企业财务管理28.pdf

28-0 CHAPTER Credit Management 28-1 Chapter Outline 28.1 Terms of the Sale 28.1 Terms of the Sale 28.2 The Decision to Grant Credit: 28.2 The Decision to Grant Credit: Risk and Information Risk and Information 28.3 Optimal Credit Policy 28.3 Optimal Credit Policy 28.4 Credit Analysis 28.4 Credit Analysis 28.5 Collection Policy 28.5 Collection Policy 28.6 How to Finance Trade Credit 28.6 How to Finance Trade Credit 28.7 Summary Conclusions 28.7 Summary Conclusions 28-2 Introduction A firm’s credit policy is composed of: A firm’s credit policy is composed of: Terms of the sale Terms of the sale Credit analysis Credit analysis Collection policy Collection policy This chapter discusses each of the components This chapter discusses each of the components of credit policy that makes up the decision to of credit policy that makes up the decision to grant credit. grant credit. 28-3 The Cash Flows of Granting Credit Credit sale Customer Firm Bank credits is made mails check deposits firm’s check account Time Cash collection Accounts receivable 28-4 28.1 Terms of the Sale The terms of sale of composed of The terms of sale of composed of Credit Period Credit Period Cash Discounts Cash Discounts