第三講 營(yíng)運(yùn)資金管理績(jī)效評(píng)價(jià)分析

1、營(yíng)運(yùn)資金管理第三講 營(yíng)運(yùn)資金管理績(jī)效評(píng)價(jià)分析,王竹泉 教授 博士生導(dǎo)師 管理學(xué)院副院長(zhǎng)兼會(huì)計(jì)學(xué)系主任 會(huì)計(jì)碩士（MPAcc）教育中心 主任 中國(guó)企業(yè)營(yíng)運(yùn)資金管理研究中心主任 Email: zhuquanw@yahoo.com.cn,營(yíng)運(yùn)資金管理績(jī)效的主體維度,母公司股東母公司債權(quán)人子公司債權(quán)人母公司經(jīng)營(yíng)者、企業(yè)集團(tuán)經(jīng)營(yíng)者子公司經(jīng)營(yíng)者。。。。。。,營(yíng)

2、運(yùn)資金管理績(jī)效的組織維度,企業(yè)集團(tuán)數(shù)據(jù)來源：合并財(cái)務(wù)報(bào)表母公司、子公司數(shù)據(jù)來源：個(gè)別財(cái)務(wù)報(bào)表企業(yè)集團(tuán)與母公司的營(yíng)運(yùn)資金管理績(jī)效差異?,營(yíng)運(yùn)資金管理績(jī)效的客體維度,戰(zhàn)略支持能力營(yíng)運(yùn)資金增值能力營(yíng)運(yùn)資金周轉(zhuǎn)能力營(yíng)運(yùn)資金風(fēng)險(xiǎn)水平,傳統(tǒng)以資金周轉(zhuǎn)能力為核心的評(píng)價(jià),周轉(zhuǎn)率指標(biāo)流動(dòng)資產(chǎn)周轉(zhuǎn)率存貨周轉(zhuǎn)率應(yīng)收賬款周轉(zhuǎn)率應(yīng)付賬款周轉(zhuǎn)率營(yíng)運(yùn)資金周轉(zhuǎn)率,周轉(zhuǎn)期指標(biāo)流動(dòng)資產(chǎn)周轉(zhuǎn)期應(yīng)收賬款周轉(zhuǎn)期存貨周轉(zhuǎn)期應(yīng)付賬款周轉(zhuǎn)期

3、營(yíng)業(yè)周期營(yíng)運(yùn)資金周轉(zhuǎn)期,應(yīng)收賬款周轉(zhuǎn)績(jī)效,應(yīng)收賬款周轉(zhuǎn)率 =年賒銷收入/平均應(yīng)收賬款應(yīng)收賬款周轉(zhuǎn)天數(shù) =360/應(yīng)收賬款周轉(zhuǎn)率 應(yīng)收賬款周轉(zhuǎn)天數(shù)也稱為平均收賬期，是信用控制經(jīng)常采用的指標(biāo)。,存貨周轉(zhuǎn)績(jī)效,存貨周轉(zhuǎn)率 存貨周轉(zhuǎn)率=年銷售成本/平均存貨存貨周轉(zhuǎn)期=360/存貨周轉(zhuǎn)率 存貨周轉(zhuǎn)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(zhuǎn)化為現(xiàn)金的速度。存貨周轉(zhuǎn)率和存貨周轉(zhuǎn)期也可按營(yíng)業(yè)收入作為

4、周轉(zhuǎn)額計(jì)算。,應(yīng)付賬款周轉(zhuǎn)績(jī)效,應(yīng)付賬款周轉(zhuǎn)率 應(yīng)付賬款周轉(zhuǎn)率 =年銷售成本/平均應(yīng)付賬款應(yīng)付賬款周轉(zhuǎn)期=360/應(yīng)付賬款周轉(zhuǎn)率應(yīng)付賬款周轉(zhuǎn)率和應(yīng)付賬款周轉(zhuǎn)期也可按營(yíng)業(yè)收入作為周轉(zhuǎn)額計(jì)算。,營(yíng)業(yè)周期分析,營(yíng)業(yè)周期=存貨周轉(zhuǎn)期+應(yīng)收賬款周轉(zhuǎn)期從取得存貨到收回現(xiàn)金即存貨變現(xiàn)的時(shí)間。 營(yíng)業(yè)周期 存貨周轉(zhuǎn)期 應(yīng)收款周轉(zhuǎn)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(yíng)運(yùn)資金周轉(zhuǎn)期,營(yíng)運(yùn)資金周轉(zhuǎn)期=存貨周轉(zhuǎn)期+應(yīng)收款周轉(zhuǎn)期-應(yīng)付款周轉(zhuǎn)期 付出現(xiàn)金 應(yīng)付款周轉(zhuǎn)期 營(yíng)運(yùn)資金周轉(zhuǎn)期 營(yíng)業(yè)周期 存貨周轉(zhuǎn)期 應(yīng)收款周轉(zhuǎn)期取得存貨

6、 銷售存貨 收回現(xiàn)金如果應(yīng)付款周轉(zhuǎn)期大于營(yíng)業(yè)周期，營(yíng)運(yùn)資金周轉(zhuǎn)期會(huì)怎樣？現(xiàn)金周轉(zhuǎn)期=CCC=存貨周轉(zhuǎn)期+應(yīng)收款周轉(zhuǎn)期-應(yīng)付款周轉(zhuǎn)期,,,,,,,,,,,,,,,美國(guó)最大1000家企業(yè)營(yíng)運(yùn)資金管理狀況,美國(guó)REL咨詢公司和CFO雜志發(fā)起的營(yíng)運(yùn)資金調(diào)查（The Working Capital Survey，始于1997年，每年對(duì)美國(guó)最大1000家企業(yè)的營(yíng)運(yùn)資金進(jìn)行調(diào)查），每年發(fā)布調(diào)查報(bào)告和排行榜。調(diào)查采用的基本

