现代企业财务信用管理讲义
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• The only cash flow of the first strategy is
• The expected cash flows of the credit strategy are:
setting a credit period:
– The probability that the customer will not pay. – The size of the account. – The extent to which goods are perishable.
• Lengthening the credit period generally increases sales
•+$97 0
•-$1,000
•0
•1
பைடு நூலகம்•3
0
0
Credit Instruments
• Most credit is offered on open account—the invoice is the only credit instrument.
• Promissory notes are IOUs that are signed after the delivery of goods
The Cash Flows of Granting Credit
•Credit sale •Customer is made mails check
•Firm deposits check
•Bank credits firm’s account
•Tim
e •Cash collection
•Accounts receivable
• Banker’s acceptances allow a bank to substitute its creditworthiness for the customer, for a fee.
• Conditional sales contracts let the seller retain legal ownership of the goods until the customer has completed payment.
To see this, consider a firm that makes a $1,000 sale on day 0 • Some customers will pay on day 10 and take the discount.
•$970
•0
•1
•3
• Other customers0 will pay on day 30 and for0go the
discount.
•$1,000
•0
•1
•3
0
0
The Interest Rate Implicit in 3/10 net 30
• A customer that forgoes the 3% discount to pay on day 30 is borrowing $970 for 20 days and paying $30 interest:
29.2 The Decision to Grant Credit: Risk and Information
• Consider a firm that is choosing between two alternative credit policies:
– “In God we trust—everybody else pays cash.” – Offering their customers credit.
• Commercial drafts call for a customer to pay a specific amount by a specific date. The draft is sent to the customer’s bank, when the customer signs the draft, the goods are sent.
现代企业财务信用管理 讲义
2020/3/21
Introduction
• A firm’s credit policy is composed of:
– Terms of the sale – Credit analysis – Collection policy
• This chapter discusses each of the components of credit policy that makes up the decision to grant credit.
29.1 Terms of the Sale
• The terms of sale of composed of
– Credit Period – Cash Discounts – Credit Instruments
Credit Period
• Credit periods vary across industries. • Generally a firm must consider three factors in
Cash Discounts
• Often part of the terms of sale. • Tradeoff between the size of the discount and the
increased speed and rate of collection of receivables. • An example would be “3/10 net 30”
– The customer can take a 3% discount if he pays within 10 days.
– In any event, he must pay within 30 days.
The Interest Rate Implicit in 3/10 net 30
A firm offering credit terms of 3/10 net 30 is essentially offering their customers a 20-day loan.
• The expected cash flows of the credit strategy are:
setting a credit period:
– The probability that the customer will not pay. – The size of the account. – The extent to which goods are perishable.
• Lengthening the credit period generally increases sales
•+$97 0
•-$1,000
•0
•1
பைடு நூலகம்•3
0
0
Credit Instruments
• Most credit is offered on open account—the invoice is the only credit instrument.
• Promissory notes are IOUs that are signed after the delivery of goods
The Cash Flows of Granting Credit
•Credit sale •Customer is made mails check
•Firm deposits check
•Bank credits firm’s account
•Tim
e •Cash collection
•Accounts receivable
• Banker’s acceptances allow a bank to substitute its creditworthiness for the customer, for a fee.
• Conditional sales contracts let the seller retain legal ownership of the goods until the customer has completed payment.
To see this, consider a firm that makes a $1,000 sale on day 0 • Some customers will pay on day 10 and take the discount.
•$970
•0
•1
•3
• Other customers0 will pay on day 30 and for0go the
discount.
•$1,000
•0
•1
•3
0
0
The Interest Rate Implicit in 3/10 net 30
• A customer that forgoes the 3% discount to pay on day 30 is borrowing $970 for 20 days and paying $30 interest:
29.2 The Decision to Grant Credit: Risk and Information
• Consider a firm that is choosing between two alternative credit policies:
– “In God we trust—everybody else pays cash.” – Offering their customers credit.
• Commercial drafts call for a customer to pay a specific amount by a specific date. The draft is sent to the customer’s bank, when the customer signs the draft, the goods are sent.
现代企业财务信用管理 讲义
2020/3/21
Introduction
• A firm’s credit policy is composed of:
– Terms of the sale – Credit analysis – Collection policy
• This chapter discusses each of the components of credit policy that makes up the decision to grant credit.
29.1 Terms of the Sale
• The terms of sale of composed of
– Credit Period – Cash Discounts – Credit Instruments
Credit Period
• Credit periods vary across industries. • Generally a firm must consider three factors in
Cash Discounts
• Often part of the terms of sale. • Tradeoff between the size of the discount and the
increased speed and rate of collection of receivables. • An example would be “3/10 net 30”
– The customer can take a 3% discount if he pays within 10 days.
– In any event, he must pay within 30 days.
The Interest Rate Implicit in 3/10 net 30
A firm offering credit terms of 3/10 net 30 is essentially offering their customers a 20-day loan.