应收账款管理英文文献

企业资金管理中英文对照外文翻译文献(文档含英文原文和中文翻译)An Analysis of Working Capital Management Results Across IndustriesAbstractFirms are able to reduce financing costs and/or increase the fund s available for expansion by minimizing the amount of funds tied upin current assets. We provide insights into the performance of surv eyed firms across key components of working capital management by usi ng the CFO magazine’s annual Working CapitalManagement Survey. We discover that significant differences exist b etween industries in working capital measures across time.In addition.w e discover that these measures for working capital change significantl y within industries across time.IntroductionThe importance of efficient working capital management is indisputa ble. Working capital is the difference between resources in cash or readily convertible into cash (Current Assets) and organizational commi tments for which cash will soon be required (Current Liabilities). Th e objective of working capital management is to maintain the optimum balance of each of the working capital components. Business viabilit y relies on the ability to effectively manage receivables. inventory.a nd payables. Firms are able to reduce financing costs and/or increase the funds available for expansion by minimizing the amount of funds tied up in current assets. Much managerial effort is expended in b ringing non-optimal levels of current assets and liabilities back towa rd optimal levels. An optimal level would be one in which a balance is achieved between risk and efficiency.A recent example of business attempting to maximize working capita l management is the recurrent attention being given to the applicatio n of Six Sigma®methodology. Six S igma®methodologies help companies measure and ensure quality in all areas of the enterprise. When used to identify and rectify discrepancies.inefficiencies and erroneous tra nsactions in the financial supply chain. Six Sigma®reduces Days Sale s Outstanding (DSO).accelerates the payment cycle.improves customer sati sfaction and reduces the necessary amount and cost of working capital needs. There appear to be many success stories including Jennifertwon’s(2002) report of a 15percent decrease in days that sales are outstanding.resulting in an increased cash flow of approximately $2 million at Thibodaux Regional Medical Cenrer.Furthermore bad debts declined from 3.4millin to $6000000.However.Waxer’s(2003)study of multiple firms employing Six Sig ma®finds that it is really a “get rich slow”technique with a r ate of return hovering in the 1.2 – 4.5 percent range.Even in a business using Six Sigma®methodology. an “optimal”level of working capital management needs to be identified. Industry factors may impa ct firm credit policy.inventory management.and bill-paying activities. S ome firms may be better suited to minimize receivables and inventory. while others maximize payables. Another aspect of “optimal”is the extent to which poor financial results can be tied to sub-optimal pe rformance.Fortunately.these issues are testable with data published by CFO magazine. which claims to be the source of “tools and informati on for the financial executive.”and are the subject of this resear ch.In addition to providing mean and variance values for the working capital measures and the overall metric.two issues will be addressed in this research. One research question is. “are firms within a p articular industry clustered together at consistent levels of working capital measures?For instance.are firms in one industry able to quickl y transfer sales into cash.while firms from another industry tend to have high sales levels for the particular level of inventory . The other research question is. “does working capital management perform ance for firms within a given industry change from year-to-year?”The following section presents a brief literature review.Next.the r esearch method is described.including some information about the annual Working Capital Management Survey published by CFO magazine. Findings are then presented and conclusions are drawn.Related LiteratureThe importance of working capital management is not new to the f inance literature. Over twenty years ago. Largay and Stickney (1980) reported that the then-recent bankruptcy of W.T. Grant. a nationwide chain of department stores.should have been anticipated because the co rporation had been running a deficit cash flow from operations for e ight of the last ten years of its corporate life.As part of a stud y of the Fortune 500s financial management practices. Gilbert and Rei chert (1995) find that accounts receivable management models are used in 59 percent of these firms to improve working capital projects.wh ile inventory management models were used in 60 percent of the compa nies.More recently. Farragher. Kleiman and Sahu (1999) find that 55 p ercent of firms in the S&P Industrial index complete some form of a cash flow assessment. but did not present insights regarding account s receivable and inventory management. or the variations of any curre nt asset accounts or liability accounts across industries.Thus.mixed ev idence exists concerning the use of working capital management techniq ues.Theoretical determination of optimal trade credit limits are the s ubject of many articles over the years (e.g. Schwartz 1974; Scherr 1 996).with scant attention paid to actual accounts receivable management.Across a limited sample. Weinraub and Visscher (1998) observe a tend ency of firms with low levels of current ratios to also have low l evels of current liabilities. Simultaneously investigating accounts rece ivable and payable issues.Hill. Sartoris.and Ferguson (1984) find diffe rences in the way payment dates are defined. Payees define the date of payment as the date payment is received.while payors view paymen t as the postmark date.Additional WCM insight across firms.industries.a nd time can add to this body of research.Maness and Zietlow (2002. 51. 496) presents two models of value creation that incorporate effective short-term financial management acti vities.However.these models are generic models and do not consider uni que firm or industry influences. Maness and Zietlow discuss industry influences in a short paragraph that includes the observation that. “An industry a company is located in may have more influence on th at company’s fortunes than overall GNP”(2002. 