QUAÛN

QUAÛN TRÒ
TRÒ
TIEÀN
TIEÀN

1
Doøng tieàn trong kinh doanh

Ñaàu tö Vay Baùn

cuûa nôï TSCÑ
chuû sôû
höõu
Baùn Thu
haøng nôï

Tieàn Traû
Mua
TSCÑ caùc
khoaûn
chi phí
Traû Traû
coå nôï
töùc goác 2
Muïc tieâu quaûn trò
tieàn

Toái thieåu hoaù löôïng tieàn maët ñeå

tieát kieäm chi phí lieân quan ñeán tieàn
maø vaãn duy trì hoaït ñoäng sx-kd bình
thöôøng.
Tieàn ñöôïc döï tröõ bôûi lyù do naøo ?
- Giao dòch;

-
Ñaàu cô; 3
Moâ hình Baumol xaùc ñònh
löôïng tieàn döï tröõ toái öu

 Xaùc ñònh möùc tieàn döï tröõ toái öu döïa

treân söï keát hôïp giöõa chi phí cô hoäi cuûa
tieàn maët vaø chi phí taïo tieàn.
 Hai giaû ñònh:
- Löôïng tieàn chi roøng (tieàn chi – tieàn thu) laø oån ñònh
- Chi phí taïo tieàn laø coá ñònh

4
 Coâng ty A döï kieán doøng tieàn chi ra laø 1 tyû
ñoàng moãi tuaàn vaø doøng tieàn thu vaøo laø 900
trieäu. Giaû söû ôû thôøi ñieåm ban ñaàu tieàn maët
laø 300 trieäu.
Soá dö tieàn maët
(tr.ñ)
•C=300

•C/2

•0• 1 2 3 4 5 6 7 8 9 Tuaàn
5
 C : Löôïng tieàn ban ñaàu (toång soá tieàn taêng
theâm töø vieäc vay nôï hoaëc baùn chöùng
khoaùn khaû hoaùn; löôïng tieàn moãi laàn taïo)

(C/2) : Löôïng tieàn bình quaân trong kyø

k : tyû suaát lôïi nhuaän toái thieåu treân thò
tröôøng -> chi phí cô hoäi do toàn tröõ tieàn maët
[(C/2) x k] : Chi phí cô hoäi cuûa soá tieàn toàn tröõ
f : Chi phí coá ñònh cho moãi laàn taïo tieàn
T : Toång nhu caàu tieàn trong moät chu kyø (1
naêm)
T/C : Soá laàn taïo tieàn trong moät chu kyø (1
naêm)
[(T/C) x f] : Chi phí giao dòch (chi phí taïo tieàn) trong
naêm
6
Löôïng tieàn döï tröõ toái öu (C*)

 Laø löôïng tieàn toái thieåu hoùa chi phí lieân

quan
 Taïi ñoù chi phí cô hoäi bieân caân baèng vôùi
chi phí taïo tieàn bieân
 Coâng thöùc:
2T  f
ECQ  C* 
k
7
Ví duï
Coâng ty
Coâng ty A döï kieán doøng tieàn chi ra laø 1 tyû
ñoàng moãi tuaàn vaø doøng tieàn thu vaøo moãi
tuaàn laø 900 trieäu .
Löôïng tieàn chi roøng 1 tuaàn : 100 tr
Löôïng tieàn chi roøng caû naêm : 52 x 100 = 5.200 tr
Giaû söû chi phí moãi laàn taïo tieàn f = 1,5 tr vaø tyû
suaát lôïi nhuaän toái thieåu treân thò tröôøng k =
10%
Löôïng tieàn toái öu moãi laàn taïo ñöôïc xaùc ñònh
nhö sau.
2  5200 1,5
C*   395tr
0,1
8
Baûng tính chi phí tieàn theo moâ hình
Baumol (Ñvt: tr.ñ)
C (C/2)k (T/C)f Coäng
365 18.25 21.37 39.62
375 18.75 20.80 39.55
385 19.25 20.26 39.51
395 19.75 19.75 39.50
405 20.25 19.26 39.51
415 20.75 18.80 39.55
425 21.25 18.35 39.60
9
Nhöôïc ñieåm cuûa Baumol

1. Löôïng tieàn chi roøng oån ñònh laø ñieàu

khoù ñaït ñöôïc trong thöïc teá
2. Vieäc baùn/mua moät khoái löôïng lôùn
chöùng khoaùn ngay taïi moät thôøi ñieåm
thöôøng khoâng ñôn giaûn
3. Chæ coù doanh nghieäp luoân boäi chi
tieàn môùi aùp duïng moâ hình naøy

10
The Miller - Orr Model
 The Miller-Orr Model provides a formula for
determining the optimum cash balance (Z),
the point at which to sell securities to raise
cash (lower limit L) and when to invest
excess cash by buying securities and
lowering cash holdings (upper limit H).
 Depends on:
 transaction costs of buying or selling securities
 variability of daily cash (incorporates uncertainty)
 return on short-term investments

11
The Miller-Orr Model
- Target Cash Balance (Z)
3
3 x TC x V
Z= +L
4xr
where: TC = transaction cost of buying
or selling securities
V = variance of daily cash flows
r = daily return on short-term
investments
L = minimum cash requirement
12
 The Miller-Orr Model
- Target Cash Balance (Z)
 Example: Suppose that short-term securities
yield 5% per year and it costs the organization
$50 each time it buys or sells securities (TC).
The daily variance of cash flows is $100,000
(V) and your bank requires $1,000 minimum
checking account balance (L).*

3
3 x 50 x 100,000
Z= 4 x .05/360 + $1,000

= $3,000 + $1,000 = $4,000

13
The Miller-Orr Model – Upper Limit

 The upper limit for the cash account

(H) is determined by the equation:
H = 3Z - 2L
where:
Z = Target cash balance
L = Lower limit
 In the previous example:
H = 3 ($4,000) - 2($1,000) = $10,000
14
Quaûn lyù tieàn
 Kieåm soaùt thôøi gian luaân chuyeån tieàn
 (+) Thôøi Gian hoaùn chuyeån toàn kho
 (+) Thôøi Gian hoaùn chuyeån phaûi thu
 (–) Thôøi gian trì hoaõn traû tieàn mua
haøng
 Xaây döïng ngaân saùch tieàn trong heä
thoáng ngaân saùch
 Ñaàu tö ngaén haïn
15
  

