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Trade Debtor Management
贸易应收账款管理
Trade debtors are the sales made on credit as yet unpaid.
应收账款是销售信贷尚未付款
Trade Debtor Management
贸易应收账款管理
• Credit (debtor) policy
• 信贷政策（债务人）
• Assessing credit risk
• 评估信贷风险
– Assess the probability of either delayed payment or complete failure to pay
– 评估或延迟付款或支付的彻底失败的概率
– Allocate customers to different risk classes and treat each category differently
– 分配客户不同的风险类别及不同对待每一个类别
• Two rules
• 两个规则
– Focus effort on the most risky
– 精力集中在最危险
– Accept some risk: it may lead to greater profit
– 接受一定的风险：它可能会导致更大的利润
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Agreeing terms
同意条款
• Influenced by industry tradition, bargaining strength and product type
• 行业传统，讨价还价的实力和产品类型的影响
• Firms usually adopt terms which require payment in a number of days from the invoice date or the delivery date
• 企业通常采用的条款，规定在发票日期或交付日期的天数支付
• Payment is usually by means of a cheque
• 通常是通过支票付款
• Customers are generally given credit limits
• 客户一般给予信贷限额
• Goods are normally sold under a contract whereby the supplier can take repossession should the buyer fail to pay
• 根据合约，据此，供应商可以收回应买方未能支付•商品正常销售
• The size of the orders may influence the terms of credit
• 订单的大小可影响他们的信用
Collecting payment
代收代缴
• Be strict with the credit limit
• 严格的信用额度
• Send invoices promptly
• 及时发送发票
• Systematically review debtors
• 系统地审查债务人
• Average collection period is:
• 平均收款期是
• Slow payers have to be chased
慢速纳税人必须被追赶
An ageing schedule
一个老龄化的时间表
Stages in payment collection
代收货款的阶段
Cash discounts
现金折扣
• Early settlement reduces the cost of carrying the loan
• 早日解决降低成本的账面贷款
• The longer an account remains unpaid the greater the risk of eventual default
• 不再是一个的帐户仍未支付的最终违约的风险就越大
• The greater the strain on liquidity
• 更大的流动资金紧绌
• Costs of administering the debtors ledger
• 成本管理应收账款总账
• A firm that normally collects debts after 40 days introduces a 3 er cent discount for payment on the tenth day
• 一个企业通常收集经过40天的债务引入了3 ER％的折扣付款的第十天
• Alternative is interest charged on overdue accounts
• 替代利息逾期帐款
• Integration with other disciplines
• 与其他学科的整合
Lecture review
讲座回顾
• Overdraft透支
• Term loan定期贷款
• Trade credit贸易信贷
• Factoring保理
• Invoice discounting发票贴现
• Hire purchase租购
• Leasing租赁
• Bills of exchange汇票
• Acceptance credit承兑信贷
• Trade debtor trade-off贸易应收账款的权衡
• Debtor policy债务人政策
• Assessing credit risk评估信贷风险
• Agreeing terms同意条款
• Collecting payment代收代缴
• Discount for early payment提前付款折扣
• Integration with other disciplines与其他学科的整合
Sources
来源
Arnold, Glenn (2005) Corporate Financial Management. (3rd ed., London: FT-Prentice-Hall) Chapter 12 – short term and medium finance.