Controlling Stocks
讨论营运资本管理中库存控制的重要性，指出库存水平过高或过低都会影响企业盈利和流动性，需权衡收益与风险。
Successful management of working capital reflects the degree of control exercised over each of its components – stocks, debtors, and liquid assets. This does not mean that the separate elements of working capital are independent of one another. A change in policy in one will probably affect the value of another. For example, a critical liquidity problem might be solved temporarily by reducing stock levels to release cash, but stock shortages can result in lost sales and therefore a reduction in liquidity. Again, if customers can be persuaded to order in large quantities in return for quantity discounts, this would probably reduce finished goods stocks but increase debtors and possibly bad debts. Thus stock policy may affect, and be affected by, debtors and liquidity. Controlled investment in stock plays a critical role in achievement of business objectives. Too high a stock level relative to a given volume of sales will reduce return on investment; too low a level, whilst reducing investment, may also reduce sales and therefore profit proportionately more. This is another example of the need to consider the trade-off between return and risk when making business decisions.KeywordsStock LevelSafety StockEconomic Order QuantityQuantity DiscountEconomic Order Quantity ModelThese 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.