Thôøi gian luaân chuyeån tieàn

 

Ngaøy Ngaøy Ngaøy Ngaøy

1 2 3 4

haøng
Mua

Baùn
vaät

tieàn
Thu
Traû
tieàn
tö

vaät
tö
Thôøi gian
trì hoaõn
traû tieàn Thôøi gian luaân chuyeån tieàn
mua haøng
Thôøi gian hoaùn chuyeån Thôøi gian hoaùn
toàn kho chuyeån phaûi thu

16
Calculating the Cash Conversion Cycle

17
Funding Requirements of the CCC
Permanent vs. Seasonal Funding Needs

18
Thôøi gian luaân chuyeån tieàn

Thôøi gian hoaùn chuyeån toàn kho

+

Thôøi gian hoaùn chuyeån phaûi thu


Thôøi gian trì hoaõn traû tieàn

19
Coâng thöùc xaùc ñònh thôøi gian
luaân chuyeån tieàn

Thôøi gian Toàn kho bình quaân

=
hoaùn chuyeån Chi phí haøng baùn bình quaân moät
toàn kho ngaøy

Thôøi gian Phaûi thu bình quaân

=
hoaùn chuyeån Doanh thu baùn chòu bình quaân moät
phaûi thu ngaøy

Thôøi gian trì = Phaûi traû bình quaân

hoaõn traû tieàn Doanh soá mua chòu bình quaân moät
ngaøy
20
Ví duï xaùc ñònh thôøi gian luaân
chuyeån tieàn (Ñvt: tæ ñoàng)
2003 2004
Toàn kho bình 41,5 61,5
quaân
CP haøng baùn 249,7 261,6
Phaûi thu bình 31,5 37,5
quaân
Doanh thu 285 300
Phaûi traû bình 12 16
quaân
21
Ví duï xaùc ñònh thôøi gian luaân
chuyeån tieàn (Ñvt: ngaøy)
2003 2004

TG hoaùn chuyeån toàn 61 86

kho
TG hoaùn chuyeån phaûi 41 46
thu
TG trì hoaõn traû tieàn 16 21

TG luaân chuyeån tieàn 86 111

22
Phaân tích bieán ñoäng cuûa thôøi
gian luaân chuyeån tieàn

2003 2004 Cheânh %

(ngaøy (ngaøy) leäch Cheânh
) (ngaøy) leäch
TG hoaùn chuyeån toàn 61 86 25 41%
kho
TG hoaùn chuyeån phaûi 41 46 5 12%
thu
TG trì hoaõn traû tieàn 16 21 5 37,5%

TG luaân chuyeån tieàn 86 111 25 29%

23
 Ngaân saùch tieàn trong heä thoáng
ngaân saùch cuûa doanh nghieäp
Chieán
Chieán löôïc,
löôïc, muïc
muïc tieâu
tieâu
daøi
daøi haïn
haïn vaø
vaø keá hoaïch Hoaïch
Hoaïch ñònh
ñònh ñaàu
ñaàu tö
tö
daøi
daøi haïn
haïn
Muïc tieâu ngaén haïn
haïn
Ngaân saùch baùn haøng
Ngaân saùch CP
CP
Ngaân saùch
baùn haøng vaø
saûn
saûn xuaát
xuaát quaûn
quaûn lyù
lyù

Ngaân saùch Ngaân saùch Ngaân

Ngaân saùch
saùch CP
CP
NVL tröïc lñ tröïc tieáp sx
sx chung
chung
tieáp
tieáp

Ngaân saùch tieàn; Döï toaùn baùo

caùo taøi chính 24
Ngaân saùch tieàn
Thaùng 1 Thaùng ... Thaùng Coäng
2 12
1. Toång tieàn thu trong kyø
2. Tieàn chi trong kyø
- Traû tieàn mua NVL
- Traû löông lao ñoäng tröïc tieáp
- Chi phí sx chung tröø khaáu hao
- Chi phí baùn haøng vaø quaûn lyù
- Traû laõi tieàn vay; Thueá
Coäng tieàn chi trong kyø
Tieàn roøng töø hoaït ñoäng kinh doanh
3. Tieàn töø hoaït ñoäng ñaàu tö
- Mua taøi saûn coá ñònh
- Thanh lyù taøi saûn coá ñònh
Tieàn roøng töø hoaït ñoäng ñaàu tö
4.Tieàn töø hoaït ñoäng taøi chính
- Traû goác tieàn vay
- Chia lôøi cho coå ñoâng
Tieàn roøng töø hoaït ñoäng taøi chính
Tieàn roøng töø moïi hoaït ñoäng
Tieàn keát dö ñaàu kyø
Tieàn keát dö cuoái kyø 25
 QUAÛN
QUAÛN TRÒ
TRÒ
CAÙC
CAÙC KHOAÛN
KHOAÛN
PHAÛI
PHAÛI THU
THU

26
After studying this chapter, you
should be able to:
 List the key factors that can be varied in a firm's credit policy
and understand the trade-off between profitability and costs
involved.
 Understand how the level of investment in accounts receivable
is affected by the firm's credit policies.
 Critically evaluate proposed changes in credit policy, including
changes in credit standards, credit period, and cash discount.
 Describe possible sources of information on credit applicants
and how you might use the information to analyze a credit
applicant.
 Identify the various types of inventories and discuss the
advantages and disadvantages of increasing/decreasing
inventories.
 Describe, explain, and illustrate the key concepts and
calculations necessary for effective inventory management and
control, including classification, economic order quantity
(EOQ), order point, safety stock, and just-in-time (JIT).
27
Taàm quan troïng cuûa Phaûi thu
Beân ngoaøi: Möùc ñoä caïnh tranh; Tình hình kinh teá noùi
chung;...
Beân trong: Chính saùch baùn chòu; Khaû naêng kieåm soaùt
Thôøi gian baùn coâng nôï;... Doanh soá baùn
chòu chòu
PHAÛI THU
Voøng
Toång chi phí Taøi saûn löu ñoäng quay
TSLÑ

