公司理财（精要版）（第9版）课件 20

Chapter20CreditandInventoryManagementMcGraw-Hill/IrwinCopyright©2010byTheMcGraw-HillCompanies,Inc.Allrightsreserved.1KeyConceptsandSkillsUnderstandthekeyissuesrelatedtocreditmanagementUnderstandtheimpactofcashdiscountsBeabletoevaluateaproposedcreditpolicyUnderstandthecomponentsofcreditanalysisUnderstandthemajorcomponentsofinventorymanagementBeabletousetheEOQmodeltodetermineoptimalinventoryordering20-22ChapterOutlineCreditandReceivablesTermsoftheSaleAnalyzingCreditPolicyOptimalCreditPolicyCreditAnalysisCollectionPolicyInventoryManagementInventoryManagementTechniquesAppendixTwoAlternativeApproachesDiscountsandDefaultRisk20-33CreditManagement:KeyIssuesGrantingcreditgenerallyincreasessalesCostsofgrantingcreditChancethatcustomerswillnotpayFinancingreceivablesCreditmanagementexaminesthetrade-offbetweenincreasedsalesandthecostsofgrantingcredit20-44ComponentsofCreditPolicyTermsofsaleCreditperiodCashdiscountanddiscountperiodTypeofcreditinstrumentCreditanalysis–distinguishingbetween“good”customersthatwillpayand“bad”customersthatwilldefaultCollectionpolicy–effortexpendedoncollectingreceivables20-55TheCashFlowsfrom

GrantingCreditCreditSale CheckMailed CheckDeposited CashAvailableCashCollectionAccountsReceivable20-66TermsofSaleBasicForm:2/10net452%discountifpaidin10daysTotalamountduein45daysifdiscountnottakenBuy$500worthofmerchandisewiththecredittermsgivenabovePay$500(1-.02)=$490ifyoupayin10daysPay$500ifyoupayin45days20-77Example:CashDiscountsFindingtheimpliedinterestratewhencustomersdonottakethediscountCredittermsof2/10net45Periodrate=2/98=2.0408%Period=(45–10)=35days365/35=10.4286periodsperyearEAR=(1.020408)10.4286–1=23.45%Thecompanybenefitswhencustomerschoosetoforgodiscounts20-88CreditPolicyEffectsRevenueEffectsDelayinreceivingcashfromsalesMaybeabletoincreasepriceMayincreasetotalsalesCostEffectsCostofthesaleisstillincurredeventhoughthecashfromthesalehasnotbeenreceivedCostofdebt–mustfinancereceivablesProbabilityofnonpayment–somepercentageofcustomerswillnotpayforproductspurchasedCashdiscount–somecustomerswillpayearlyandpaylessthanthefullsalesprice20-99Example:EvaluatingaProposedPolicy–PartIYourcompanyisevaluatingaswitchfromacashonlypolicytoanet30policy.Thepriceperunitis$100,andthevariablecostperunitis$40.Thecompanycurrentlysells1,000unitspermonth.Undertheproposedpolicy,thecompanyexpectstosell1,050unitspermonth.Therequiredmonthlyreturnis1.5%.WhatistheNPVoftheswitch?Shouldthecompanyoffercredittermsofnet30?20-1010Example:EvaluatingaProposedPolicy–PartIIIncrementalcashinflow(100–40)(1,050–1,000)=3,000Presentvalueofincrementalcashinflow3,000/.015=200,000Costofswitching100(1,000)+40(1,050–1,000)=102,000NPVofswitching200,000–102,000=98,000Yes,thecompanyshouldswitch20-1111TotalCostofGrantingCreditCarryingcostsRequiredreturnonreceivablesLossesfrombaddebtsCostsofmanagingcreditandcollectionsShortagecostsLostsalesduetoarestrictivecreditpolicyTotalcostcurveSumofcarryingcostsandshortagecostsOptimalcreditpolicyiswherethetotalcostcurveisminimized20-1212Figure20.120-1313CreditAnalysisProcessofdecidingwhichcustomersreceivecreditGatheringinformationFinancialstatementsCreditreportsBanksPaymenthistorywiththefirmDeterminingCreditworthiness5CsofCreditCreditScoring20-1414Example:One-TimeSaleNPV=-v+(1-)P/(1+R)Yourcompanyisconsideringgrantingcredittoanewcustomer.Thevariablecostperunitis$50;thecurrentpriceis$110;theprobabilityofdefaultis15%;andthemonthlyrequiredreturnis1%.NPV=-50+(1-.15)(110)/(1.01)=42.57Whatisthebreak-evenprobability?0=-50+(1-)(110)/(1.01)=.5409or54.09%20-1515Example:RepeatCustomersNPV=-v+(1-)(P–v)/RInthepreviousexample,whatistheNPVifwearelookingatrepeatbusiness?NPV=-50+(1-.15)(110–50)/.01=5,050Repeatcustomerscanbeveryvaluable(hencetheimportanceofgoodcustomerservice)Itmaymakesensetograntcredittoalmosteveryoneonce,aslongasthevariablecostislowrelativetothepriceIfacustomerdefaultsonce,youdon’tgrantcreditagain20-1616CreditInformationFinancialstatementsCreditreportswithcustomer’spaymenthistorytootherfirmsBanksPaymenthistorywiththecompany20-1717FiveCsofCreditCharacter–willingnesstomeetfinancialobligationsCapacity–abilitytomeetfinancialobligationsoutofoperatingcashflowsCapital–financialreservesCollateral–assetspledgedassecurityConditions–generaleconomicconditionsrelatedtocustomer’sbusiness20-1818CollectionPolicyMonitoringreceivablesKeepaneyeonaveragecollectionperiodrelativetoyourcredittermsUseanagingscheduletodeterminepercentageofpaymentsthatarebeingmadelateCollectionpolicyDelinquencyletterTelephonecallCollectionagencyLegalaction20-1919InventoryManagementInventorycanbealargepercentageofafirm’sassetsTherecanbesignificantcostsassociatedwithcarryingtoomuchinventoryTherecanalsobesignificantcostsassociatedwithnotcarryingenoughinventoryInventorymanagementtriestofindtheoptimaltrade-offbetweencarryingtoomuchinventoryversusnotenough20-2020TypesofInventoryManufacturingfirmRawmaterial–startingpointinproductionprocessWork-in-progressFinishedgoods–productsreadytoshiporsellRememberthatonefirm’s“rawmaterial”maybeanotherfirm’s“finishedgoods”Differenttypesofinventorycanvarydramaticallyintermsofliquidity20-2121InventoryCostsCarryingcosts–rangefrom20–40%ofinventoryvalueperyearStorageandtrackingInsuranceandtaxesLossesduetoobsolescence,deterioration,ortheftOpportunitycostofcapitalShortagecostsRestockingcostsLostsalesorlostcustomersConsiderbothtypesofcosts,andminimizethetotalcost20-2222InventoryManagement-ABCClassifyinventorybycost,demand,andneedThoseitemsthathavesubstantialshortagecostsshouldbemaintainedinlargerquantitiesthanthosewithlowershortagecostsGenerallymaintainsmallerquantitiesofexpensiveitemsMaintainasubstantialsupplyoflessexpensivebasicmaterials20-2323EOQModelTheEOQmodelminimizesthetotalinventorycostTotalcarryingcost=(averageinventory)x(carryingcostperunit)=(Q/2)(CC)Totalrestockingcost=(fixedcostperorder)x(numberoforders)=F(T/Q)TotalCost=Totalcarryingcost+totalrestockingcost=(Q/2)(CC)+F(T/Q)20-2424Figure20.320-2525Example:EOQConsideraninventoryitemthathascarryingcost=$1.50perunit.Thefixedordercostis$50perorder,andthefirmsells100,000unitsperyear.Whatistheeconomicorderquantity?20-2626ExtensionsSafetystocksMinimumlevelofinventorykeptonhandIncreasescarryingcostsReorderpointsAtwhatinventorylevelshouldyouplaceanorder?NeedtoaccountfordeliverytimeDerived-DemandInventoriesMaterialsRequirementsPlanning(MRP)Just-in-TimeInventory20-2727QuickQuizWhatarethekeyissuesassociatedwithcreditmanagement?Whatarethe