其他回答(共1条)

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  2018-04-19 00:14 窦连池 客户经理

  A company in the example illustrated by Figure 17-1 is a mature service company with Internet-driven revenue that generates virtually immediate cash through online credit card payments and service-fee income derived from the long-established customer base. The conventional customers either have fixed-price contracts or are billed on an hourly basis. There have not been any changes in the business operations for some time, and it allows the company to determine the exact pattern of their collections from all three types of revenues.
  图17-1列举的公司是一家成熟的靠网络驱动效益的服务型企业, 它靠网上信用卡支付获得虚拟的直接现金，以及从长期建立的客户基础中获取服务费。一般的客户要么接受定价合同，要么按小时单位付费。有时这些商业操作不会有任何变化，从而使得公司可以从所有三种收入中选择具体的收款方式。
  The AP disbursements are identical from one month to another, and the most significant (and slightly variable) category of operational outflows is the cost of labor. The company has an unrestricted $500,000 revolving credit line, which it uses when there is a temporary deficit, and pays it down whenever there is a sufficient surplus.
  每个月的杂项支出都相同，最明显（稍有变动）的营业性支出类型是人工成本。公司有一个不受限的用于弥补暂时逆差的$500,000循环信贷，一旦有了足够的盈余，就立即付清。
  If, at any given point, the collections fall short of the expectations, it would be treated as a signal to initiate one or another measure of accounts-receivable management. All in all this is a very straightforward cash flow projection with a high level of predictability that allows for a long-term (in this case, six month) forward outlook.
  如果在某个时候，收款低于预期，将被视作要执行某种应收账款管理措施的信号。 总的来说，这是一种简单的高可预测性的现金流动预测，可用于进行长期展望。
  It can be extended at the end of each month. The example in Figure
  17-2 is an altogether different animal. This is an international import/export company on a growth path, adding 40% to its volume annually for the past five years in a row.
  在月末时可对预测进行延展。图17-2中的是完全不同的例子。这是一家在过去五年中年增长率达到40%的国际进出口公司。
  Moreover, it trades listed commodities and depends on daily market
  changes. From time to time, it participates in “announced at random” open multi-million-dollar bids and holds long positions of inventories to be sold later for higher profits. The entity has an unrestricted credit line that can be used to cover any cash deficits and several trade finance facilities utilized for material purchases only via LCs and BAs.
  另外，它还经营相关产品的贸易，其业绩取决于日常市场变化。有时它参加随机宣布的百万美元公开招标项目，长期享有可延后销售的存货来获取更高的利润的权利。这家公司还有不受限的用于弥补现金亏空信贷额度，以及几家仅通过LCc和BAs进行材料采购的贸易融资实体。
  The inventory acquisitions, together with financing transactions, constitute the largest portion of the company’s disbursements. On the receivables side, the variety of terms is offered to customers, ranging from prepayments to open credit and everything in between.
  收购库存以及融资交易占据了这家公司资金支出的最大比例，在应收账款方面，给了客户多样的条款选择，从预付到开立信用证及介于两者之间。
  Even though the company enjoys sufficient liquidity, which allows it to bunch all accounts payable and payroll disbursements into orderly biweekly arrangements, the constant hunt for more business makes treasury activities somewhat hectic. This exciting, high-blood-pressure set of circumstances
  permits no more than six weeks of reliable projections of cash flow
  combined with credit utilization. And it is apparent that starting with the fourth week, changes must be expected.
  即便时该公司拥有充足的资金流动性，允许它集中所有的应付账款及工资支付进行有序的隔周安排。持续地追求更多的生意使得资金活动比较频繁。已有的一系列资金情况可允许进行六个月内可靠的现金流动和信贷利用预测。很明显从第四周开始，必须预测进一步的变化。
  In fact, even though it appears that this report can be updated once a week, the business seems to be so active that I personally would attend to this forecast daily.
  事实上，即使这份报告看上去每周更新一次，但是商业活动如此活跃，我个人更倾向于进行每日预测。
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