《财务管理与分析》2004年版--营运能力比率分析-英文原文Word下载.docx
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manufacture
goods,
will
likely
have
some
inventory
invarious
stages
of
production.
This
is
referred
to
as
work-in-process.
You
also
may
want
finished
goods
in
case
sales
aregreater
than
expected.
Or
hold
speculative
fordealing
with
events
such
a
change
the
product
or
cost
theraw
materials.
Further,
firms
satisfy
contractual
agreements.
Forexample,
retail
outlet
that
sole
distributor
representative
aregion,
be
required
carry
specified
for
sale.
The
decision
invest
involves,
ultimately,
determining
level
marginal
benefit
（such
as.
providing
transactions
andprecautionary
needs）
equal
carrying
costs）.
level
ofinventory
at
which
benefits
ownerswealth
maximizing
level.
Models
Inventory
Management:
There
are
alternative
models
inventorymanagement,
but
basic
idea
all
them
same:
Minimize
inventorycosts.
Economic
Order
Quantity
Model:
（EOQ）model
helps
us
determine
what
quantity
order
each
time
we
sothat
total
costs
throughout
period
minimized.
economic
orderquantity
model
assumes
that:
l.
received
instantaneously.
2.
used
uniformly
over
period.
3.
shortages
not
desirable.
With
these
assumptions,
can
minimize
sum
and
ordering
by
specific
amount
inventory,
quantity,
they
run
out
ofinventory.
Monitoring
We
monitor
looking
atfinancial
ratios
much
same
way
receivables.
number
ofdays
ratio
dollar
value
point
thecost
sold
per
day:
Number
days
=
Inventory/Average
day’s
sold,
an
estimate
days’
worth
onhand.
Combined
demand
your
this
planning
production
purchasing
goods.
Another
monitorinventory
turnover
ratio-
-the
sell
period（the
sold）
on
hand
end
period（inventory）:
Inventory
=Cost
sold/Inventory,
tells
you,
average,
how
many
times
inventoryflows
through
firm
from
raw
materials
sold-during
period.
thetypical
is,
say,
five
times,
means
firmcompletes
cycles
investing
selling
year.
Ifthe
less
usual,
suggest
either
slower（resulting
relatively
more
work-in-process）
sluggish
perhapsneed
boost
incentives
discounting
prices.
Also,
interpretation
straightforward.Is
ahigher
good
bad?
It
could
either.
A
high
mean
thefirm
using
its
investment
efficiently.
But
it
might
firmis
risking
shortage
inventory.
Not
keeping
enough
（relative
issold）incurs
chance
lost
customer
goodwill.
Using
turnover
along
measures
profitability
give
better
whether
you
getting
adequate
return
inventory.
The
management
current
assets.
requires
balancing
having
toomuch
tied
up
asset
against
sufficient
theassetsonhand.Thoughbusinesspracticesandcustomsdifferamongindustries,thegeneralideainthemanagementofreceivablesistograntcredittoencouragesalesandstaycompetitive,whileconsideringthecostoftyingupfundsandofpossibleincurringbaddebts.Inthemanagementofinventory,theinvestmentininventorydiffersamongindustriessincethenatureofthegoodsforsalesdictatesinlargepartthetypeofinventoryrequired.Theeconomicorderquantitymodelandthejust-in-timemanagementtechniquecanaidthefinancialmanagerinmanagingtheinvestmentininventory.
Thecommonpurposeofdecisionsrelatedtoaccountsreceivableandinventoryistominimizeinvestmentinshort-termassets.Butinallcases,youmusthavesomeinvestmentintheassetbecauseyouwillincurcostsifyoudonothaveenoughoftheasset.Ifyoulacksufficientinventoryoryoufailtooffercompetitivecreditterms,youmaylosesalestoyourcompetitors.
Receivablemanagementinvolvesatradeoffbetweenthebenefitsofincreasedsalesandthecostsofcredit（forexample,theopportunitycostoffundsanddefaultsbycreditcustomers）.
Creditandcollectionpoliciesmustbeformulatedtoconsiderthebenefitsarisingfromincreasingsalesandthecostsassociatedwithextendingcredit.
Inventorymanagementinvolvesatradeoffbetweenthebenefitsofhavingsufficientinventorytomeetdemandandthecosts-ofinventory（forexample,theopportunitycostoffunds,st
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