507).In fact. a car eful review of this 627-page textbook finds only sporadic information on actual firm levels of WCM dimensions.virtually nothing on industr y factors except for some boxed items with titles such as. “Should a Retailer Offer an In-House Credit Card”(128) and nothing on WC M stability over time. This research will attempt to fill this void by investigating patterns related to working capital measures within industries and illustrate differences between industries across time.An extensive survey of library and Internet resources provided ver y few recent reports about working capital management. The most relev ant set of articles was Weisel and Bradley’s (2003) article on cash flow management and one of inventory control as a result of effect ive supply chain management by Hadley (2004).Research Method The CFO RankingsThe first annual CFO Working Capital Survey. a joint project with REL Consultancy Group.was published in the June 1997 issue of CFO (Mintz and Lezere 1997). REL is a London. England-based management co nsulting firm specializing in working capital issues for its global l ist of clients. The original survey reports several working capital b enchmarks for public companies using data for 1996. Each company is ranked against its peers and also against the entire field of 1.000 companies. REL continues to update the original information on an a nnual basis.REL uses the “cash flow from operations”value located on firm cash flow statements to estimate cash conversion efficiency (CCE). T his value indicates how well a company transforms revenues into cash flow. A “days of working capital”(DWC) value is based on the d ollar amount in each of the aggregate.equally-weighted receivables.inven tory.and payables accounts. The “days of working capital”(DNC) repr esents the time period between purchase of inventory on acccount fromvendor until the sale to the customer.the collection of the receiva bles. and payment receipt.Thus.it reflects the companys ability to fin ance its core operations with vendor credit. A detailed investigation of WCM is possible because CFO also provides firm and industry val ues for days sales outstanding (A/R).inventory turnover.and days payabl es outstanding (A/P).Research FindingsAverage and Annual Working Capital Management Performance Working capital management component definitions and average values for the entire 1996 –2000 period .Across the nearly 1.000 firms in the survey.cash flow from operations. defined as cash flow from operations divided by sales and referred to as “cash conversion ef ficiency”(CCE).averages 9.0 percent.Incorporating a 95 percent confide nce interval. CCE ranges from 5.6 percent to 12.4 percent. The days working capital (DWC). defined as the sum of receivables and invent ories less payables divided by daily sales.averages 51.8 days and is very similar to the days that sales are outstanding (50.6).because the inventory turnover rate (once every 32.0 days) is similar to the number of days that payables are outstanding (32.4 days).In all ins tances.the standard deviation is relatively small.suggesting that these working capital management variables are consistent across CFO report s.Industry Rankings on Overall Working Capital Management Perfo rmanceCFO magazine provides an overall working capital ranking for firms in its ing the following equation:Industry-based differences in overall working capital management are presented for the twenty-s ix industries that had at least eight companies included in the rank ings each year.In the typical year. CFO magazine ranks 970 companies during this period. Industries are listed in order of the mean ove rall CFO ranking of working capital performance. Since the best avera ge ranking possible for an eight-company industry is 4.5 (this assume s that the eight companies are ranked one through eight for the ent ire survey). it is quite obvious that all firms in the petroleum in dustry must have been receiving very high overall working capital man agement rankings.In fact.the petroleum industry is ranked first in CCE and third in DWC (as illustrated in Table 5 and discussed later i n this paper).Furthermore.the petroleum industry had the lowest standar d deviation of working capital rankings and range of working capital rankings. The only other industry with a mean overall ranking less than 100 was the Electric & Gas Utility industry.which ranked secon d in CCE and fourth in DWC. The two industries with the worst work ing capital rankings were Textiles and Apparel. Textiles rank twenty-s econd in CCE and twenty-sixth in DWC. The apparel industry ranks twenty-third and twenty-fourth in the two working capital measures ConclusionsThe research presented here is based on the annual ratings of wo rking capital management published in CFO magazine. Our findings indic ate a consistency in how industries “stack up”against each other over time with respect to the working capital measures.However.the wor king capital measures themselves are not static (i.e.. averages of wo rking capital measures across all firms change annually); our results indicate significant movements across our entire sample over time. O ur findings are important because they provide insight to working cap ital performance across time. and on working capital management across industries. These changes may be in explained in part by macroecono mic factors Changes in interest rates.rate of innovation.and competitio n are likely to impact working capital management. As interest rates rise.there would be less desire to make payments early.which would stretch accounts payable.accounts receivable.and cash accounts. The ra mifications of this study include the finding of distinct levels of WCM measures for different industries.which tend to be stable over ti me. Many factors help to explain this discovery. The improving econom y during the period of the study may have resulted in improved turn over in some industries.while slowing turnover may have been a signal of troubles ahead. Our results should be interpreted cautiously. Our study takes places over a short time frame during a generally impr oving market. In addition. the survey suffers from survivorship bias –only the top firms within each industry are ranked each year and the composition of those firms within the industry can change annua lly.Further research may take one of two lines.First.there could bea study of whether stock prices respond to CFO magazine’s publication of working capital management rating.Second,there could be a study of which if any of the working capital management components relate to share price performance.Given our results,there studies need to take industry membership into consideration when estimating stock price reaction to working capital management performance.对整个行业中营运资金管理的研究格雷格Filbeck.Schweser学习计划托马斯M克鲁格.威斯康星大学拉克罗斯摘要:企业能够降低融资成本或者尽量减少绑定在流动资产上的成立基金数额来用于扩大现有的资金。