Hieäu suaát
Toång taøi saûn
söûduïng taøi
saûn
Tyû suaát lôïi nhuaän treân taøi saûn

TYÛ SUAÁT LÔÏI NHUAÄN TREÂN VOÁN 28

Mục tiêu bán chịu

 Kích thích gia taêng doanh soá

 Tìm kieám khaùch haøng môùi
 Gia taêng naêng löïc caïnh tranh
 Phaùt trieån saûn phaåm môùi
 Giaûi phoùng toàn kho
 …
29
Chính saùch baùn chòu

 Ñieàu kieän baùn chòu: Character, Capacity,

Capital, Collateral vaø Conditions;
 Thôøi haïn baùn chòu
 Thôøi haïn vaø tæ leä chieát khaáu
 Bieän phaùp baûo ñaûm

30
 Credit and Collection
Policies of the Firm

Quality of Length of
Trade Account Credit Period
(1) Average
Collection Period
(2) Bad-debt
Losses
Firm
Possible Cash Collection
Discount Program

31
Credit Standards

Credit Standards -- The minimum quality

of credit worthiness of a credit applicant
that is acceptable to the firm.
Why lower the firm’s credit standards?
The financial manager should continually lower the
firm’s credit standards as long as profitability from the
change exceeds the extra costs generated by the
additional receivables.

32
Credit Standards

Costs arising from relaxing

credit standards
 A larger credit department
 Additional clerical work
 Servicing additional accounts
 Bad-debt losses
 Opportunity costs
33
 Example of Relaxing Credit
Standards
Basket Wonders is not operating at full capacity and
wants to determine if a relaxation of their credit
standards will enhance profitability.
 The firm is currently producing a single product
with variable costs of $20 and selling price of $25.
 Relaxing credit standards is not expected to affect
current customer payment habits.

34
 Example of Relaxing Credit
Standards
 Additional annual credit sales of $120,000 and an average
collection period for new accounts of 3 months is expected.
 The before-tax opportunity cost for each dollar of funds
“tied-up” in additional receivables is 20%.

Ignoring any additional bad-debt losses that

may arise, should Basket Wonders relax
their credit standards?

35
Ñoä lôùn khoaûn Phaûi thu
 Kyø thu tieàn bình quaân
 Doanh thu baùn chòu bình quaân moät ngaøy:
 Löôïng saûn phaåm/dòch vuï tieâu thuï caû naêm
 Tæ phaàn baùn chòu trong doanh thu

Coâng thöùc xaùc ñònh ñoä lôùn khoaûn

phaûi thu
Khoaûn Kyø thu  Doanh thu
= tieàn bình
phaûi baùn chòu
thu quaân moät ngaøy 36
Ví duï xaùc ñònh ñoä lôùn Phaûi
thu
 Coâng ty X coù doanh soá baùn caû naêm vaøo
khoaûng 438 tæ ñ. Thôøi gian baùn chòu bình quaân
laø 50 ngaøy.
Dsoá baùn/ngaøy = 438 tæ ñ : 365 ngaøy = 1,2 tæ
 Moãi ngaøy baùn 1,2 tæ ñoàng haøng hoùa. Thôøi
gian thu tieàn laø 50 ngaøy. Vaäy toàn ñoïng moät
khoaûn phaûi thu bình quaân trong naêm laø:
50 ngaøy * 1,2 tæ ñ/ngaøy = 60 tæ ñ

37
Moâ hình xaùc ñònh khoaûn Phaûi
thu
TARt = f0St + f1St – 1 +f2St – 2 + ...+ fnSt – n

TARt: toång giaù trò baùn chòu trong thaùng t.

f0, f1,...: tyû leä soá dö giaù trò baùn chòu qua caùc
thaùng. f0 laø tyû leä soá dö giaù trò baùn chòu ôû
thaùng hieän haønh. f1 laø tyû leä soá dö giaù trò baùn
chòu thaùng moät thaùng sau khi baùn. f2 laø tyû leä
soá dö giaù trò baùn chòu thaùng hai thaùng sau khi
baùn. ...
St: doanh soá baùn ôû thaùng hieän haønh.
38
Ví duï

Coâng ty X öôùc tính doanh thu thaùng 11 vaø thaùng

12 naêm 2005 laø 60 tæ vaø 50 tæ ñ. Doanh thu saùu
thaùng ñaàu naêm 2006 döï baùo laàn löôït laø: 70 tæ ñ,
40 tæ ñ, 40 tæ ñ, 50 tæ ñ, 60 tæ ñ vaø 80 tæ ñ. Tyû leä
soá dö giaù trò baùn chòu ôû thaùng hieän haønh, f0, laø
80%. Tyû leä soá dö giaù trò baùn chòu moät thaùng
sau khi baùn, f1, laø 60%. Tyû leä soá dö giaù trò baùn
chòu hai thaùng sau khi baùn, f2, laø 20%.
Haõy xaùc ñònh ñoä lôùn caùc khoaûn phaûi thu 6
thaùng ñaàu naêm 2006.
39
Bieän phaùp baûo ñaûm thu hoài
nôï
 Laäp The Aging Schedule:
 Teân khaùch haøng
 Toång tieàn baùn chòu
 Soá tieàn baùn chòu trong haïn
 Soá tieàn baùn chòu quaù haïn
 Thöôøng xuyeân theo doõi
 Ñaùnh giaù khaùch haøng
 Bieän phaùp xöû lyù: ñieän thoaïi, thö, …
40
The Aging Schedule

Toång Trong Quaù haïn

Khaùc
soá thôøi
h
tieàn haïn Ñeán Treân 30 Treân 60 Treân
haøng
baùn 30 ñeán 60 ñeán 90 90
chòu ngaøy ngaøy ngaøy ngaøy
A            

B            

...            