7、指標(biāo)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(guó)上市公司營(yíng)運(yùn)資金管理狀況,2006年度中國(guó)上市公司營(yíng)運(yùn)資金管理績(jī)效排行榜 王竹泉 劉文靜 高芳，中國(guó)上市公司營(yíng)運(yùn)資金管理調(diào)查：1997-2006，《會(huì)計(jì)研究》2007年第12期,中國(guó)上市公司營(yíng)運(yùn)資金管理狀況,,其他指標(biāo)及問題,其他指標(biāo)流動(dòng)比率=流動(dòng)資產(chǎn)/流動(dòng)負(fù)債速動(dòng)比率=（流動(dòng)資產(chǎn)-存貨）

26、/流動(dòng)負(fù)債問題預(yù)收款、預(yù)付款？房地產(chǎn)行業(yè),基于渠道管理的營(yíng)運(yùn)資金分類方法,王竹泉、逄詠梅、孫建強(qiáng)（2007）提出了營(yíng)運(yùn)資金分類的新視角。首先將營(yíng)運(yùn)資金分為經(jīng)營(yíng)活動(dòng)營(yíng)運(yùn)資金和理財(cái)活動(dòng)營(yíng)運(yùn)資金。進(jìn)一步將經(jīng)營(yíng)活動(dòng)營(yíng)運(yùn)資金按照其與經(jīng)營(yíng)渠道的關(guān)系分為營(yíng)銷渠道的營(yíng)運(yùn)資金、生產(chǎn)渠道的營(yíng)運(yùn)資金和采購(gòu)渠道的營(yíng)運(yùn)資金，借以考察營(yíng)運(yùn)資金在渠道上的分布狀況。王竹泉,逄詠梅,孫建強(qiáng). 國(guó)內(nèi)外營(yíng)運(yùn)資金管理研究的回顧與展望.《會(huì)計(jì)研究》,2007年第2

27、期,基于渠道管理的營(yíng)運(yùn)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(yíng)活動(dòng)的營(yíng)運(yùn)資金包括材料存貨、在產(chǎn)品存貨、庫(kù)存商品、應(yīng)收賬款、應(yīng)收票據(jù)、預(yù)付賬款、其他應(yīng)收款、應(yīng)付賬款、應(yīng)付票據(jù)、預(yù)收賬款、應(yīng)付職工薪酬、應(yīng)付稅費(fèi)等。營(yíng)銷渠道營(yíng)運(yùn)資金(成品存貨+應(yīng)收賬款、應(yīng)收票據(jù) -預(yù)收賬款 -應(yīng)交稅費(fèi))生產(chǎn)渠道營(yíng)運(yùn)資金(在產(chǎn)品存貨+其他應(yīng)收款-應(yīng)付職工薪酬-其他應(yīng)付款) 采購(gòu)渠道營(yíng)運(yùn)資金(材料存貨+預(yù)付賬款-應(yīng)付賬款、應(yīng)付

28、票據(jù)) 理財(cái)活動(dòng)營(yíng)運(yùn)資金主要包括現(xiàn)金、應(yīng)收利息、應(yīng)收股利、有價(jià)證券或交易性金融資產(chǎn)、短期借款、應(yīng)付股利、應(yīng)付利息等。,提出基于渠道的營(yíng)運(yùn)資金管理績(jī)效評(píng)價(jià)體系,營(yíng)運(yùn)資金周轉(zhuǎn)期=營(yíng)運(yùn)資金總額÷（全年銷售收入/360）經(jīng)營(yíng)活動(dòng)營(yíng)運(yùn)資金周轉(zhuǎn)期 =經(jīng)營(yíng)活動(dòng)營(yíng)運(yùn)資金總額÷（全年銷售收入/360） =（營(yíng)銷渠道營(yíng)運(yùn)資金+生產(chǎn)渠道營(yíng)運(yùn)資金+采購(gòu)渠道營(yíng)運(yùn)資金） ÷(全

29、年銷售收入/360） 營(yíng)銷渠道營(yíng)運(yùn)資金周轉(zhuǎn)期=營(yíng)銷渠道營(yíng)運(yùn)資金÷（全年銷售收入/360）生產(chǎn)渠道營(yíng)運(yùn)資金周轉(zhuǎn)期=生產(chǎn)渠道營(yíng)運(yùn)資金÷（全年銷售收入/360）采購(gòu)渠道營(yíng)運(yùn)資金周轉(zhuǎn)期=采購(gòu)渠道營(yíng)運(yùn)資金÷（全年銷售收入/360）,中國(guó)上市公司營(yíng)運(yùn)資金管理績(jī)效排行榜,中國(guó)上市公司營(yíng)運(yùn)資金管理績(jī)效排行榜：2008（按要素）中國(guó)上市公司營(yíng)運(yùn)資金管理績(jī)效排行榜2008（按渠道）,研究成果——調(diào)查報(bào)告、排行榜與數(shù)據(jù)庫(kù)