运用方差分析监管应收账款外文翻译(可编辑)

上海财经大学浙江学院毕业设计(论文)外文翻译译文：会计帐户应收账款(AR)侯赛因·Pashang瑞典延雪平大学文摘:治理工商管理财务报表的质量是一个关键问题。

经过痛苦的经验与实践的表外会计、应收账款(AR)的概念越来越多地得到了管理层的注意。

这种关注的原因之一是,可以使用基于“增大化现实”的技术,高度灵活的方式,来影响底线和债务/股本比例。

本研究的目的是,通过必要的信息披露和其他一些会计原则和客观性等思想, 重要性、匹配和公允价值批判分析中使用的技术评估和测量的基于“增大化现实”技术。

关键词:会计确认、会计应收账款、会计披露。

1.介绍账户操作的概念,包括“收益管理”,主要是附加的损益表的项目。

例如,科普兰(1968)集中在收入报表和观察到管理影响净利润的大小有目的地。

按照构建三个“否则”不利于收入的概念,“收益极大化者”和“收入smoothers”他把收入作为管理中心的研究重点。

值得注意的是,盈余管理的概念,表示一个特定类型的会计实践,把注意力只在损益表。

然而,账户操作可能分类上的实践,这些相关的平衡负债表和损益表分类。

这些类型的操作不是文学中描述。

也许,这个缺点的原因应该与复杂的会计技术有关,应用于促进盈余管理。

一项研究由理查森et al .(2002)表明,盈余管理主要是根据收入确认,包括基于“增大化现实”技术。

他没有表明,使用基于“增大化现实”技术的方式来操纵帐户。

观察的会计违规和会计错误当局要求重述或修正的年度报告。

AR-related重述的原因应该与所需的“盈余管理”,包括操作的资产负债表和损益表。

看起来,“收益管理”是在路上被安放“管理帐户”的概念。

新概念建构的旧概念收入管理和沟通管理更中性时尚的观点影响会计(见,例如。

金融时报》6月8日,2009年)。

根据定义,收益管理一组通信方式管理人为管理以满足一些预先设定的预期收益水平,如,分析师预期。

跟上一些收入趋势,据分析师估计,它是先验假定可以影响投资者对风险的看法(Riahi-Belkaoui 2005;马修斯和佩雷拉1996)。

与上市公司会计信息披露有关的外文文献及翻译Analysis of the Relationship between Listed Companies’ Earnings Quality and Internal Control Information Disclosure* Jianfei Leng, Lu LiSchool of Business, Hohai University, Nanjing, China1、IntroductionThe cases of financial fraud lead to incalculable losses in these years, which are related to firm’s weak system of internal control. Now, both domestic and foreign have issued a series of legal norms. For example, Sarbanes- Oxley (SOX) Act force listed Companies to disclose their internal control information, including internal control deficiencies and internal self-assessment report and external auditor’s audit opinion. We formulate two important files: “Shanghai Stock Exchange listed companies internal control guidelines”and “Shenzhen Stock Exchange listed companies internal control guidelines”. These files require companies to disclose internal control self-assessment report and comments of external auditor’s audit, which greatly improve company’s effectiveness of internal control and quality of financial information. Accounting earnings is the score and one of the most important elements in all of the accounting information, which mainly refers to the company’s ability of forecasting future net cash flow. Higher earnings quality is the key to the effective function of the market and the insurance of the company’s future cash flow. The better quality of company’s earnings inclined to disclose more internal control information and to get more outside investment. Therefore, earnings quality is one of the most important factorsto affect internal control information disclosure. In this article, with the analysis of multiple regressions, we examine the relationship of earnings quality and internal control disclosure of information in the sample of 1273 nonfinancial firms in shanghai and Shenzhen Stock Exchange in 2010.2. Prior Research on Internal Control Information DisclosureListed companies’ internal control information disclosure is mostly voluntary before 2002, but few companies are willing to do so. Since Sarbanes-Oxley (SOX) Act is enforced, many listed companies are forced to disclose their information of internal control, which providing more material and information to scholars who study listed companies’internal control. Researches on internal control information disclosure are mainly concentrated on the following four aspects:1) The current situation and solutions of internal control information disclosure.There are lots of researches on the current situation of internal control information disclosure,Mc. Mullen，Raghunandan and Rama [1] studied 4154 companies during 1989-1993, suggesting that only 26.5% companies are willing to disclose their internal control information, and that only 10.5% provide their internal control report among those companies with deficiencies on their financial reports. It shows that the proportion of companies voluntarily disclosing their internal control information is little, and that the companies with deficient financial report are more unwilling to provide the internal control self-assessment report. Hermanson [2] also did corresponding empirical research on listed company’s internal control information disclosure and got the same conclusion. Minghui Li[3] and Dongmei Qin [4] made related researches on the current situation of internal control information disclosure. They believed that current listed companies’ enthusiasm of disclosing internal control information is not strong, and much internal control information was not substantial but formal. Minghui Li [3] also drawn on the experiences of the United States in internal control information disclosure, and provided a series of suggestions and measures of improving internal control information disclosure. Hua Li, Lina Chen [5], Xiaofeng Dai and Jun Pan [6] analyzed the current situation of internal control information disclosure with internal control theories, and pointed out the problems and put forward the corresponding solution. Xinhua Dai and Qiang Zhang [7] mainly did the research on listed banks’internal control information disclosure, finding that our listed banks’system of internal control information disclosure is not standardized and sufficient. They interpreted the corresponding requirements of the US internal control information disclosure set by “Sarbanes-Oxley Act”, suggesting China to promote the improvement of listed banks’ internal control information step by step. According to relevant provisions of internal control information disclosure required by “Shanghai Stock Exchange Guidelines”and “The Notice on Listed Companies’Annual Report in 2006”, Youhong Yang and Wei Wang [8] analyzed the internal control information disclosure of listed companies on Shanghai Stock Exchange in 2006 with descriptive statistics, and found many problems.2) Impact factors of internal control information disclosure.Bronson, carcello, Raghunandan and Doyle, Ge, McVay suggested that there is a correlation between corporate identityand internal control information dis-closure. Company size, the proportion of institutional investor holding, the number of audit committee and the speed of earnings growth have impact on internal control information disclosure. Many other experts did empirical study on such question. Ge and McVay used a survey method to analyze the sample, discovering that the disclosure of material defects is related to the complexity of the company but there is no direct correlation with company size and profitability. Jifu Cai made a relevant empirical study of A-share listed companies to find impact factors of listed companies’ internal control information disclosure. The results showed that the companies with a better operating performance and higher reliability of financial report are more inclined to disclose its internal control information, and vice versa. This indicates that the company’s operating performance and reliability of financial report affect the listed companies’internal control information disclosure. Adrew J. Lcone selected listed companies who disclosed material defects of their internal control information in their annual reports as samples to study the impact factors of internal control information disclosure. The results show that the complexity of corporate structures, the changes in company structure and the inputs to internal control are all the impact factors of internal control information disclosure. Shaoqing Song and Yao Zhang studied A-share listed companies on Shanghai and Shenzhen Stock Exchange from 2006 to 2007, finding that there is a correlation between corporate governance characteristics and internal control information disclosure. Audit committee, annual statistics, company size and the place of listing have a significant impact on internal control information disclosure. Bin Wang andHuanhuan Liang [15] studied 1884 listed companies on Shenzhen Stock Exchange between 2001 and 2004. They made use of their rating reports of information disclosure quality to examine the inherent relationship between listed companies’corporate governance characteristics, characteristics of operating condition and information disclosure quality, finding that corporate governance characteristics and characteristics of operating condition have a certain impact on internal control information disclosure.3) The cost of internal control information disclosure.The studies on the cost of internal control information disclosure are not very much. J. Efrim, Boritz, Ping Zhang thought that the costs of disclosing internal control information is enormous, and the management did not believe that the benefits of internal control information disclosure would surpass the corresponding costs. Maria analyzed the sample which discloses their internal control information in accordance with SEC requirements, primarily study the relationship between the costs of disclosing internal control information and the effectiveness of the internal control system. It is found that the cost of disclosing deficiencies of internal control information is far more than that of defect-free.4) Correlation between internal control and earnings quality.There are many researches on the correlation between internal control and earnings quality. Doyle [11] studied the relationship between internal control and earnings quality, and found that internal control is a motivation of earnings quality. The studies of Chan [18] and Goh and Li [19] are similar. Chan [18] discovered that earnings management of those who disclose thematerial defects of internal control has a higher degree but the return on investment is very low. Goh and Li’s [19] also found that company’s earnings stability can be increased after improving the defects of internal control. Lobo and Zhou [20] made a comparison on companies’discretionary accruals between before implementing “Sarbanes-Oxley Act” and after implementing it, finding that companies’ discretionary accruals decreased a lot after the implementation of “Sarbanes-Oxley Act”. Doyle, Ge and Mcvay [10] divided the internal control defects into two aspects: corporate level and account level, finding that internal control defects on corporate level is influential to earnings quality, but there is no correlation between internal control defects on account level and earnings quality. Guoqing Zhang [21] selected nonfinancial A-share listed companies in 2007 as a research object to study the internal control quality on earnings quality. The results have shown that there is no close link between high quality internal control and earnings quality, but company’s characteristics and corporate governance factors may affect internal control quality and earnings quality systematically. Chunsheng Fang et al. [22] used questionnaire survey to examine the relationship between internal control system and financial reporting quality, finding that financial reporting quality improved after implementation of internal control system. Jun Zhang and Junzhi Wang [23] selected listed companies on Shanghai Stock Exchange in 2007 as sample, and used adjusted Jones model to calculate discretionary accruals and found that discretionary accruals significantly reduced after the review of internal control. Shengwen Xie and Wenhai Lai [24] selected A-share listed companies on Shanghai Stock Exchange in 2007 and 2008 as samples. They analyzed therelationship between internal control deficiencies and earnings quality by using a paired study, and found that listed companies’internal control information disclosure had an effect on earnings quality.Based on the above studies, we can see that internal control gets more attention after the promulgation of “Sarbanes-Oxley Act”. Current researches centralize on the defects of existing laws and regulations, the current situations of listed companies’internal control information disclosure, the relationship between listed companies’internal control information disclosure and their operating conditions, financial report quality and earnings quality. Among the current studies, most have focused on descriptive statistics and the relationship be-tween internal control quality and earnings quality, while there is no study use earnings quality as explanatory variable to reflect its effect on internal control information disclosure. Therefore, this article uses earnings quality as main explanatory variable and disclosure of internal control as the dependent variable to do empirical study, which compensate for the lack of current research to some extent.3. Method3.1. HypothesisHypothesis: the better the quality of earnings is, the higher the level of internal control information disclosure will be.According to agency theory and signaling theory, corporate trustee has obligation to report relevant information to the corporate capital owners, which give help to the operation of business. In the process of reporting, corresponding information is to pass the corporate relevant signal to the capital market. The signal can make the operator affect the flow of resources incapital market in a certain extent to improve the enterprise’s interests. There is the mutually reinforcing relationship between internal control information disclosure and the quality of earnings. A company that can fully disclose its information of internal control means that its managers have a good description of ethics. Meanwhile, a company that can take the initiative to show its internal control information in detail indicates that its company has a higher self-confidence, which will attract more capital market resources, increase its cash flow, enhance the quality of earnings, and improve management capabilities. Conversely, companies with good earnings quality will choose to voluntarily disclose their information of internal control in detail. They can distinguish themselves to the companies with inferior earnings quality and get more favor from investors.上市公司盈余质量与内部控制信息披露关系研究冷建飞，李璐（河海大学商学院，南京）1、前言近年来金融诈骗案件的发生带来了不可估量的损失，这与公司内部控制系统弱是有关系的。

Continental Access
Reminders
The Central Limit Theorem consists of three statements: • The mean of the sampling distribution of means is equal to the mean of the population from which the samples were drawn. • The variance of the sampling distribution of means is equal to the variance of the population from which the samples were drawn divided by the size of the samples. • If the original population is distributed normally (i.e. it is bell shaped), the sampling distribution of means will also be normal. If the original population is not normally distributed, the sampling distribution of means will increasingly approximate a normal distribution as sample size increases. (i.e. when increasingly large samples are drawn) The standard error of the mean of a sampled distribution SM relates to the population standard deviation σ where n is the sample size, through the equations:

文献出处：Michalski G. The Study of Accounts receivable risk management [J]. International Review of Business Research Papers, 2014 (68): 83-96.（声明：本译文归百度文库所有，完整译文请到百度文库。