Coäng            

41
Haønh ñoäng ñoøi nôï
Baùn chòu quaù Haønh ñoäng:
haïn:
30 ngaøy Ñieän thoaïi cho boä phaän keá toaùn cuûa
khaùch haøng.
40 ngaøy Ñieän thoaïi cho boä phaän keá toaùn cuûa
khaùch haøng (nhaéc laïi)
50 ngaøy Göûi thö nhaéc nôï

60 ngaøy Göûi thö nhaéc nôï laàn thöù hai

70 ngaøy Tieáp xuùc vôùi caáp laõnh ñaïo

90 ngaøy Caûnh baùo ngöøng giao dòch

Hôn 90 ngaøy Ngöng giao dòch vaø nhôø toøa aùn can
thieäp
42
Noäi dung phaân tích lôïi ích-chi phí
trong thöïc hieän chính saùch baùn
chòu
 Phaân tích thay ñoåi doanh soá baùn
 Phaân tích thay ñoåi bieán phí
 Phaân tích thay ñoåi nhöõng chi phí lieân
quan ñeán quaûn lyù, thu hoài, maát maùt nôï
 Phaân tích bieán ñoäng cuûa khoaûn phaûi
thu
 Phaân tích chi phí cô hoäi
 Phaân tích tæ suaát lôïi nhuaän/taøi saûn 43
Ví duï: Coâng ty X coù toång taøi saûn hieän nay 40 tyû,
doanh thu haøng naêm 90 tyû, ñònh phí caû naêm 20 tæ ñ
vaø bieán phí baèng 65% doanh thu. Ñieàu kieän baùn
chòu hieän haønh laø net 36 nhöng kyø thu tieàn bình
quaân thöïc teá laø 40 ngaøy. Nôï khoù ñoøi chieám 0,3%
doanh thu. Chi phí quaûn lyù vaø thu hoài caùc khoaûn
phaûi
Coângthu chieám
ty döï kieán1% doanh
thay ñoåi thu.
ñieàu kieän baùn chòu
thaønh net 60. Chính saùch naøy seõ laøm doanh thu
taêng theâm 16%, ñoàng thôøi tyû leä nôï khoù ñoøi
chieám 0,4% doanh thu, chi phí quaûn lyù vaø thu hoài
nôï chieám 2% doanh thu. Theo öôùc tính, 10% doanh soá
thu ñöôïc trong 10 ngaøy, 20% thu ñöôïc traû trong 45
ngaøy vaø 70% coøn laïi thu ñöôïc trong 60 ngaøy. Tieàn
vaø toàn kho öôùc taêng 10 tæ ñ. Chi phí söû duïng voán
bình quaân theo tæ troïng, WACC, hieän haønh cuûa
Coâng ty laø 12%/naêm. Ñònh phí vaø tyû leä bieán phí 44
Baûng phaân tích
Chæ tieâu Hieän haønh Taêng theâm Coäng
Doanh thu 90 14,4
Ñònh phí 20 -
Bieán phí 58,5 9,36
Toång phí kd 78,5 9,36
LN tröôùc laõi 11,5 5,04
CP cô hoäi cuûa 1,046 0,162
PT
CP cô hoäi cuûa 3,6 1,2
TS
Nôï khoù ñoøi 0,27 0,058
CP thu hoài nôï 0,9 0,288
Coäng CP phaûi 5,816 1,708
thu
LN tröôùc thueá 5,684 3,332
Thueá 1,192 0,933 45
YÙ nghóa cuûa phaân tích lôïi ích-
chi phí trong chính saùch baùn
chòu
 Söû duïng kyõ thuaät phaân tích bieân (marginal
analysis)
 Tính ñeán moïi chi phí trong ñoù coù chi phí cô
hoäi khi gia taêng baùn chòu
 Löu yù caùc nhaø quaûn trò nhöõng ruûi ro
tieàm aån trong vieäc hoaïch ñònh taêng doanh
thu
 Gia taêng baùn chòu khoâng luoân mang laïi
keát quaû tích cöïc trong moïi tình huoáng 46
 Example of Relaxing Credit
Standards
Profitability of ($5 contribution) x (4,800 units) =
additional sales $24,000
Additional ($120,000 sales) / (4 Turns) =
receivables $30,000
Investment in ($20/$25) x ($30,000) =
add. receivables $24,000
Req. pre-tax return (20% opp. cost) x $24,000 =
on add. investment $4,800

Yes! Profits > Required pre-tax return

47
 Credit and Collection
Policies of the Firm

Quality of Length of
Trade Account Credit Period
(1) Average
Collection Period
(2) Bad-debt
Losses
Firm
Possible Cash Collection
Discount Program

48
Credit Terms

Credit Terms -- Specify the length of time

over which credit is extended to a customer
and the discount, if any, given for early
payment. For example, “2/10, net 30.”
Credit Period -- The total length of time over which
credit is extended to a customer to pay a bill. For
example, “net 30” requires full payment to the firm
within 30 days from the invoice date.

49
 Example of Relaxing the
Credit Period
Basket Wonders is considering changing its credit
period from “net 30” (which has resulted in 12 A/R
“Turns” per year) to “net 60” (which is expected to
result in 6 A/R “Turns” per year).
 The firm is currently producing a single product with variable
costs of $20 and a selling price of $25.
 Additional annual credit sales of $250,000 from new customers
are forecasted, in addition to the current $2 million in annual
credit sales.

50
 Example of Relaxing the
Credit Period
 The before-tax opportunity cost for each dollar of funds “tied-
up” in additional receivables is 20%.

Ignoring any additional bad-debt losses that

may arise, should Basket Wonders relax their
credit period?