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财务管理英文参考文献一:[1]Allport, G. W. Personality: A psychological interpretation. New York: Holt,RinehartWinston, 1937.[2]DeVellis, R. Scale development: Theory and application. London: Sage. 1991.[3]Anderson,J. R. Methodologies for studying human knowledge. Behavioural and Brain Sciences,1987,10(3)，467-505[4]Aragon-Comea, J. A. Strategic proactivity and firm approach to the natural environment. Academy of Management Journal,1998,41(5)，556-567.[5]Bandura, A. Social cognitive theory: An agentic perspective. Annual Review of Psychology, 2001,52,1-26.[6]Barr, P. S,Stimpert,J. L,Huff,A. S. Cognitive change,strategic action and organizational renewal. Strategic Management Journal, 1992,13(S1)，15-36.[7]Bourgeois, L. J. On the measurement of organizational slack. Academy of Management Review, 1981,6(1)，29-39.[8]Belkin, N. J. Anomalous state of knowledge for information retrieval. Canadian Journal of Information Science, 1980,5(5)，133-143.[9]Bentler,P. M,Chou C. P. Practical issues in structural equationmodeling.Sociological Methods andResearch,1987,16(1)，78-117[10]Atkin, C. K. Instrumental utilities and information seeking. New models for mass communication research, Oxford,England: Sage,1973.[11]Adams, M. and Hardwick, P. An Analysis of Corporate Donations: UnitedKingdom Evidence [J], Journal of Management Studies, 1998,35 (5): 641-654.[12]Aronoff,C.,and J Ward. Family-owned Businesses: A Thing of the Past or Model of the Future. [J]. Family Business Review, 1995,8(2);121-130.[13]Beckhard,R“Dyer Jr.,W.G. Managing continuity in the family owned business [J]. Organizational Dynamics, 1983,12 (1): 5-12.[14Casson, M. The economics of family firms [J]. Scandinavian Economic History Review, 1999' 47(1):10- 23.[15]Alchian,A.,Demsetz, H. Production, information costs, andeconomic organization. American Economic Review [J]. 1972,62(5): 777-795.[16]Allen, F,J, Qian and M, J. Qian. Law,Finance and Economic Growthin China [J], Journal of Financial Economics, 2005,77: pp.57-116.[17]Amato,L. H.,Amato,C. H. The effects of firm size and industry on corporategiving [J]. Journal of Business Ethics,2007,72(3): 229-241.[18]Chrisman, J.J., Chua,J.H., and Steier, L. P. An introduction to theories of family business [J]. Journal of Business Venturing, 2003b,18(4): 441-448财务管理英文参考文献二:[1]Antelo,M. Licensing a non-drastic innovation under double informational asymmetry. Rese arch Policy,2003,32(3)， 367-390.[2]Arora, A. Patents,licensing, and market structure in the chemical industry.Research Policy, 1997,26(4-5)， 391-403.[3]Aoki,R.,Tauman,Y. Patent licensing with spillovers. EconomicsLetters,2001,73(1)，125-130.[4]Agarwal, S,Hauswald, R. Distance and private information in lending.Review of Financial Studies,2010,23(7)，2757-2788.[5]Brouthers, K.D.,Hennart, J.F. Boundaries of the firm: insights from international entry mode research. Journal of Management, 2007,33,395-425.[6]Anderson, J. E. A theoretical foundation for the gravity equation. American Economic Review, 1997,69(1)，106-116.[7]Barkema,H. G.,Bell,J. H. J.,Pennings, J. M. Foreign entry,cultural barriers,and learning. Strategic Management Journal, 1996, 17(2)，151-166.[8]Bass, B.,Granke, R. Societal influences on student perceptions of how to succeed in organizations. Journal of Applied Psychology, 1972,56(4)，312-318.[9]Bresman, H.,Birkinshaw, J.,Nobel, R. Knowledge transfer in internationalacquisitions. Journal of International BusinessStudies,1999,30(3)，439-462.[10]Chesbrough, H. W.,Appleyard,M, M. Open innovation and strategy.California Management Review, 2007,50(1)，57-76.阅读相关文档:精选大学生毕业论文致谢词优秀毕业论文致谢模板研究生如何准备学位论文答辩研究生学位论文答辩技巧及注意事项建筑类毕业论文格式发表职称论文的标准格式试论企业文化与工会工作打造团队亲情文化的探索与实践浅谈石化企业安全文化建设新形势下企业宣传文化阵地的建设基层党支部建设在企业文化中的地位分析助推企业文化增强企业发展软实力浅谈企业文化在构建和谐企业中的作用企业文化建设中存在的问题及对策分析企业文化在团学干部培养中的作用高校毕业生就业影响因素初探如何做好健康安全环境的教育培训对目前医院信访工作面临的现状及对策探讨关于酒类包装设计若干问题最新最全【追雨潮 C# .net 快速开发框架 hcrain】【学术论文】【总结报告】【演讲致辞】【领导讲话】【心得体会】【党建材料】【常用范文】【分析报告】【应用文档】免费阅读下载*本文若侵犯了您的权益，请留言。

