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The discussion about the management of accounts receivabl1.docx

Thediscussionaboutthemanagementofaccountsreceivabl1

Thediscussionaboutthemanagementofaccountsreceivable

XXX

InternationalFinancialManagement

Supervisor：

Prof.Zhu

June17,2011

HunanUniversity

Contents

Thediscussionaboutthemanagementofaccountsreceivable1

Thediscussionaboutthemanagementofaccountsreceivable3

1Relevanttheoreticalknowledge4

1）Causesofaccountsreceivable4

2）Accountsreceivablefunction4

3）Thecostofaccountsreceivable4

4）China'sexistingenterpriseaccountsreceivablerelatedissues5

5）Conclusion6

2Case7

3CaseAnalysis8

1）AnalysisofaccountsreceivableonthesignificanceofChanghong8

2）ForChanghong,herearesomespecificissues:

3）Let’shavealookatChanghong’sresponse:

4）Reformrssults11

5）Thesuggestionsfromus:

4Conclusion13

Bbliography14

Thediscussionaboutthemanagementofaccountsreceivable

Abstract:

Withthedevelopmentofmarketeconomy,theimplementationofcommercialcredit,accontsreceivableamountisalsoincreasedsignificantly,strengtheningthemanagementofaccountsreceivablehasbecomeanimportantproductionandbusinessactivitiespart.Butthehighpercentageofaccountsreceivable,resultinginrevenuegrowthcanonlybookprofitstotheenterprise,cannotbringbusinesstomaintainandexpandproductionscale,thecashflownecessarytoenableenterprisestodecreasetheoperatingcapacityandsolvency.ThispaperanalyzesthecaseofSichuanChanghong'saccountsreceivable,tofindproblemsintheaccountsreceivablemanagementofChanghong,andhowtosolvetheseproblemsonitsown.

Keywords:

accountsreceivable;management;SichuanChanghong;proposals

1Relevanttheoreticalknowledge

Accountsreceivableisanenterprisecreditproductsorprovideservicesduetotheformationofthereceivables,includingreceivablessoldloans,otherreceivables,notesreceivable,etc.

1）Causesofaccountsreceivable

Businesscompetition.Thisisthemaincausesofaccountsreceivable.Accountsreceivablearecompaniessellingproductsorprovidingservicesintimetoprovidecustomerswithacommercialcredit.Enterprisesareusingcreditmethod,thereasonistoincreasesales,reducebusinessinventoryandincreaseprofitability.Atpresent,thegoodsoncredithasbecomeanessentialfeatureofcontemporaryeconomic,althoughmostcompaniesprefercashsalesratherthancredit,butbecauseofcompetitivepressuresforcedmanycompaniesthatoffercreditbusinesscredit,tostabilizetheirownsaleschannelsandincreaserevenue.

Inaddition,thetimedifferencebetweensalesandreceivables.Butthisreasondoesnotproduceacommercialcreditaccountsreceivable,accountsreceivablegeneratedisnotthemainreason,soherenottodiscussthemindepth.

2）Accountsreceivablefunction

Increasesalesfunction.Intensecompetitioninthemarketunderthepressureofbusinessinordertocompeteinafavorableposition,inadditiontoprovidingwithqualityproducts,preferentialpriceandafter-salesservice,oftentakencreditandinstallmentandothermeanstoincreasesalesprofit.Andtherearealsoexpandingmarketshare,reducetheroleofinventory.

3）Thecostofaccountsreceivable

Opportunitycost.Opportunitycostreferstothemoneylostinaccountsreceivableandotherinvestmentincome.Accountsreceivabletobeoccupiedbytheenterprisefunds,enterprisefundsifyoudonotputontheaccountsreceivablecanbeobtainedforotherinvestmentincome.

Managementcosts.Aftertheaccountsreceivable,businesstoitsmanagementandtheoccurrenceofthecorrespondingcosts,includingthefinancialsectorcreditofthecustomerthecostoftheinvestigation,collectinformationonthecostofbooksandrecordsofexpenses,collectionfeesandothercosts.

Doubtfulaccountscosts.Accountsreceivableisunabletorecoverthelossesincurred,thatdoubtfulaccountslosses.Doubtfulaccountscostsmeansthatcompanieshavesufferedsomeeconomicloss,lossofbusinessthatisaninevitablecost,thegreatertheamountofaccountsreceivable,longeroverduearrears,doubtfulaccountslosseswillbe.

4）China'sexistingenterpriseaccountsreceivablerelatedissues

（1）thedailymanagementofaccountsreceivableimperfect,weakawarenessofriskprevention

Anincreasinglycompetitivemarket,salesintheenterprise'sstatusisrising,especiallythoselargeproductbacklogofbusiness.Butthesalesdepartmentoftenonlythepursuitofsales,donotattachimportancetosalesofthebacksection,andsomecompaniesdonothaveastrictcreditapprovalsystem,freetogivecustomerspreferentialpaymentterms,resultingindifficultiesinthefuturerecoveryofaccountsreceivable,resultinginalargenumberofaccountsreceivablelong-termlosses,greatlyincreasedthesalescycle,reducingtheefficientuseoffunds.

