應(yīng)收賬款管理外文文獻(xiàn)應(yīng)收賬款管理外文文獻(xiàn)翻譯

應(yīng)收賬款管理外文文獻(xiàn)應(yīng)收賬款管理外文文獻(xiàn)翻譯畢業(yè)設(shè)計(jì)外文資料翻譯學(xué)院：電氣工程學(xué)院專業(yè)：電氣工程及其自動化姓名：學(xué)號：外文出處：EngineeringApplicationsofArtificial(用外文寫)Intelligence26(2013)184…文獻(xiàn)出處：OncioiuI.SmallandMediumEnterprises’AccesstoFinancing–AEuropeanConcern:EvidencefromRomanianSME[J].Interna…文獻(xiàn)出處:DaskalakisN,JarvisR,SchizasE.Financingpracticesandpreferencesformicroandsmallfirms[J].JournalofSmallBu…文獻(xiàn)出處：Kontu?E.MANAGEMENTOFACCOUNTSRECEIVABLEINACOMPANY[J].Ekonomskamisaoipraksa,2013(1):21-38.原文MANAGEMENTOFACCOUNTSRECEIVABLEINACOMPANYUDK/UDC:657.422:658.155JELklasifikacija/JELclassification:G32,D29,M41Prethodnopriop?enje/PreliminarycommunicationPrimljeno/Received:8.listopada2012./October8,2012Prihva?enozatisak/Acceptedforpublishing:10.lipnja2013./June10,20131.INTRODUCTIONAccountsreceivableisthemoneyowedtoacompanyasaresultofhavingsolditsproductstocustomersoncredit.Theprimarydeterminantsofthecompany'sinvestmentinaccountsreceivablearetheindustry,theleveloftotalsalesalongwiththecompany'screditandthecollectionpolicies.Accountsreceivablemanagementincludesestablishingacreditandcollectionspolicy.Creditpolicyconsistsoffourvariables:creditperiod,discountsgivenforearlypayment,creditstandardsandcollectionpolicy.Thethreeprimaryissuesinaccountsreceivablemanagementaretowhomcreditshouldbeextended,thetermsofthecreditandtheprocedurethatshouldbeusedtocollectthemoney.Themajordecisionregardingaccountsreceivableisthedeterminationoftheamountandtermsofcredittoextendtocustomers.Thetotalamountofaccountsreceivableoutstandingatanygiventimeisdeterminedbytwofactors:thevolumeofcreditsalesandtheaveragelengthoftimebetweensalesandcollections.Thecredittermsofferedhaveadirectbearingontheassociatedcostsandrevenuetobegeneratedfromreceivables.Ifcredittermsaretight,therewillbelessofaninvestmentinaccountsreceivableandfewerbaddebtlosses,buttherewillalsobelowersalesandreducedprofits.Wehypothesizethatbyapplyingscientifically-basedaccountsreceivablemanagementandbyestablishingacreditpolicythatresultsinthehighestnetearnings,companiescanearnasatisfactoryprofitaswellasareturnoninvestment.Thepurposeofthisstudyistodeterminewaysoffindinganoptimalaccountsreceivablelevelalongwithmakingoptimumuseofdifferentcreditpoliciesinordertoachieveamaximumreturnatanacceptablelevelofrisk.Instrivingtofillinthegapsrelatingtonetsavingsfromchangesincreditpolicy,thestudymakesitsowncontributiontoresearchandtherebytomanagersbygivingthemgeneralrecommendation.Withtheaimofcompletingthesegaps,thestudywillinvestigateaccountsreceivables,theirmanagementandexplorecostsandbenefitsfromchangesincreditpolicyaswellasnetprofitability.Whenacompanyisconsideringchangesinitscreditpolicyinordertoimproveitsincome,incrementalprofitabilitymustbecomparedwiththecostofdiscountandtheopportunitycostassociatedwithhigherinvestmentinaccountsreceivable.Theoutcomerepresentsanewmathematicalmodelforcalculatingnetsavingsfromchangesincreditpolicyandwiththismodelacompanycanconsiderdifferentcreditpoliciesaswellaschangesincreditpolicyinordertoimproveitsincomeandprofitability.2.LITERATUREREVIEW2.1.AccountsreceivablemanagementAccountsreceivablerepresentsasizablepercentageofmostfirms'assets.Investmentsinaccountsreceivable,particularlyformanufacturingcompanies,representasignificantpartofshort-termfinancialmanagement.Firmstypicallysellgoodsandservicesonbothcashandacreditbasis.Firmswouldrathersellforcashthanoncredit,butcompetitivepressuresforcemostfirmstooffercredit.Theextensionoftradecreditleadstotheestablishmentofaccountsreceivable.Receivablesrepresentcreditsalesthathavenotbeencollected.Asthecustomerspaytheseaccounts,thefirmreceivesthecashassociatedwiththeoriginalsale.Ifthecustomerdoesnotpayanaccount,abaddebtlossisincurred1.Whenacreditsaleismade,thefollowingeventsoccur:inventoriesarereducedbythecostofgoodssold,accountsreceivableareincreasedbythesalesprice,andthedifferenceisprofit,whichisaddedtoretainedearnings.Ifthesaleisforcash,thenthecashfromthesalehasactuallybeenreceivedbythefirm,butifthesaleisoncredit,thefirmwillnotreceivethecashfromthesaleunlessanduntiltheaccountiscollected.Carryingreceivablehasbothdirectandindirectcosts,butitalsohasanimportantbenefit-increasedsales.AccordingtoChambersandLaceytherearethreeprimaryissuesinthemanagementofaccountsreceivable:towhomtoextendcredit,whatthetermsofthecreditshouldbe,andwhatprocedureshouldbeusedtocollectthemoney.Extendingcreditshouldbebaseduponacomparisonofcostsandbenefits.Theanalysismustbuildinuncertaintybecauseweareuncertainoffuturepayment,andwewillhandlethisbycomputingtheexpectedcostsandexpectedbenefitsthroughpaymentprobabilities.Thepotentialcostofextendingcreditisthatthecustomerwillnotpay.Althoughthereisatemptationtocomputethiscostasthefullpriceoftheproduct,itisalmostalwaysmoreappropriatetousetheactualcostoftheproduct.Thepotentialbenefitofextendingcreditisnotjustthehopeforprofitontheonetransaction;rather,itisthepotentialvalueofthecustomerforalong-termrelationship.Thedecisionofhowmuchcredittooffermustbemadewhenthecustomerinitiallyrequestscreditandwhenthecustomerrequestsadditionalcredit.Thefundamentalprinciplethatguidesfinancialdecisionscanbeused:marginalbenefitversusmarginalcost.Themarginalcostistheadditionalpotentiallostcostsoftheproduct.Thecostsofpastuncollectedsalesaresunkcostsandshouldnotbeincludedasamarginalcosts.Themarginalbenefitsarethepotentialsalesandinterestrevenues–includingthepotentialtorecoverpastsalesthatremainuncollected.Oncethedecisiontograntcredithasbeenmade,thefirmmustestablishthetermsofthecredit.Credittermsareoftenseparatedintotwoparts:thecreditperiodandthecreditdiscount.Collectionofaccountsreceivableisanimportantprocessforacorporationandrequiresawell-designedandwell-implementedpolicy.Onetechniqueisthefactoringofaccountsreceivables.Inatypicalfactoringarrangement,onefirmwillselltheiraccountsreceivableoutrighttoanotherfirmforanagreed-uponprice.Thereiausuallynorecourseinsuchtransactions,suchthatthebuyer(alsoknownasthefactor)takesthelossifthepurchaserofthegoodsdoesnotultimatelypayforthem.Anothertechniquetoexpeditethereceiptofaccountsreceivableistoutilizelockboxes.Lockboxesarepaymentcollectionlocationsspreadgeographicallysoastoreducetheamountoftimerequiredforchecksmailedtothefirmtobedepositedandcleared.Thelockboxesaretypicallypostofficeboxaddressesfromwhichdepositsgodirectlytoabankonthedayofreceipt.Thereductionofmailingtimeandcheckclearingtimeforthebankscanproducesignificantsavingswhenlargesumsofmoneyareinvolved.Paymentsofaccountsreceivableshouldbecloselymonitoredtodetectpotentialproblemssuchaswouldbeindicatedbyslowpayments.Followinguponslow-payingcustomersisanimportantfunctionofthecreditdepartment.Proceduresshouldbecarefullydevelopedandconsistentlyimplemented.Themajordecisionregardingaccountsreceivableisthedeterminationoftheamountandtermsofcredittoextendtocustomers.Thetotalamountofaccountsreceivableisdeterminedbytwofactors:thevolumeofcreditsalesandtheaveragelengthoftimebetweensalesandcollections.Thecredittermsofferedhaveadirectbearingontheassociatedcostsandrevenuetobegeneratedfromreceivables.Inevaluatingapotentialcustomer’sabilitytopay,considerationshouldbegiventothefirm’sintegrity,financialsoundness,collateraltobepledged,andcurrenteconomicconditions.Acustomer’screditsoundnessmaybeevaluatedthroughquantitativetechniquessuchasregressionanalysis.Baddebtlossescanbeestimatedreliablywhenacompanysellstomanycustomersandwhenitscreditpolicieshavenotchangedforalongperiodoftime.Inmanagingaccountsreceivable,thefollowingproceduresarerecommended:?establishacreditpolicy?establishapolicyconcerningbilling?establishapolicyconcerningcollection.Theestablishmentofacreditpolicycanincludethefollowingactivities:?Adetailedreviewofapotentialcustomer’ssoundnessshouldbemadepriortoextendingcredit.Proceduressuchasacarefulreviewofthecustomer’sfinancialstatementsandcreditrating,aswellasareviewoffinancialservicereportsarecommon.?Ascustomerfinancialhealthchanges,creditlimitshouldberevised.?Marketingfactorsmustbenotedsinceanexcessivelyrestrictedcreditpolicywillleadtolostsales.?Thepolicyisfinanciallyappropriatewhenthereturnontheadditionalsalesplustheloweringininventorycostsisgreaterthantheincrementalcostassociatedwiththeadditionalinvestmentinaccountsreceivable.Thefollowingproceduresarerecommendedinestablishingapolicyconcerningbilling:?Customerstatementsshouldbesentwithin1daysubsequenttothecloseoftheperiod.?Largesalesshouldbebilledimmediately.?Customersshouldbeinvoicedforgoodswhentheorderisprocessedratherthanwhenitisshipped.?Billingforservicesshouldbedoneonaninterimbasisorimmediatelypriortotheactualservices.Thebillingprocesswillbemoreuniformifcyclebillingisemployed.?Theuseofseasonaldating’sshouldbeconsidered.Inestablishingapolicyconcerningcollectionthefollowingproceduresshouldbeused:?Accountsreceivableshouldbeagedinordertoidentifydelinquentandhigh-riskcustomers.Theagingshouldbecomparedtoindustrynorms.?Collectioneffortsshouldbeundertakenattheveryfirstsignofcustomerfinancialunsoundness6.2.2.ManagingthecreditpolicyThesuccessorfailureofabusinessdependsprimarilyonthedemandforitsproducts.Themajordeterminantsofdemandaresalesprices,productquality