51
 Example of Relaxing the
Credit Period
Profitability of ($5 contribution)x(10,000 units) =
additional sales $50,000
Additional ($250,000 sales) / (6 Turns) =
receivables $41,667
Investment in add. ($20/$25) x ($41,667) =
receivables (new sales) $33,334
Previous ($2,000,000 sales) / (12 Turns) =
receivable level $166,667

52
 Example of Relaxing the
Credit Period
New ($2,000,000 sales) / (6 Turns) =
receivable level $333,333
Investment in $333,333 - $166,667 =
add. receivables $166,666
(original sales)
Total investment in $33,334 + $166,666 =
add. receivables $200,000
Req. pre-tax return (20% opp. cost) x $200,000 =
on add. investment $40,000

Yes! Profits > Required pre-tax return 53

 Credit and Collection
Policies of the Firm

Quality of Length of
Trade Account Credit Period
(1) Average
Collection Period
(2) Bad-debt
Losses
Firm
Possible Cash Collection
Discount Program

54
Credit Terms

Cash Discount Period -- The period of time

during which a cash discount can be taken for
early payment. For example, “2/10” allows a
cash discount in the first 10 days from the
invoice date.
Cash Discount -- A percent (%) reduction in sales or purchase
price allowed for early payment of invoices. For example,
“2/10” allows the customer to take a 2% cash discount during
the cash discount period.

55
 Example of Introducing a
Cash Discount
A competing firm of Basket Wonders is considering
changing the credit period from “net 60” (which has
resulted in 6 A/R “Turns” per year) to “2/10, net 60.”
 Current annual credit sales of $5 million are expected to be
maintained.
 The firm expects 30% of its credit customers (in dollar volume)
to take the cash discount and thus increase A/R “Turns” to 8.

56
 Example of Introducing a
Cash Discount

 The before-tax opportunity cost for each dollar of funds “tied-

up” in additional receivables is 20%.

Ignoring any additional bad-debt losses that

may arise, should the competing firm
introduce a cash discount?

57
 Example of Using the
Cash Discount
Receivable level ($5,000,000 sales) / (6 Turns) =
(Original) $833,333
Receivable level ($5,000,000 sales) / (9 Turns) =
(New) $555,556
Reduction of $833,333 - $555,556 =
investment in A/R $277,777

58
 Example of Using the Cash
Discount
Pre-tax cost of .02 x .3 x $5,000,000 =
the cash discount $30,000.
Pre-tax opp. savings (20% opp. cost) x $277,777 =
on reduction in A/R $55,555.

Yes! Savings > Costs

The benefits derived from released accounts receivable

exceed the costs of providing the discount to the firm’s
customers.
59
Seasonal Dating

Seasonal Dating -- Credit terms that

encourage the buyer of seasonal products
to take delivery before the peak sales period
and to defer payment until after the peak
sales period.
 Avoids carrying excess inventory and the associated carrying costs.
 Accept dating if warehousing costs plus the required return on
investment in inventory exceeds the required return on additional
receivables.

60
 Credit and Collection
Policies of the Firm

Quality of Length of
Trade Account Credit Period
(1) Average
Collection Period
(2) Bad-debt
Losses
Firm
Possible Cash Collection
Discount Program

61
 Default Risk and Bad-
Debt Losses
Present
Policy Policy A Policy B

Demand $2,400,000 $3,000,000 $3,300,000

Incremental sales $ 600,000 $ 300,000
Default losses
Original sales 2%
Incremental Sales 10% 18%
Avg. Collection Pd.
Original sales 1 month
Incremental Sales 2 months 3 months

62
 Default Risk and Bad-
Debt Losses
Policy APolicy B
1. Additional sales $600,000 $300,000
2. Profitability: (20% contribution) x (1) 120,000 60,000
3. Add. bad-debt losses: (1) x (bad-debt %) 60,000 54,000
4. Add. receivables: (1) / (New Rec. Turns) 100,000 75,000
5. Inv. in add. receivables: (.80) x (4) 80,000 60,000
6. Required before-tax return on
additional investment: (5) x (20%) 16,000 12,000
7. Additional bad-debt losses +
additional required return: (3) + (6) 76,000 66,000

8. Incremental profitability: (2) - (7) 44,000 (6,000)

Adopt Policy A but not Policy B.

63
 Collection Policy and
Procedures
The firm should increase collection
Collection expenditures until the marginal
Procedures reduction in bad-debt losses equals the
marginal outlay to collect.
 Letters

Bad-Debt Losses
 Phone calls
 Personal visits Saturation
Point
 Legal action

Collection Expenditures
64
 Analyzing the Credit
Applicant
 Obtaining information on the
credit applicant
 Analyzing this information to
determine the applicant’s
creditworthiness
 Making the credit decision
65
Sources of Information

The company must weigh the amount

of information needed versus the time
and expense required.
required
 Financial statements
 Credit ratings and reports
 Bank checking
 Trade checking
 Company’s own experience

66
Credit Analysis

A credit analyst is likely to utilize

information regarding:
 the financial statements of the firm (ratio
analysis)
 the character of the company
 the character of management
 the financial strength of the firm
 other individual issues specific to the firm

67
 Sequential Investigation
Process
The cost of investigation (determining the
type and amount of information collected) is
balanced against the expected profit from
an order.

An example is provided in the following

three slides 10-31 through 10-33.

68
 Sample Investigation Process
Flow Chart (Part A)
Pending Order

Bad
Stage 1
$5 Cost
No past credit Yes
Reject
experience

No prior experience whatsoever

Stage 2
$5 - $15 Dun & Bradstreet
Cost report analysis*

* For previous customers only a Dun & Bradstreet reference book check.

69
 Sample Investigation Process
Flow Chart (Part B)

Credit rating
“limited” and/or other Yes
damaging information
Reject
unearthed?

No

Credit rating
No “fair” and/or other
Accept close to maximum
“line of credit”?

Yes
70
 Sample Investigation Process
Flow Chart (Part C)

Bank, creditor, and financial

Stage 3
$30 Cost
statement analysis
Good Fair Poor

Accept Reject
Accept, only upon
domestic irrevocable
letter of credit (L/C)**
** That is, the credit of a bank is substituted for customer’s credit.

71
 Other Credit Decision
Issues
Credit-scoring System -- A system used to
decide whether to grant credit by assigning
numerical scores to various characteristics
related to creditworthiness.

Line of Credit -- A limit to the amount of credit

extended to an account. Purchaser can buy on credit
up to that limit.
 Streamlines the procedure for shipping goods.