福建日泰茶叶有限公司应收账款管理的研究摘要应收账款是指企业在正常的经营过程中，因销售商品、产品或提供劳务等业务而形成的债权，它是商业信用的产物，对企业扩大经营规模、提高销售量和市场占有率有很大的促进作用。

应收账款是伴随着赊销而发生的，虽然赊销在扩大销售量、减少库存和增强市场竞争力方面比其他结算方式有更大的优势，但赊销必然会导致企业产生大量的应收账款，它已经成为企业流动资金中的重要组成部分，其风险大小直接影响着企业的赢利能力和损益状况。

同时，应收账款又是许多企业财务管理的薄弱环节，企业资产在这方面的流失量和沉淀量很大，对其管理的好坏决定着企业生产经营能否顺利进行，能否提高资产使用效率。

因此，对应收账款的管理已成为企业财务管理的一项重要任务。

本文通过分析应收账款的现状，影响及存在的问题，结合福建日泰茶业有限公司应收账款的案例，了解目前企业应收账款管理存在的不足，分析其存在的原因，并通过这些原因提出合理的建议，对应收账款进行更有效的管理，提高企业的管理水平和经营业绩。

关键词应收账款；赊销；坏账核销；销售折扣Research on Accounts Receivable Management ofFujian RiTai tea co,.LTDAbstractAccounts receivable is to show in the normal course of business,、due to the sale of goods , products or services, and there business form of debt, it is the product of commercial credit, to the enterprise expands the scale of operation, improve sales and market share have great to promote role. Accounts receivable along with the credit occurred, although selling on credit to expand sales, reduce inventory in expanding sales and increase the market competitive power than the other method of settlement has greater advantages, but sell on credit is bound to lead the enterprise have a lot of accounts receivable, it has already become an important part of enterprises liquidity, the risk size directly affect the enterprise profitability and profit and loss situation. At the same time, accounts receivable is the weak link in many enterprises financial management, the enterprise assets in this area have loss and precipitation amout, the quality of management determines the production and operation can proceed smoothly, and improve the efficiency of use of asset. Therefore, the accounts receivable management has become an important task of enterprise financial management.This article through the analysis of the present situation of accounts receivable, effects and problems, combined with the case of account receivable management of Fujian Ri Tai Tea Co., LTD, understand the shortcomings of the enterprise accounts receivable management, analyzes its existing reasons, and through these reasons put forward reasonable suggestions for more effective management of accounts receivable, and improve the management level of enterprises and business performanceKeywords Accounts receivable；sell on credit；bad debt cancel after verification；Sales discount目录摘要 (I)Abstract (II)第1章绪论 (5)1.1 选题背景 (5)1.2研究的目的和意义 (5)1.2.1研究的目的 (5)1.2.2研究的意义 (5)1.3论文的主要研究内容 (6)第2章应收账款管理存在的问题 (7)2.1 企业应收账款的影响因素 (7)2.1.1 信用标准 (7)2.1.2信用条件 (7)2.1.3收款政策 (7)2.2 应收账款管理上存在的问题 (8)2.2.1 计提坏账存在的随意性 (8)2.2.2 缺乏对往来客户的信用评估 (8)2.2.3 应收账款管理制度不够完善 (8)2.3 应收账款管理不善对企业的影响 (9)2.3.1 企业效益下降 (9)2.3.2 夸大了企业经营成果 (9)2.3.3 加速了企业现金流出 (9)2.3.4 对企业营业周期有影响 (10)2.3.5 增加出错概率 (10)第3章应收账款管理的改进措施 (11)3.1 加强应收账款的日常管理 (11)3.1.1 科学确定应收账款的最高额度 (11)3.1.2 认真建立客户信用等级评定制度 (11)3.1.3 设置专门的赊销和征信部门 (11)3.1.4 实行严格的坏账核销制度 (12)3.2 实行严格的内审和内部控制制度 (12)3.2.1 有明确的责任并建立岗位替换 (12)3.2.2 对坏账核销有完整的程序 (13)3.2.3 加强赊销的管理制度 (13)3.3 采取有效手段提高企业效益 (14)3.3.1 合理的使用销售折扣 (14)3.3.2 充分利用应收账款进行融资 (14)3.3.3 准确的使用法律武器 (14)第4章日泰茶业公司应收账款管理的案例分析 (15)4.1 案例背景 (15)III / 244.1.1 日泰茶业概况 (15)4.1.2 应收账款问题 (15)4.2 案例材料 (15)4.2.1 应收账款规模和账龄 (15)4.2.2 应收账款内部管理制度 (16)4.2.3 应收账款回收情况 (17)4.2.4 应收账款周转率 (17)4.3 案例分析 (18)结论 (19)致谢 (20)参考文献 (21)附录A (22)附录B (23)第1章绪论1.1选题背景现代企业经营中，应收账款是伴随企业的经营行为发生而形成的一项债权。

摘要应收账款是企业因对外赊销货物、提供劳务等业务时而向购货或提供劳务单位收取的款项。

赊销在快速发展的市场经济环境中是不可避免的，这就要求企业建立科学规范的管理制度，对应收账款进行强有力的管理措施，做到应收账款事前控制、事中监督、事后追款的全程管理。

本课题首先引出企业应收账款管理的意义和目的、国内外研究现状以及应收账款管理的一些基本理论，随后对应收账款的核算和坏账进行介绍，紧接着以具体公司的有关应收账款管理方面存在的一些问题进行分析，然后针对国内应收账款管理存在的问题提出加强应收账款管理的对策以及建议。

关键词：应收账款管理赊销坏账AbstractAccounts receivable is the enterprise for foreign goods and services to credit business to purchase or providing labor services and collect money. Credit sales in the rapidly developing market economy environment is inevitable, this requires enterprises to establish a scientific and standardized management system of receivables, makes powerful management measures, do accounts receivable beforehand control, during supervision, the whole event after money management.This topic first drawn enterprise receivables management meaning and purpose, research status and the management of accounts receivable, then some basic theory of accounting and accounts receivable are introduced, followed by bad with specific company's related accounts receivable management aspects analyzes some existing problems, and then for domestic accounts receivable management are proposed to strengthen the management of accounts receivable countermeasures and Suggestions.Key words: Receivable management Credit Bad debt目录1 引言 (2) (2)国内外研究现状 (3) (3) (3) (4)2 应收账款管理的基本理论 (6)应收账款的概念、功能 (6) (6)应收账款的管理目标 (6) (6)应收账款的日常控制 (7)3东方大厦有限责任公司应收账款管理存在的问题及研究 (9) (9) (10)，造成大量的呆账、坏账 (10)，无专门的应收账款管理部门 (11)，对客户的信用状况掌握不全面 (12)，缺乏动态追踪 (12)4针对该企业对加强应收账款管理提出的对策和建议 (13)，建立有效的催收体制 (13) (15)，全面了解客户的主体情况 (16) (17)参考文献 (19)附录 (22)1 引言根据《企业会计准则第1 号——应收账款》，应收账款是企业因对外赊销货物、提供劳务等业务时而向购货或提供劳务单位收取的款项。

应收账款管理问题及对策研究的英语Research on Accounts Receivable Management Issues and StrategiesIntroduction:Accounts receivable management is an important aspect of financial management for any organization. It involves effectively managing the credit extended to customers and ensuring timely collections of payments. However, organizations commonly face challenges in managing accounts receivable, which can impact their cash flow and overall financial stability. This research aims to explore the issues related to accounts receivable management and propose strategies to overcome them.Objectives:1. Identify common issues faced by organizations in accounts receivable management.2. Analyze the impact of these issues on an organization's financial stability.3. Explore strategies that can be implemented to mitigate the identified issues.4. Assess the effectiveness of these strategies in improving accounts receivable management.Methodology:This research will adopt a mixed-method approach, including both qualitative and quantitative data collection methods. Primary data will be collected through interviews with financial managers and accounts receivable personnel from selected organizations. A questionnaire survey will also be conducted to gather quantitativedata on accounts receivable management practices and challenges. Secondary data will be obtained from financial reports, case studies, and relevant literature.Analysis:The collected data will be analyzed using statistical techniques, content analysis, and thematic analysis methods. The issues identified will be categorized into common themes, and their impact on an organization's financial stability will be evaluated. The strategies implemented by organizations to overcome these issues will be critically examined, and their effectiveness will be assessed.Findings:This research is expected to identify common issues faced by organizations in accounts receivable management, such as late payments, high bad debts, and inefficient collection processes. The impact of these issues on an organization's financial stability will be quantified, highlighting the significance of effective accounts receivable management. Strategies such as credit risk assessment, invoice automation, and outsourcing collections will be explored as potential solutions to these issues.Conclusion:Effective accounts receivable management is crucial for an organization's financial stability. This research aims to provide valuable insights into the challenges faced by organizations in managing accounts receivable and propose strategies that can be implemented to improve the process. By addressing these issues,organizations can enhance their cash flow, reduce bad debts, and improve overall financial performance.。

