working capital management

working capital management：investment、receivable、payment、management of cash

management of working capital

• investment
• receivable
  • credit policy
  • speed up receivables method
    • early settlement discount
    • factor
    • invoice discounting
      • confidencial
  • management foreign account receivable
    • reduce directly
    • export credit insurance
    • export factoring
    • letter of credit
• payment
  • trade credit
  • early settlement discount
  • foreign account payment
• management of cash
  • reason of holding cash
    • transaction
    • precausionary
    • speculation投机
  • cash shortage
    • reason
      • 经济增长带来通货膨胀导致企业遭受损失，一次性费用的带有很大的季节性波动
    • solving
      • 开源节流
  • cash flow forecast
    • 根据企业的相关销售和购买政策，主要关注企业赊销和赊购天数，确定现金流入和流出企业的时间。同时，企业资金的inflow和outflow只要出现都要记录在相应区域，不要自己计算抵消。
  • cash managemnet model
    • Baumol model:Q=(2*C*S/i)^0.5
      • 类比EOQ,表示现金的最佳持有量。
      • 局限性： 假设现金以相同速率消耗；假设没有其他现金持有成本；假设没有现金储备
      • 认为现金流都是可控的
    • Miller-Orr model
      • 认为现金流全部都不可控
    • 两个模型的差异
      • 乐观悲观
      • 可控不可控
      • 年化利率日利率
  • benefit of centralized treasure management and cash control