信用销售的风险决策和成本控制研究
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摘要
近年来,随着市场竞争的加剧,企业管理者越来越深刻地认识到现金流量对企业生存和发展的重要性,以及应收账款与借款额和利息支出同消同涨的关系,企业的利润率不得不因过多的应收账款而一降再降!信用风险和信用管理问题已成为影响和制约企业发展的一个突出问题。为使企业保持良性、可持续发展,任何现代企业,更大的范畴来说,任何现代社会都需要建立一整套严格的信用管理体系,来审核、控制、监督信用交易、识别信用风险,减少信用损失
企业信用风险管理是一个宏大的研究课题,由于能力和篇幅的限制,本文着重探讨了企业赊销的信用决策选择,包括信用政策的决策和赊销额度的确定两个方面。而赊销额的确定更是本文的研究重点。通过信用成本曲线模型分析,我们可以得出企业整体的最佳赊销额。
论文的第一章是绪论,包括了论文的选题背景以及论文的主体框架。第二章介绍了与信用有关的概念以及相应的研究,并分析了物流供应商存在的问题及面临的信用窘境。第三章讨论了赊销在供应链内部提供融资的存在价值。第四章研究了信用政策的变化对信用决策的影响,包括信用标准,信用条件,收帐政策的不同所采取的信用决策。第五章,为了确定最佳的赊销总额,本章分析了信用成本的计算。主要是短缺成本的计算方法,模型分析在第五章中介绍。第六章,本章分析了已有信用成本模型,提出了该模型的两个主要缺点。在此基础上提出了信用成本分析模型,通过该模型,企业可以较准确的确定一段时期内企业的最佳赊销额。第七章为本文的结束部分。
In recent years, along with market competition's aggravating, the enterprise superintendents realized more and more profoundly the importance of the cash flow to the enterprise survival and the development, as well as the account receivable with disappears taking advantage of the money sum and the interest expense with the relations which rises, enterprise's profit margin have to be falling for excessively account receivables! The credit risks and the credit administration problems affects directly the development prominently. In order to cause the enterprise maintain the healthy and sustainable development, any modern enterprise, a large category, any modern society needs to establish a complete set of strict system of credit administration to vetting, control and supervise the credit trading, to distinguish the credit risk, and to reduce the lose of credit.
Enterprise credit risk management is a great research subject, because of the ability and the length limit, this article focuses on the credit decision-making, including credit policy decision-making and credit amount determination. The credit amount determination is the key research of this article. Through the credit cost curve model, we could get the best credit amount.
The thesis contains seven chapter, first chapter is the introduction, included the background and the framework. The second chapter introduced the related concept and the relevant research about credit, and analyzed the severe challenge that logistics enterprise confronted. The third chapter discussed the financing value of credit sale inside supply chain. The fourth chapter studied the credit policy change how to influence credit decision-making, including the credit standard, the credit condition, and collection policy. The fifth chapter, this chapter analyzed how to compute the credit cost, mainly the computational method of short cost. The sixth chapter, this chapter analyzed the existed credit cost model, proposed two major objects. And proposed new credit cost analysis model, through this model, the enterprise could get the best credit amount in accurate. The seventh chapter is the end of article.
企业信用风险管理是一个宏大的研究课题,由于能力和篇幅的限制,本文着重探讨了企业赊销的信用决策选择,包括信用政策的决策和赊销额度的确定两个方面。而赊销额的确定更是本文的研究重点。通过信用成本曲线模型分析,我们可以得出企业整体的最佳赊销额。
论文的第一章是绪论,包括了论文的选题背景以及论文的主体框架。第二章介绍了与信用有关的概念以及相应的研究,并分析了物流供应商存在的问题及面临的信用窘境。第三章讨论了赊销在供应链内部提供融资的存在价值。第四章研究了信用政策的变化对信用决策的影响,包括信用标准,信用条件,收帐政策的不同所采取的信用决策。第五章,为了确定最佳的赊销总额,本章分析了信用成本的计算。主要是短缺成本的计算方法,模型分析在第五章中介绍。第六章,本章分析了已有信用成本模型,提出了该模型的两个主要缺点。在此基础上提出了信用成本分析模型,通过该模型,企业可以较准确的确定一段时期内企业的最佳赊销额。第七章为本文的结束部分。
In recent years, along with market competition's aggravating, the enterprise superintendents realized more and more profoundly the importance of the cash flow to the enterprise survival and the development, as well as the account receivable with disappears taking advantage of the money sum and the interest expense with the relations which rises, enterprise's profit margin have to be falling for excessively account receivables! The credit risks and the credit administration problems affects directly the development prominently. In order to cause the enterprise maintain the healthy and sustainable development, any modern enterprise, a large category, any modern society needs to establish a complete set of strict system of credit administration to vetting, control and supervise the credit trading, to distinguish the credit risk, and to reduce the lose of credit.