财务管理论⽂英⽂⽂献 参考⽂献的引⽤应当实事求是、科学合理，不可以为了凑数随便引⽤。

下⽂是店铺为⼤家整理的关于财务管理论⽂英⽂⽂献的内容，欢迎⼤家阅读参考! 财务管理论⽂英⽂⽂献篇1： [1]Allport, G. W. Personality: A psychological interpretation. New York: Holt,Rinehart & Winston, 1937. [2]DeVellis, R. Scale development: Theory and application. London: Sage. 1991. [3]Anderson,J. R. Methodologies for studying human knowledge. Behavioural and Brain Sciences,1987,10(3)，467-505 [4]Aragon-Comea, J. A. Strategic proactivity and firm approach to the natural environment. Academy of Management Journal,1998,41(5)，556-567. [5]Bandura, A. Social cognitive theory: An agentic perspective. Annual Review of Psychology, 2001,52,1-26. [6]Barr, P. S,Stimpert,J. L,& Huff,A. S. Cognitive change,strategic action and organizational renewal. Strategic Management Journal, 1992,13(S1)，15-36. [7]Bourgeois, L. J. On the measurement of organizational slack. Academy of Management Review, 1981,6(1)，29-39. [8]Belkin, N. J. Anomalous state of knowledge for information retrieval. Canadian Journal of Information Science, 1980,5(5)，133-143. [9]Bentler,P. M,& Chou C. P. Practical issues in structural equation modeling.Sociological Methods and Research,1987,16(1)，78-117 [10]Atkin, C. K. Instrumental utilities and information seeking. New models for mass communication research, Oxford,England: Sage,1973. [11]Adams, M. and Hardwick, P. An Analysis of Corporate Donations: UnitedKingdom Evidence [J], Journal of Management Studies, 1998,35 (5)： 641-654. [12]Aronoff,C.,and J Ward. Family-owned Businesses: A Thing of the Past or Model of the Future. [J]. Family Business Review, 1995,8(2); 121-130. [13]Beckhard,R“Dyer Jr.,W.G. Managing continuity in the family owned business [J]. Organizational Dynamics, 1983,12 (1)： 5-12. [14Casson, M. The economics of family firms [J]. Scandinavian Economic History Review, 1999' 47(1)：10 - 23. [15]Alchian,A.,Demsetz, H. Production, information costs, and economic organization. American Economic Review [J]. 1972,62(5)： 777-795. [16]Allen, F,J, Qian and M, J. Qian. Law,Finance and Economic Growth in China [J], Journal of Financial Economics, 2005,77: pp.57-116. [17]Amato,L. H.,& Amato,C. H. The effects of firm size and industry on corporate giving [J]. Journal of Business Ethics,2007,72(3)： 229-241. [18]Chrisman, J.J., Chua,J.H., and Steier, L. P. An introduction to theories of family business [J]. Journal of Business Venturing, 2003b, 18(4)： 441-448 财务管理论⽂英⽂⽂献篇2： [1]Antelo,M. Licensing a non-drastic innovation under double informational asymmetry. Rese arch Policy,2003,32(3)， 367-390. [2]Arora, A. Patents,licensing, and market structure in the chemical industry.Research Policy, 1997,26(4-5)， 391-403. [3]Aoki,R.,& Tauman,Y. Patent licensing with spillovers. Economics Letters,2001,73(1)，125-130. [4]Agarwal, S,& Hauswald, R. Distance and private information in lending.Review of Financial Studies,2010,23(7)，2757-2788. [5]Brouthers, K.D.,& Hennart, J.F. Boundaries of the firm: insights from international entry mode research. Journal of Management, 2007,33,395-425. [6]Anderson, J. E. A theoretical foundation for the gravity equation. American Economic Review, 1997,69(1)，106-116. [7]Barkema,H. G.,Bell,J. H. J.,& Pennings, J. M. Foreign entry,cultural barriers,and learning. Strategic Management Journal, 1996, 17(2)，151-166. [8]Bass, B.,& Granke, R. Societal influences on student perceptions of how to succeed in organizations. Journal of Applied Psychology, 1972,56(4)，312-318. [9]Bresman, H.,Birkinshaw, J.,& Nobel, R. Knowledge transfer in international acquisitions. Journal of International Business Studies,1999,30(3)，439-462. [10]Chesbrough, H. W.,& Appleyard,M, M. Open innovation and strategy.California Management Review, 2007,50(1)，57-76.。

