1
2
83 88 5126 1.245 1.036 1.102 3
1.025 0.907 0.628 Accounts Receivable Sensitivity Analysis 4
1 1 6 12 13 15 19 19 20 22 27 29 29 30 30 33 36 5
36 43 51 54 61 68 69 71 76 84 84 88 92 93 96 103 108 6
13 15 48 49 53 73 75 76 77 79 82 95 98 7
8 3 5 21 21 22 38 40 42 42 45 56 58 60 61 63 66 71 73 74 75 83
85 87 93 94 95 100 9
Trade Credit Accounts Receivable Bad Debt L C Open Account 1989 64.6% 2000 2 10% 81.5 1996 ESCOM 1998 Storm Techhology 1999 AMS CHS 1998 Storm 1
1998 93% 1998 4 1998 3 1 1 11.06% 11.83% 9.43% 1 2 23.08% 2
1 1 6.16 20.54 10.18 7.80 13.06 17.81 17.20 12.61 12.24 14.88 8.77 13.56 13.15 9.74 12.35 3
14.34 19.12 14.65 13.25 17.51 17.76 15.08 15.88 27.10 1.35 5.13 3.97 1.49 24.30 46.85 13.98 0.24 11.06 11.83 9.43 84 88 84 88 A j 4
1 2 5126 1 2 5126 A j 84 85 88 A A A P P 1 2 32 1 2 23.08 30.48 29.30 17.36 12.83 12.82 11.06 10.03 8.89 6.81 1990 5
The Pledging of Accounts Receivable 6
Factoring or Selling Accounts Receivable 7
8
9
10
11
12
1 1 13
14
Receivable Credit Basis Accounts Receivable Notes Receivable Operating Cycle 2 1 2 1 15
Accounts Receivable Notes Receivable 16
Valuation of Receivable Accounts Trade Discount Quantity Discount Cash Discount Sales Discount Sales Return and Allowance Present Value Bad Debt Allowance for Bad Debt 17
18
79 74 78 65 29.3% 25.38% 85 75 85 225 Wilcoxon Rank Test 19
87 81 86 333 76 81 87 2 1 2 1 20
100% 20% 2 2 2 3 2 2 Taiwan Total World 1997 1996 1995 1997 1996 1995 870 595 400 451,869 395,940 340,025 46.22% 48.75% 14.13% 16.44% 21
2 3 Domestic International Total 1997 1996 1997 1996 1997 1996 1,693 3,000 33 60 1,726 3,060 43.59% 37,005 33,338 990 860 37,995 34,198 11.10% 2,000 2,960 50 40 2,050 3,000 31.67% 18 20 2 3 20 23 13.04% 1,965 1,800 485 450 2,450 2,250 8.89% 25,000 23,000 500 650 25,500 23,650 7.82% 482 300 388 295 870 595 46.22% 1,035 1,485 15 20 1,050 1,505 30.23% 70,253 66,654 3,108 2,932 73,361 69,586 5.42% 88 77 22
32 0.66 0.58 83 1998 2000 23
24 79 85 87
76 81 87 88 77 0.66 0.58 83 25
1998 2000 26
87 89 86 88 86 83 85 5126 84 88 32 27
89 77 86 88 89 28
Sensitivity Analysis 29
Descriptive Ststistics Average Mean 30
Dependent Variable Independent Variable Y X Y 0 1 Y 0 1 31
Y i 1 2 n 0 i Y 32
5 1 33
34
35
36
84 88 4 1 10.77% 22.97% 8.36% 13.35% 26.09% 10.64% 4.52% 13.87% 2.95% 2.71% 64.30% 116.72% 34.48% 46.71% 37
