操作的周转资本管理(1)

Jul.2002,Page1.FINANCIALMANAGEMENTDEPT.,ALCATELOperationalWorkingCapitalManagement------FinancingSchemesinReceivablesManagementAlcatel-2002WuYajunJul.2002,Page2.FINANCIALMANAGEMENTDEPT.,ALCATELORGANIZATIONCHARTSecretaryCreditAnalysisRACTPFCollectionManagementCreditManagementBankingRelationshipTransactionReporting&AnalysisInsuranceTreasuryDivisionGeneralLedgerCostAccountingA/RAccountingA/PAccountingFixedAssetsAccountingStatisticStatementFinancialAccountingDivisionExpenseBudgetControlFixedAssetsBudgetControlReportingFinancialControlDivisionTaxationISDeputyFinanceDirectorFinanceDirectorJul.2002,Page3.FINANCIALMANAGEMENTDEPT.,ALCATELWhatisAccountingAccountingisascienceGAAPAdialoguebetweenamissileexpertandaccountingprofessorAccountingisanartImportanceprincipalAccountingestimate,accountingaccrual,accountingprovision,etcAccountingisamagic(cooking)EnroneventWorldcomeventJul.2002,Page4.FINANCIALMANAGEMENTDEPT.,ALCATELWorkingCapitalvsOWCWorkingCapitalWorkingCapitalBalanceSheetWorkingCapital=CurrentAssets-CurrentLiabilityOWCOWCCashflowstatementoperationactivitiesinvestmentactivitiesfinancingactivitiesCashConceptJul.2002,Page5.FINANCIALMANAGEMENTDEPT.,ALCATELWorkingCapitalvsOWCCashisthebeginningpointandtheendingpointwithinthecashflow,butcashdoesnotinvolveinthecashflow.CashisnotoperationalassetgenerallyOWCisconcludedasfollowsOWC=AdvancePayment+Inventory+AR-APOWCyield=sales/averageOWCJul.2002,Page6.FINANCIALMANAGEMENTDEPT.,ALCATELOWCmanagementOWCdrawsmoreandmoreattentioninmodernsocietyInventoryManagementInventoryTurnover=COGS/AverageInventoryJustInTimeConceptAccountsReceivablesManagementReceivablesmagt.becomesmoreandmoreimportantnowCreditassessmentthroughbusinesscirculationFinancingSchemesJul.2002,Page7.FINANCIALMANAGEMENTDEPT.,ALCATELCustomerAccept.ProcedureContract&OrderProcessingGoodsDeliveryProcedureBilling&ProcessAcct.ReceivableCollection&Follow-upofoverdueCreditMagt.CirculationCreditManagementthroughbusinesscirculationJul.2002,Page8.FINANCIALMANAGEMENTDEPT.,ALCATELReceivablesManagement——CreditValueAssessmentCreditValueAssessmentfinancialreportsanalysisfinancialratiosanalysis5CstandardsanalysisCharacter,Capacity,Capital,Collateral,ConditionaginganalysisofreceivablesandoverdueTakeAttributeAnalysisModeltoassesscreditofthecustomerUsethethreecategoriesinformationtogradeeachcustomerthecustomercharacteristicsJul.2002,Page9.FINANCIALMANAGEMENTDEPT.,ALCATELReceivablesManagement——CreditValueAssessmentthecustomercharacteristics–customerimpression,productintroduction,productrequirement,/theabilitytocompete,finaluser,internalmanagement&controlsystemtheprioritycharacteristics–profitability,productquality,themarketdrawing,/themarketcompetitionstatus,productguarantee,substituteofthecustomerthecreditcharacteristics–paymenthistory,thecreditcertificate,netassets&profitgrowthrate,debtstatus,capitalstructureratio,totalcapitalJul.2002,Page10.FINANCIALMANAGEMENTDEPT.,ALCATELAttributeAnalysisModelCustomerATotalCreditValue1234561234561234561098*7**6***5***4****3**2**10*score246732056484364557weight247457643495747796100weightedscore4164228151402018167220212428354542460thebestscore2040704050706040304090507040707090601000CustomerCharacteristicsPriorityCharacteristicsCreditCharacteristicsAttributeAnalysisModelJul.2002,Page11.FINANCIALMANAGEMENTDEPT.,ALCATELOWCManagement——FinancingSchemesappliedinAlcatelReceivablesFinancingSchemeBuyer’sCreditLeaseFactoringARTrustARSecuritizationDomesticLetterofCreditLetterofGuaranteeCreditInsuranceJul.2002,Page12.FINANCIALMANAGEMENTDEPT.,ALCATELFinancingSchemes——Buyer’sCreditBuyer’sCreditAlcatelarrangesbankstograntourmobilecustomersthecreditlinetofundourAccountsReceivableunderthecommercialcontractsincethecustomerislackofenoughcashtocovertheiraccountspayable.AdvantageCustomerborrowstheloandirectlyfromthebankDisadvantageCustomerhastherighttodecidetoborrowornotNeedextensivenegotiationamongthebranchesofthebankProfitsharingamongthebranchesofthebankJul.2002,Page13.FINANCIALMANAGEMENTDEPT.,ALCATELFinancingSchemes——Buyer’sCredit1.B/Capplication3.B/C’sneedreport4.InstructionPlan5.Loanapplication6.loanreport7.loanapproval8.Loanlending2.Loannotification9.PayAlcatelALCTELXBankinseller’sareaXBank,H.Q.XBankinbuyer’sareaCustomerJul.2002,Page14.FINANCIALMANAGEMENTDEPT.,ALCATELFinancingSchemes——LeaseLeasevsBridgeLeaseUnderbridgelease,bankplaysaveryimportantrolewhichisdifferentfromLease.Alcatelappliesbridgelease.HereLeasecompanyonlyactsasanintermediary,whoonlyreceivesmanagementfee.Thecashflowsdirectlyoutoforintothebank.OperationalLeasevsCapitalLeaseAccountingmethodofcapitalleaseImprovefinancialstatementsbycapitalleaseLeveragedLease,subleaseandleasebackJul.2002,Page15.FINANCIALMANAGEMENTDEPT.,ALCATELFinancingSchemes——Lease3.PayAlcatel1.BridgeLeasingContract5.RentRepaymentCustomerALCTELBankLeaseCo.4.PayMagt.fee2.GoodsDeliveryJul.2002,Page16.FINANCIALMANAGEMENTDEPT.,ALCATELFinancingSchemes——FactoringFactoringAlcatelsellsreceivablesunderthecommercialcontractwith