第三講 營運資金管理績效評價分析

1、營運資金管理第三講 營運資金管理績效評價分析,王竹泉 教授 博士生導師 管理學院副院長兼會計學系主任 會計碩士（MPAcc）教育中心 主任 中國企業(yè)營運資金管理研究中心主任 Email: zhuquanw@yahoo.com.cn,營運資金管理績效的主體維度,母公司股東母公司債權人子公司債權人母公司經(jīng)營者、企業(yè)集團經(jīng)營者子公司經(jīng)營者。。。。。。,營

2、運資金管理績效的組織維度,企業(yè)集團數(shù)據(jù)來源：合并財務報表母公司、子公司數(shù)據(jù)來源：個別財務報表企業(yè)集團與母公司的營運資金管理績效差異?,營運資金管理績效的客體維度,戰(zhàn)略支持能力營運資金增值能力營運資金周轉能力營運資金風險水平,傳統(tǒng)以資金周轉能力為核心的評價,周轉率指標流動資產周轉率存貨周轉率應收賬款周轉率應付賬款周轉率營運資金周轉率,周轉期指標流動資產周轉期應收賬款周轉期存貨周轉期應付賬款周轉期

3、營業(yè)周期營運資金周轉期,應收賬款周轉績效,應收賬款周轉率 =年賒銷收入/平均應收賬款應收賬款周轉天數(shù) =360/應收賬款周轉率 應收賬款周轉天數(shù)也稱為平均收賬期，是信用控制經(jīng)常采用的指標。,存貨周轉績效,存貨周轉率 存貨周轉率=年銷售成本/平均存貨存貨周轉期=360/存貨周轉率 存貨周轉天數(shù)的意義：從取得存貨到銷售存貨的天數(shù)，反映存貨轉化為現(xiàn)金的速度。存貨周轉率和存貨周轉期也可按營業(yè)收入作為

4、周轉額計算。,應付賬款周轉績效,應付賬款周轉率 應付賬款周轉率 =年銷售成本/平均應付賬款應付賬款周轉期=360/應付賬款周轉率應付賬款周轉率和應付賬款周轉期也可按營業(yè)收入作為周轉額計算。,營業(yè)周期分析,營業(yè)周期=存貨周轉期+應收賬款周轉期從取得存貨到收回現(xiàn)金即存貨變現(xiàn)的時間。 營業(yè)周期 存貨周轉期 應收款周轉期取得存貨

5、 銷售存貨 收回現(xiàn)金,,,,,,,,,,現(xiàn)金在此處付出了嗎？,營運資金周轉期,營運資金周轉期=存貨周轉期+應收款周轉期-應付款周轉期 付出現(xiàn)金 應付款周轉期 營運資金周轉期 營業(yè)周期 存貨周轉期 應收款周轉期取得存貨

6、 銷售存貨 收回現(xiàn)金如果應付款周轉期大于營業(yè)周期，營運資金周轉期會怎樣？現(xiàn)金周轉期=CCC=存貨周轉期+應收款周轉期-應付款周轉期,,,,,,,,,,,,,,,美國最大1000家企業(yè)營運資金管理狀況,美國REL咨詢公司和CFO雜志發(fā)起的營運資金調查（The Working Capital Survey，始于1997年，每年對美國最大1000家企業(yè)的營運資金進行調查），每年發(fā)布調查報告和排行榜。調查采用的基本

7、指標DWC=DSO+DIO-DPODays Sales Outstanding Days Inventory Outstanding Days Payables Outstanding,REL & CFO MAGEZINE WOKING CAPITAL SURVEY,Days Sales Outstanding: AR/(total revenue/365)Year-end trade receivables net

8、 of allowance for doubtful accounts,plus financial receivables, divided by one day of average revenue.Days Inventory Outstanding: Inventory/(total revenue/365)Year-end inventory divided by one day of average revenue.D

9、ays Payables Outstanding: AP/(total revenue/365)Year-end trade payables divided by one day of average revenue.Days Working Capital: (AR + inventory - AP)/(total revenue/365)Year-end net working capital (trade receivab

10、les plus inventory,minus AP) divided by one day of average revenue.,REL & CFO MAGEZINE WOKING CAPITAL SURVEY,Weighted Working CapitalCurrent year net working capital - previous year net working capital multiplied b

11、y the year-to-year revenue change.Working Capital OpportunityUpper-quartile trade receivables, inventory, or accounts payable performance of sample - comparable performance of a company or industry.,REL & CFO MAGEZ

12、INE WOKING CAPITAL SCORECARD,The 2009 Working Capital ScorecardThe 2010 Working Capital Scorecard,REL & CFO MAGEZINE Working It Out: The 2010 Working Capital Scorecard,Average days working capital (DWC) for 1,000

13、of the largest U.S. public companies jumped by 8.2%, according to the CFO/REL Working Capital Scorecard. That rise, to 38.3 days in 2009 from 35.4 days in 2008, marks the biggest DWC deterioration in the last five years

14、for that universe of large companies.Among the elements that make up working capital, days sales outstanding (DSO) performance deteriorated by 10.4%, marking a glut in receivables that was balanced almost evenly by an 1

