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Working capital management 运营资本管理(一)
1. Working capital
To support day to day running of the business, it refers to the difference between an organization’s current assets and its current liabilities. If the working capital is excess, the company becomes over-capitalization.
2. The indicators for overtrading:
•Rapid increase in turnover
•Rapid increase in the volume of current assets
•Most of the increase in assets financed by credit
•Dramatic drop in the liquidity ratio
3. Some formulas:
(1)Inventory turnover=Cost of sales/Average inventory
Inventory days= (Inventory/Cost of sales)*365 the lower the better.
(2)Account receivable days= (Account receivable/Credit sales)*365
(3)Account payable days= (Account payable/Credit purchase)*365 the longer the better.
(4)Cash operating cycle (COC)
It refers to that from the date making the payment to the date receiving payments from customers.
COC= Inventory days+ Receivable days- Payable days
The company should shorten both inventory days and trade receivable days, enlarge payable days.
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