Enterprise credit risk management is a great research subject, because of the ability and the length limit, this article focuses on the credit decision-making, including credit policy decision-making and credit amount determination. The credit amount determination is the key research of this article. Through the credit cost curve model, we could get the best credit amount.
The thesis contains seven chapter, first chapter is the introduction, included the background and the framework. The second chapter introduced the related concept and the relevant research about credit, and analyzed the severe challenge that logistics enterprise confronted. The third chapter discussed the financing value of credit sale inside supply chain. The fourth chapter studied the credit policy change how to influence credit decision-making, including the credit standard, the credit condition, and collection policy. The fifth chapter, this chapter analyzed how to compute the credit cost, mainly the computational method of short cost. The sixth chapter, this chapter analyzed the existed credit cost model, proposed two major objects. And proposed new credit cost analysis model, through this model, the enterprise could get the best credit amount in accurate. The seventh chapter is the end of article.
引文
[1]贾楠,吕永波,夏云兰.基于信用成本的供应链合作问题博弈分析[J].物流技术,2007,(07).
[2]王桂强.赊购企业商业信用成本优化选择:机会成本分析的一个实际应用[J].商业研究,2005,(18).
[3]王洪海.应收账款机会成本杠杆效应与信用策略博弈[J].财会通讯(综合版),2006,(07).
[4]赵文清.企业短期融资中使用商业信用隐含资金成本的确定[J].北方工业大学学报,1995,(02).
[5]殷明,崔毅.企业信用风险管理的定量决策模型研究[J].山西大学学报(自然科学版),2002,25(4):369-371.
[6]刘杉.贸易信贷:小企业的有效融资方式[J].国际经济合作,2006,(4):48-51.
[7]谭伟强.商业信用:基于企业融资动机的实证研究[J].南方经济,2006,(12):50-60.
[8]刘民权,徐忠,赵英涛.商业信用研究综述[J].世界经济,2004,(1):25-28
[9]谈儒勇.金融发展的微观动因及效应[M].北京:中国财政经济出版社,2004.
[10]张捷,王霄.中小企业融资成长周期与融资结构变化[J].世界经济,2002,(09).
[11]吴晶妹.现代信用学[M].北京:中国金融出版社,2002.
[12]王化成.企业财务学[M].北京:中国人民大学出版社,1994.
[13]约翰.瓦霍维奇.现代企业财务管理[M].北京:经济科学出版社,1998.
[14]柯大钢,王平心,郭丽红.公司理财[M].西安:西安交通大学出版社,1999.
[15]黄爱梅.信用政策与应收账款[J].交通财会.1999,(11):32-33.
[16]刘文雅,沈占波.论应收账款政策及其风险控制[J].社科纵横.1997,(5):78-79.
[17]张佳春,韩萍.制订企业信用政策时值得思考的问题[J].华东经济管理,1997,(3):39-40.
[18]刘洪伟,陈伟东.赊销客户信用度分析的神经网络模型[J].工业工程,2004,7(2):25-28.
[19]苏钰,汪波.赊销的博弈分析模型[J].工业工程,2005,8(3):43-46.
[20]尚宇梅,马林慷,陆宁.应付账款信用决策[N].西北建筑工程学院学报(自然科学版),2001,18(3).
[21]曲云翠.商业信用延长收益分析[N].财会信报,2006.
[22]钟爱军.企业信用期限决策分析[N].海峡财经导报,2006.
[23]甘永生.萨托里斯—希尔信用政策决策模型及其应用[J].山东交通学院学报,1998,(02):49-51.
[24]蒋兆才.试析应收账款机会成本的计算[J].商业研究,2002,(20):48-50.
[25]徐时红.信用政策变动对利润的影响[J].山西财税,2002,(11):19-20.
[26]谢旭.企业赊销与信用管理[M].北京:中国经济出版社,2000.
[27]韩家平.企业信用管理典范[M].北京:中国对外经济贸易出版社,2001.
[28]朱学义,吴欣.企业应收账款短缺成本确定方法[J].财会实务,2001,(2):27-28.
[29]刘文雅,沈占波.论应收帐款信用政策及其风险控制[J].社科纵横,1997,(05).
[30]张国林,郑筱娟.应收账款投资的定量分析[N],中国财经报,2002-04-18.
