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1、原文：原文：AStrategicApproachonganizingAccountsReceivableManagement:SomeEmpiricalEvidence1.IntroductionFirmsrarelyrequireimmediatepaymentftheirmerchise.FexampleintheUKcpatesectmethan80%ofdailybusinesstransactionsareoncreditte

2、rmsaccountsreceivableconstituteoneofthemainassetsoncpatebalancesheets(35%oftotalassets)Assoonastradedebtssettletheiraccountscashflowsintothecompany.Atthesametimehowevernewsalesgeneratenewaccountsreceivable.Thelevelofdebt

3、sthusremainsconstantwhensalesfiguresarestablewhileitgrowsassalesfiguresincrease.Althoughfirmsextendingtradecreditheavilyinvestinaccountsreceivabletheresultingfinancialneedisnottheonlyreasonwhytradecreditdecisionsmeritmec

4、arefulattention.Thispaperdevelopsdiscussestwoadditionalconsiderations.Firstfirmssellingoncreditopenthemselvestomalhazard.Whenexchangerelationsaresubjecttoimperfectinfmationthisuncertaintyresultsintransactioncosts.Sellers

5、thushaveincentivestodevelopganizationalstructuresthatreducethetransactioncostsresultingfromthisasymmetricinfmationproblem.Bothhomemadeplanningsalesstructuringaswellasbalancedproductmarketptfolioscanreducethisuncertaintyw

6、hileexternalizationofriskbecomesattractivewhenthesehomemadeinstitutionsfail.Secondvendsofferingtradecredithavetoadoptavarietyofnewresponsibilities:thedecisionwhethernottograntcredittoa(new)customertheassumptionofcreditad

7、ministrationcollectionpoliciesthebearingofthecreditriskinvolved.Fromamanagerialpointofviewthismeansthattheseller1)financesthebuyer’sinventy2)engagesinadditionalaccountingcollectingactivities3)monitsthefinancialhealthofbo

8、thexistingpotentialcustomers4)getsinvolvedinassessingbearingnewrisks.Notallcreditmanagementfunctionshoweverhavetobeperfmedbytheseller.Indeedwhenextendingtrade2.1.FACTINGITSEQUIVALENTFactingbasicallyoffersthreetypesofserv

9、ices:1)finance2)riskcontrol3)salesledgeradministration.Howevernotallfactingcontractsprovidethisfullarrayofservices.Baseduponthescopeofhismanagerialneedsthesellercandecideontheextensivenessofthecontract.Themostimptantdist

10、inctionbetweenfactingcontractsisthatbetweenrecoursenonrecourseagreements.Anonrecourseagreementimpliesthatthefactmakesthecreditextensiondecisionmonitscollectstheaccountsreceivablebearsthecreditrisk.Underarecourseagreement

11、thefirmsellingoncreditretainstheriskofnonrecoveryofthedebt.Meoverwhenthecontractprovidesfinancingthefactingcontractiscalledanadvancefactingcontract.Afullfactingagreementthenisanonrecourseagreementprovidingfinancingfallcr

12、editsales(bothnationalsalesexpt).Theequivalentsinternalizingtheiraccountsreceivablemanagementfinancetheiraccountsreceivableoutofgeneralcpatecreditmanageinternallythecreditriskassessmentcreditgrantingcreditcollectioncredi

13、triskbearingfunctions.2.2.THEADMINISTRATIVEMANAGEMENTCONTRACTThecompaniesusinganadministrativemanagementcontractaredefinedasthosecompaniesthatusecreditinfmationagenciestoassessthetradecreditriskstocollectaccountsreceivab

14、lewhentheyaredueARF(AccountsReceivableFinancing)contractsservicecontractsofferedbyafact.Thusalthoughtheadministrationofaccountsreceivablehasbeenoutsourcedthefirmstillbearsthetradecreditrisk.2.3.THERISKMANAGEMENTCONTRACTT

15、heriskmanagementcontractisdefinedasacontractthatindemnifiesfirmsagainstlossesonuncollectedaccountsreceivablebutdoesnottakecareofthefirm’screditadministrationprocess.Examplesofsuchthirdpartyspecialistsaree.g.creditinsuran

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