）原文The Study of Accounts receivable risk managementMichalski G.AbstractIn the fierce market competition, enterprises in order to obtain a competitive advantage, in addition to relying on product，price, advertising and other means, basically use credit to credit as the foundation of this marketing means. The development of credit, to a certain extent, to expand the company's market share, improves the competitiveness of enterprises, but on the other hand, the formation of a large number of accounts receivable. Due to the factors of customer, market and many other aspects of existence, accounts receivable is easy to form a bad and doubtful debt. Once the bad and doubtful debts too much，would seriously endanger the development of the enterprise, and even lead to bankruptcy. Therefore, enterprises in the positive use of credit this marketing means to expand market share, we must strengthen the management of accounts receivable using a variety of measures, to reduce the risk of accounts receivable, in order to avoid business dilemma to expand credit and difficult to collect the payment. Under this background, the research of enterprise accounts receivable risk management has a very important significance to reduce enterprise accounts receivable risk.Key words: Accounts receivable; Risk management; Credit management1 IntroductionEnterprise in order to expand product sales, increase product sales, more or less, there are certain goods sell on credit, goods sell on credit is formed the account receivable, thereby increasing the risk of enterprise operation. Therefore, the enterprise must take practical measures, formulate rational and effective managementmethods, such as accounts receivable beforehand prevention, supervision and recycling management, to ensure the reasonable occupied level of accounts receivable and payment security, as far as possible to reduce bad debt losses, reduce business risk. In order to strengthen the management of accounts receivable risk, to revitalize the enterprise funds, increase the risk resistance ability of the enterprise. Through effective management, can guarantee the enterprise production and management normalization, reduce unnecessary financial expenses keep enough cash flow, can be more flexible to respond to market changes, increase the ability to resist risks of enterprises in the market, to better control the market.2 Problems need to be solved2.1Internal control department responsibilities chaos. Internal control system refers to the unit in order to ensure that business activities orderly, ensure the safety and integrity of the assets, prevent fraud, and fraud, and realize the goal of management and develop and implement a series of has the control function of the methods, measures and procedures. In the era of the socialist market economy, the enterprise accounts receivable risks mainly because of the internal system, one-sided pursuit of profit, did not establish the sustained development strategy, lack of communication between sales department and finance department, not assign special personnel to pursue of accounts receivable, no accounts receivable inventory system is established.2.2 Sales staff lack of professional ethics. Some salesman wanted to get rich without considering corporate interests, only to complete performance when selling products, not to take to the customer management by objectives, the lack of effective planning, after the occurrence of credit to the customer pledge no tracking or lack of tracking, collection of easily accept the customer the reason and finish the receivable task. Lack of complete sales idea, don't think the recovery of payment is a part of sales. These behaviors can't provide accurate market information, for the company to mislead the company decision, reduce the company's economic benefit, resulting in enterprise receivables cost increase.2.3 lack of advanced analysis of the accounts receivable risk degree. Enterprise musthave a large number of sales of goods, in order to survive must withdraw the payment at the same time, only in this way can enterprises healthy development, but sometimes in order to expand sales of enterprises by credit, also can produce a large number of accounts receivable, accounts receivable increase directly affect the enterprise's short-term debt paying ability and cash flow. To this, the enterprise must according to the customer in reimbursement dynamics of accounts receivable risk rating, see which companies can return on time, which don't, take action on their payments, in advance to avoid the loss.2.4 Credit management system is not perfect.At present our country has just started to establish the system of credit management, credit management system is almost blank, credit management units are mainly limited to the banking, securities and other financial institutions, enterprises are few. Enterprise is mostly blind credit policy, the result is looser credit policy, easy cause credit long maturity and high cash discount, low credit standards. At the same time, the social credit consciousness is weak, many enterprises do not value their own credit, malicious delinquency, form a vicious circle, causes the credit crisis.3 How to deal with the enterprise accounts receivable risk3.1 Improve accounts receivable internal control system.Set up a perfect credit management, to manage customer credit, to the customer for effective risk management, the purpose is to predict in advance to reduce losses. Understand the customer's credit situation, establish credit files for customers according to collect information for dynamic management. Enterprise financial department should regularly take back, aging of accounts receivable, cost, and so on and so forth, should use the ratio in the analysis, comparison, trend, analysis methods, such as the structure analysis of overdue loans bad debt risk and the impact on the financial condition, to determine bad treatment and the current credit policy. Check the implementation of internal control system, internal audit department to check whether there are accounts receivable cannot be brought back, check whether there is any major mistakes, dereliction of duty on staff, internal fraud, deliberately not withdraw accounts, etc., to ensure the recovery of accounts receivable. Sales department shall establish a perfectmarketing system, and constantly improve the level of sales personnel's professional ethics, strengthen the performance, not to sell, while ignoring the potential risk of receivables.3.2 Perfect sales staff appraisal method. An enterprise to keep accounts receivable is not high, we must strengthen the enterprise staff risk awareness, the operator is the soul of enterprise management and sales personnel, is the direct way to create sales revenue, if in this link problems, will affect the healthy development of the enterprise, the enterprise should enhance the propaganda work for employees, increasing reward, make employees to realize enterprise management state is closely connected with employees, earnestly, completes the labor of duty, improve enterprise economic benefits. Set up payment for goods collection appraisal system.In order to prevent sales staff one-sided pursuit of sales and sales, enterprises should make payment for goods inspection rewards and punishment system, such as accounts receivable, bad debt loss rate index, carries on the inspection of relevant staff, in order to determine the rewards and punishments.3.3 Strengthen the advanced analysis of accounts receivable risk degree. Accounts receivable risk analysis for an enterprise to correct forecast development trend of accounts receivable is very important, is advantageous to the accounts receivable back on time, reduce bad debt losses, therefore the enterprise accounts receivable, enterprises should take various measures to strive for timely recovery of funds, to not withdraw money, should do a good job in the accounts receivable risk degree analysis, when it is necessary to take certain measures, in order to reduce the risk of accounts receivable. In this use ABC classification management of inventory management, to talk about how to analyze the degree of accounts receivable risk.3.4 Enhance the management of enterprise credit system. In order to strengthen the management of accounts receivable, formulate an effective accounts receivable credit policy, not only can save funds advance expenditure, reduce bad debt losses, but also can expand sales, improve the economic benefits of enterprises. Establish customer credit evaluation system, risk aversion. Customer credit evaluation system is carried out on the customer credit evaluation, according to the evaluation results toidentify which customers can give commercial credit, which you can't, control the accounts receivable risk. When the customer credit evaluation, from the two aspects of qualitative and quantitative analysis.Qualitative analysis - credit standards. Qualitative analysis is a kind of credit standards, credit standard is to provide business credit, and minimum requirements, establish standard of credit is the key to consider customer delay the payment, or refuse to pay the payment to the company the possibility of damage. The determination of credit standards, mainly according to the actual situation of enterprises, market competition situation and the customer's credit situation to decide. Enterprises in determining the credit standards to do comprehensive problem. Typically companies can use a standard, in order to measure and compare the customer's credit standing. In addition, the company is necessary to conduct regular customer credit quality inspection and evaluation analysis. We can through to the customer's quality, ability, capital, collateral, makes an analysis of the operating environment, etc, this evaluation method is commonly referred to as 5 c system evaluation method, the system is an important factor to evaluate customers' credit quality.Quantitative analysis --, credit conditions. Quantitative analysis is, in fact, a kind of credit conditions. Credit conditions refers to the enterprise for customer credit payment, including credit term, discount and cash discount, is the customer credit quantitative, according to the quantitative index to evaluate the customer credit risk prevention. Customer credit index quantitative process is first calculated can reflect customer debt paying ability and financial status of the main indexes. These indicators including asset-liability ratio, current ratio, quick ratio, equity ratio, etc., and then reflect the quantitative indicators of customer credit compared with normal indicators divided customers into several categories, and different for different categories of customer credit policy, in order to avoid the blindness of sell on credit.3.5 Intensify receivables collection and cash. Accounts receivable collection is in the customer without payment within the prescribed time limit, after the occurrence of accounts receivable, various measures should be taken, as far as possible the paymentfor goods timely recovery. For overdue accounts receivable, should according to its default time, amount to carry on the analysis, collection measures according to the circumstance, collection measures: 5 days late, a first letter again, we call each other asked, head of the situation and understand their attitude, know the reason why the customer can't pay;30 days overdue, it issued a second again, and immediately stop supply again on the phone, cancel the credit limit and credited to corporate customers credit list; Exceed the time limit of 60 days, the third seal again letter, if possible for customers to visit; Overdue 90 days, a fourth letter again letter, consulting professional institutions, the debt to asset survey;180 days overdue, consider litigation or arbitration. In order to guarantee the normal business activities of enterprises, improve enterprise economic benefits, we should reasonable use of accounts receivable, cash for accounts receivable. Enterprises can use accounts receivable to loan, do so on the one hand, reduce the accounts receivable too much, can get a bank loan at the same time, for the enterprise development, enterprises can also be discounted receivables into commercial paper, use of bill financing, reduce the cost of the loan, enterprises can also use accounts receivable factoring financing. Therefore, when the accounts receivable too much, the enterprise should enhance the cash accounts receivable, reduce the loss.4 ConclusionsAccounts receivable is not merely a kind of credit risk management after the event, but a continuous space on a full time complete process. Should be a process and a full range of management process, is a kind of management thought. Comprehensive reflected in accounts receivable management is not only sales department and finance department's affairs, but the collection of the sales department, finance department, accounting department and legal department affairs and the power of the internal audit department. This paper to prevent and dissolve all kinds of accounts receivable risk, lists the concrete methods of the various measures, some may be in domestic has not implemented, but believe as companies stepped up on accounts receivable risk management, continuous improvement of the primary market, the improvement of domestic credit environment, accounts receivable risk will begreatly reduced. Account of the risk management in the developing process of hard to avoid can appear some new problems, which has yet to be further solved译文应收账款风险管理米科斯基摘要在激烈的市场竞争中，企业为了获取竞争优势，除了依靠产品、价格、广告等手段之外，基本上都釆用了以信用为基础的赊销这一营销手段。

