现代企业财务信用管理讲义(ppt 25页)（英文版）

现代企业财务信用管理讲义目录：
1、Terms of the Sale
2、The Decision to Grant Credit:Risk and Information
3、Optimal Credit Policy
4、Credit Analysis
5、Collection Policy
6、How to Finance Trade Credit
7、Summary & Conclusions

 

现代企业财务信用管理讲义内容提要：
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
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.
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.
Example of the Decision to Grant Credit
A firm currently sells 1,000 items per month on a cash basis for $500 each.
If they offered terms net 30, the marketing department believes that they could sell 1,300 items per month.
The collections department estimates that 5% of credit customers will default.
The cost of capital is 10% per annum.
Collection Effort
Most firms follow a protocol for customers that are past due:
Send a delinquency letter.
Make a telephone call to the customer.
Employ a collection agency.
Take legal action against the customer.
There is a potential for a conflict of interest between the collections department and the sales department.
You need to strike a balance between antagonizing a customer and being taken advantage of by a deadbeat.

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