CurrentAssets流动资产CurrentLiabilities流动负债.ppt

Credit Risks in Working Capital and Equipment Loans营运资本和设备贷款的信用风险 Alexandru Cebotari Working Capital – Why Is It So Important营运资本：为何这么重要？ The financial element of risk is defined as the inability of cash generation to: 风险的财务元素被定义为现金流量不能达到以下情况： Maintain working capital 维持运营资本 Maintain productive assets 维持经营性资产 Meet debt service in schedule 不能定期还本付息 Pay reasonable dividends 支付合理股息 Maintain some borrowing power 维持一定的借款能力 Cash generation is defined as profits plus depreciation. Is it true? 现金流量被定义为利润加上折旧， 正确吗？ Operating expenses on the net income statement include depreciation expense, which does not require a cash outlay 净损益表上的运营开支包括折旧开支（不需要现金支出） Decrease in current assets, other then cash, have positive effects on cash flows, and increases in current assets have a negative effect. 流动资产而非现金的减少对于现金流有积极的影响，而流动资产的增加则带来消极的影响 An increase in the current liabilities has a positive effect, and a decrease in current liabilities has a negative effect. 流动负债的增加有积极的影响，反之则有消极影响 Role of Working Capital营运资本的角色 Asset Conversion Cycle资产转换周期 The Asset Conversion Cycle represents the number of days it takes a company to purchase raw materials, convert them into finished goods, sell the finished product to a customer and receive payment for the product 资产转换周期指一个公司采购原材料，转换为成品，出售给客户并收到付款的时间 The ACC has three components: 资产转换周期有三个部分： Days Receivables Outstanding 应收帐款收款天数 Measures the average number of days from the sale of goods to the collection of receivables 衡量从货物的出售到回收应收账款的平均天数 (Average Accounts Receivables/Sales)*365 days （平均应收账款/销售）* 365 天 Days Inventory Held 库存持有天数 Measures the average length of time between acquisition and sale of merchandise 衡量从获得商品到出售商品之间的平均时间长度 (Average Inventories/Cost of Goods Sold)*365 （平均库存/出售货物的成本）* 365 Days Accounts Payable Outstanding 应付账款付款天数 Measures the average length of time between the purchase of goods and payment for them 衡量从购买商品到支付款项之间的平均时间长度 (Average Accounts Pa