,advertising,andthecompany’screditpolicy.Thefinancialmanagerisresponsibleforadministeringthecompany’screditpolicy.Receivablesmanagementbeginswiththecreditpolicy.Creditpolicyconsistsoffourmajorcomponents:creditstandards,creditterms,thecreditlimitandcollectionprocedures.Creditstandardsrefertotherequiredfinancialstrengthofacceptablecreditcustomers.Basedonfinancialanalysisandnonfinancialdata,thecreditanalystdetermineswhethereachcreditapplicantexceedsthecreditstandardandthusqualifiesforcredit.Lowercreditstandardsboostsales,butalsoincreasebaddebts.Theminimumstandardsacustomermustmeettobeextendedcreditare:character,capital,capacity,conditionsandcollateral.Thecreditperiod,stipulatinghowlongfromtheinvoicethecustomerhastopay,andthecashdiscounttogethercomprisetheseller’screditterms.Acompany’scredittermsareusuallyverysimilartothatofothercompaniesinitsindustry7.Discountsgivenforearlypaymentincludethediscountpercentageandhowrapidlypaymentmustbemadetoqualifyforthediscount.Ifcreditisextended,thedollaramountthatcumulativecreditpurchasescanreachforagivencustomerconstitutesthatcustomer’screditlimit.Thecustomerperiodicallypaysforcreditpurchases,freeingupthatamountofthecreditlimitforfurtherorders.Thetwoprimarydeterminantsoftheamountofacustomer’screditlimitarerequirementsforthesupplier’sproductsandtheabilityofthecustomertopayitsdebts.Thelatterfactorisbasedprimarilyonthecustomer’srecentpaymentrecordwiththesellerandothersandareviewandanalysisofthecustomer’smostrecentfinancialstatements8Detailedstatementsregardingwhenandhowthecompanywillcarryoutcollectionofpast-dueaccountsmakeupthecompany’scollectionprocedures.Thesepoliciesspecifyhowlongthecompanywillwaitpasttheduedatetoinitiatecollectionefforts,themethodsofcontactwithdelinquentcustomers,andwhetherandatwhatpointaccountswillbereferredtoanoutsidecollectionagency9.Collectionpolicyismeasuredbyitstoughnessorlaxityinattemptingtocollectonslow-payingaccounts.Atoughpolicymayspeedupcollections,byitmightalsoangercustomers,causingthemtotaketheirbusinesselsewhere10Afirmmayliberalizeitscreditpolicybyextandingfullcredittopresentlylimitedcreditcustomersortonon-creditcustomers.Fullcreditshouldbegivenonlyifnetprofitabilityoccurs.Afinancialmanagerhastocomparetheearningsonsalesobtainedtotheaddedcostofthereceivables.Theadditionalearningsrepresentthecontributionmarginontheincrementalsalesbecausefixedcostsareconstant.Theadditionalcostsontheadditionalreceivablesresultfromthegreaternumberofbaddebtsandtheopportunitycostoftyingupfundsinreceivablesforalongertimeperiod.Ifafirmconsidersofferingcredittocustomerswithahigher-than-normalriskrating,theprofitabilityonadditionalsalesgeneratedmustbecomparedwiththeamountofadditionalbaddebtsexpected,higherinvestingandcollectioncosts,andtheopportunitycostoftyingupfundsinreceivablesforalongerperiodoftime.Whenidlecapacityexists,theadditionalprofitabilityrepresentstheincrementalcontributionmargin(saleslessvariablecosts)sincefixedcostsremainthesame.譯文公司應(yīng)收賬款的管理埃莉奧諾拉克羅地亞預(yù)算和財(cái)務(wù)部門經(jīng)理1.引言應(yīng)收賬款是指由于企業(yè)將其產(chǎn)品銷售給客戶而應(yīng)向購買單位收取的款項(xiàng)。