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ACCA FM知识点：Cash operating cycle

文章来源：ACCA全球官网

发布时间：2021-11-03 14:04

阅读：1209次

现金经营周期是指企业在经营中从付出现金到收到现金所需的平均时间。现金经营周期的变化会直接影响所需营运资金的数额，决定企业资金使用效率。

Cash operating cycle

The cash operating cycle(also known as the working capital cycle or the cash conversion cycle)is the number of days between paying suppliers and receiving cash from sales.

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Cash operating cycle=Inventory days+Receivables days–Payables days.

In the manufacturing sector inventory days has three components:

(i)raw materials days

(ii)work-in-progress days(the length of the production process),and

(iii)finished goods days.

However,exam questions tend to be based in the retail sector where no such sub-analysis is required.

The longer the operating cycle the greater the level of resources‘tied up’in working capital.Although it is desirable to have as short a cycle as possible,there may be external factors which restrict management’s ability to achieve this:

●Nature of the business–a supermarket chain may have low inventory days(fresh food),low receivables days(perhaps just one to two days to receive settlement from credit card companies)and significant payables days(taking credit from farmers).In this case the operating cycle could be negative(ie cash is received from sales before suppliers are paid).On the other hand a construction company may have a very long operating cycle due to the high levels of work-in-progress.

●Industry norms–if key competitors offer long periods of credit to their customers it may be difficult to reduce receivables days without losing business.

●Power of suppliers–an attempt to delay payments could lead to the supplier demanding‘cash on delivery’in future(ie causing payables days to actually fall to zero rather than rising).

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