Working Capital Management (营运资本管理) (三)

 Managing Trade Payables (应付款项管理)

应付账款也是企业融资（Finance）的一种途径，通过延长应付账期限，缓解现金流压力。

Businesses purchase many of their supplies (of goods and services) on credit. This is another source of finance, since the suppliers are effectively lending the business the money to buy from them on a short-term basis.

Although trade payables are often seen as a "free" source of finance, there may be hidden costs:

※Excessive delays in making payments may harm the relationship with the supplier.

※Late payers may obtain a reputation for behaving unethically (e.g. large supermarket chains).

※The cost of forgoing discounts for prompt payment.

Cash Operating Cycle（现金周转周期）

The cash operating cycle is used to indicate how long the cash of businesses is tied up, from the point when suppliers are paid for the goods purchased to the point when customers pay for the goods made from those supplies.

The cash operating cycle can be calculated as follows:

Average is inventory days

Average settlement period for trade receivables

Less: Average settlement period for trade payables

Operating cash cycle

Where:

SUMMARY

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