Working Capital Management (營運資本管理) (三)

 Managing Trade Payables (應(yīng)付款項管理)

應(yīng)付賬款也是企業(yè)融資（Finance）的一種途徑，通過延長應(yīng)付賬期限，緩解現(xiàn)金流壓力。

Businesses purchase many of their supplies (of goods and services) on credit. This is another source of finance, since the suppliers are effectively lending the business the money to buy from them on a short-term basis.

Although trade payables are often seen as a "free" source of finance, there may be hidden costs:

※Excessive delays in making payments may harm the relationship with the supplier.

※Late payers may obtain a reputation for behaving unethically (e.g. large supermarket chains).

※The cost of forgoing discounts for prompt payment.

Cash Operating Cycle（現(xiàn)金周轉(zhuǎn)周期）

The cash operating cycle is used to indicate how long the cash of businesses is tied up, from the point when suppliers are paid for the goods purchased to the point when customers pay for the goods made from those supplies.

The cash operating cycle can be calculated as follows:

Average is inventory days

Average settlement period for trade receivables

Less: Average settlement period for trade payables

Operating cash cycle

Where:

SUMMARY

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