（2）doesnotsetupaspecialdepartmentresponsibleformanagementofaccountsreceivable

Inthesalesdepartmentisresponsibleforcredit,creatingaccountsreceivable,paymentoftheclaimisoftentheresponsibilityofthefinancialsector.Insomeenterprises,financialsectoronlyplaysaroleofasimplerecord,theoccurrenceoftheamountreceivablebythecustomerDengruMingbreakdown,agingisalsotheformofoperation,thissimplebook-entrymanagementsimplycannotberesolved;inothercompanies,duetotheirresponsibilities,resultinginthefinancialsectorandsalesofcontradiction,isnotconducivetonormalproductionandoperation.

（3）doesnotfocusoncostanalysis,cost-effectivenottofollow

China'senterprisesbythetraditionalaccountsreceivablemanagement,andinter-enterprise"triangulardebts"andanotherveryseriouspaymentarrears,baddebtlossrateishigh.Accordingtostatistics,the2001NationalEnterprise"triangulardebts"ofupto1.5trillionyuan;directresultofevadingpaymentofdebtscausedbythelossofabout180billionyuanofdirectlossesduetomaliciousbreachofapproximately55billion;for"triangulardebts"andtheincreaseincashtransactionsFinancecosts2,000yuan.,TheaveragecreditrateofChina'senterprisesoflessthan20%,butthebaddebtlossrateashighas5%.Thetraditionalaccountsreceivablemanagementshortcomingsexposed,itisnotsuitablefortrend,wemustbeinnovative.

5）Conclusion

Basedontheabovetheoryandtheproblemswehave,wecanconcludethatthetargetcompany'saccountsreceivablemanagement.Receivablescanincreasetheincidenceofcorporateprofits,butitshouldalsobecorrespondingcosts.Therefore,theaccountsreceivablemanagementgoalistoincreaseinvestmentinaccountsreceivableandincreasetheprofitabilityofatrade-offbetweencost,fordeterminingareasonablecreditpolicytomaximizethenetinvestmentinaccountsreceivable.

2Case

SichuanChanghong,China'scolorTVindustryisrecognizedasaleadingenterpriseintheworld'sthirdlargestcolorTVproductionbase,anditsleadingproductsenjoyahighmarketshareofbusiness,butin2004,mainbusinessrevenuefell18.36%,theannuallossof36.81billion.Themainreasonisthehighaccountsreceivable,resultinginthenetassetsofvirtualenterprise.Showsthataccountsreceivableisanambushintheenterprisesideofthe"timebomb",causinggreatfinancialsecurityoftheenterpriserisk.

The19millionyuanfrom1995to2003growthofnearly50billionyuan,totalassets,accountsreceivableincreasedfrom0.3%in1995to23.3%in2003.In2004,SichuanChanghongprovisionfordoubtfulaccountss$310million,asoffirstquarterof2005,SichuanChanghong'saccountsreceivableto2.775billionyuan,accountingfor18.6%oftotalassets.

EndofDecember2004,Changhongresultoftheplannedlargedoubtfulaccountss,willfaceamajorlossofpatentfees,theU.S.anti-dumpingonChinesecolorTVsetsandotherfactors,Changhong'smaincustomers-theU.S.importerofAPEX's,therewasgreaterloss,theamountpaidthecompanyowedmoredifficultthere.APEXisthelargestdebtor,SichuanChanghong,outstandingaccountsreceivableamountedto3.838billionyuan,accountingfor96.4%oftotalaccountsreceivable.Accordingly,thecompanydecidedonthetradeaccountsreceivablebadfinancialpreparation,themaximumwasexpectedtoprepareaccrualaccountsringaroundU.S.$310millionamount.Inaddition,asofDecember25,2004,SichuanChanghongdebtsecuritiescommissionintheSouthamountedto182.8millionyuaninvestment,theChinaSouthernSecuritiesiscurrentlyinsolvent,accordingtotheprincipleofprudence,thebalanceofgovernmentbondstobeentrustedtoafullimpairmentprovision.Changhong'snetprofitin2003was2.6billionyuan,asastandard,Changhongbackatleast1Oyearsthisdebtsburden.Listedfirstlossin10years,leavingthedebtfor10yearsTooHigh.Withinjustafewdays,Changhong'ssharesfellnearly30%ofthetotalmarketvalueofthelossofmorethan30billionyuan.

ChanghongismainlyduetohugelossesofU.S.dealers-APEXcompany'shugedebt,thelargesthomeapplianceindustryin2004thedebtevent.

SichuanChanghongElectricCo.threeyearsbeforethestructuralanalysisofIncomeStatement（simplified）

Items

1999

2000

2001

Mainoperatingrevenue

100%

Netmainoperationgrevenue

100%

Mainoperatingcost

83.93%

85.06%

87.46%

Mainoperatingprofit

15.57%

14.46%

11.94%

Operatingexpense

9.63%

10.53%

10.86%

Administrativeexpense

1.85%

1.78%

2.58%

Financialexpense

0.2%

-0.49%

-0.82%

Operatingrevenue

6.30%

2.88%

0.23%

Returnoncapital

-0.16%

0.15%

1.26%

Profit

6.15%

3.05%

1.17%

Incometax

0.95%

0.64%

0.23%

Netprofit

5.20%

2.56%

0.93%

3CaseAnalysis

1）Analysiso

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