Accounts ReceivableOne of the key factors underlying the growth of the American economy is the trend toward selling goods and services on credit. Accounts receivable comprise the largest financial asset of many merchandising companies.Accounts receivable are relatively liquid assets, usually converting into cash within a period of 30 to 60 days. Therefore, accounts receivable from customers usually appear in the balance sheet immediately after cash and short-term investments in marketable securities.UNCOLLECTIBLE ACCOUNTSAccounts receivable are shown in the balance sheet at the estimated collectible amount—called net realizable value. No business wants to sell merchandise on account to customers who will be able to pay. Many companies maintain their own credit departments that investigate the creditworthiness of each prospective customer. Nonetheless, if a company makes credit sales to hundreds—perhaps thousands—of customers, some accounts inevitably will turn out to be uncollectible.A limited amount of uncollectible accounts is not only expected—it is evidence of a sound credit policy. If the credit department is overly cautious, the business may lose many sales opportunities by rejecting customers who should have been considered acceptable credit risks.THE ALLOWANCE FOR DOUBTFUL ACCOUNTSThere is no way of telling in advance which accounts receivable will prove to be uncollectible. It is therefore not possible to credit the accounts of specific customers for our estimate of probable uncollectible accounts. Neither should we credit the Accounts Receivable control account in the general ledger. If the Accounts Receivable control accounts were to be credited with the estimated amount of doubtful accounts, this control account would no longer be in balance with the total of the numerous customers’accounts in the subsidiary ledger. A practical alternative therefore is to credit a separate account called Allowance for Doubtful Accounts with the amount estimated to be uncollectible.The Allowance for Doubtful Accounts often is described as a contra-asset account or a valuation account. Both of these terms indicate that the Allowance for Doubtful Accounts has a credit balance, which is offset against the asset Accounts Receivable to produce a more useful and reliable measure of a company’s liquidity. Because the Allowance for Doubtful Accounts is merely an estimate and not a precise calculation, professional judgment plays a considerable role in determining the size of this valuation account.Monthly Adjustment of the Allowance Account In the adjusting entry made by World Famous Toy Co. at January 31, the amount of the adjustment ($10,000) was equal to the estimated amount of uncollectible accounts. This is true only because January was the first month of operations and this was the company’s first estimate of its uncollectible accounts. In future months, the amount of the adjusting entry will depend on two factors: (1) the estimate of uncollectible accounts and (2) the current balance in the Allowance for Doubtful Accounts. Before we illustrate the adjusting entry for a future month, let us see why the balance in the allowance account maychange during the accounting period.WRITING OFF AN UNCOLLECTIBLE ACCOUNT RECEIV ABLEWhenever an account receivable from a specific customer is determined to be uncollectible, it no longer qualifies as an asset and should be written off. To write off an account receivable is to reduce the balance of the customer’s account to zero. The journal entry to accomplish this consists of a credit to the Accounts Receivable control account in the general ledger (and to the customer’s account in the subsidiary ledger) and an offsetting debit to the Allowance for Doubtful Accounts.To illustrate, assume that, early in February, World Famous Toy Co. learns that Discount Stores has gone out of business and that the $4,000 account receivable from this customer is now worthless. The entry to write off this uncollectible account receivable is:Allowance for Doubtful Accounts………………… 4,000Accounts Receivable (Discount Stores)…………………… 4,000To write off the account receivable from Discount Stores as uncollectible.The important thing to note in this entry is that the debit is made to the Allowance for Doubtful Accounts and not to the Uncollectible Accounts Expense account. The estimated expense of credit losses is charged to the Uncollectible Accounts Expense account at the end of each accounting period. When a specific account receivable is later determined to be worthless and is written off, this action does not represent an additional expense but merely confirms our previous estimate of the expense. If the Uncollectible Accounts Expense account was first charged with estimated credit losses and then later charged with proven credit losses, we would be double-counting the actual uncollectible accounts expense.Notice also that the entry to write off an uncollectible account receivable reduces both the asset account and the contra-asset account by the same amount. Thus writing off an uncollectible account does not change the net realizable value of accounts receivable in the balance sheet.INTERNAL CONTROLS FOR RECEIV ABLESOne of the most important principles of internal control is that employees who have custody of cash or other negotiable assets must not maintain accounting records. In a small business, one employee often is responsible for handing cash receipts, maintaining accounts receivable records, issuing credit memoranda, and writing off uncollectible accounts. Such a combination of duties is an invitation to fraud. The employee in this situation is able to remove the cash collected from a customer without making any record of the collection. The next step is to dispose of the balance in the customer’s account. This can be done by issuing a credit memo indicating that the customer has returned merchandise, or by writing off the customer’s account as uncollectible. Thus the employee has the cash, the customer’s account shows a zero balance due, and the books are in balance.In summary, employees who maintain the accounts receivable subsidiary ledger should not have access to cash receipts. The employees who maintain accounts receivable or handle cash receipts should not have authority to issue credit memoranda or to authorize the write-off of receivables as uncollectible. These areclassic examples of incompatible duties.MANAGEMENT OF ACCOUNTS RECEIV ABLEManagement has two conflicting objectives with respect to the accounts receivable. On the one hand, management wants to generate as much sales revenue as possible. Offering customers lengthy credit terms, with little or no interest, has proven to be an effective means of generating sales revenue.Every business, however, would rather sell for cash than on account. Unless receivables earn interest, which usually is not the case, they are nonproductive assets that produce no revenue as they await collection. Therefore, another objective of cash management is to minimize the amount of money tied up in the form of accounts receivable.Several tools are available to a management that must offer credit terms to its customers yet wants to minimize the company’s investment in accounts receivable. We have already discussed offering credit customers cash discounts (such as 2/10, n/30) to encourage early payment. Other tools include factoring accounts receivable and selling to customers who use national credit cards.应收账款一个关键因素的增长，美国经济正走向销售商品和服务的信贷。

