreditperiodoflookatthedayssale
3、sinreceivables,orthelengthoftimeabout68daysin2006.fromthesaleuntilthecompanyispaid.Inearly2006,theInthischapter,weexaminehowafirmsetsitscreditreceivablesperiodforatypicalfirmintheS&P500indexpolicy,includingwhentograntcreditandforhowlong.wasabout35days,oralittleoveramonth.Forsome28.1TermsoftheSaleTh
4、etermsofsalerefertotheperiodforwhichcreditisgranted,thecashdiscount,andthetypeofcreditinstrument.Forexample,supposeacustomerisgrantedcreditwithtermsof2/10,net30.Thismeansthatthecustomerhas30daysfromtheinvoicedatewithinwhichtopay.1Inaddition,acashdiscountof2percentfromthestatedsalespriceistobegive
5、nifpaymentismadein10days.Ifthestatedtermsarenet60,thecustomerhas60daysfromtheinvoicedatetopayandnodiscountisofferedforearlypayment.Whensalesareseasonal,afirmmightuseseasonaldating.O.M.ScottandSonsisamanufactureroflawnandgardenproductswithaseasonaldatingpolicythatistiedtothegrowingseason.Paymentsfo
6、rwintershipmentsoffertilizermightbedueinthespringorsummer.Afirmoffering3/10,net60,May1dating,ismakingtheeffectiveinvoicedateMay1.ThestatedamountmustbepaidonJune30,regardlessofwhenthesaleismade.Thecashdiscountof3percentcanbetakenuntilMay10.Anaccountreceivableiscreatedwhencreditisgranted;anaccountpa
7、yableiscreatedwhenafirmreceivescredit.TheseaccountsareillustratedinFigure28.1.Theterm“tradecredit”referstocreditgrantedtootherfirms.CreditPeriodCreditperiodsvaryamongdifferentindustries.Forexample,ajewelrystoremayselldia
