Controlling Debtors
讨论企业投资于应收账款的决策标准，即只有当信用政策带来的额外利润超过资本机会成本时才值得，并分析了信用政策变化对库存和现金流的影响，以及保理和发票贴现的利弊。
Investment in debtors must be worthwhile. In the simplest case, a business that is considering a change of policy from cash on delivery to granting credit would do so only if it estimates that additional profit earned on increased sales will yield a return greater than the opportunity cost of capital. Further changes in policy on credit must always meet the same criterion of profitability. The consequential effects on stock levels and cash flow of changing credit policy must also be taken into account. For example, an extension of credit terms to encourage sales will increase debtors but may also push up stock levels required to support this higher level of sales. Cash flow will also be affected by delayed payment by debtors. Investment in debtors can be released by factoring or invoice discounting but this can be fairly expensive unless, in the case of factoring, it is outweighed by considerable improvement in debt collection by the factor.KeywordsCash FlowStock LevelPotential CustomerTotal DebtorCredit PeriodThese keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.