外文翻译原文A Strategic Approach on Organizing Accounts Receivable Management: SomeEmpirical EvidenceMaterial source: EBSCO search Author:Assel Bergh In this paper, the organizational behavior in managing accounts receivable is studied. It is based on the recent surge of interest in trade credit management from both academics and practitioners 1) the rather permanent character of these short-term but continuously renewed investments and 2) their strategic potential due to the existence of financial, tax-based, operating, transaction and pricing motives. The paper focuses on a search for sources of such a strategic value and for the determinants of its risk. More specifically this potential strategic value is said to create a need for flexibility and control in managing accounts receivable. It will therefore induce a need for internalization of its management. The resulting risks, however, favor its externalization. This results in a revision of the existing decision-making processes since, the extension of trade credit becoming a strategic asset, investments in accounts receivable cannot be judged by the financial needs incurred as measured by the traditional DSO-rate anymore. More specifically, a transaction cost theoretic approach is used to explain the decision whether or not to internalize the firm’s accounts receivable management and its risk, resulting in a set of hypotheses to be tested on a sample of both large and medium-sized Belgian companies.1. IntroductionFirms rarely require immediate payment for their merchandise. For example, in the UK corporate sector more than 80% of daily business transactions are on credit terms and accounts receivable constitute one of the main assets on corporate balance sheets (35% of total assets) (Summers and Wilson, 1997). As soon as trade debtors settle their accounts, cash flows into the company. At the same time, however, new sales generate new accounts receivable. The level of debtors thus remains constant when sales figures are stable, while it grows as sales figures increase (Grass, 1972). Although firms extending trade credit heavily invest in accounts receivable, theresulting financial need is not the only reason why trade credit decisions merit more careful attention. This paper develops and discusses two additional considerations.First, firms selling on credit open themselves to moral hazard. When exchange relations are subject to imperfect information, this uncertainty results in transaction costs. Sellers thus have incentives to develop organizational structures that reduce the transaction costs resulting from this asymmetric information problem. Both homemade planning and sales structuring as well as balanced product and market portfolios can reduce this uncertainty, while externalization of risk become attractive when these homemade institutions fail.Second, vendors offering trade credit have to adopt a variety of new responsibilities: the decision whether or not to grant credit to a (new) customer, the assumption of credit-, administration- and collection-policies and the bearing of the credit risk involved. From a managerial point of view this means that the seller 1) finances the buyer’s inventory, 2) engages in additional accounting and collecting activities, 3) monitors the financial health of both existing and potential customers and 4) gets involved in assessing and bearing new risks. Not all credit management functions, however, have to be performed by the seller. Indeed, when extending trade credit is thought to add no real value to the firm, its management can be contracted to a third party.A selling firm’s decision to extend trade credit thus also requires the seller to decide whether or not to integrate into managing accounts receivable. Moreover, when the seller decides to enter a market transaction, several organizational structures can be employed. In their paper, Mian and Smith (1992) examine the relationship between the functions to be performed in the credit-administration process and the decision whether or not to subcontract these functions to a third party specialist. In this paper, however, the extension of trade credit is looked upon from both a more strategic and a risk-oriented point of view. The strategic approach is based on the extensive financial management literature claiming that the extension of trade credit can become advantageous to the supplier, in which there will be a need for flexibility in managing accounts receivable. The risk oriented point of view, on the other hand, is based upon those principles that deal with the moral hazard problem. Finally, the implications of these motivational theories are linked to the industrial organization literature on vertical integration. Three types of outsourcing are considered. At first, the factoring contract has been chosen to operationalize the externalization of accounts receivable management, since factoring is the mostcomprehensive type of outsourcing a firm’s accounts receivable management. Next, we clearly isolate the decision to subcontract the administration process from the decision to subcontract the risks incurred, assuming that they are based on different decision processes with different decision variables. Indeed, we assume that both cost advantages and a need for flexibility in managing accounts receivable will c ause integration of the firm’s credit administration. The assumption of credit risk, however, will not be delegated to a third party when the transaction can be performed in a stable and predictable environmental setting (inducing a low need for monitoring and control).2. The Nature of Outsourcing ContractsBefore analyzing policy choices and their respective determinants, we first givea description of the basic governance structures studied.2.1. Factoring and its equivalentFactoring basically offers three types of services: 1) finance, 2) risk control and 3) sales ledger administration (Brandenberg, 1987). However, not all factoring contracts provide this full array of services. Based upon the scope of his managerial needs the seller can decide on the extensiveness of the contract. The most important distinction between factoring contracts is that between recourse and non-recourse agreements. A non-recourse agreement implies that the factor makes the credit extension decision, monitors and collects the accounts receivable and bears the credit risk. Under a recourse agreement the firm selling on credit retains the risk of non-recovery of the debt. Moreover, when the contract provides financing, the factoring contract is called an advance-factoring contract. A full-factoring agreement then is a non-recourse agreement, providing financing for all credit sales (both national sales and export). The equivalents internalizing their accounts receivable management finance their accounts receivable out of general corporate credit and manage internally the credit-risk assessment, credit-granting, credit-collection and credit-risk bearing functions.2.2. The administrative management contractThe companies using an administrative management contract are defined as those companies that use credit information agencies to assess the trade credit risks, to collect accounts receivable when they are due or ARF (Accounts Receivable Financing)-contracts and service contracts offered by a factor. Thus, although the administration of accounts receivable has been outsourced, the firm still bears the trade credit risk.2.3. The risk management contractThe risk management contract is defined as a contract that indemnifies firms against losses on uncollected accounts receivable but d oes not take care of the firm’s credit administration process. Examples of such third party specialists are e.g. credit insurance contracts and partial factoring agreements.3. Determinants of Alternate PoliciesFollowing the transaction cost approach, as developed by Coase (e.g., 1991) and Williamson (e.g., 1975), the transaction (or the exchange of goods and services) is the basic unit of analysis. Each time a transaction is performed, transaction costs arise. These can be defined as the negotiating, monitoring and enforcement costs that have to be spent to allow an exchange between two parties to take place and result from frictions or difficulties entailed by a combination of both human characteristics (bounded rationality and opportunism) and environmental factors (uncertainty,“small numbers”, information asymmetry and asset-specificity). Therefore, alternative governance structures, of which markets and firms (hierarchies) are the most important examples, are assessed in terms of their capacities to economize on transaction costs (Jones and Hill, 1988; Williamson, 1975, 1987). This means that strategic assets are to be controlled by the firm itself. Next, internalization of an activity becomes more likely whenever there is a need for flexibility in its management since such a flexibility would make it extremely difficult to prepare full contracts (e.g., Hart, 1991; Klein, 1991).Uncertainty and/or bounded rationality, however, generate the opposite effect: parameters that are hard to control and/or increase the uncertainty in management are more likely to cause frictions and are therefore apt to externalization (Anderson and Weitz, 1986).3.1. The DSO-rateSince in the traditional literature on accounts receivable management the average number of days’ sal es outstanding (DSO) is often mentioned to be the primary reason for outsourcing, the DSO rate has been withheld for further analysis. Indeed, the pure financial theories on trade credit stress the fact that high DSO-rates increase the supplier’s financial needs, increasing the likelihood of outsourcing. Moreover, it is reasonable to assume that when the firm has no accounts receivable (although it provides its customers with the opportunity to delay their payments), there won’t be any need for outsourcing its management.3.2. Cost advantagesEconomies of scale and scope are expected to affect the outsourcing decision. Indeed, the fixed costs associated with credit-risk assessment and monitoring and collection policies can be spread over a larger number of accounts as credit sales increase. Firms with higher credit sales are therefore expected to invest in more specialized personnel, techniques and knowledge, enabling them to realize learning-effects.3.3. Need for flexibility and control: the incentives for trade credit extensionThe more recent developments in accounts receivable management literature (Schwartz, 1974) all emphasize its potential strategic value which is usually translated into a set of motives causing trade credit extension. Among these we discern a pricing motive, an operating motive, a financing and a tax-based motive and a transaction motive.The extension of trade credit can be advantageous to the supplier, in which there will be a need for flexibility in managing accounts receivable and a need for controlling the activities involved. Therefore, investments in accounts receivable become strategic assets and, following the transaction cost analytic approach as developed by Coase (1991) and Williamson (e.g., 1975), strategic parameters are to be controlled by the firm itself. Moreover, when the extension of trade credit becomes a strategic asset to the firm, the resulting need for flexibility will make it extremely difficult to prepare full contracts, which once again leads to internalization (e.g., Hart, 1991; Klein, 1991).译文关于建立应收账款管理方法方面的一些经验资料来源: 中国期刊网作者：阿塞尔轧贝格这篇文章对应收账款管理的组织行为进行了研究。