公司應(yīng)收賬款投資的主要決定因素是整個(gè)行業(yè)、總銷售額水平以及公司的信用和收賬政策。應(yīng)收賬款管理包括建立一個(gè)信用和收賬政策。信用政策包括四個(gè)變量：信用期，提前付款給折扣，信貸標(biāo)準(zhǔn)和收賬政策。應(yīng)收賬款管理的三個(gè)主要問題是誰應(yīng)該擴(kuò)展信貸，信貸的方式和程序應(yīng)該用于收集資金。應(yīng)收賬款的重大決策即決定客戶貸款的數(shù)量和條件。應(yīng)收賬款總額未在任何給定的時(shí)間償還主要取決于兩個(gè)因素：信用銷售的數(shù)量，銷售與收賬間的平均時(shí)間間隔。提供的信用證條款對相關(guān)成本和應(yīng)收賬款產(chǎn)生的收入有著直接影響。如果信用證條款嚴(yán)格，就會有更少的應(yīng)收賬款投資在和壞賬損失，但也會降低銷售減少利潤。我們假設(shè)，通過應(yīng)用以科學(xué)為基礎(chǔ)的應(yīng)收賬款管理和通過建立信貸政策，來使凈收益最高，企業(yè)可以獲得令人滿意的利潤以及投資回報(bào)。本研究的目的是確定一種找到最優(yōu)的應(yīng)收賬款水平與利用不同信貸政策的方法，在一個(gè)可接受風(fēng)險(xiǎn)范圍內(nèi)獲得最大收益。在信貸政策不斷變化的環(huán)境中，努力填補(bǔ)凈儲蓄的空白，這項(xiàng)研究對此作出了重大貢獻(xiàn)，也給企業(yè)經(jīng)理人提供了一般性的建議。有了填補(bǔ)此鴻溝的目標(biāo)，本研究將調(diào)查公司的應(yīng)收賬款、高層管理現(xiàn)狀，并探索信貸政策變化以及凈利潤率條件下的成本和收益。當(dāng)一家公司正在考慮改變其信貸政策以提高收益，應(yīng)當(dāng)比較增量盈利率與成本折扣，應(yīng)收賬款中較高的投資與機(jī)會成本相關(guān)聯(lián)。結(jié)果代表了一個(gè)新的數(shù)學(xué)模型，計(jì)算信貸政策變化中的凈儲蓄，公司通過這種模型可以考慮不同的信貸政策，并在信貸政策的變化中提高其收入和盈利能力。2．文獻(xiàn)綜述2.1應(yīng)收賬款管理應(yīng)收賬款在大多數(shù)公司資產(chǎn)中占有相當(dāng)大的比例。在應(yīng)收賬款的投資，尤其是對于制造企業(yè)，是其短期財(cái)務(wù)管理的重要組成部分。公司通常以現(xiàn)金和信用貸款的方式出售商品和服務(wù)。公司寧愿出售換取現(xiàn)金而不是接受信貸，但競爭壓力迫使大多數(shù)公司提供信貸。貿(mào)易信貸的擴(kuò)展導(dǎo)致的應(yīng)收賬款的出現(xiàn)。應(yīng)收賬款說明信用銷售款未收賬。客戶付賬之后，公司才算收回之前的銷售款。如果客戶不支付，公司就會產(chǎn)生壞賬損失。一旦建立起信貸銷售，就會出現(xiàn)以下情況：庫存降低增加商品銷售成本，銷售價(jià)格提高應(yīng)收賬款增加，不同的是利潤，被添加到留存收益。如果出售換取現(xiàn)金，公司才實(shí)際獲得到了銷售額，但如果采取信貸銷售的方式，該公司將不會立即獲得銷售額直到公司收賬完成。應(yīng)收賬款會產(chǎn)生直接和間接成本，但它也有一種重要的且有益于銷售達(dá)成的方式。根據(jù)錢伯斯和萊西的觀點(diǎn)，應(yīng)收帳款管理中有三個(gè)主要問題：向誰提供貸款，信貸的條款應(yīng)該是什么，應(yīng)當(dāng)通過怎樣的程序來收款。信貸展期應(yīng)當(dāng)在比較成本與收益的基礎(chǔ)上進(jìn)行。因?yàn)槲覀儾淮_定未來的支付能否達(dá)成，其分析就可能在不確定的條件下進(jìn)行，因此，我們將通過支付概率來計(jì)算預(yù)期成本和預(yù)期收益，從而解決此問題。客戶將不會支付擴(kuò)大信貸的潛在成本。盡管計(jì)算足價(jià)產(chǎn)品的成本是一種非常好的方式，但通常更適合使用產(chǎn)品的實(shí)際成本。信貸展期的潛在好處不僅僅交易中的利潤；相反，它的潛在價(jià)值在于一個(gè)長期的客戶關(guān)系?？蛻糇畛跽埱筚J款以及當(dāng)客戶請求追加貸款時(shí)，你就必須決定能為他提供多少信貸了?？梢允褂没驹瓌t指導(dǎo)財(cái)務(wù)決策：邊際收益與邊際成本。邊際成本是指產(chǎn)品額外的潛在損失成本。過去未收款的銷售成本是沉沒成本，不應(yīng)包括邊際成本。邊際收益是指潛在的銷售和利息收入——包括追回過去仍未收款銷售的潛力。一旦決定給予信貸，公司必須建立信貸條款。信貸條款通常分為兩個(gè)部分：信貸周期和信用折扣。應(yīng)收賬款的收賬程序?qū)緛碚f十分重要，需要設(shè)計(jì)精良和實(shí)施得當(dāng)?shù)恼摺Ｆ渲幸粋€(gè)方法是應(yīng)收賬款代理。標(biāo)準(zhǔn)的代理協(xié)議中，一家公司將他們的應(yīng)收賬款以商定的價(jià)格直接出售給另一個(gè)公司。此類交易中通常沒有追索權(quán)，這樣，如果買方的貨物最終沒有支付他們，買方（也稱為因素）將承擔(dān)損失。另一個(gè)方法是利用鎖箱加快應(yīng)收賬款的收據(jù)。（完整譯文請到百度文庫）鎖箱是回款的地域分布位置，主要為了減少寄支票給公司的時(shí)間。鎖箱通常是郵政信箱地址，直接到銀行去存款獲得收據(jù)。當(dāng)涉及大量的資金時(shí)，減少銀行的郵寄時(shí)間和票據(jù)清算或結(jié)算時(shí)間可以最大程度的節(jié)省成本。支付的應(yīng)收賬款應(yīng)密切監(jiān)測可能發(fā)現(xiàn)的問題，如通過緩慢的支付來控制。追蹤支付緩慢的客戶是信貸部門的一個(gè)重要職責(zé)。程序應(yīng)當(dāng)慎重開發(fā)并持續(xù)實(shí)施。關(guān)于應(yīng)收賬款的重要決定是對于信貸展期與數(shù)量的測定。應(yīng)收賬款的總量取決于兩個(gè)因素：信用銷售的數(shù)量以及銷售和匯款之間的平均期限。提供的信貸條款和相關(guān)的應(yīng)收賬款產(chǎn)生的成本和收入有直接關(guān)系。評估一個(gè)潛在客戶的支付能力，應(yīng)該充分考慮這個(gè)公司的信用度、財(cái)務(wù)穩(wěn)健性、有無抵押品以及當(dāng)前的經(jīng)濟(jì)條件?？蛻舻男庞脿顩r可以通過定量技術(shù)如回歸分析來評估。當(dāng)一個(gè)公司出售產(chǎn)品給許多客戶或者當(dāng)其信貸政策長期未得到改變時(shí)，我們就能如實(shí)的評估其壞賬損失。管理應(yīng)收賬款，建議遵循以下程序：?確立信貸政策?確立一個(gè)涉及賬單的政策?建立一個(gè)有