4 1 2.40 79.60 33.51 45.33 2.55 31.42 37.01 25.30 10.74 38.66 17.20 21.21 12.09 30.26 7.89 18.27 3.35 14.72 4.85 7.61 0.04 12.08 18.57 11.87 7.73 15.80 0.42 5.82 6.70 16.64 4.68 9.09 13.07 36.02 13.34 17.82 9.42 42.70 13.34 20.41 4.70 50.46 15.02 26.66 5.98 37.76 24.41 22.56 3.00 24.89 13.86 16.28 0.49 9.57 15.08 10.37 8.05 30.90 16.82 17.50 4.26 44.29 16.69 24.03 3.62 36.67 44.21 32.12 8.32 65.23 48.60 41.94 5.86 12.48 1.15 5.77 8.45 19.71 2.59 8.39 3.28 21.35 15.72 13.93 4.13 21.09 16.14 14.76 5.37 18.44 25.24 17.47 2.07 17.88 32.55 19.80 12.17 37.45 18.68 22.72 12.85 50.59 15.84 24.75 3.61 9.22 0.29 4.44 0.34 5.31 5.40 4.85 16.44 53.65 2.84 21.86 17.98 42.63 1.60 16.78 10.26 25.01 10.41 16.01 7.99 27.34 10.41 14.42 8.78 54.26 19.66 27.99 8.29 43.69 23.31 24.21 21.07 37.64 8.09 10.88 19.03 33.54 2.22 13.29 11.60 42.24 10.90 23.19 13.66 58.59 13.07 27.41 38
8.62 46.53 20.86 25.54 1.66 22.31 8.50 12.34 8.26 42.12 2.69 18.99 8.56 32.83 7.42 15.02 3.30 31.95 22.04 19.23 2.94 3.59 10.98 5.63 4.31 17.59 29.74 21.89 6.62 8.35 34.86 17.55 9.22 34.38 19.90 20.22 10.56 32.92 16.99 20.81 28.40 58.45 3.70 25.37 22.38 52.33 7.29 21.10 8.91 23.45 13.49 13.76 10.70 48.91 21.95 25.32 5.42 34.68 67.09 49.74 0.41 41.66 39.51 33.49 64.30 259.34 20.06 116.72 47.09 200.15 5.18 85.63 34.48 112.28 13.95 46.71 30.81 88.93 28.71 41.95 3.05 44.03 19.28 24.41 0.15 23.45 18.88 15.60 9.52 0.86 36.69 15.80 9.01 2.81 29.74 14.83 28.92 87.13 3.92 38.43 25.04 84.49 1.25 34.26 10.77 22.97 3.31 7.56 8.36 15.01 2.66 5.37 13.35 26.09 1.99 8.83 10.64 17.61 4.08 5.94 4.52 13.87 3.43 7.22 2.95 8.70 2.17 4.81 84 88 84 88 4 2 16.04% 17.01% 15.23% 0.85% 39
16.89% 0.93% 13.91% 0.50% 20% 10% 4 3 20% 16.04% 10% 16.04% 4 2 9.43 11.76 8.16 1.46 22.94 24.23 21.78 1.04 14.31 15.38 12.67 1.37 14.47 15.15 13.61 0.60 13.61 14.09 12.56 0.67 18.21 19.61 16.95 1.15 22.15 24.43 20.83 1.60 17.99 20.41 15.92 1.64 19.17 20.83 17.23 1.30 40
21.04 21.82 20.41 0.69 15.19 16.04 14.43 0.57 17.31 18.52 15.27 1.37 17.54 18.57 16.38 0.87 24.77 27.03 22.87 1.61 16.30 16.95 15.36 0.72 21.15 22.22 20.00 1.03 23.02 24.39 21.45 1.13 18.82 20.00 17.46 0.98 12.41 13.60 11.66 0.73 12.32 13.70 11.20 1.21 15.56 16.36 14.86 0.60 22.39 25.95 19.08 2.73 12.47 14.17 11.19 1.16 17.85 19.04 17.24 0.77 1.22 1.42 1.02 0.17 9.37 10.31 8.55 0.78 10.34 15.86 5.63 4.16 7.46 10.31 5.88 1.73 20.05 22.79 16.81 2.58 20.97 22.44 19.23 1.44 17.44 18.29 15.81 0.95 2.23 2.68 2.05 0.26 16.04 17.01 15.23 0.85 16.89 17.95 15.85 0.93 13.91 14.55 13.16 0.50 84 88 41