15、1.4% jump in days payable outstanding (DPO). And the combination of companies replenishing their inventories after 2008 and those still stuck with unsellable product in 2009 caused days inventory outstanding (DIO) to bur

16、geon by 8.8%.,Dell Computer—WC & CA,,Dell Computer—Current Ratio,,Dell Computer—Days of Supply in Inventory,,Dell Computer—Days of Sales in AR,,Dell Computer—Days of Accounts Payable,,Dell Computer—Cash CycleOther P

17、eople’s Money,CFO&REL Ranking(2003年以前）,Cash Conversion Efficiency (CCE)(Cash flow from operations) / SalesDays Working Capital (DWC)(Receivables + Inventory – Payables) / (Sales/365)Overall Ranking(Highest overa

18、ll CCE – Company CCE) / (Highest overall CCE – Lowest overall CCE) x(Lowest overall DWC – Company DWC) / Lowest overall DWC – Highest overall DWC),Measuring the Cash Conversion Cycle in an International Supply Chain,Ruth

19、 Banomyong Thammasat Business School, Thammasat University, Thailand Banomyong@thammasat.netAnnual Logistics Research Network (LRN) Conference Proceedings 2005, Plymouth, UK, 7-9 September 2005, ISBN 1-904564-13-5,Me

20、asuring the Cash Conversion Cycle in an International Supply Chain,Supply chain management (SCM) has the potential to improve the three key drivers of financial performance - growth, profitability, and capital utilisatio

21、n (Rice & Hoppe, 2001). The cash-conversion-cycle (C2C) metric is an important financial metric as it expresses operational performance in financial terms and can be derived from information readily available in pub

22、lished financial statements (Lambert & Pohlen 2001).,Measuring the Cash Conversion Cycle in an International Supply Chain,The shrimp export supply chain starts from shrimp suppliers in Thailand who bought raised shri

23、mps from farmers along the coastal areas of the country. These suppliers will then sell their shrimps to a Thai shrimp exporters who will have to freeze and pack the shrimps for overseas sales. The importer in the US wil

24、l buy the shrimps from the Thai exporter and re-sell the shrimps to a major retailer in the States. The major retailer will then sell the Thai frozen shrimps through its outlets across the United States。,Measuring the Ca

25、sh Conversion Cycle in an International Supply Chain,,,,,,,,,,,,,,,,,中國上市公司營運資金管理狀況,2006年度中國上市公司營運資金管理績效排行榜 王竹泉 劉文靜 高芳，中國上市公司營運資金管理調查：1997-2006，《會計研究》2007年第12期,中國上市公司營運資金管理狀況,,其他指標及問題,其他指標流動比率=流動資產/流動負債速動比率=（流動資產-存貨）

26、/流動負債問題預收款、預付款？房地產行業(yè),基于渠道管理的營運資金分類方法,王竹泉、逄詠梅、孫建強（2007）提出了營運資金分類的新視角。首先將營運資金分為經(jīng)營活動營運資金和理財活動營運資金。進一步將經(jīng)營活動營運資金按照其與經(jīng)營渠道的關系分為營銷渠道的營運資金、生產渠道的營運資金和采購渠道的營運資金，借以考察營運資金在渠道上的分布狀況。王竹泉,逄詠梅,孫建強. 國內外營運資金管理研究的回顧與展望.《會計研究》,2007年第2

27、期,基于渠道管理的營運資金分類方法,王竹泉 劉文靜 王興河 楊立霏 張欣怡（2008）經(jīng)營活動的營運資金包括材料存貨、在產品存貨、庫存商品、應收賬款、應收票據(jù)、預付賬款、其他應收款、應付賬款、應付票據(jù)、預收賬款、應付職工薪酬、應付稅費等。營銷渠道營運資金(成品存貨+應收賬款、應收票據(jù) -預收賬款 -應交稅費)生產渠道營運資金(在產品存貨+其他應收款-應付職工薪酬-其他應付款) 采購渠道營運資金(材料存貨+預付賬款-應付賬款、應付

28、票據(jù)) 理財活動營運資金主要包括現(xiàn)金、應收利息、應收股利、有價證券或交易性金融資產、短期借款、應付股利、應付利息等。,提出基于渠道的營運資金管理績效評價體系,營運資金周轉期=營運資金總額÷（全年銷售收入/360）經(jīng)營活動營運資金周轉期 =經(jīng)營活動營運資金總額÷（全年銷售收入/360） =（營銷渠道營運資金+生產渠道營運資金+采購渠道營運資金） ÷(全

29、年銷售收入/360） 營銷渠道營運資金周轉期=營銷渠道營運資金÷（全年銷售收入/360）生產渠道營運資金周轉期=生產渠道營運資金÷（全年銷售收入/360）采購渠道營運資金周轉期=采購渠道營運資金÷（全年銷售收入/360）,中國上市公司營運資金管理績效排行榜,中國上市公司營運資金管理績效排行榜：2008（按要素）中國上市公司營運資金管理績效排行榜2008（按渠道）,研究成果——調查報告、排行榜與數(shù)據(jù)庫