企业应收账款管理外文翻译文献(文档含英文原文和中文翻译)原文:Enterprise receivables management analysedFenXi mining chemical company zhaoAiping【abstract 】in order to meet the expanding sales and increase the competitiveness of the enterprises, reduce inventory, reduce inventory risk and management expenses need, the business activities in El often created accounts receivable. Accounts receivable is the enterprise is an important, the risk is bigger liquid assets, its quality is good or bad for a business often has had a significant impact. Because of the important account receivable, according to some accounts receivable management and accounting, points out the existing problems in the disadvantages of account receivable mismanagement, and puts forward some to strengthen the management of accounts receivable practices.【keywords 】receivables; The provision for; Management riskAccounts receivable is the enterprise is an important, the risk is bigger liquid assets, its quality is good or bad for a business often has had a significant impact. These long-term difficult to recover the accounts receivable existence, seriously affected the enterprise. The normal production and business enterprise management costs, increased to different extent some enterprise into a financial crisis.The role of account receivable. Expand sales, increase the competitiveness of the enterprises in the fierce market competition situation, is to promote the sales of credit is an important way. Enterprise credit is actually to provide customers with the two transactions, to customer selling products, and in a limited period introverted customers funds. In credit-tightening, market weakness, lack of money, the promotion with obvious credit for enterprise sales role. New products and explore new market is more important significance.Reduce inventory, reduce inventory risk and management costs. To the enterprise to hold finished goods inventory additional fee, warehousing costs and insurance expenses; Instead, the enterprise to hold accounts receivable, you do not need the spending. Therefore, when the enterprise products inventory more for long time,generally can use more favorable credit conditions, the inventory into pipes receivable and reduce finished goods in stock, save related expenses.Accounts receivable in the management of the existing problemsAccounts receivable is broad, fixed number of year long. AmountsEnterprise to accounts receivable accounting is not standard. According to the provisions of the state financial and accounting systems. Accounts receivable is accounting enterprise for selling goods or services to happen to purchase unit shall be recovered or accept labor unit payments. But the enterprise did not strictly according to the provisions of the accounting enterprise receivables. Cause some should not be in the project accounting money also included in the project, cause accounts receivable accounting has no reality.The account receivable NPLS not timely, to the enterprise confirmed the appearance of virtually increased asset caused. Because enterprise to accounts receivable slackened management, especially some enterprise also to accounts receivable as means of adjusting profit. So on the account receivable SiZhang confirmation on staying there ~ some problems. Is mainly to stay SiZhang has already formed the receivables confirm fast enough, for many years in the accounts receivable formed account long-term, eased some already can't withdraw, this provision for the provision for no provision of virtual enterprise assets, causing thickening.Because some of the managers and operators enterprise financial management consciousness and lack of management concept. To accounts receivable is lack of effective management and collect investigation the author feel. In Shanxi Province in the part of the province tube enterprise still exist serious planned economy of ideas, these people to the market economy can't say don't understand, also cannot say don't understand, the main thing is not starts from oneself, and in practical work is often said the much, do less. Thought is drunk on the production and business operation this center, not how to do well management finance the primacy, failed to do the business management financial management as the center. Financial management to fund management as the center. The management of funds and use only paying attention to how to borrow and spend money, not for existing resources and capital for effective configuration and mobilize. Cause enterprise produced a considerable amount of receivables, also do not actively from the Angle of strengthening management, so lots of money to clean up the long-term retention outside. Affected the enterprise normalproduction and operation activities and the efficient use of the funds.The drawbacks of the receivable mismanagementReduce enterprise funds use efficiency, make enterprise profits down because of enterprise logistics and cash flow not consistent, merchandise shipped, prescribing sales invoices. Payment is not keeping pace recovery, and sales have established, this not up recovery entry sales. Certainly will cause no cash inflow generated sales tax on profits and losses, and sales income paid and years be paid in advance. If involves span more than to sales revenue account receivable. Then can produce enterprise by current assets paid annual shareholders dividend. Enterprise for such pursuit arising from the pad surface benefits and tax payment paid shareholders take up a lot of liquidity, as time passes will influence enterprise capital turnover. Which led to the enterprise actual operation situation veiled. Influence enterprise production plan and sales plan, etc, can't realize the set benefit goal.Exaggerated enterprise operating results. Because our country enterprise executes accounting foundation is the accrual (receivable meet system). The current credit happened all to write down current income. Therefore, the enterprise account profit increase does not mean that can meet the schedule of realizing cash inflows. Accounting system requires the enterprise in accordance with the percentage of account receivable balance to extract the provision for, the provision for a 5% rates generally for 3% (special enterprise except). If the actual loss of bad happened more than extract the provision for, will give enterprise to bring the great loss. Therefore, the enterprise of account receivable existence. On the TAB virtually increased sales income. In oerstate enterprise operation results. Increased risks of an enterprise cost.Speeding up the enterprise's cash outflows. Sell on credit although can make the enterprise produces more profits, but did not make enterprise cash inflows increase, on the contrary make enterprise had to use limited liquidity to various taxes and fees paid, accelerate the enterprise's cash outflows, main performance for:Enterprise tax payments. Accounts receivable bring sales income. Not actually receive cash, turnover is computational basis with sales, the enterprise must on time pay by cash. Enterprise pay tax as value added tax, business tax, consumption tax, resources tax and urban construction tax, inevitable meeting with sales revenue increases.Income tax payments. Accounts receivable generate revenue, but not in cashincome tax, and realizing cash payment must on time.Cash the distribution of the profits. Also exist such problems. In addition, the cost of the management of accounts receivable and accounts receivable recycling costs will accelerate enterprise cash outflows.The business cycle has influence on enterprise. Operating cycle from obtain inventory to the sales that inventory and withdraw cash this time so far. Operating cycle depends on inventory turnover days and accounts receivable turnover days, the business cycle is combined. From that. Unreasonable accounts receivable existence, make business cycle extended, affected the enterprise capital circulation, make a lot of liquidity precipitation in non-productive link. Cause enterprise cash shortage, influence salaries and raw material purchasing, serious impact on the enterprise normal production and operation.Increased receivables management process. Error probability, brings to the enterprise enterprise to face the additional loss accounts receivable account, possibly to the timely discovery, accounting errors can prompt understanding and other receivables accounts receivable dynamic enterprise details. Cause responsibility unclear. Accounts receivable contract, Taiwan about, commitments, the formalities of examination and approval of such material scattered, lost may make the enterprise has happened on the account receivable unable to receive the full recovery of repayment, the only partially withdraw through legal means. Can recover, but due to material not whole and cannot be recovered, until eventually form the enterprise assets loss.To strengthen the management of accounts receivable methodComprehensive comb, and establish material parameter. For enterprise all kinds of receivables launch a comprehensive system of comb, queuing, check the work. Because in past economic activity business minority, inefficient pattern. Hard to adapt to the market economy requirement, the law of development in the increasingly fierce market competition gradually be eliminated, the enterprise is in production, BanTingChan, failed state, has formed a widespread accounts receivable account for a long (most age 3 years), former party leave the state of operation and the debtor changes etc. Phenomenon, to clear a check increase the difficulty. Workers should browse a large number of original documents, traced back to carefully each individual accounts receivable from the nature, time, happened contents, amount. According to zhang age, systems, area and the possibility of recovery of accounts receivable areclassified. Carefully analyzed collection verify each sum of money and amount. And this system, more likely way back near the door check account receivable; Way to outside the system, and is unlikely to far back of receivables through telephone enquiries, enterprise sent a letter, lawyers sent a letter way to undertake checking: some not so clear accounts receivable multilateral bug verification. Please go back to the original sales personnel, agent help check to ensure that the data obtained by the accurate, reliable and accurate data collected in the visiting for the future of written-off receivables smoothly provide effective legal evidence. More importantly, with the debtor written-off receivables personnel and check accounts concerning the debtor family residence, operation sites, property status, income level made a comprehensive and detailed understanding, and according to the command of the debtor to evaluate solvency debt-repaying possibility. Judge, lock key goals for the next great written-off receivables smoothly and lay the foundation.Multi-pronged approach.we great effort, increase. After the preparation work or do. Accounts receivable written-off receivables entered the substantial "punish collect" crucial stage. In actual work, in order to give attention to collect the magnificence of the enterprise with benefit, one of the debtor to classify, different properties analysis of the debtor to adopt targeted collect method, in order to make the whole written-off receivables achieved good effect. The debtor to business clients. To possess management qualification, sound system, assets in good condition of customers, after consultations communication with the other, try to take groovy gathering way, so that both the collect keep good business cooperation relations; But for malicious long-term default behavior, used first lawyer in demand for collection, correspondence is invalid cases, still choose be representative of the debtor to court, apply for a court for compulsory execution. In the majesty of the law, the other group of a deterrent to repay the debtor will repay arrears, self-consciously plays to the whole written-off receivables to point the impetus with. On the system internal worker arrears. For system inside worker due to illness, life difficult, and many other reason formed non-business temporary loan, first of all, issued a document, clearly stipulates that deadline repossessed; Secondly, a large amount of arrears. Indeed, in a difficult to pay off after consultation with staff. Payment agreement signed. Divide second month in salary charged or deduct; Finally, the internal to laid-off employees and have extra-large disease worker, its economy is really difficult to repay embarrassment. In a humane treatment, offer certain debt relief. Such already make whole written-off receivables reach the expected effect, also can let laid-off workersto their real challenges organization care. Adopting property preservation measures. In the actual collect process. Often encountered some have the repayment ability but reimbursement conditions or timing immature the obligor, collect personnel can cooperate actively court on the debtor's property implement preservation, making cdo in court, under the help of the relevant accounting units and individuals to impose preservation of property. For property preservation at the same time. Appoint our wealth pipe center visit regularly the obligor, closely watching the debtor whereabouts, understand their property status. Once found the debtor reimbursement conditions mature, immediately notify the court, suspend the property preservation, reactivated cases. Applied to the court for compulsory execution withdraw arrears.Establish customer credit system. Strict credit business formalities for examination and approval from years of written-off receivables accounts receivable see. A few enterprises in experience increased sales push credit sales policy. Did not establish a complete customer credit system, to the customer assets status, reimbursement ability, financial situation, the credit rating don't know much. Even after receivable formation. Find the debtor to punish frequently occurred. There are a few enterprise to the customer credit conditions are too broad. Credit approval rights too scattered, sometimes a sales personnel can decided to sell on credit business formation. Cause some credit rating is low customers easily get credit, increasing the risk of bad loans.Earnestly implement post responsibility system, strict appraisal, rewards and punishments and trenchantSome enterprise although also established a comparatively perfect accounts receivable credit sales, management, a great responsibility and internal control system, but in actual work but become a mere formality, non-existing. Cause the enterprise internal responsibility unclear, the reward is unknown situation. To a certain extent, encourages the formation of large receivables, increasing the operating risk of an enterprise. So only with a good set of system doesn't solve all the problems in the practical work, the key still need to implement these system will reach the designated position, achieves truly in the bud.Foreign source ：Friends of the accounting, in 2009 (30) 84 85译文:企业应收账款管理存在的问题及对策汾西矿业化工公司赵爱萍【摘要】公司为了满足扩大销售、增加企业的竞争力、减少库存、降低存货风险和管理开支等的需要，在El常的经营活动中产生了应收账款。

本科毕业论文（设计）外文翻译原文：Accounts Receivable Financing and Information Asymmetry Abstract：This study investigates the effect of information asymmetry between managers and outsiders on the use of accounts receivable in financing the firm’s operations. Th e information impounded in receivables pertains to the firm’s customers rather than the firm and therefore differs from the information embedded in other assets. The unique information content of accounts receivable makes it a likely candidate to use as a financing tool for highly information asymmetric firms. Consistent with the Pecking Order Theory, I find that the likelihood of using accounts receivable financing increases with the firm’s information asymmetry. I also find that the innate component of th e firm’s earnings quality measure is more influential than the discretionary component in explaining the use of AR financing.Keywords: Information asymmetry, capital structure, asset-backed financing, receivables.1. IntroductionAccounts receivable (hereafter, AR) are open accounts owed to the firm by trade customers. They are part of the firm’s working capital and constitute 14 percent of 2005 US industrial firms’ total assets, making them one of the largest asset groups on industrial firms’ balance she et. AR serve as a tool for firms to extend credit to their business partners and are often instrumental in facilitating sale of goods.From a creditor standpoint, the information characteristics associated with AR differ from other firm’s assets. While the information on firm’s other assets is related to the firm’s performance, the information on the firm’s AR and their value depends on other firms’ performance, i.e. the customers. Furthermore, AR share many attributes of financial assets, including their reparability and relative liquidity. Theseattributes of AR, as well as the diversification effect of multiple customers comprising the receivable account on the balance sheet, make this asset different and potentially lower in its information asymmetry tha n the rest of the firm’s assets.The Pecking Order Theory (Myers, 1984 and Myers and Majluf, 1984) predicts that firms characterized by asymmetric information will tend to use the least information sensitive financing options available to them before turning to other options which may be mispriced by the market. Boot and Thakor (1993) show that value can be added in splitting an asset into two separate securities; one informational sensitive, the other less so. In this study, I investigate whether the distinct information characteristics of AR increases the likelihood of using AR as a tool in financing when information asymmetry between firm’s management and outsiders increases.Using a unique hand collected dataset of all COMPUSTAT firms available for the fiscal year 2005 in the two 2-digit SIC code industries 73 and 37 (business services and transportation equipment), which are characterized by high ratios of AR to assets, I test whether the firm’s information asymmetry is related to its decision to use AR financing. AR financing is defined as any type of financing which distinctly relies on AR, either as collateral or as an eligibility requirement and includes the following types of financing: securitization, factoring, AR collateralized debt, and collateralized debt with an AR eligibility requirement. Remaining observations are divided between two additional groups: firms having debt collateralized by many assets which do not specifically mention AR and firms using uncollateralized debt or debt collateralized by assets other than AR (such as mortgages).I first explore the association between leverage and the use of AR financing. I find that on average, firms that use AR financing have higher leverage relative to firms that do not use AR financing. I then test whether information asymmetry is related to the decision of the firm to use AR financing, after controlling for leverage. I find that the use of AR financing is associated with three sets of proxies of the firm’s information asymmetry: 1) analyst forecasts (both standard deviation and absolute forecast error), 2) balance sheet based variables that have been found to be correlated with information asymmetry, and 3) disclosure (both quality of earnings as well asvoluntary disclosure through management’s e arnings guidance). Results suggest that the likelihood of AR financing increases with the firm’s information asymmetry.Additionally, I separate the firms that do not use AR financing into two groups, one of firms that use general collateralized debt and the other of firms that do not, and conduct a multinomial regression analysis. The information asymmetry proxies are significant and stronger for the AR financing group than for the general collateralized debt group suggesting that results are driven by the unique information characteristics of AR and not by the use of collateralized debt. I also separate the AR financing firms into two groups. The first group has an AR financing agreement in place but has a zero-balance at the end of the fiscal year and the second group has a positive balance at the end of the year. The coefficients of the information asymmetry proxies are not significant for the zero-balance group suggesting that these firms are characterized by lower information asymmetry than firms that make use of their facilities.In order to shed light on which component of the corporate information environment –the economic / innate component and the managerial discretionary component –is more influential in explaining the decision to use AR financing, I decompose the earnings quality measure into its two components. Consistent with Francis et al. (2005) and Bhattacharya et al. (2007), I find that the innate component is more influential in explaining the decision to use AR financing. These results are robust to an alternative method of decomposition of the information environment proxy which relies on the principal component analysis and the use of two additional accounting measures that have been found to be correlated with the discretionary component of the information environment; earning volatility and abnormal accruals.Previous literature includes analysis of the financial structures employed to manage a firm’s AR (Mian and Smith, 1992), as well as research pertaining to some specific forms of AR financing such as factoring (Sopranzetti ,1998); however, the effect of the firm’s information asymmetry on the choice to use AR as a financing tool has not been directly investigated. My study contributes to the existing literature in the following ways: (1) it suggests that using a specific asset with information content different than the rest of the firm’s assets, namely AR, may alleviate agencyproblems that arise from information asymmetry; (2) it adds to the literature suggesting that the innate component of the earnings quality measure is more influential than the discretionary component when evaluating information risk; (3) It uses a unique hand collected data set to document the choice between AR financing and other financing options and provides descriptive evidence on the characteristics of the firms using the different forms of AR financing.The remainder of the paper is organized as follows. Section 2 discusses AR financing and the role of information asymmetry in firm’s financing and develops the hypotheses tested in this study. Section 3 discusses the research design. Section 4 describes the dataset and provides descriptive statistics of the firms by industry and by AR financing choice. Section 5 displays the empirical results and section 6 concludes.2. Background and Development of Hypotheses2.1. AR FinancingTrade receivables represent credit given by firms to their business partners. These accounts are effectively short and long term financing that is extended not by financial intermediaries or the market, but by suppliers to their customers. Calomiris et al. (1995) find that during downturns, firms in strong financial conditions act as financial intermediaries to other firms and extend credit. When market liquidity is low, trade credit is an important tool to keep firms afloat, thus making receivables more important when credit is scarce. Giannetti et al (2007) study firms receiving trade credit. One of their main findings is that trade credit given by suppliers seems to convey favorable information to other potential lenders to the firm. Peterson and Rajan (1997) focus on small firms and find evidence that suppliers lend to smaller firms because they have a comparative advantage in getting information about them. Both of these findings sugg est that the information content of a firm’s receivables is endogenous to the decision of the firm to extend the credit and adds to the information in the market on these firms. Management, however, may still have additional information regarding these assets than other market participants, if customers are comprised of small, information asymmetric, firms.In this study, I focus on the supplier’s side of AR. Firms that extend credit totheir customers have to finance it by using internal funds, taking on debt or issuing equity. I investigate the firms that specifically use their AR in debt contracting. AR financing is defined as any type of financing which distinctly relies on AR, either as collateral or as an eligibility requirement. The financing options include: securitization of AR (both on and off balance sheet), factoring of receivables (both on and off balance sheet), AR collateralized debt, and general collateralized debt which contains an AR eligibility requirement. This financing is usually short term and includes on the one end of the spectrum credit facilities which are determined, among other things, by the amount of eligible AR the firm holds at any given time and on the other end of the spectrum securitization facilities which issue short/long term paper against pools of trade/financing receivables.Mian and Smith (1992) use the AICPA survey of firms to study the choice firms make between different AR management policies such as factoring, accounts receivable secured debt, captive finance subsidiaries and general corporate credit. They find that size, concentration and credit standing of the firm’s traded debt and commercial paper are important in explaining the firm’s choices between the alternative policies. The larger more credit worthy firms establishes captives, while the smaller, riskier firms issue accounts receivable secured debt. Each of the specific policies has also been studied. Sopranzetti (1998) models factoring of accounts receivable with respect to the recourse conditions and finds that high bankruptcy firms may not be able to factor their receivables even with full recourse. Klapper (2005) finds evidence suggesting that lines of credit secured by accounts receivable are associated with business borrowers who exhibit a high risk of default. Sufi (2009) studies the role of bank lines of credit in corporate finance and finds that these revolving facilities are used as a liquidity substitute only for firms that maintain high cash flows. The above studies highlight the many differences between the policies as well as the different characteristics of firms using each. These firms are characterized by a wide range of sizes, balance sheet strength and operating results. This study explores whether the firm’s information asymmetry characteris tic is a common factor that may explain a firm’s choice to use AR as a financing tool.2.2. Financing under asymmetric informationCapital structure has been extensively studied. Led by the seminal paper of Modigliani and Miller (1958) claiming that absent taxes and agency costs, the financing decision does not affect the value of a firm, researchers have been testing each of the underlying assumptions in order to explain the differences in firms’ capital structure. Trade-off between the advantages of tax shields and the costs of bankruptcy, agency costs of debt, and the costs of signaling lead a firm to target a specific capital structure. In contrast, the Pecking Order Theory, introduced by Myers (1984) & Myers and Majluf (1984), uses the costs of adverse selection which stem from the information asymmetry between managers and outsiders to explain the manager’s choice of capital structure. The Pecking Order Theory predicts that firms with high information asymmetry will finance their activities first using internal funds, then with low risk debt and finally with equity, as the riskier options may be mispriced by the market. Therefore, leverage will increase with information asymmetry. Both theories have been backed by empirical literature.Source: Hagit Levy,2010. “Accounts Receivable Financing and Information Asymmetry” . Zicklin School of Business Baruch College, October.pp.1-4.译文：应收账款融资和信息不对称摘要：本研究旨在探讨对影响管理者和外界之间的信息不对称在使用应收账款融资的公司的业务。