72
 Other Credit Decision
Issues
Outsourcing Credit and Collections
The entire credit and/or collection function(s)
are outsourced to a third-party company.
 Credit decisions are made
 Ledger accounts maintained
 Payments processed
 Collections initiated
Decision based on the core
competencies of the firm.
73
QUAÛN
QUAÛN TRÒ
TRÒ
TOÀN
TOÀN KHO
KHO

74
Noäi dung cuûa Toàn
kho
 Toàn kho laø nhöõng loaïi taøi saûn maø doanh nghieäp
mua veà ñeå baùn ñi nhaèm tìm kieám giaù trò gia taêng.
 Trong ñôn vò saûn xuaát, toàn kho chieám moät tyû
troïng ñaùng keå trong caùc ñôn vò saûn xuaát, cheá
bieán, vaø theå hieän ôû nhöõng daïng:
 Nguyeân vaät lieäu
 Saûn phaåm dôû dang
 Thaønh phaåm
 Trong ñvò thöông maïi, toàn kho chuû yeáu laø haøng
hoùa.
 Taïi ñôn vò dòch vuï, toàn kho khoâng ñaùng keå.
75
Xưởng sản xuất đồ gỗ ABC

76
Xưởng sản xuất đồ gỗ ABC

77
Xưởng sản xuất đồ gỗ ABC

78
Xưởng sản xuất đồ gỗ ABC

79
Tại sao tồn kho ?
 Toàn kho  Haøng toàn kho.
 Toàn kho  Taøi saûn maø doanh nghieäp chöa
baùn ñöôïc hoaëc chöa muoán baùn.
 Toàn kho phaùt sinh keå töø khi haøng veà
doanh nghieäp cho ñeán khi rôøi doanh
nghieäp.
 Chi phí toàn kho laø moät haøm soá theo thôøi
gian vaø giaù trò Toàn kho.
 Toàn kho coù khi laø tai öông coù khi laø taøi
saûn ñem laïi giaù trò gia taêng.
80
Chöùc naêng cuûa Toàn kho

 Duy trì tính oån ñònh trong quaù

trình saûn xuaát – kinh doanh.
 Haïn cheá phaàn naøo taùc ñoäng
tieâu cöïc cuûa laïm phaùt.
 Ñaàu cô (tröôøng hôïp: vaøng, theùp,
phaân boùn,…)

81
Vaán ñeà heát haøng toàn kho
(Stockout)
 Stockout xaûy ra khi:
 Heát nguyeân lieäu, vaät lieäu chính, vaät lieäu phuï.
 Heát thaønh phaåm ñeå baùn.
 Toàn kho khoâng ñoàng boä.
 Haäu quaû:
 Heát vaät tö: ñaët haøng khaån caáp, ngöng treä
saûn xuaát (maùy, coâng nhaân,…)
 Heát thaønh phaåm ñeå giao: maát doanh soá, khai
sinh ñoái thuû tieàm naêng,
82
Ba quan ñieåm veà Toàn kho

 Quan ñieåm taøi chính: giaûm thaáp chi

phí lieân quan ñeán toàn kho vaø/hoaëc
giaûm thaáp maát maùt doanh soá.
 Quan ñieåm phi taøi chính: toàn kho cao
ñeå khoâng gaây ngöng treä saûn xuaát
vaø/hoaëc ñeå luoân coù haøng baùn.
 Quan ñieåm ñaàu cô: chaáp nhaän toàn
kho hôïp lyù ñeå chôø cô hoäi toát veà giaù.
83
Moâ hình ABC phaân loaïi Toàn
kho
 Moâ hình ABC laø moät phöông phaùp chia toàn kho thaønh 3
nhoùm theo taàm quan troïng giaûm daàn.
 Nhoùm % Soá löôïng % Giaù trò Möùc ñoä kieåm soaùt
A 20 70-80 Chaët
B 30 10-20 Bình thöôøng
C 50 <10 Loûng
 Toàn kho nhoùm 'A' neân kieåm soaùt haøng ngaøy.
 Toàn kho nhoùm 'B' neân kieåm soaùt ñònh kyø (haøng tuaàn, 10
ngaøy, 15 ngaøy,…).
 Toàn kho nhoùm 'C' neân kieåm soaùt baèng phöông phaùp ‘vaïch
ñoû’ – neáu löôïng toàn kho xuoáng döôùi vaïch ñoû keû taïi kho
haøng thì tieán haønh kieåm tra vaø taùi ñaët haøng.
84
Phân loại ABC
Nhóm C
100 — Nhóm B
90 —
Nhóm A
80 —
Phần trăm về giá trị

70 —

60 —

50 —

40 —

30 —

20 —

10 —

0—
10 20 30 40 50 60 70 80 90 100
Phần trăm về số lượng
85
Ví dụ về phân loại tồn kho

Vật tư Giá đơn vị Lượng dùng cả năm

1 $ 60 90
2 350 40
3 30 130
4 80 60
5 30 100
6 20 180
7 10 170
8 320 50
9 510 60
10 20 120

86
Ví dụ về phân loại tồn kho

Tổng % %
Vật tư PART
giá trị UNIT
giá trịCOSTsố lượng
ANNUAL %
USAGE
cộng dồn
9 1
$30,600 $ 60
35.9 6.0 90 6.0
8 16,000
2 18.7
350 5.0 40 11.0
2 14,000 16.4 4.0 15.0
3 30 130
1 5,400 6.3 9.0 24.0
4 4
4,800 5.680 6.0 60 30.0
3 5
3,900 4.630 10.0 100 40.0
6 6
3,600 4.220 18.0 180 58.0
5 3,000
7 3.510 13.0 170 71.0
10 2,400 2.8 12.0 83.0
8 320 50
7 1,700 2.0 17.0 100.0
9 510 60
$85,400
10 20 120