[31]钟子亮.赊销风险评估的程序及其信息依据[J].财会月刊,2001,(02)
[32]Tim Ren_e Adam.Risk management and the credit risk premium[M].Journal of Banking & Finance,2002.
[33]吴金星,王宗军.基于层次分析法的企业信用评价方法研究[J].华中科技大学学报(自然科学版),2004,(03).
[34]吴俊生,陈元欣,王健.我国职业体育俱乐部利用商业信用融资研究[J].西安体育学院学报,2005,(04)
[35]潘淑娟.论企业信用融资的合理界限[J].福建金融管理干部学院学报,1997,(01).
[36]史立君.商业信用融资方式简析[J].黑龙江财会,1994,(09).
[37]钟维兆,温立勇.借鉴美国经验根治我国中小企业融资困境[J].经济师,2005,(10).
[38]孙小安.企业利用商业信用筹资的利弊分析[J].上海有色金属,2003,(02):46-49.
[39]詹雷.商业信用成本之探讨[J].会计之友,2001,(04):26.
[40]王英姿,耿香玲.中小企业信用融资中的问题及对策[J].上海金融学院学报,2002,(01):19-22.
[41]孟凡芳.浅议商业信用融资[J].当代经理人(下旬刊),2006,(09).
[42]陈建中,席萍.浅析供应链采购阶段的中小企业融资[J].时代金融,2007,(05).
[43]姚建凤.拓展仓单质押业务-实现企业物流业务的延伸与创新[J].全国商情(经济理论研究),2006,(11).
[44]赵茉.商业融资绩效分析[J].合作经济与科技,2006,(04).
[45]陈庆保.中小企业如何运用商业信用融资[J].财会月刊(综合版),2006,(14).
[46]钟田丽,陈静,高源.中小企业利用商业信用影响因素分析[J].管理评论,2006,(01).
[47]姜涛.析商业信用发展对中小企业融资的影响[J].经济研究参考,2007,(34).
[48]闫成武,鹿薛华.略谈商业信用筹资[J].林业财务与会计,1997,(02).
[49]史立君.商业信用融资方式简析[J].黑龙江财会,1994,(09).
[50]Emery,G.A Pure Financial Explanation for Trade Credit[J],Financial and Quantitative Analysis,1984,(19):271-285.
[51]Petersen,M.,Rajan,R.,Trade Credit:Theory and Evidence[J],Review of Financial Studies,1997,(10):681-691.
[52]Rajan,R.,Zingales,L.,Financial Dependence and Growth[J],American Economic Review,1998,(88):559-586.
[53]Summers,B.,Wilson,N.,Trade Credit Terms Offered by Small Firms:Survey Evidence and Empirical Analysis[J],Business and Finance Accounting,2002,(29):317-351.
[54]赵艳玲,叶红.物流企业应收帐款膨胀原因及风险防范[EB].:中国物流与采购网,2007-11-29.
[55]韩良智.EXCEL在财务管理与分析中的应用[M].北京:中国水利水电出版社,2004.
[2]王桂强.赊购企业商业信用成本优化选择:机会成本分析的一个实际应用[J].商业研究,2005,(18).
[3]王洪海.应收账款机会成本杠杆效应与信用策略博弈[J].财会通讯(综合版),2006,(07).
[4]赵文清.企业短期融资中使用商业信用隐含资金成本的确定[J].北方工业大学学报,1995,(02).
[5]殷明,崔毅.企业信用风险管理的定量决策模型研究[J].山西大学学报(自然科学版),2002,25(4):369-371.
[6]刘杉.贸易信贷:小企业的有效融资方式[J].国际经济合作,2006,(4):48-51.
[7]谭伟强.商业信用:基于企业融资动机的实证研究[J].南方经济,2006,(12):50-60.
[8]刘民权,徐忠,赵英涛.商业信用研究综述[J].世界经济,2004,(1):25-28
[9]谈儒勇.金融发展的微观动因及效应[M].北京:中国财政经济出版社,2004.
[10]张捷,王霄.中小企业融资成长周期与融资结构变化[J].世界经济,2002,(09).
[11]吴晶妹.现代信用学[M].北京:中国金融出版社,2002.
[12]王化成.企业财务学[M].北京:中国人民大学出版社,1994.
[13]约翰.瓦霍维奇.现代企业财务管理[M].北京:经济科学出版社,1998.
[14]柯大钢,王平心,郭丽红.公司理财[M].西安:西安交通大学出版社,1999.
[15]黄爱梅.信用政策与应收账款[J].交通财会.1999,(11):32-33.
[16]刘文雅,沈占波.论应收账款政策及其风险控制[J].社科纵横.1997,(5):78-79.