会计舞弊财务舞弊外文文献翻译(含：英文原文及中文译文)文献出处：Badawi I M. Global corporate accounting frauds and action for reforms[J]. Review of Business, 2005, :26(:2).英文原文Global Corporate Accounting Frauds and Action for ReformsIbrahim BadawiSt. John’s UniversityAbstractThe recent wave of corporate fraudulent financial reporting has prompted global actions for reforms in corporate governance and financial reporting, by governments and accounting and auditing standard-setting bodies in the U.S. and internationally, including the European Commission; the International Federation of Accountants; the Organization for Economic Cooperation and Development; and others, in order to restore investor confidence in financial reporting, the accounting profession and global financial markets.IntroductionDuring the recent series of corporate fraudulent financial reporting incidents in the U.S., similar corporate scandals were disclosed in several other countries. Almost all cases of foreign corporate accounting frauds were committed by entities that conduct their businesses in more than onecountry, and most of these entities are also listed on U.S. stock exchanges. Following the legislative and regulatory reforms of corporate America, resulting from the SarbanesOxley Act of 2002, reforms were also initiated worldwide. The primary purpose of this paper is twofold: (1) to identify the prominent American and foreign companies involved in fraudulent financial reporting and the nature of accounting irregularities they committed; and (2) to highlight the global reaction for corporate reforms which are aimed at restoring investor confidence in financial reporting, the public accounting profession and global capital markets.Cases of Global Corporate Accounting FraudsThe list of corporate financial accounting scandals in the U.S. is extensive, and each one was the result of one or more creative accounting irregularities. Exhibit 1 identifies a sample of U.S. companies that committed such fraud and the nature of their fraudulent financial reporting activities.Who Commits Financial Fraud and HowThere are three groups of business people who commit financial statement frauds. They range from senior management (CEO and CFO); mid- and lower-level management; and organizational criminals [6,16]. CEOs and CFOs commit accounting frauds to conceal true business performance, to preserve personal status and control and to maintain personal income and wealth. Mid- and lower-level employees falsifyfinancial statements related to their area of responsibility (subsidiary, division or other unit) to conceal poor performance and/or to earn performance-based bonuses. Organizational criminals falsify financial statements to obtain loans or to inflate a stock they plan to sell in a “pump-and-dump” scheme. Methods o f financial statement schemes range from fictitious or fabricated revenues; altering the times at which revenues are recognized; improper asset valuations and reporting; concealing liabilities and expenses; and improper financial statement disclosures.Global Regulatory Action for Corporate and Accounting ReformsIn response to corporate and accounting scandals, the effects of which are still being felt throughout the U.S. economy, and in order to protect public interest and to restore investor confidence in the capital market, U.S. lawmakers, in a compromise by the House and Senate, passed the Sarbanes-Oxley Act of 2002. President Bush signed this Act into law (Public Law 107-204) on July 30, 2002. The Act resulted in major changes to compliance practices of large U.S. and non-U.S. companies whose securities are listed or traded on U.S. stock exchanges, requiring executives, boards of directors and external auditors to undertake measures to implement greater accountability, responsibility and transparency of financial reporting. The statutes of the Act, and the new SEC initiatives that followed [1,4,8,12,15], are considered the mostsignificant legislation and regulations affecting the corporate community and the accounting profession since 1933. Other U.S. regulatory bodies such as NYSE, NASDAQ and the State Societies of CPAs have also passed new regulations which place additional burdens on publicly traded companies and their external auditors.The Sarbanes-Oxley Act (SOA) is expressly applicable to any non-U.S. company registered on U.S. exchanges under either the Securities Act of 1933 or the Security Exchange Act of 1934, regardless of country of incorporation or corporate domicile. Furthermore, external auditors of such registrants, regardless of their nationality or place of business, are subject to the oversight of the Public Company Accounting Oversight Board (PCAOB) and to the statutory requirements of the SOA.The United States’ SOA has reverberated around the globe through the corporate and accounting reforms addressed by the International Federation of Accountants (IFAC); the Organization for Economic Cooperation and Development (OECD); the European Commission (UC); and authoritative bodies within individual European countries.International Federation of Accountants (IFAC)The IFAC is a private governance organization whose members are the national professional associations of accountants. It formally describes itself as the global representative of the accounting profession, with the objective of serving the public interest, strengthening theworldwide accountancy profession and contributing to the development of strong international economies by establishing and promoting adherence to high quality standards [9]. The Federation represents accountancy groups worldwide and has served as a reminder that restoring public confidence in financial reporting and the accounting profession should be considered a global mission. It is also considered a key player in the global auditing arena which, among other things, constructs international standards on auditing and has laid down an international ethical code for professional accountants [14]. The IFAC has recently secured a degree of support for its endeavors from some of the world’s most influential interna tional organizations in economic and financial spheres, including global Financial Stability Forum (FSF), the International Organization of Securities Commissions (IOSCO), the World Bank and, most significantly, the EC. In October 2002, IFAC commissioned a Task Force on Rebuilding Public Confidence in Financial Reporting to use a global perspective to consider how to restore the credibility of financial reporting and corporate disclosure. Its report, “Rebuilding Public Confidence in Financial Reporting: An International Perspective,” includes recommendations for strengthening corporate governance, and raising the regulating standards of issuers. Among its conclusions and recommendations related to audit committees are:1. All public interest entities should have an independent auditcommittee or similar body.2. The audit committee should regularly report to the board and should address concerns about financial information, internal controls or the audit.3. The audit committee must meet regularly and have sufficient time to perform its role effectively.4. Audit committees should have core responsibilities, including monitoring and reviewing the integrity of financial reporting, financial controls, the internal audit function, as well as for recommending, working with and monitoring the external auditors.5. Audit committee members should be financially literate and a majority should have “substantial financial experience.” They should receive further training as necessary on their responsibilities and on the company.6. Audit committees should have regular private “executive sessions” with the outside auditors and the head of the internal audit department. These executive sessions should not include members of management. There should be similar meetings with the chief financial officer and other key financial executives, but without other members of management.7. Audit committee members should be independent of management.8. There should be a principles-based approach to definingindependence on an international level. Companies should disclose committee members’ credentials, remuneration and shareholdings.9. Reinforcing the role of the audit committee should improve the relationship between the auditor and the company. The audit committee should recommend the hiring and firing of auditors and approve their fees, as well as review the audit plan. 10. The IFAC Code of Ethics should be the foundation for individual national independence rules. It should be relied on in making decisions on whether auditors should provide non-audit services. Non-audit services performed by the auditor should be approved by the audit committee.11. All fees, for audit and non-audit services, should be disclosed to shareholders.12. Key audit team members, including the engagement and independent review partners, should serve no longer than seven years on the audit.13. Two years should pass before a key audit team member can takea position at the company as a director or any other important management positionOrganization for Economic Cooperation and Development (OECD) The Organization for Economic Cooperation and Development (OECD) is a quasi-think tank made up of 30 member countries, includingthe United States and United Kingdom, and it has working relationships with more than 70 other countries. In 2004, the OECD unveiled the updated revision of its “Principles of Corporate Governance” that had originally been adopted by its member governments (including the U.S. and UK) in 1999. Although they are nonbinding, the principles provide a reference for national legislation and regulation, as well as guidance for stock exchanges, investors, corporations and other parties [11,13]. The principles have long become an international benchmark for policy makers, investors, corporations and other stakeholders worldwide. They have advanced the corporate governance agenda and provided specific guidance for legislative and regulatory initiatives in both the OECD and non-OECD countries.The 2004 updated version of “Principles of Corporate Governance” includes recommendations on accounting and auditing standards, the independence of board members and the need for boards to act in the interest of the company and the shareholders. The updated version also sets more demanding standards in a number of areas that impact corporate executive compensation and finance, such as:1. Granting investors the right to nominate company directors, as well as a more forceful role in electing them.2. Providing shareholders with a voice in the compensation policy for board members and executives, and giving these stockholders theability to submit questions to auditors.3. Mandating that institutional investors disclose their overall voting policies and how they manage material conflicts of interest that may affect the way the investors exercise key ownership functions, such as voting4. Identifying the need for effective protection of creditor rights and an efficient system for dealing with corporate insolvency.5. Directing rating agencies, brokers and other providers of information that could influence investor decisions to disclose conflicts of interest, and how those conflicts are being managed.6. Mandating board members to be more rigorous in disclosing related party transactions, and protecting soca lled “whistle blowers” by providing the employees with confidential access to a board-level contact.U.S.-EU Cooperation for Corporate Reforms Initially, the European Union resented applicability of U.S. Sarbanes-Oxley Act reforms to European companies and accounting firms operating in the U.S. However, after a series of negotiations, the U.S. and EU authorities have agreed to cooperate and decided to develop a compatible set of regulations. The regulatory bodies on both continents have undertaken a two-way cooperative approach based on effective equivalence of regulation and oversight authorities. Furthermore, member states of the European Union have proposed a code of conduct on the independent auditors whichincludes a five-year auditor rotation requirement. Furthermore, the national governments of the individual European countries have proposed reforms of their corporate laws. For example, in July 2002, the British government released a white paper proposing changes to the Company Law, which included harsher penalties for misleading auditors; redefining the roles of the directors; and creating standards for boards in accounting supervision and other disclosure issues. The British government is also reviewing the roles of non-executive directors and is considering the regulation of audit committees.中文译文全球企业会计欺诈与改革行动易卜拉欣·巴达维圣约翰大学摘要最近一波企业欺诈性财务报告激发了全球公司治理和财务报告改革，政府和会计和审计机构在美国和国际上的标准制定机构，包括欧盟委员会，国际会计师联合会;经济合作与发展组织;以恢复投资者对财务报告，会计行业和全球金融市场的信心。