4 3 20% 10% 4 1 4 2 4 3 4 4 4 4 10.77% 8.36% 16.04% 13.35% 10.64% 16.89% 4.52% 2.95% 13.91% 42
84 88 Simple Linear Regression t 1 1t t 1t 0 Intercep 1 Regression Coefficient 1 32 83 88 5126 43
87 89 86 88 86 83 85 84 88 t t t 1 t 84 88 1 4 5 44
4 5 0.065 1.620 0.224 0.035 0.017 1.032 0.112 0.044 0.033 0.578 0.038 0.037 0.038 0.581 0.028 0.033 0.053 0.819 0.072 0.019 0.016 1.050 0.141 0.044 0.037 1.457 0.070 0.023 0.052 0.660 0.085 0.034 0.023 0.707 0.142 0.025 0.005 0.630 0.027 0.029 0.002 0.837 0.075 0.045 0.036 0.832 0.067 0.016 0.012 0.857 0.094 0.020 0.039 0.876 0.015 0.011 0.042 1.149 0.119 0.048 0.021 1.025 0.071 0.025 0.003 1.097 0.102 0.014 0.068 0.748 0.051 0.030 0.014 0.746 0.127 0.048 0.055 1.860 0.129 0.038 0.016 1.155 0.090 0.030 0.126 3.169 0.083 0.023 0.031 1.126 0.108 0.036 0.001 0.863 0.107 0.044 45
0.047 1.059 0.139 0.049 0.035 0.506 0.058 0.021 0.048 1.411 0.180 0.013 0.047 1.266 0.498 0.022 0.018 1.060 0.166 0.013 0.033 1.500 0.080 0.001 0.007 0.984 0.070 0.025 0.030 1.034 0.172 0.026 0.004 1.245 0.041 0.047 0.006 1.308 0.049 0.049 0.006 1.333 0.038 0.044 84 88 0.004 1.245 1 4.1 0.006 1.308 1 4.2 0.006 1.333 1 4.3 1 4.1 1.245 1% 1.245% 46
78.2% 5% 0.047 4.1 4.2 1.308 1% 1.308% 0.063 4.3 1.333 1% 1.333% 0.088 0.025 4 1 47
4 1 20 3 2 1 15 10 1 2 5 3 1 0 5 10 15 0.126 3.169 1 0.055 1.860 1 0.065 1.620 1 0.033 1.500 1 0.037 1.457 1 0.048 1.411 1 0.047 1.266 1 48
3 0.035 0.506 1 0.033 0.578 1 0.038 0.581 1 0.005 0.630 1 0.052 0.660 1 0.023 0.707 1 0.014 0.746 1 0.068 0.748 1 4 2 4 2 2 1 20 1 15 10 0 2 3 5 1 0 1 5 10 15 20 49
4 2 170 34 50
Credit Policy Credit Period Credit Standards Collection Policy Cash Discount 2 10 net 30 net 30 net 60 51
2 10 net 30 2% 5 5 52
4 3 4 3 53
84 88 Accounts Receivable Collection Period 365 54
84 88 4 6 10.77% 22.97% 2.18% 13.35% 26.09% 2.39% 4.52% 13.87% 1.46% 10.96% 55