[17]张佳春,韩萍.制订企业信用政策时值得思考的问题[J].华东经济管理,1997,(3):39-40.
[18]刘洪伟,陈伟东.赊销客户信用度分析的神经网络模型[J].工业工程,2004,7(2):25-28.
[19]苏钰,汪波.赊销的博弈分析模型[J].工业工程,2005,8(3):43-46.
[20]尚宇梅,马林慷,陆宁.应付账款信用决策[N].西北建筑工程学院学报(自然科学版),2001,18(3).
[21]曲云翠.商业信用延长收益分析[N].财会信报,2006.
[22]钟爱军.企业信用期限决策分析[N].海峡财经导报,2006.
[23]甘永生.萨托里斯—希尔信用政策决策模型及其应用[J].山东交通学院学报,1998,(02):49-51.
[24]蒋兆才.试析应收账款机会成本的计算[J].商业研究,2002,(20):48-50.
[25]徐时红.信用政策变动对利润的影响[J].山西财税,2002,(11):19-20.
[26]谢旭.企业赊销与信用管理[M].北京:中国经济出版社,2000.
[27]韩家平.企业信用管理典范[M].北京:中国对外经济贸易出版社,2001.
[28]朱学义,吴欣.企业应收账款短缺成本确定方法[J].财会实务,2001,(2):27-28.
[29]刘文雅,沈占波.论应收帐款信用政策及其风险控制[J].社科纵横,1997,(05).
[30]张国林,郑筱娟.应收账款投资的定量分析[N],中国财经报,2002-04-18.
[31]钟子亮.赊销风险评估的程序及其信息依据[J].财会月刊,2001,(02)
[32]Tim Ren_e Adam.Risk management and the credit risk premium[M].Journal of Banking & Finance,2002.
[33]吴金星,王宗军.基于层次分析法的企业信用评价方法研究[J].华中科技大学学报(自然科学版),2004,(03).
[34]吴俊生,陈元欣,王健.我国职业体育俱乐部利用商业信用融资研究[J].西安体育学院学报,2005,(04)
[35]潘淑娟.论企业信用融资的合理界限[J].福建金融管理干部学院学报,1997,(01).
[36]史立君.商业信用融资方式简析[J].黑龙江财会,1994,(09).
[37]钟维兆,温立勇.借鉴美国经验根治我国中小企业融资困境[J].经济师,2005,(10).
[38]孙小安.企业利用商业信用筹资的利弊分析[J].上海有色金属,2003,(02):46-49.
[39]詹雷.商业信用成本之探讨[J].会计之友,2001,(04):26.
[40]王英姿,耿香玲.中小企业信用融资中的问题及对策[J].上海金融学院学报,2002,(01):19-22.
[41]孟凡芳.浅议商业信用融资[J].当代经理人(下旬刊),2006,(09).
[42]陈建中,席萍.浅析供应链采购阶段的中小企业融资[J].时代金融,2007,(05).
[43]姚建凤.拓展仓单质押业务-实现企业物流业务的延伸与创新[J].全国商情(经济理论研究),2006,(11).
[44]赵茉.商业融资绩效分析[J].合作经济与科技,2006,(04).
[45]陈庆保.中小企业如何运用商业信用融资[J].财会月刊(综合版),2006,(14).
[46]钟田丽,陈静,高源.中小企业利用商业信用影响因素分析[J].管理评论,2006,(01).
[47]姜涛.析商业信用发展对中小企业融资的影响[J].经济研究参考,2007,(34).
[48]闫成武,鹿薛华.略谈商业信用筹资[J].林业财务与会计,1997,(02).
[49]史立君.商业信用融资方式简析[J].黑龙江财会,1994,(09).
[50]Emery,G.A Pure Financial Explanation for Trade Credit[J],Financial and Quantitative Analysis,1984,(19):271-285.
[51]Petersen,M.,Rajan,R.,Trade Credit:Theory and Evidence[J],Review of Financial Studies,1997,(10):681-691.
[52]Rajan,R.,Zingales,L.,Financial Dependence and Growth[J],American Economic Review,1998,(88):559-586.
[53]Summers,B.,Wilson,N.,Trade Credit Terms Offered by Small Firms:Survey Evidence and Empirical Analysis[J],Business and Finance Accounting,2002,(29):317-351.
[54]赵艳玲,叶红.物流企业应收帐款膨胀原因及风险防范[EB].:中国物流与采购网,2007-11-29.
[55]韩良智.EXCEL在财务管理与分析中的应用[M].北京:中国水利水电出版社,2004.