方差分析的应用范文方差分析（Analysis of Variance，ANOVA）是一种统计分析方法，用于比较两个或多个样本均值之间的差异是否显著。

它适用于分析一个或多个因素对一个或多个连续型变量的影响，常用于实验设计、医学研究、社会科学等领域。

下面将介绍方差分析的几个常见应用。

1.实验设计与比较：方差分析可用于检验不同处理条件下的实验结果是否存在显著差异。

例如，在农业领域中，可以通过方差分析比较不同施肥方法对作物产量的影响。

在医学研究中，可以通过方差分析比较不同治疗方法对疾病恢复的影响。

方差分析可以帮助科学家确定最佳的处理方法或药物配方。

2.因素分析与交互作用研究：当有多个因素（例如不同药物、不同剂量和不同性别）对一个变量（例如血压）产生影响时，方差分析可以帮助确定每个因素的独立影响和交互作用。

通过方差分析，可以确定哪些因素对变量有显著影响，以及不同因素之间是否存在交互作用。

3.品质控制与质量改进：在生产过程中，方差分析常用于评估不同因素对产品质量的影响。

例如，在制造业中，可以使用方差分析比较不同生产线对产品尺寸的影响，以便确定最佳的生产参数。

通过方差分析，企业可以识别引起产品不一致性的主要因素，并采取相应的措施进行质量改进。

4.效应分析与调查研究：方差分析可用于探索不同变量对其中一种效应或变量的影响程度。

例如，在市场调研中，可以使用方差分析比较不同广告媒介对消费者购买决策的影响。

通过方差分析，可以确定哪种广告媒介对消费者的购买意向产生更大的影响，从而指导市场策略的制定。

5.群体间差异研究：方差分析可用于比较不同群体之间的差异。

例如，在教育研究中，可以使用方差分析比较不同年级学生的平均分数是否存在显著差异。

通过方差分析，可以确定不同群体之间存在的差异，从而帮助制定个性化的教育方案。

需要注意的是，方差分析只能确定样本均值之间是否存在显著差异，而不能推断原因和因果关系。

此外，在运用方差分析时，还需要满足一些假设条件，如正态性、方差齐性和独立性等。

审计风险外文文献翻译最新译文The n of Audit Risk ControlXXXIn any market。

the optimal n of resources is an internal XXX。

however。

n asymmetry exists een investors and creditors。

debtors and regulators。

and other regulated XXX verify the financial n of foreign enterprises and other n to ensure that the market's main body has as close to complete n as possible。

This process is known as the audit.XXX' subjective ns。

which are usually based on sampling surveys。

XXX。

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A 2002study published in the American Journal of Accounting Statistics revealed that the number of lawsuits against auditors in the United States over the past 15 years is far more than the total number of lawsuits in the industry's 105-year history。

企业应收账款风险控制外文翻译文献(文档含中英文对照即英文原文和中文翻译)原文：On Risk Control Accounts Receivable Abstract:Accounts receivable credit enterprise by way of sale of goods or services but to the cust o mers received, accounts receivable management directly affect the capital flow and economic operation of the article pointed out that enterprises should combine their actual situation, the establishment of receivables Accounts of the risk prevention mechanism, from the source control and take preventive measures not only the accounts receivable of enterprises face the risk of recovery, but also the existence of operating risks to the enterprise, from the status of receivables management business to start Analyze accounts receivable management business problems. Accounts receivable is the product of credit, credit on the one hand can improve the market competitiveness of enterprises, to expand sales, but on the other hand delayed the cash recovery time and increases the cost of collection of trade receivables, receivables from the paper The causes and management of money in terms of how to prevent the risk of accounts receivable.Key words:accounts receivable,controlIntroductionAccounts receivable is a result of external business credit products,materials, supplies, labor, etc. to purchase or receive services units to receive the funds. Enterprises can sell two basic forms, namely, credit method is way off. Cash sales approach is themost expected a sales settlement. However, in the fierce market economy, totally dependent on marketing approach is often unrealistic. Under the credit method, the enterprise in sales of products, can be provided to the buyer within a certain period of time free use of money the business of credit funds in an amount equal to the price of goods, which for the purchaser in terms of great attractive. For the enterprise is an important promotional tool, the enterprise product sales are sluggish, the market decline, the case of weak competition, or in enterprise sales of new products, new markets, in order to meet the needs of market competition and adopting various effective the credit method, it is wise for businesses. In the current market economic conditions, increased competition, with the continuous development of commercial credit, business credit sales of products means more favor. However, a large number of accounts receivable resulting in sales revenue growth can only book profits to the enterprise, can not bring business to maintain and expand the scale of production necessary for cash flow, and with the continued increase in the amount of accounts receivable, growing an average of aging, accounts receivable aging structure tends to deteriorate, may be more and more bad debt losses, to the huge enterprise production and management of potential risks. Therefore, how to effectively enhance the control and management of accounts receivable is a enterprises financial imperative.First, the business performance of accounts receivable riskAccounts receivable is an enterprise in the normal course of business, from selling goods, products or services or receive services to purchase units of a unit charge or debit the accounts of the transport fees. It is the business generated by the short-term credit product claims to offer the enterprise a commercial credit. Accounts receivable in an expanding market, increase sales revenue while also forming a receivables risk, mainly reflected in:1, accounts receivable possession of large amounts of liquidity, adding to the difficulties of shortage of working capital business. Enterprise credit products, issue stock, but can not recover the money, and enterprise customers on overdue payments can not take appropriate measures, resulting in a large number of corporate working capital was occupied by the long run will affect the flow of liquidity to enable enterprises to monetary shortage of funds, which affect the normal cost and normal production operations.2, exaggerated accounts receivable business results, so that the existence of hidden losses or loss of business. At present, revenue is recognized when the company followed the principle of accrual accounting, the accounting treatment for the occurrence of credit, debit "accounts receivable" account, credited "business income" subject to credit all revenue credited to current income, , the increase in corporate profits and the current period can not be achieved, said the cash income. According to the precautionary principle, the actual situation of enterprises according to their own accounts receivable Provision for bad debts, but in practice, in order to facilitate tax, the tax laws, administrative regulations expressly provides that the proportion of the general provision of 0.3% to 0.5%. If there is a lot of business accounts receivable, there is increased likelihood of bad debts, bad debts that actual extraction of the bad debts far exceeded. This is equal to exaggerate the company's operating results, andthe losses that may occur can not be fully estimated.3, accounts receivable increased by the loss of corporate cash flow. From handling the accounts of credit can be seen that although the company had a credit more revenue, increase profits, but did not make the cash inflow, but the company had to advance funds to pay various taxes and payment of costs and accelerate the enterprise's cash outflows.4, accounts receivable increased the opportunity cost of corporate capital losses. First of all, occupied by accounts receivable financing, which calls for accelerated turnover in the business, be rewarded, but because there are a lot of accounts receivable, in particular, the proportion of overdue accounts receivable on the rise (at present, China's late accounts receivable accounts receivable as high as 60%, while the Western countries, less than 10%), resulting in accounts receivable on the occupied capital lost its time value. Second, because the accounts receivable arising in the collection process, forcing the enterprises have to invest a lot of manpower, material and financial resources, and increased collection costs; the same time, because a lot of money by settling, the borrower time to be extended, increased interest expense. A variety of cost increase, making funds lost profit opportunities and increase the opportunity cost of capital.Third, how to control the risk of accounts receivable1, credit risk prevention policyWith the further development of China's market economy and increasing business competition, commercial credit receivables of the objective to be a competitive necessity of issuing commercial credit companies that do not attract customers to lose the competitiveness of the credit offers; course, the payment of business inevitably bring credit offers credit risk and credit policies on the manage receivables plays an important role. Credit policies include the following:(1) Credit standards. Credit standards are the company to provide commercial credit made the minimum requirements for the development of credit standards is the key to consider the customer to delay payment or refuse to pay money to bring the possibility of loss to the company size. To this end, companies need credit to customers for regular inspection and assessment of the quality of analysis on the credit quality of the testing and evaluation standards, there are three commonly used methods.First, 5C system evaluation. The system is to assess the important factor in customer credit quality, the following five aspects.①Quality: Quality is the customers and reputation, that is, the possibility of obligation, this factor is critical, it is a moral credit of the subjective factor, which is required to have the management of corporate credit experience, the right to judge and keen insight.②capacity: Capacity is the customers ability to pay when the credit expires, it is according to customer financial information, especially under the regular income and expenditure data be analyzed to determine their ability to pay the purchase price.③Capital: capital refers to the customer's financial strength and financial status, indicating that the background of the customer may pay the debt, usually reflect thefinancial position of the ratio of customers include: debt ratio, current ratio, earnings coverage ratio, fixed charges coverage ratio.④collateral: collateral or credit status on the bottom line I do not know the customer and requires a disputed credit guarantee of a variety of assets.⑤economic environment: mainly refers to the economic environment can affect the ability of customers to fulfill financial responsibility of economic development trends, it is beyond the control of the customer. Corporate credit managers in considering this factor, the analysis should focus on regional economic conditions and business products related to the development of industry-specific.Second, the credit analysis. According to customer's credit information, credit screening of several major factors, the number of statistical methods used for processing classified and quantified to calculate the weights, assessment of credit quality, enterprise credit management section based on credit scores to determine the weighted credit rating .Third, credit risk model method. According to the customer's financial business risk and receivables management company's own risk to determine credit risk, the use of the principle of mathematical statistics to establish a credit risk model, which ARC (credit risk) = PR risk customers can not pay the creditors × MR (accounts receivable risk management), MR (accounts receivable risk management) is the company's own accounts receivable management system, measures methods, control and supervision, the quality of personnel and other internal factors, can affect the risk of a few accounts receivable management major factors in assessing the scores of each factor and the weights, the weighted scores obtained MR values; Similarly, PR value is the major risk factors based on ratios of financial position (cash ratio, inventory turnover, quick ratio, etc.) to assess the score of each factor, calculated using the principle of mathematical statistics weight each factor, then the integrated value is calculated PR value. Several standard methods of the above can apply for credit credit offer credit quality of customers to predict, analyze, judge, to determine whether to grant credit offers.(2) credit terms. Corporate credit conditions is the need to pay money on credit conditions, including credit terms, discounts, terms and cash discounts. Credit period is the longest business requirements to the customer time to pay; discount period is required for customers to enjoy the time of payment cash discounts; cash discount to encourage customers in the period of early payment discounts given preferential treatment. Generally provide more favorable credit terms to increase sales, but it can also bring additional burdens, such as accounts receivable will increase the opportunity cost of bad debts, cash discounts and other costs, so companies must be carefully weighed. I think we can grasp the following principles: the principle of prudence, risk principle (the principle of loose-type), the principle of cooperation. Prudence two possibilities: First, companies in the market weakness, deteriorating economic environment, companies should make a negative decision management sales strategy, market risk should be taken to avoid the principle of prudence. Second, the customer, without the ability to pay low credit quality, and poor financial situation, or do not understand the ins and outs and the dispute by the credit quality to theprecautionary principle of justice.The principle of risk can be divided into two situations: First, companies in the economic recovery increased, the product in the industry or the District of merchantability good, corporate decision-making authorities should take active sales policy. Second, the customer, the credit quality is high, financial condition, ability to pay, credit managers should be taken when issuing credit risk principles.The principle of cooperation: For SMEs, the capital less strength is poor, the general financial situation, ability to resist market risk is small, it should be taken in the aggregate principle.2, accounts receivable, risk prevention intervalSince the formation of the company credit accounts receivable, the sales and billing between the two acts of a settlement time, the interval. Interval of the recovered funds back in time to enable enterprises to have more liquidity to carry out production and service activities, and actively take the initiative to debt collection units or individuals. Bad debt losses will be reduced to a minimum, strengthen the recognition that not justify the amount of time being to let the other know and recognize the debt, in practice, can be sent to the business or personal debts confirmation or destroy a single paragraph, so that Check the arrears owed the content of individual units or signature confirmation mail, so that companies understand the availability of debt, repayment intentions each other, urging each other timely repayment, but also easy to check the authenticity of accounts receivables.For the other debts but delays longer recognized or return the book debts owed to strengthen preventive work is to understand the delay in repayment, arrears mail confirmation is not the reason to visit the other units in the field, to identify the existence of the other units or individuals, whether deliberately delayed payments, if unable to pay the debt, is facing bankruptcy, whether the cases escaping with money, etc., will cause a timely manner to the departments concerned to jointly study measures, do everything possible to receivables, reduce bad debts, bad loss account, but also to prevent blindness in future credit. If the payment has been made to identify the other party, shall immediately identify the whereabouts of, would have been diverted, whether the corruption of the unit personnel, wrong billing, etc., to ensure timely detection of errors were corrected.Even for the reputation, business or reputation has always been very high against individuals should not be relaxed, because "the portal does not close tightly, sages from the Pirates of the Heart", the unit if not often to learn about, mission, and it will part of the business or reputation of high prestige individual to ill-gotten gains, regardless of honor towards the idea of development, trust, reputation has been misused, to the unit causing serious economic losses.3, the daily management of accounts receivable risk prevention(1) enterprises in order to accelerate the turnover rate of accounts receivable, factoring risk reduction, you must do the following basic work. We must first place the accounts receivable should be registered in time, the household accounts receivable detailing the time, amount, reason, and the billing period to recover the situation and so on, and collect credit information about customers, such as access to Customerrecent balance sheet and income statement and other statements, analyze liquidity, ability to pay and the rate of business performance; second request to the customer's bank credit certificate of the client to understand the customer's deposit balance, loan conditions and settlement status; the last customer-related exchange of other suppliers of credit information companies to understand the timely payment of the customer and so on. These measures, analysis of customer's credit status in order to detect and propose a solution.(2) To strengthen management and total management of a single customer. (1) make the basis of records, level of understanding of customer payments in a timely manner.(2) Check whether the customers break through credit. (3) grasp the customer's debt credit period has expired, customers have been closely monitoring the dynamic changes in debt maturity. (4) analysis of accounts receivable turnover and average billing period, to see whether at the normal level of liquidity. (5) to strengthen aging analysis of accounts receivable. Aging analysis of accounts receivable accounts receivable ledger should be based on the setting business case may be, the general ledger accounts receivable business sales region and sales by the household setting. (3) to strengthen the management of accounts receivable ledger. Screening of the accounts receivable ledger, aging analysis to determine which needs and which does not require, or purchase a unit occurs only a few pen and the amount outstanding, as a result of product quality, dispute, or disputes resulting from breach of contract Such accounts receivable should be shown separately case by case basis and specify the reasons put forward to resolve issues.4, accounting, risk prevention(1) Select the correct extractionChina's current accounting system to prepare low corporate law provides that only accounted for bad debts, this is an accounts receivable effective risk prevention measures. 2006 "Enterprise Accounting Standards" provides enterprises the ratio of provision for bad debts 0.3% -0.5%, specifically determined by the enterprises themselves, so that different companies to solve practical problems opened up a new way. The company shall state the specific circumstances under the scope of provision for bad debts, extraction method, the division of aging and extraction ratio, in accordance with administrative privileges, general meeting of shareholders or managers (the director) or similar approval, and in accordance with the laws and administrative regulations report to the relevant provisions of the parties to the record, the extraction method for bad debts has been determined shall not be changed, you need to change, based upon the above procedures, and report to the parties approved the record, and be stated in the accounting statements.(2) Select the correct method of settlement. The right of settlement to reduce the risk of accounts receivable is also very important. Settlement between the Bank of China's enterprises are mainly the following: check settlement, foreign exchange settlement, commission collection settlement, settlement and other bank draft, corporate customers operating according to ability, capacity to repay and credit status, select the appropriate settlement of strong profitability and solvency, credit risk of large customers to choose a good way, this will help the two sides establish a relationship ofmutual trust, expand the sales network and improve competitiveness.5, accounts receivable factoring risk preventionIf the enterprise is the work done against accounts receivable in the former, and effective, will be able to grasp the size of the risk of accounts receivable, then the problem will be greatly reduced workload. But a business in the ordinary course of business can be without accounts receivable, and its purpose is simply to do preventive work is to control the line of credit and change the overall aging structure, increasing the recoverability of the existing accounts receivable. Therefore, enterprises must conduct research into prevention of accounts receivable, to establish their own processing methods and principles.First, the analysis of total receivables. Look at the accounts receivable balance is reasonable, whether the enterprise's production and management has become a burden, whether the compression of the needs and possibilities, what basis. Based on the analysis in the total amount, further the balance of accounts receivable aging analysis carried out by detailed subjects. Accounts receivable aging analysis is the quality and value of the total re-evaluation is to determine the recoverability of the account balance and determine what measures to use to resolve basis. Aging in general the smaller the longer the greater the risk the possibility of recovery.Second is to determine the collection process. According to aging analysis to determine needs and special circumstances of the customer billing, the normal billing procedures: submit a letter - Telephone collection - send people to interview - legal action. First, analysis of the causes of default, such as customer due to poor management, inability to pay, the should be further analysis is temporary or has reached bankruptcy. The reason for the temporary relaxation of the repayment period should be appropriate to help clients through difficult times. This is more compatible with the aging short, good reputation, part of the customer accounts receivable. But should also seek to extend the normal part of the total share. In order to recover more money, but the two sides can establish good business relationship.For the already bankrupt state, can not be revitalized, it should be in a timely manner to the court to be liquidated in bankruptcy pay off some debt.Third, the customer has repayment ability, but refuses to pay, the enterprises should adopt appropriate methods of debt collection. Consultation method: with the debt repayment customers, deadlines, payment methods and friendly consultations. 1, the probation law: clarifying the position of creditors or debt collection proud of the hard to move the debtor, moved their compassion. 2, the carrot and stick method: two people with debt collection, hard unwilling to compromise, soft in the stone, complement each other. Make payment by debtors. $ Fatigue War and attempting to rally: the main leaders of business debt pegged to fight a protracted war, it will collapse. Or language stimulation, so as to save face and dignity and had to pay. 3, the storm Law: explicitly tell the debtor to its proceedings. For repayment in any case fail to reach an agreement negotiations have had a lawyer to take legal action.Before taking legal action against the principle of cost-effectiveness should be considered, do not face prosecution following conditions: 1, court costs exceed the amount of the debt claim; 2, the customer value of the collateral can not write off debt,it has a wide range of social relations, prosecution may be hurt the business operation or cause damage, even if successful, the possibility of recovery of receivables is extremely limited.In short, the establishment of sound policies and effective debt collection, collection costs and to reduce the trade-off between bad debt, effective debt collection policies to a large extent by the experience of the management staff, the enterprise should have a professional knowledge is solid, experienced, responsible and accounts receivable management team can do a better job to Collection.本文摘自《黑龙江科技信息》2010年第4期，作者：孙丽译文：论企业应收账款风险的控制摘要：应收账款是企业采用赊销方式销售商品或劳务而应向顾客收取的款项，应收账款管理直接影响企业营运资金的周转和经济效益文章指出，企业要结合自身的实际情况，建立应收账款的风险防范机制，从源头控制，防患于未然企业的应收账款不仅面临着回收的风险，同时其存在也会给企业带来经营风险，从企业应收账款管理的现状入手，分析企业应收账款管理中面临的问题。