15.11% 44.19% 9.25% 40.57% 4 6 2.40 79.60 33.51 45.33 2.70 36.66 15.77 20.43 10.74 38.66 17.20 21.21 1.31 9.24 10.11 8.74 3.35 14.72 4.85 7.61 3.90 16.85 1.23 7.37 7.73 15.80 0.42 5.82 1.21 5.74 4.95 4.27 13.07 36.02 13.34 17.82 3.76 11.39 4.68 6.21 4.70 50.46 15.02 26.66 1.00 14.67 13.56 12.27 3.00 24.89 13.86 16.28 3.15 14.80 4.83 7.22 8.05 30.90 16.82 17.50 4.89 16.35 9.28 9.91 3.62 36.67 44.21 32.12 1.35 13.79 17.28 13.39 5.86 12.48 1.15 5.77 15.11 93.96 6.79 44.19 3.28 21.35 15.72 13.93 0.57 5.53 8.29 6.11 5.37 18.44 25.24 17.47 3.97 10.83 5.26 6.83 12.17 37.45 18.68 22.72 0.27 9.04 8.73 6.76 3.61 9.22 0.29 4.44 3.99 5.41 2.00 1.49 16.44 53.65 2.84 21.86 1.47 7.73 14.86 8.40 10.26 25.01 10.41 16.01 2.05 11.11 2.70 5.62 8.78 54.26 19.66 27.99 0.29 7.35 9.76 7.95 56
21.07 37.64 8.09 10.88 1.99 5.75 5.66 4.58 11.60 42.24 10.90 23.19 0.91 12.59 12.94 10.57 8.62 46.53 20.86 25.54 6.01 19.80 17.68 14.47 8.26 42.12 2.69 18.99 0.42 7.99 7.95 7.36 3.30 31.95 22.04 19.23 5.86 27.38 12.42 14.22 4.31 17.59 29.74 21.89 2.31 8.52 16.35 10.65 9.22 34.38 19.90 20.22 0.89 10.41 9.46 8.52 28.40 58.45 3.70 25.37 4.88 16.48 10.07 9.83 8.91 23.45 13.49 13.76 0.23 10.85 17.09 10.35 5.42 34.68 67.09 49.74 10.77 18.55 45.60 27.13 64.30 259.34 20.06 116.72 9.25 75.26 24.00 40.57 34.48 112.28 13.95 46.71 3.65 20.71 7.15 12.24 3.05 44.03 19.28 24.41 2.40 16.67 5.65 8.83 9.52 0.86 36.69 15.80 0.61 11.91 9.88 7.86 28.92 87.13 3.92 38.43 2.98 21.15 14.35 12.63 10.77 22.97 3.31 7.56 2.18 6.93 1.16 3.36 13.35 26.09 1.99 8.83 2.39 7.21 2.01 4.09 4.52 13.87 3.43 7.22 1.46 5.49 3.03 3.58 84 88 84 88 4 7 6.19 59 57
5.89 62 7.16 51 70 40 4 8 70 59 20% 40 59 10% 4 7 10.74 34 4.35 84 7.02 52 6.89 53 7.30 50 5.53 66 4.51 81 5.53 66 58
5.21 70 4.74 77 6.64 55 5.79 63 5.70 64 4.06 90 6.19 59 4.74 77 4.35 84 5.29 69 8.11 45 8.11 45 6.40 57 4.45 82 7.93 46 5.62 65 91.25 4 10.74 34 9.61 38 13.52 27 5.00 73 4.74 77 5.70 64 45.63 8 6.19 59 5.89 62 7.16 51 84 88 59
4 8 70 40 4 6 4 7 4 8 4 9 60
4 9 10.77% 8.36% 2.18% 16.04% 59 13.35% 10.64% 2.39% 16.89% 62 4.52% 2.95% 1.46% 13.91% 51 84 88 Multiple Regression 61
Intercep 32 83 88 5126 84 88 t t t 1 t 1 84 88 4 10 62
4 10 0.022 1.109 1.134 0.034 0.003 0.986 1.104 0.021 0.001 1.037 0.865 0.004 0.006 1.034 1.119 0.002 0.003 0.974 1.121 0.001 0.009 1.103 0.999 0.015 0.002 1.020 1.047 0.004 0.009 0.943 1.005 0.019 0.030 1.002 1.279 0.048 0.000 0.983 1.099 0.003 0.002 0.997 1.123 0.007 0.016 1.115 1.176 0.007 0.003 0.949 1.243 0.007 0.001 1.044 1.022 0.001 0.004 1.041 1.242 0.004 0.001 0.991 1.097 0.003 0.003 1.056 1.116 0.009 0.015 1.048 1.299 0.004 0.002 0.941 1.148 0.017 0.009 1.181 0.967 0.004 0.004 1.067 1.067 0.006 0.000 0.915 1.025 0.010 0.007 1.072 0.886 0.005 0.001 0.978 1.114 0.018 63