87
Ví dụ về phân loại tồn kho

Tổng % %
Vật tư giá trị
PART giá trịCOST số lượng
UNIT ANNUAL % cộng dồn
USAGE
9 1
$30,600 $ 60
35.9 6.0 90 6.0
8 16,000
2 18.7
350 5.0 A40 11.0
2 14,000 16.4 4.0 15.0
3 30 130
1 5,400 6.3 9.0 24.0
4 4
4,800 5.680 6.0 60 30.0
5
B
3 3,900 4.630 10.0 100 40.0
6 6
3,600 4.220 18.0 180 58.0
5 3,000
7 3.510 13.0 170 71.0
10 2,400
8 2.8
320 12.0 C50 83.0
7 1,700 2.0 17.0 100.0
9 510 60
$85,400
10 20 120
88
Ví dụ về phân loại tồn kho
Tổng % %
Vật tư PART
giá trị UNIT COST sốANNUAL
giá trị lượng USAGE
% cộng dồn

1
9 $30,600 $ 60
35.9 6.0 90 6.0
8 16,000
2 18.7
350 5.0 A
40 11.0
2 14,000 16.4 % 4.0
3 30 130 % 15.0
1 Nhóm
5,400 Vật tư6.3 giá trị 9.0 24.0
số lượng
4 5.680 60
4 4,800 6.0 B 15.030.0
3 5
A3,900 9, 8, 2 4.630 71.010.0 100 40.0
6 B3,600
6 1, 4, 3 4.220 16.518.0 180 25.058.0
5 C3,000 6, 5, 10,
3.5710 12.513.0 60.071.0
7 170
10 2,400
8 2.8
320 12.0 C
50 83.0
7 1,700 2.0 17.0 100.0
9 510 60
$85,400
10 20 120
Example 10.1

89
Chi phí toàn kho

- Chi phí giöõ haøng: chi phí phaùt sinh khi haøng chöa
baùn.
Chi phí hao huït, maát maùt, hö hoûng;
Giaûm giaù trò do loãi thôøi
Chi phí nhaân coâng, khaáu hao
Tieàn thueâ, phí baûo hieåm
Laõi vay, phí cô hoäi
- Chi phí đặt haøng: chi phí thoûa thuaän, vaän
chuyeån, giao nhaän, kieåm haøng,… 90
Moâ hình EOQ – Economic Ordering
Quantity Approach
Q : Löôïng haøng ñaët mua moät laàn.
(Q/2) : Löôïng haøng toàn kho bình quaân.
h : Chi phí giöõ moät ñôn vò haøng ñeán khi baùn.
[(Q/2)*h] : Toång chi phí giöõ haøng.
s : Chi phí moät laàn ñaët haøng.
D : Toång löôïng haøng mua caû naêm.
(D/Q) : Soá laàn mua haøng caû naêm.
[(D/Q)*s]: Toång chi phí ñaët haøng.
91
92
Löôïng haøng ñaët mua toái öu
(EOQ)
 Laø löôïng haøng ñaët taïi ñoù chi phí giöõ haøng
bieân baèng chi phí ñaët haøng bieân.
 Coâng thöùc:

2 D  s
EOQ  Q* 
h

93
Ví duï 1
Coâng ty xaây döïng XYZ coù löôïng ximaêng caàn
mua trong naêm laø D = 1.200 taán.
- Chi phí moãi laàn ñaët haøng, s, laø 1,25 trieäu.
- Chi phí toàn tröõ treân 1 taán ximaêng, h, laø 0,3
trieäu
Löôïng haøng ñaët toái öu moãi laàn, Q*, ñöôïc xaùc
ñònh:
2  1200  1,25
Q*   100t
0,3

94
Ví duï 2
Coâng ty E haøng naêm phaûi duøng 1000 taán hoùa chaát. Phí
ñaët haøng moãi laàn laø 1.000.000 ñ vaø chi phí toàn tröõ
haøng laø 50.000 ñ/taán. Vaäy löôïng haøng ñaët mua toái öu
moãi laàn laø:
2  1000  1.000.000
EOQ   200
50.000
Soá laàn ñaët haøng trong naêm: 1000 taán : 200 taán = 5 (laàn)
Khoaûng caùch hai laàn ñaët haøng: 365 ngaøy : 5 laàn = 73
ngaøy
Neáu thôøi gian ñaët haøng laø 3 ngaøy laøm vieäc, moät naêm
coù 250 ngaøy laøm vieäc thì ñieåm taùi ñaët haøng (reorder
point, ROP) ñöôïc xaùc ñònh nhö sau.
Nhu caàu söû duïng vaät tö haøng ngaøy: 1000 t/250 ngaøy= 4
taán
95
Ñieåm taùi ñaët haøng, ROP
Q
200 t
EOQ

ROP Thôøi gian

12 t Chu Chu Chu
kyø
96
Ví duï 3
 Moät cöûa haøng kinh doanh xe gaén maùy moãi
ngaøy baùn bình quaân 3 chieác xe. Moät naêm tính
260 ngaøy baùn haøng. Chi phí giöõ moät chieác xe
taïi cöûa haøng bình quaân laø 602.000 ñ. Chi phí
cho moät laàn giao dòch mua haøng: 2.000.000 ñ.
 Löôïng xe ñaët mua moãi laàn toái öu laø:

2 * 3 * 260 * 2.000.000
EOQ   72ch
602000

97
Heä thoáng Materials Requirement
Planning (MRP System)
 Heä thoáng MRP laø moät phöông phaùp giaûm möùc
toàn kho maø khoâng aûnh höôûng tieâu cöïc ñeán
saûn xuaát
 Quy trình nhö sau:
- Söû duïng moâ hình EOQ xaùc ñònh löôïng haøng ñaët mua.
- Söû duïng heä thoáng maùy tính xaùc nhaän, so saùnh nhu
caàu saûn xuaát vaø löôïng vaät lieäu toàn kho
- Nhöõng ñôn ñaët haøng döïa vaøo thôøi gian bieán ñaàu
vaøo thaønh thaønh phaåm vaø thôøi gian caàn thieát ñöa
vaät lieäu veà kho.
- Moãi ñoàng haøng toàn kho ñöôïc giaûi phoùng seõ ñem taùi
ñaàu tö nhaèm gia taêng thu nhaäp cho doanh nghieäp
98
Heä thoáng Just-In-Time (JIT)
 Heä thoáng Just-In-Time (JIT) laø moät phöông phaùp
giaûm thieåu khoaûn ñaàu tö vaøo toàn kho baèng caùch
ñöa nguyeân vaät lieäu vaøo saûn xuaát vaø giao thaønh
phaåm ñuùng thôøi ñieåm.
 Saûn xuaát vaø giao haøng ñuùng thôøi ñieåm.
 Khoâng döï tröõ nguyeân vaät lieäu vaø thaønh phaåm.
 Toaøn boä vaät lieäu mua veà phaûi ñoàng boä vaø phuø hôïp
veà chuûng loaïi cuõng nhö chaát löôïng.
 Doanh nghieäp chæ coù toàn kho ôû daïng saûn phaåm dôû
dang.
 JIT ñoøi hoûi coù söï phoái hôïp chaët cheõ giöõa caùc nhaø
cung öùng, caùc haõng vaän taûi (bieån, boä) vaø hoaït
ñoäng saûn xuaát taïi doanh nghieäp.
99
Requirements of applying
the Just-in-Time approach