企业偿债能力外文文献_企业偿债能力分析中英文对照外文文献企业偿债能力分析中英文对照外文文献企业偿债能力分析中英文对照外文文献原稿IntroductionAlthough creditors can develop a variety of protective provisions to protect their own interests, but a number of complementary measures are critical to effectively safeguard their interests have to see the company's solvency. Therefore, to improve a company's solvency Liabilities are on the rise. On the other hand, the stronger a company's solvency the easier cash investments required for the project, whose total assets are often relatively low debt ratio, which is the point of the pecking order theory of phase agreement. Similarly, acompany's short-term liquidity, the stronger the short-term debt ratio is also lower, long-term solvency, the stronger the long-term debt ratio is also lower .Harris et al. Well, Eriotis etc. as well as empirical research and Underperformance found that the solvency (in the quick ratio and interest coverage ratio, respectively, short-term solvency and long-term solvency) to total debt ratio has significant negative correlation. Taking into account the data collected convenience, this paper represents short-term solvency ratios and to study the long-term solvency by the quick ratio and cash flow impact on the real estate debt capital structure of listed companies.Listed Companies Solvency AnalysisWhen companies need money, the choice of financing preference order, namely in accordance with retained earnings, issuance of bonds, financing order issued shares. According to this theory, strong corporate profitability, retained earnings more For financing first will consider retained earnings. Therefore, the profitability of the total debt ratio should be negatively correlated debt avoidance theory based natural surface that under otherwise identical conditions, a highly profitable company should borrow moredebt, because they use avoidance of the need for greater debt, and therefore higher debt ratio. rapid growth of the company's financial leverage without the support, based on this, to select 378 samples from the 500 largest US companies, the researchers found that regardless of whether there is an optimal capital structure, the company's liabilities are directly correlated with growth.Growth is the fundamental guarantee company solvency, so whether short-term loans or long-term loans and creditors, as the company's growth as a positive signal, so the listed companies in recent years of growth, the higher its rate and short-term assets The higher rate of long-term assets and liabilities, total assets and liabilities naturally higher, but the impact on growth of real estate companies listed on a smaller debt ratio (coefficient is small). The risk of firm size and capital structure affect the growth has a similar conclusion, it appears that creditors, especially banks that the company scale is a measure of credit risk is an important consideration index, the greater the company size, the more stable cash flow, bankruptcy it is smaller, the creditors are more willing to throw an olive branch large-scale enterprises. The actual controller of the listedcompanies category to total debt ratio of the impact factor of a 0.040017, indicating that non-state-controlled listed company's total assets and liabilities higher than the state-owned holding companies. The reason for this phenomenon may be non-state-controlled listed companies pay more attention to control ben(转自：wWw.CspEnGbo 蓬勃范文网:企业偿债能力外文文献_企业偿债能力分析中英文对照外文文献)efits, do not want to dilute their control over equity financing, and therefore more inclined to debt financing, which may also explain the non-state-controlled listed companies better use of financial leverage enterprises bigger and stronger impulses. In addition, the actual control of listed companies category short-term impact on asset-liability ratio is a 2.3 times its impact on long-term debt ratio, which shows the non-state-controlled listed companies prefer to take advantage of short-term debt to expand its operations.Current research on factors affecting capital structure point of view there are many factors in various industries concerned is not the same, according to industry characteristics and particularity, we mainly focus on the following aspects to analyze the factors industry capitalstructure. The article explained variable - capital structure for the asset-liability ratio, generally refers to the total debt ratio, but for more in-depth study of capital structure of listed companies, the paper from the total debt ratio, short-term assets and liabilities and long-term debt ratio of three angles of Capital structure explanatory.At present, domestic and foreign scholars analyzed factors on capital structure mostly used multiple linear regression, as usual statistical regression function in the form of their choice is often subjective factors, but ordinary regression methods to make function with average resistance, most such functions excellent and objectivity are often difficult to reflect. base stochastic frontier model (Stochastic Frontier) in data envelopment analysis (DEA) method, estimate the effective production frontier using mathematical programming method, namely the experience of frontier production function, overcome DEA method assumes that there is no random error term, the better to reflect the objectivity and optimality ¨J function, currently in the field of economic management, sociology and medicine, began to get more and more applications. Therefore, in this paper, stochastic frontier model data on the capital structurefactors listed real estate companies conducted a comprehensive analysis, in order to provide a better scientific basis for the study of the optimal capital structure of real estate enterprises.Listed company's solvency and overall asset-liability ratio was significantly negatively correlated with short-term liquidity has a decisive influence on the short-term asset-liability ratio. Similarly, long-term solvency also has a decisive influence on long-term assets and liabilities. Industry higher total debt ratio particularly high proportion of short-term debt is one of the main business risks, thus increasing solvency of listed companies, especially short-term liquidity (that is, to obtain a stable short-term cash flow). reduce its asset liability ratio and effective risk management choice ROA of listed companies is much greater influence than ROE of asset-liability ratio, and affect the relationship is inconsistent, ROE is higher, the higher the total debt ratio, while the ROA high, the lower the rate of the total assets and liabilities, and short-term liabilities ROA more obvious, this difference is mainly due to the special structure of listed companies due to the nature of the capital, and therefore need to improve the capital structure of listedcompanies, namely to reduce the total assets and liabilities rate debt structure and the need to reduce the proportion of short-term debt in particular, in order to enhance the company's profitability ROA. growth and company size has a significant positive impact on the capital structure, which is mainly due to the growth of the company's solvency is fundamental, The size of the company is the main indicator to measure the bankruptcy creditor risk. Therefore, listed companies should be radically to grow through continuous growth and development of enterprises, so that the total debt ratio has a high margin of safety, through growth to continue to resolve the financial risk than non-state-owned holding companies controlling more use of financial leverage motivation and apparently relied on short-term liabilities, which may lead to moreserious financial risk especially short-term business risks, so that the non-state-owned holding listed companies should establish more strict risk prevention system.译文企业偿债能力外文文献_企业偿债能力分析中英文对照外文文献导读：能够有效保障他们利益的关键还得看公司的偿债能力，提高一个公司的偿债能力，一个公司的偿债能力越强也就越容易产生工程投资所需的现金，一个公司的短期偿债能力越强那么短期资产负债率也就越低，长期偿债能力越强那么长期资产负债率也就越低，HarrisEriotis等表示短期偿债能力和长期偿债能力与总资产负债率具有显著，本文用速动比率和现金流量债务比分别表示短期偿债能力和长期偿债能力来研究对上市公司，上市公司偿译文介绍虽然债权人可以通过制定各种保护性条款来保障自己的利益，但都是一些辅助性的措施，能够有效保障他们利益的关键还得看公司的偿债能力。

The term receivables refer to amounts due from individuals and companies. Receivables are claims that are expected to be collected in cash. The management of receivables is a vary important activity for any company that sells goods on credit. Receivables are important because they represent one of a company’s most liquid assets. For many companies receivables are also one of the largest assets.Receivables这个单词是指应收账款欠款的个人和公司。

应收账款是指预计将收集到的现金。

应收款的管理对任何一个通过信贷方式销售货物的公司而言都是一项重要的活动。

应收款很重要的，因为他们代表一个公司的最具流动性的资产。

对于许多公司而言，应收账款也是其中最大的资产之一。

Management Receivables应收账款的管理Receivables are a significant asset on the many books. As a consequence, companies must pay close attention to their receivables balances and manage them carefully.应收款是在很多书籍中都表明是一项很重要的资产。

因此，企业必须密切关注其应收款余额并且进行谨慎的管理。

Managing accounts receivables involves five steps:1.Determine to whom to extend credit2.Establish a payment period3.Monitor collections4.Evaluate the receivables balances5.Accelerate cash receipts from receivables when necessary应收账款的管理可分为五步来进行：1.决定谁可以提供信贷2.建立付款期限3.监测收回4.评价应收账款余额5.必要时加快应收账款的现金收回Extending Credit提供信贷A critical part of managing receivables is determining who should be extended credit and who should not. Many companies increase sales by being generous with their credit policy, but they may end up extending credit to risky customers who do not pay. If the credit policy is too tight, you will lose sales; If it is too loose, you may sell to “deadbeats” who will pay either very late or not at all. One CEO noted that prior to getting his credit and collection department in order, his salespeople had 300 square feet of office space per person, while the people in credit and collections had six people crammed into a single 300-square-foot space. Although this arrangement boosted sales, it had vary expensive consequences in bad debts expense.应收账款管理中一个决定性的部分就是确定谁应扩大信贷，谁不应该扩大。