0.008 1.039 1.223 0.001 0.066 1.401 2.240 0.011 0.048 0.826 0.918 0.031 0.022 1.200 1.074 0.017 0.055 1.155 1.213 0.018 0.005 1.037 1.131 0.009 0.004 0.964 0.774 0.001 0.000 1.014 1.181 0.009 0.003 1.036 1.102 0.002 0.003 1.035 1.101 0.003 0.000 1.018 1.021 0.002 84 88 0.003 1.036 1 1.102 0.003 1.035 1 1.101 0.000 1.018 1 1.021 4.4 4.5 4.6 1 4.4 1.036 1.102 1% 64
1.036% 1% 1.102% 1.102 1.036 0.066 1.036 1.245 86.3% 5% 0.0003 0.0007 4.4 4.5 1.035 1.101 1% 1.035% 1% 1.101% 4.6 1.018 1.021 65
4 11 4 11 1 1 1.245 1.036 1.102 1.308 1.035 1.101 1.333 1.018 1.021 2.240 1.299 1.279 1.243 1.242 1.223 1.213 66
0.774 0.865 0.886 0.918 0.967 0.999 1 0.506 2.240 0.035 0.506 1 0.066 1.401 1 2.240 2 67
Authenticity of Receivables 68
Bad Debt Expenses Direct Write off Method 69
Allowance Method Percentage of Sales Income Statement Approach Percentage of Outstanding Receivables Balance Sheet Approach Aging of Accounts Receivable 70
555xxx xxx555 Allowance for Bad Debt 5 1 5 1 71
89 77 86 88 89 86 88 5 2 2.12% 13.15% 0.12% 2.42% 87 86 0.15% 0.16% 87 88 87 0.13 72
86 88 5 1 5 2 86 87 88 2.13 2.28 2.15 19.74 16.94 18.20 0.11 0.12 0.11 3.37 2.99 2.85 2.12 13.15 0.12 2.42 89 5 1 86 88 5 3 73
0.52% 4.52% 0.02% 0.73% 87 86 0.04% 0.01% 87 88 86 87 0.08% 0.04% 0.05% 88 88 86 88 5 2 5 3 86 87 88 0.49 0.53 0.57 4.29 7.39 7.21 0.01 0.01 0.01 0.71 0.93 1.07 0.52 4.52 0.02 0.73 89 74
5 2 0.5 5 2 5 3 5 1 5 2 87 88 5 4 5 4 86 2.13 0.49 87 2.28 0.53 88 2.15 0.57 2.12 0.52 75
5 3 5 3 A 5 3 5 3 5 3 76
5 4 5 4 5 4 5 4 77
Y 89 77 86 88 86 88 86 88 3 86 88 78
86 88 4.585 1.025 5.1 5 5 5 5 15 13 11 9 7 5 3 1 0 1 2 3 4 5 79
5.1 1.025 70.2% 5% 5 5 1.025 1.025 5 4 80
86 88 4.512 0.907 5.2 5 6 81
5 6 15 13 11 9 7 5 3 1 0 1 2 3 4 5 5.2 0.907 61.1% 5% 5 6 0.907 0.907 1 82
5 5 5 5 1.025 0.907 83
Credit Standards 5 5C 5C Character Capacity Capital 84
Collateral Condition Management By Exception 5 6 5 6 0% 1% 1% 2% 2% 8% 8% 13% 13% 50 % 30 % 15 % 03 % 02 % 85
5 6 1 Numerical Credit Scoring System Credit Scoring System Multiple Discriminant Analysis MDA 1 1 2 2 n n 5 7 1 86
