BAFS - Paper 2B F5 Working Capital (Current Asset - Current Liabilities) Management 營運資本 (流動資產 - 流動負債) 管理

Importance 重要性 
(1)  Negative : liquidity problem
       負︰流動性問題
(2)  Positive : Idle resources, low profitability and productivity 
       正︰閒置資源，低盈利能力及生產力

Types 種類
(1) Cash 現金
(2) Inventory 存貨
(3) Account receivables 應收帳款
(4) Account payables 應付帳款

Cash 現金
(1) Synchronization of cash inflows and outflows 
      maintain a positive cash balance
      同步現金流入流出，令現金結餘保持正數
(2) Receive cash as quick as possible by using cash discount
      盡快收現金，利用現金折扣
(3) Pay cash as slow as possible
      盡拖要付的現金 
(4)  Combine (1), (2), (3) = Cash budgeting
       - ensure company's financial ability can repay current liabilities
       - compare actual cash inflow and cash outflow as a control
       - identify min cash balance for avoiding liquidity problem
       結合 (1), (2), (3) = 現金預算
       - 保證公司的財政能力足夠償還流動負債
       - 比較實際的現金流入與流出以作為一個控制
       - 顯示公司需要的最低現金結餘，避免流動性問題


Account receivables & payable 應收/付帳款
(1) Credit Policy 信貸政策 (3Cs) 
     (a) Collection policy 收款政策
           - procedure for collecting money 收款的程序
              e.g. sending reminders 發付款提示
     (b) Credit standard 信貸標準
           - who can obtain credit 誰人可賒帳 (5Cs)
              (i)  Capital 資本
              (ii) Capacity (定期還款)能力
              (iii) Collateral 抵押品
              (iv) Condition (外圍經濟)狀況
              (v) Character 品格 
     (c) Credit terms 信貸條款
           - cash discount period, cash discount, 
             credit period, credit limit
             現金折扣期、現金折扣、賒帳期、賒帳上限

Inventory 存貨
(1) Economic Order Quantity 最優訂購量 (EOQ)

(2) Re-order level 再訂購水平
= Daily demand * lead time + safety stock
= 每日需求量 * 訂貨間隔期 + 安全存貨



連結 Link:   BAFS - Paper 2B

連結 Link:   Herman Yeung Blog 主目錄