原文题目：《中国私人企业的效益提升来自于克服了金融的约束》作者：Galina Hale, Cheryl Long原文出处：Federal Reserve Bank of San Francisco Working paper series, January 2011中国私人企业的效益提升来自于克服了金融的约束本文主要分析- 私人企业通过何种方法去减少运营资金的需求。

另外本文要使用中国私人企业数据分析的数据，去学习和分析私人企业的外部财政与库存率和应收账款的之间关系。

总所周知，，平均应收账款水平较低也意味着公司可以尽快回收他们的收益，并且使用这些回收来的收益资金加快公司日常资本运营的能力，因此，减少了对外部资金的依赖。

相似的，存货组成了公司绝大部分的日常运用资金，较低的存货意味着公司需要较少的资金来用于日常的资本运营，因此对公司财政的需求也就较少。

首先，我们发现私人企业的应收账款和库存率实际上低于其它类型的企业，即使是包括不同产业，不同地域和不同特点的分类，私人企业还是低于其它类型的企业。

紧接着，想说明的是上述的发现是根据通过对横切面（较少的贷款意味着拥有较低的应收账款率）的分析，与固定方面（企业会对他们的应收账款做出巨大调整当他们面临紧缩的贷款时）的分析而得出。

而这些分析改变了应收账款与存货率所属区域，并且使用了滞后的价值观去看待财政问题。

进一步的说，我们发现企业在上述的区域内会更加依赖于外部财政与应收账款和存活率之间的关系。

所以说一个很重要的问题就被提出来了，较低水平的应收账款和存活率是否就意味着限制了企业的外部财政在实际上低于所需的最佳销售保障水平? 换言之，观察中国私人企业较低的应收账款率和存货率是否指示出其不良的一面：限制了获得外部资金? 一个警示信号又显示，实际上，中国私人企业的应收账款和存货率甚至低于那些被认为是中国企业中最有效能的企业-外资企业。

面对这个问题，我们通过在应收账款方面多种多样的非线性的回归估算，衡量企业的盈利能力发现，企业的盈利能力并非受到降低应收账款率而影响。

LNTU---Acc附录A会计信息质量在投资中的决策作用对私人信息和监测的影响安妮比蒂，美国俄亥俄州立大学瓦特史考特廖，多伦多大学约瑟夫韦伯，美国麻省理工学院1简介管理者与外部资本的供应商信息是不对称的在这种情况下企业是如何影响金融资本的投资的呢？越来越多的证据表明，会计质量越好，越可以减少信息的不对称和对融资成本的约束。

与此相一致的可能性是，减少了具有更高敏感性的会计质量的公司的投资对内部产生的现金流量。

威尔第和希拉里发现，对企业投资和与投资相关的会计质量容易不足，是容易引发过度投资的原因。

当投资效率低下时，会计的质量重要性可以减轻外部资本的影响，供应商有可能获得私人信息或可直接监测管理人员。

通过访问个人信息与控制管理行为，外部资本的供应商可以直接影响企业的投资，降低了会计质量的重要性。

符合这个想法的还有比德尔和希拉里的比较会计对不同国家的投资质量效益的影响。

他们发现，会计品质的影响在于美国投资效益，而不是在日本。

他们认为，一个可能的解释是不同的是债务和股权的美国版本的资本结构混合了SUS的日本企业。

我们研究如何通过会计质量灵敏度的重要性来延长不同资金来源对企业的投资现金流量的不同影响。

直接测试如何影响不同的融资来源会计，通过最近获得了债务融资的公司来投资敏感性现金流的质量的效果，债务融资的比较说明了对那些不能够通过他们的能力获得融资的没有影响。

为了缓解这一问题，我们限制我们的样本公司有所有最近获得的债务融资和利用访问的差异信息和监测通过公共私人债务获得连续贷款的建议。

我们承认，投资内部现金流敏感性可能较低获得债务融资的可能性。

然而，这种可能性偏见拒绝了我们的假设。

具体来说，我们确定的数据样本证券公司有1163个采样公司（议会），通过发行资本公共债务或银团债务。

我们限制我们的样本公司最近获得的债务融资持有该公司不断融1 / 19资与借款。

然而，在样本最近获得的债务融资的公司，也有可能是信号，在资本提供进入私人信息差异和约束他们放在管理中的行为。

企业应收账款管理外文翻译文献(文档含英文原文和中文翻译)原文:Enterprise receivables management analysedFenXi mining chemical company zhaoAiping【abstract 】in order to meet the expanding sales and increase the competitiveness of the enterprises, reduce inventory, reduce inventory risk and management expenses need, the business activities in El often created accounts receivable. Accounts receivable is the enterprise is an important, the risk is bigger liquid assets, its quality is good or bad for a business often has had a significant impact. Because of the important account receivable, according to some accounts receivable management and accounting, points out the existing problems in the disadvantages of account receivable mismanagement, and puts forward some to strengthen the management of accounts receivable practices.【keywords 】receivables; The provision for; Management riskAccounts receivable is the enterprise is an important, the risk is bigger liquid assets, its quality is good or bad for a business often has had a significant impact. These long-term difficult to recover the accounts receivable existence, seriously affected the enterprise. The normal production and business enterprise management costs, increased to different extent some enterprise into a financial crisis.The role of account receivable. Expand sales, increase the competitiveness of the enterprises in the fierce market competition situation, is to promote the sales of credit is an important way. Enterprise credit is actually to provide customers with the two transactions, to customer selling products, and in a limited period introverted customers funds. In credit-tightening, market weakness, lack of money, the promotion with obvious credit for enterprise sales role. New products and explore new market is more important significance.Reduce inventory, reduce inventory risk and management costs. To the enterprise to hold finished goods inventory additional fee, warehousing costs and insurance expenses; Instead, the enterprise to hold accounts receivable, you do not need the spending. Therefore, when the enterprise products inventory more for long time,generally can use more favorable credit conditions, the inventory into pipes receivable and reduce finished goods in stock, save related expenses.Accounts receivable in the management of the existing problemsAccounts receivable is broad, fixed number of year long. AmountsEnterprise to accounts receivable accounting is not standard. According to the provisions of the state financial and accounting systems. Accounts receivable is accounting enterprise for selling goods or services to happen to purchase unit shall be recovered or accept labor unit payments. But the enterprise did not strictly according to the provisions of the accounting enterprise receivables. Cause some should not be in the project accounting money also included in the project, cause accounts receivable accounting has no reality.The account receivable NPLS not timely, to the enterprise confirmed the appearance of virtually increased asset caused. Because enterprise to accounts receivable slackened management, especially some enterprise also to accounts receivable as means of adjusting profit. So on the account receivable SiZhang confirmation on staying there ~ some problems. Is mainly to stay SiZhang has already formed the receivables confirm fast enough, for many years in the accounts receivable formed account long-term, eased some already can't withdraw, this provision for the provision for no provision of virtual enterprise assets, causing thickening.Because some of the managers and operators enterprise financial management consciousness and lack of management concept. To accounts receivable is lack of effective management and collect investigation the author feel. In Shanxi Province in the part of the province tube enterprise still exist serious planned economy of ideas, these people to the market economy can't say don't understand, also cannot say don't understand, the main thing is not starts from oneself, and in practical work is often said the much, do less. Thought is drunk on the production and business operation this center, not how to do well management finance the primacy, failed to do the business management financial management as the center. Financial management to fund management as the center. The management of funds and use only paying attention to how to borrow and spend money, not for existing resources and capital for effective configuration and mobilize. Cause enterprise produced a considerable amount of receivables, also do not actively from the Angle of strengthening management, so lots of money to clean up the long-term retention outside. Affected the enterprise normalproduction and operation activities and the efficient use of the funds.The drawbacks of the receivable mismanagementReduce enterprise funds use efficiency, make enterprise profits down because of enterprise logistics and cash flow not consistent, merchandise shipped, prescribing sales invoices. Payment is not keeping pace recovery, and sales have established, this not up recovery entry sales. Certainly will cause no cash inflow generated sales tax on profits and losses, and sales income paid and years be paid in advance. If involves span more than to sales revenue account receivable. Then can produce enterprise by current assets paid annual shareholders dividend. Enterprise for such pursuit arising from the pad surface benefits and tax payment paid shareholders take up a lot of liquidity, as time passes will influence enterprise capital turnover. Which led to the enterprise actual operation situation veiled. Influence enterprise production plan and sales plan, etc, can't realize the set benefit goal.Exaggerated enterprise operating results. Because our country enterprise executes accounting foundation is the accrual (receivable meet system). The current credit happened all to write down current income. Therefore, the enterprise account profit increase does not mean that can meet the schedule of realizing cash inflows. Accounting system requires the enterprise in accordance with the percentage of account receivable balance to extract the provision for, the provision for a 5% rates generally for 3% (special enterprise except). If the actual loss of bad happened more than extract the provision for, will give enterprise to bring the great loss. Therefore, the enterprise of account receivable existence. On the TAB virtually increased sales income. In oerstate enterprise operation results. Increased risks of an enterprise cost.Speeding up the enterprise's cash outflows. Sell on credit although can make the enterprise produces more profits, but did not make enterprise cash inflows increase, on the contrary make enterprise had to use limited liquidity to various taxes and fees paid, accelerate the enterprise's cash outflows, main performance for:Enterprise tax payments. Accounts receivable bring sales income. Not actually receive cash, turnover is computational basis with sales, the enterprise must on time pay by cash. Enterprise pay tax as value added tax, business tax, consumption tax, resources tax and urban construction tax, inevitable meeting with sales revenue increases.Income tax payments. Accounts receivable generate revenue, but not in cashincome tax, and realizing cash payment must on time.Cash the distribution of the profits. Also exist such problems. In addition, the cost of the management of accounts receivable and accounts receivable recycling costs will accelerate enterprise cash outflows.The business cycle has influence on enterprise. Operating cycle from obtain inventory to the sales that inventory and withdraw cash this time so far. Operating cycle depends on inventory turnover days and accounts receivable turnover days, the business cycle is combined. From that. Unreasonable accounts receivable existence, make business cycle extended, affected the enterprise capital circulation, make a lot of liquidity precipitation in non-productive link. Cause enterprise cash shortage, influence salaries and raw material purchasing, serious impact on the enterprise normal production and operation.Increased receivables management process. Error probability, brings to the enterprise enterprise to face the additional loss accounts receivable account, possibly to the timely discovery, accounting errors can prompt understanding and other receivables accounts receivable dynamic enterprise details. Cause responsibility unclear. Accounts receivable contract, Taiwan about, commitments, the formalities of examination and approval of such material scattered, lost may make the enterprise has happened on the account receivable unable to receive the full recovery of repayment, the only partially withdraw through legal means. Can recover, but due to material not whole and cannot be recovered, until eventually form the enterprise assets loss.To strengthen the management of accounts receivable methodComprehensive comb, and establish material parameter. For enterprise all kinds of receivables launch a comprehensive system of comb, queuing, check the work. Because in past economic activity business minority, inefficient pattern. Hard to adapt to the market economy requirement, the law of development in the increasingly fierce market competition gradually be eliminated, the enterprise is in production, BanTingChan, failed state, has formed a widespread accounts receivable account for a long (most age 3 years), former party leave the state of operation and the debtor changes etc. Phenomenon, to clear a check increase the difficulty. Workers should browse a large number of original documents, traced back to carefully each individual accounts receivable from the nature, time, happened contents, amount. According to zhang age, systems, area and the possibility of recovery of accounts receivable areclassified. Carefully analyzed collection verify each sum of money and amount. And this system, more likely way back near the door check account receivable; Way to outside the system, and is unlikely to far back of receivables through telephone enquiries, enterprise sent a letter, lawyers sent a letter way to undertake checking: some not so clear accounts receivable multilateral bug verification. Please go back to the original sales personnel, agent help check to ensure that the data obtained by the accurate, reliable and accurate data collected in the visiting for the future of written-off receivables smoothly provide effective legal evidence. More importantly, with the debtor written-off receivables personnel and check accounts concerning the debtor family residence, operation sites, property status, income level made a comprehensive and detailed understanding, and according to the command of the debtor to evaluate solvency debt-repaying possibility. Judge, lock key goals for the next great written-off receivables smoothly and lay the foundation.Multi-pronged approach.we great effort, increase. After the preparation work or do. Accounts receivable written-off receivables entered the substantial "punish collect" crucial stage. In actual work, in order to give attention to collect the magnificence of the enterprise with benefit, one of the debtor to classify, different properties analysis of the debtor to adopt targeted collect method, in order to make the whole written-off receivables achieved good effect. The debtor to business clients. To possess management qualification, sound system, assets in good condition of customers, after consultations communication with the other, try to take groovy gathering way, so that both the collect keep good business cooperation relations; But for malicious long-term default behavior, used first lawyer in demand for collection, correspondence is invalid cases, still choose be representative of the debtor to court, apply for a court for compulsory execution. In the majesty of the law, the other group of a deterrent to repay the debtor will repay arrears, self-consciously plays to the whole written-off receivables to point the impetus with. On the system internal worker arrears. For system inside worker due to illness, life difficult, and many other reason formed non-business temporary loan, first of all, issued a document, clearly stipulates that deadline repossessed; Secondly, a large amount of arrears. Indeed, in a difficult to pay off after consultation with staff. Payment agreement signed. Divide second month in salary charged or deduct; Finally, the internal to laid-off employees and have extra-large disease worker, its economy is really difficult to repay embarrassment. In a humane treatment, offer certain debt relief. Such already make whole written-off receivables reach the expected effect, also can let laid-off workersto their real challenges organization care. Adopting property preservation measures. In the actual collect process. Often encountered some have the repayment ability but reimbursement conditions or timing immature the obligor, collect personnel can cooperate actively court on the debtor's property implement preservation, making cdo in court, under the help of the relevant accounting units and individuals to impose preservation of property. For property preservation at the same time. Appoint our wealth pipe center visit regularly the obligor, closely watching the debtor whereabouts, understand their property status. Once found the debtor reimbursement conditions mature, immediately notify the court, suspend the property preservation, reactivated cases. Applied to the court for compulsory execution withdraw arrears.Establish customer credit system. Strict credit business formalities for examination and approval from years of written-off receivables accounts receivable see. A few enterprises in experience increased sales push credit sales policy. Did not establish a complete customer credit system, to the customer assets status, reimbursement ability, financial situation, the credit rating don't know much. Even after receivable formation. Find the debtor to punish frequently occurred. There are a few enterprise to the customer credit conditions are too broad. Credit approval rights too scattered, sometimes a sales personnel can decided to sell on credit business formation. Cause some credit rating is low customers easily get credit, increasing the risk of bad loans.Earnestly implement post responsibility system, strict appraisal, rewards and punishments and trenchantSome enterprise although also established a comparatively perfect accounts receivable credit sales, management, a great responsibility and internal control system, but in actual work but become a mere formality, non-existing. Cause the enterprise internal responsibility unclear, the reward is unknown situation. To a certain extent, encourages the formation of large receivables, increasing the operating risk of an enterprise. So only with a good set of system doesn't solve all the problems in the practical work, the key still need to implement these system will reach the designated position, achieves truly in the bud.Foreign source ：Friends of the accounting, in 2009 (30) 84 85译文:企业应收账款管理存在的问题及对策汾西矿业化工公司赵爱萍【摘要】公司为了满足扩大销售、增加企业的竞争力、减少库存、降低存货风险和管理开支等的需要，在El常的经营活动中产生了应收账款。