3.8 9 20 5 1.2 3.8 1 9 20 5 1.2 5 7 1 3.8 50 9.0 40 49 20.0 5.0 1.2 30 39 20 29 19 4.00 3.00 0.50 0.06 10.00 3.854 953 2050.5 550.06 1.2510 44.5 87
Net Present Value NPV 5.3 88
NPV 365 5 5 5.4 5 5 1 5.5 1 89
15% $300,000 50 7% $10,000 18% $400,000 68 12% $18,000 80% 25% 365 5 $300,000 365 55050.8 $32,877 1 $300,000 1 0.8 $300,000 0.07 $10,000 1 0.25 $29,00050.75 $21,750 $21,750 0.15 $32,877 $112,123 90
365 5 $400,000 365 56850.8 $59,616 1 $400,000 1 0.8 $400,000 0.12 $18,000 1 0.25 $14,00050.75 $10,500 $10,500 0.18 $59,616 $1,283 91
1.245 92
84 88 5 8 4.76% 36.14% 7.74% 18.28% 8.70% 7.32% 5 8 4.76 36.14 7.74 18.28 8.70 48.15 9.42 23.29 7.32 2.68 12.23 3.97 84 88 84 88 5 9 85 7.74% 3.31% 84 93
86 87 87 84 84 85 87 87 5 7 5 9 88 87 86 85 84 7.89% 22.97% 7.16% 3.31% 12.51% 10.77% 36.14% 3.50% 6.50% 7.74% 5.38% 4.76% 84 88 94
5 7 35 30 25 20 15 10 5 0 5 10 84 85 86 87 88 5 8 5 9 5 7 5 10 5 10 10.77% 13.35% 4.52% 4.76% 8.70% 7.32% 95
83 88 5126 84 88 t t t 1 t 1 96
84 88 0.016 0.628 5.6 5.6 0.628 1% 0.628% 88.4% 5% 0.047 5.6 5 8 97
5 8 15 10 5 0 5 10 15 20 98
6 1 $390,000 27.86% 3 $245,000 62.82% $40,000 10.26% 99
1 3 1 6 6 1 3 3 6 6 $300,000 $210,000 $50,000 $10,000 $15,000 $15,000 200,000 160,000 20,000 10,000 10,000 0 400,000 300,000 60,000 0 30,000 10,000 500,000 340,000 115,000 20,000 10,000 15,000 $1,400,000 $1,010,000 $245,000 $40,000 $65,000 $40,000 5 1% 5 3% 5 5% 5 10% 5 30% $37,950 $10,100 $7,350 $2,000 $6,500 $12,000 100
6 1 1% 30% 101
102
10.77% 8.36% 16.04% 1.245 1% 1.245% 3.169 0.506 170 34 103
10.77% 8.36% 2.18% 59 1.036 1.102 1% 1.036% 1% 1.102% 1.036 1.245 1.102 1.036 104
0.506 2.240 2.12% 1.025 105
0.52% 0.907 NPV NPV 106
85 87 0.628 1% 0.628% 107
108
109
89 85 1998 88 1 79 2 87 2000 104 88 88 3 79 81 77 1997 3 87 89 86 110
1998 12 1998 12 87 4 76 89 6 2 83 150 87 86 8 208 1999 1999 10 Anderson Sweeney Williams Statistics for Business and Economi cs 5th 1992 Bernstein Wild Financial Statement Analysis Theory Application and Interpretation Sixth Edition 1997 Eugene F Brigam Fundamentals of Financial Management Seventh Edition 1995 Gibson Financial Statement Analysis Sixth Edition 1995 111
Hill Griffiths Judge Undergraduate Econometrics 1th 1997 White Sondhi Fried The Analysis and Use of Financial Statem ents Second Edition 1998 112