 A very accurate production and

inventory information system
 Highly efficient purchasing
 Reliable suppliers
 Efficient inventory-handling system

100
Giaûi phoùng toàn kho

 Thanh lyù haøng hoùa eá thöøa

 Taùi cô caáu haøng toàn kho theo
chieán löôïc kinh doanh
 Phaân tích lôïi ích-chi phí

101
 Inventory Management and
Control
Inventories form a link between
production and sale of a product.

Inventory types:
 Raw-materials inventory
 Work-in-process inventory
 In-transit inventory
 Finished-goods inventory
102
 Inventory Management and
Control

Inventories provide flexibility

for the firm in:
 Purchasing
 Production scheduling
 Efficient servicing of customer demands

103
 Appropriate
Level of Inventories
How does a firm determine
the appropriate level of
inventories?
Employ a cost-benefit analysis
Compare the benefits of economies of
production, purchasing, and product
marketing against the cost of the additional
investment in inventories.
104
 ABC Method of Inventory
Control
ABC method of 100
inventory control

Cumulative Percentage
90

of Inventory Value
Method which controls
expensive inventory items C
70
more closely than less B
expensive items.

 Review “A” items most

frequently A
 Review “B” and “C” items 0 15 45 100
less rigorously and/or less
frequently. Cumulative Percentage
of Items in Inventory

105
 How Much to Order?
The optimal quantity to order
depends on:
Forecast usage
Ordering cost
Carrying cost
Ordering can mean either the purchase or production
of the item.
106
 Total Inventory Costs
Total inventory costs (T) =
C ( Q / 2 ) + O (S / Q )
Q
Average
INVENTORY
(in units)

Inventory
Q/2

TIME

C: Carrying costs per unit per period

O: Ordering costs per order
S: Total usage during the period
107
 Economic Order Quantity
The quantity of an inventory item to order
so that total inventory costs are minimized
over the firm’s planning period.

The EOQ or
optimal 2 (O
( ) ( S)
quantity (Q*) Q* = C
is:
108
 Example of the
Economic Order Quantity
Basket Wonders is attempting to determine the
economic order quantity for fabric used in the
production of baskets.
 10,000 yards of fabric were used at a constant rate last period.
 Each order represents an ordering cost of $200.
 Carrying costs are $1 per yard over the 100-day planning
period.

What is the economic order quantity?

109
 Economic Order Quantity
We will solve for the economic order quantity
given that ordering costs are $200 per order,
total usage over the period was 10,000 units,
and carrying costs are $1 per yard (unit).

2 ($200
( ) (10,000)
Q* = $1

Q* = 2,000 Units 110

 Total Inventory Costs
EOQ (Q*) represents the minimum
point in total inventory costs.

Total Inventory Costs

Costs

Total Carrying Costs

Total Ordering Costs

Q* Order Size (Q)

111
When to Order?

Issues to consider:
Lead Time -- The length of time between the
placement of an order for an inventory item and
when the item is received in inventory.
Order Point -- The quantity to which inventory must fall in
order to signal that an order must be placed to replenish an
item.
Order Point (OP)
OP = Lead time X Daily usage

112
 Example of When to Order
Julie Miller of Basket Wonders has determined that it
takes only 2 days to receive the order of fabric after
the placement of the order.
When should Julie order more fabric?
Lead time = 2 days
Daily usage = 10,000 yards / 100 days = 100
yards per day
Order Point = 2 days x 100 yards per day = 200
yards
113
 Example of When to Order
Economic Order Quantity (Q*)

2000
UNITS

Order
Point

200

0 18 20 38 40
Lead
Time DAYS
114
Safety Stock

Safety Stock -- Inventory stock held in reserve

as a cushion against uncertain demand (or
usage) and replenishment lead time.

Our previous example assumed certain demand and lead

time. When demand and/or lead time are uncertain,
then the order point is:
Order Point =
(Avg. lead time x Avg. daily usage) + Safety stock
115
 Order Point
with Safety Stock
2200

2000
UNITS

Order
Point

400

200
Safety Stock
0 18 20 38

DAYS
116
 Order Point
with Safety Stock
2200

2000
Actual lead
time is 3 days!
(at day 21)
UNITS

Order The firm “dips”

Point into the safety stock

400

200
Safety Stock
0 18 21

DAYS
117
 How Much Safety Stock?
What is the proper amount of
safety stock?
Depends on the:
 Amount of uncertainty in inventory demand
 Amount of uncertainty in the lead time
 Cost of running out of inventory
 Cost of carrying inventory
118
Just-in-Time

Just-in-Time -- An approach to inventory

management and control in which inventories
are acquired and inserted in production at the
exact times they are needed.
Requirements of applying this approach:
 A very accurate production and
inventory information system
 Highly efficient purchasing
 Reliable suppliers
 Efficient inventory-handling system
119
 Supply Chain Management
Supply Chain Management (SCM) – Managing
the process of moving goods, services, and
information from suppliers to end customers.

 JIT inventory control is one link in SCM.

 The internet has enhanced SCM and allows
for many business-to-business (B2B)
transactions
 Competition through B2B auctions helps
reduce firm costs – especially standardized
items
120
Thank you and See you again!

hgthang@ueh.edu.vn
090 3 953 699

121