文献出处：Kontuš E. MANAGEMENT OF ACCOUNTS RECEIV ABLE IN A COMPANY[J]. Ekonomska misao i praksa, 2013 (1): 21-38.原文MANAGEMENT OF ACCOUNTS RECEIV MANAGEMENT OF ACCOUNTS RECEIVABLE ABLEIN A COMPANYUDK / UDC: 657.422:658.155JEL klasifikacija / JEL classification: G32, D29, M41Prethodno pri Prethodno priopćenje / Preliminary communication općenje / Preliminary communicationPrimljeno / Received: 8. listopada 2012. / October 8, 2012Prihvaćeno za tisak / Accepted for publishing: 10. lipnja 2013. / June 10, 20131. INTRODUCTIONAccounts receivable is the money owed to a company as a result of having sold its products to customers on credit. The primary determinants of the company's investment in accounts receivable are the industry, the level of total sales along with the company's credit and the collection policies.Accounts receivable management includes establishing a credit and collections policy.Credit policy consists of four variables: credit period, discounts given for early payment, credit standards and collection policy. The three primary issues in accounts receivable management are to whom credit should be extended, the terms of the creditand the procedure that should be used to collect the money.The major decision regarding accounts receivable is the determination of the amount and terms of credit to extend to customers. The total amount of accounts receivable outstanding at any given time is determined by two factors: the volume of credit sales and the average length of time between sales and collections. The credit terms offered have a direct bearing on the associated costs and revenue to be generated from receivables. If credit terms are tight, there will be less of an investment in accounts receivable and fewer bad debt losses, but there will also be lower sales and reduced profits.We hypothesize that by applying scientifically-based accounts receivable management and by establishing a credit policy that results in the highest net earnings, companies can earn a satisfactory profit as well as a return on investment.The purpose of this study is to determine ways of finding an optimal accounts receivable level along with making optimum use of different credit policies in order to achieve a maximum return at an acceptable level of risk. In striving to fill in the gaps relating to net savings from changes in credit policy, the study makes its owncontribution to research and thereby to managers by giving them general recommendation. With the aim of completing these gaps, the study will investigate accounts receivables, their management and explore costs and benefits from changes in credit policy as well as net profitability.When a company is considering changes in its credit policy in order to improveits income, incremental profitability must be compared with the cost of discount andthe opportunity cost associated with higher investment in accounts receivable.The outcome represents a new mathematical model for calculating net savings from changes in credit policy and with this model a company can consider different credit policies as well as changes in credit policy in order to improve its income and profitability.2. LITERATURE REVIEW2.1. Accounts receivable managementAccounts receivable represents a sizable percentage of most firms' assets. Investments in accounts receivable, particularly for manufacturing companies, represent a significant part of short-term financial management. Firms typically sell goods and services on both cash and a credit basis. Firms would rather sell for cash than on credit, but competitive pressures force most firms to offer credit. The extension of trade credit leads to the establishment of accounts receivable. Receivables represent credit sales that have not been collected. As the customers pay these accounts, the firm receives the cash associated with the original sale. If the customer does not pay an account, a bad debt loss is incurred1.When a credit sale is made, the following events occur: inventories are reduced by the cost of goods sold, accounts receivable are increased by the sales price, and the difference is profit, which is added to retained earnings. If the sale is for cash, then the cash from the sale has actually been received by the firm, but if the sale is on credit, the firm will not receive the cash from the sale unless and until the account iscollected. Carrying receivable has both direct and indirect costs, but it also has an important benefit-increased sales.According to Chambers and Lacey there are three primary issues in the management of accounts receivable: to whom to extend credit, what the terms of the credit should be, and what procedure should be used to collect the money. Extending credit should be based upon a comparison of costs and benefits. The analysis must build in uncertainty because we are uncertain of future payment, and we will handle this by computing the expected costs and expected benefits through payment probabilities. The potential cost of extending credit is that the customer will not pay. Although there is a temptation to compute this cost as the full price of the product, it is almost always more appropriate to use the actual cost of the product. The potential benefit of extending credit is not just the hope for profit on the one transaction; rather, it is the potential value of the customer for a long-term relationship.The decision of how much credit to offer must be made when the customer initially requests credit and when the customer requests additional credit. The fundamental principle that guides financial decisions can be used: marginal benefitversus marginal cost. The marginal cost is the additional potential lost costs of the product. The costs of past uncollected sales are sunk costs and should not be included as a marginal costs. The marginal benefits are the potential sales and interest revenues – including the potential to recover past sales that remain uncollected.Once the decision to grant credit has been made, the firm must establish theterms of the credit. Credit terms are often separated into two parts: the credit periodand the credit discount.Collection of accounts receivable is an important process for a corporation and requires a well-designed and well-implemented policy. One technique is the factoring of accounts receivables. In a typical factoring arrangement, one firm will sell their accounts receivable outright to another firm for an agreed-upon price. There ia usually no recourse in such transactions, such that the buyer (also known as the factor) takes the loss if the purchaser of the goods does not ultimately pay for them.Another technique to expedite the receipt of accounts receivable is to utilize lock boxes. Lock boxes are payment collection locations spread geographically so as to reduce the amount of time required for checks mailed to the firm to be deposited and cleared. The lock boxes are typically post office box addresses from which deposits go directly to a bank on the day of receipt. The reduction of mailing time and check clearing time for the banks can produce significant savings when large sums of money are involved.Payments of accounts receivable should be closely monitored to detect potential problems such as would be indicated by slow payments. Following up on slow-payingcustomers is an important function of the credit department. Procedures should be carefully developed and consistently implemented.The major decision regarding accounts receivable is the determination of theamount and terms of credit to extend to customers. The total amount of accountsreceivable is determined by two factors: the volume of credit sales and the averagelength of time between sales and collections. The credit terms offered have a directbearing on the associated costs and revenue to be generated from receivables.In evaluating a potential customer’s ability to pay, consideration should be given to the firm’s integri integrity, ty, financial soundness, collateral to be pledged, and current economic conditions. A customer’s credit soundness may be evaluated through quantitative techniques such as regression analysis. Bad debt losses can be estimated reliably when a company sells to many customers and when its credit policies have not changed for a long period of time. In managing accounts receivable, the following procedures are recommended:• establish a credit policy• establish a policy concerning billing• establish a policy • establish a policy concerning collection. concerning collection.The establishment of a credit policy can include the following activities:• A detailed review of a potential customer’s soundness should be made prior to extending credit. Procedures such as a careful review of the customer’s fin financial ancial statements and credit rating, as well as a review of financial service reports are common.• As customer financial health changes, credit limit should be revised.• Marketing factors must be noted since an excessively restricted credit policy will lead to lost sales.• The policy is financially appropriate when the return on the additional sales plus the lowering in inventory costs is greater than the incremental cost associated with the additional investment in accounts receivable.The following procedures are recommended in establishing a policy concerning billing:• Customer statements should be sent within 1 day subsequent to the close of the period.• Large sales should be billed immediately.• Customers should be invoiced for goods when t he order is processed rather than when it is shipped.• Billing for services should be done on an interim basis or immediately prior to the actual services. The billing process will be more uniform if cycle billing is employed.• The use of seasonal dating’s should be considered.In establishing a policy concerning collection the following procedures should be used:• Accounts receivable should be aged in order to identify delinquent and high-risk customers. The aging should be compared to industry norms.• Collection efforts should be undertaken at the very first sign of customerfinancial unsoundness6.2.2. Managing the credit policyThe success or failure of a business depends primarily on the demand for itsproducts.The major determinants of demand are sales prices, product quality, advertising,and the company’s credit policy. The financial manager is responsible for administering the company’s credit policy. Receivables management begins with the credit policy. Credit policy consists of four major components: credit standards, credit terms, the credit limit and collection procedures.Credit standards refer to the required financial strength of acceptable credit customers.Based on financial analysis and non financial data, the credit analyst determines whether each credit applicant exceeds the credit standard and thus qualifies for credit. Lower credit standards boost sales, but also increase bad debts. The minimum standards a customer must meet to be extended credit are: character, capital, capacity, conditions and collateral.The credit period, stipulating how long from the invoice the customer has to pay, and the cash discount together comprise the seller’s credit terms. A company’s credit terms are usually very similar to that of other companies in its industry7.Discounts given for early payment include the discount percentage and how rapidly payment must be made to qualify for the discount.If credit is extended, the dollar amount that cumulative credit purchases cantomer constitutes that customer’s credit limit. The customer reach for a given cuscustomerperiodically pays for credit purchases, freeing up that amount of the credit limit for further orders. The two primary determinants of the amount of a customer’s credit limit are requirements for the supplier’s products and the ability of the customer to pay its debts. The latter factor is based primarily on the customer’s recent paymentrecord with the seller and others and a review and analysis of the customer’s most recent financial statements8Detailed statements regarding when and how the company will carry out collection of past-collection of past-due accounts make up the company’s collection procedures. These due accounts make up the company’s collection procedures. These policies specify how long the company will wait past the due date to initiate collection efforts, the methods of contact with delinquent customers, and whether and at what point accounts will be referred to an outside collection agency9.Collection policy is measured by its toughness or laxity in attempting to collect on slow-paying accounts. A tough policy may speed up collections, by it might also anger customers, causing them to take their business elsewhere10A firm may liberalize its credit policy by extanding full credit to presently limited credit customers or to non-credit customers. Full credit should be given only if net profitability occurs. A financial manager has to compare the earnings on sales obtained to the added cost of the receivables. The additional earnings represent the contribution margin on the incremental sales because fixed costs are constant. The additional costs on the additional receivables result from the greater number of bad debts and the opportunity cost of tying up funds in receivables for a longer time period.If a firm considers offering credit to customers with a higher-than-normal risk rating, the profitability on additional sales generated must be compared with the amount of additional bad debts expected, higher investing and collection costs, and the opportunity cost of tying up funds in receivables for a longer period of time. Whenidle capacity exists, the additional profitability represents the incremental contribution margin (sales less variable costs) since fixed costs remain the same.译文公司应收账款的管理埃莉奥诺拉克罗地亚预算和财务部门经理1.引言应收账款是指由于企业将其产品销售给客户而应向购买单位收取的款项。

Reduce inventory, reduce inventory risk and management costs. To the enterpriseto hold finished goods inventory additional fee, warehousing costs and insurance expenses; Instead, the enterprise to hold accounts receivable, you do not need the spending. Therefore, when the enterprise products inventory more for long time, generally can use more favorable credit conditions, the inventory into pipes receivable and reduce finished goods in stock, save related expenses.
【keywords】receivables; The provision for; Management risk
Accounts receivable is the enterprise is an important, the risk is bigger liquid assets, its quality is good or bad for a business often has had a significant impact. These long-term difficult to recover the accounts receivable existence, seriously affected the enterprise. The normal production and business enterprise management costs, increased to different extent some enterprise into a financial crisis.