应收账款的管理措施Management measures for accounts receivable应收账款是指企业因销售商品、产品或提供劳务而形成的债权。

其实质就是企业因赊销产品而形成的产物。

应收账款是企业流动资产的重要组成部分。

安全、有效的加强应收账款管理，对提高企业资金使用率、降低企业经营风险具有十分重要的意义。

对于已形成的应收帐款一般采取以下措施进行管理：Accounts receivable refers to the creditor's rights that are formed by the sale of goods, products or services, which essence is the outcome formed due to the sales of products in credit. Accounts receivable is an important part of an enterprise’s liquid assets. The safe and effective enhancement of management for the accounts receivable has very important significance to improve the utilization rate of enterprise funds, and to reduce the operating risk of an enterprise. As for the receivables which have been formed generally, it generally takes the following measures for management:一、对于正常期限内的应收账款采取保理的方式盘活I. As for the accounts receivable in the normal period, it could take factoring approach to liquidize it.应收账款保理是企业将赊销形成的未到期应收账款在满足一定条件的情况下，转让给商业银行，以获得银行的流动资金支持，加快资金周转。

外文翻译原文A Strategic Approach on Organizing Accounts Receivable Management: SomeEmpirical EvidenceMaterial source: EBSCO search Author:Assel Bergh In this paper, the organizational behavior in managing accounts receivable is studied. It is based on the recent surge of interest in trade credit management from both academics and practitioners 1) the rather permanent character of these short-term but continuously renewed investments and 2) their strategic potential due to the existence of financial, tax-based, operating, transaction and pricing motives. The paper focuses on a search for sources of such a strategic value and for the determinants of its risk. More specifically this potential strategic value is said to create a need for flexibility and control in managing accounts receivable. It will therefore induce a need for internalization of its management. The resulting risks, however, favor its externalization. This results in a revision of the existing decision-making processes since, the extension of trade credit becoming a strategic asset, investments in accounts receivable cannot be judged by the financial needs incurred as measured by the traditional DSO-rate anymore. More specifically, a transaction cost theoretic approach is used to explain the decision whether or not to internalize the firm’s accounts receivable management and its risk, resulting in a set of hypotheses to be tested on a sample of both large and medium-sized Belgian companies.1. IntroductionFirms rarely require immediate payment for their merchandise. For example, in the UK corporate sector more than 80% of daily business transactions are on credit terms and accounts receivable constitute one of the main assets on corporate balance sheets (35% of total assets) (Summers and Wilson, 1997). As soon as trade debtors settle their accounts, cash flows into the company. At the same time, however, new sales generate new accounts receivable. The level of debtors thus remains constant when sales figures are stable, while it grows as sales figures increase (Grass, 1972). Although firms extending trade credit heavily invest in accounts receivable, theresulting financial need is not the only reason why trade credit decisions merit more careful attention. This paper develops and discusses two additional considerations.First, firms selling on credit open themselves to moral hazard. When exchange relations are subject to imperfect information, this uncertainty results in transaction costs. Sellers thus have incentives to develop organizational structures that reduce the transaction costs resulting from this asymmetric information problem. Both homemade planning and sales structuring as well as balanced product and market portfolios can reduce this uncertainty, while externalization of risk become attractive when these homemade institutions fail.Second, vendors offering trade credit have to adopt a variety of new responsibilities: the decision whether or not to grant credit to a (new) customer, the assumption of credit-, administration- and collection-policies and the bearing of the credit risk involved. From a managerial point of view this means that the seller 1) finances the buyer’s inventory, 2) engages in additional accounting and collecting activities, 3) monitors the financial health of both existing and potential customers and 4) gets involved in assessing and bearing new risks. Not all credit management functions, however, have to be performed by the seller. Indeed, when extending trade credit is thought to add no real value to the firm, its management can be contracted to a third party.A selling firm’s decision to extend trade credit thus also requires the seller to decide whether or not to integrate into managing accounts receivable. Moreover, when the seller decides to enter a market transaction, several organizational structures can be employed. In their paper, Mian and Smith (1992) examine the relationship between the functions to be performed in the credit-administration process and the decision whether or not to subcontract these functions to a third party specialist. In this paper, however, the extension of trade credit is looked upon from both a more strategic and a risk-oriented point of view. The strategic approach is based on the extensive financial management literature claiming that the extension of trade credit can become advantageous to the supplier, in which there will be a need for flexibility in managing accounts receivable. The risk oriented point of view, on the other hand, is based upon those principles that deal with the moral hazard problem. Finally, the implications of these motivational theories are linked to the industrial organization literature on vertical integration. Three types of outsourcing are considered. At first, the factoring contract has been chosen to operationalize the externalization of accounts receivable management, since factoring is the mostcomprehensive type of outsourcing a firm’s accounts receivable management. Next, we clearly isolate the decision to subcontract the administration process from the decision to subcontract the risks incurred, assuming that they are based on different decision processes with different decision variables. Indeed, we assume that both cost advantages and a need for flexibility in managing accounts receivable will c ause integration of the firm’s credit administration. The assumption of credit risk, however, will not be delegated to a third party when the transaction can be performed in a stable and predictable environmental setting (inducing a low need for monitoring and control).2. The Nature of Outsourcing ContractsBefore analyzing policy choices and their respective determinants, we first givea description of the basic governance structures studied.2.1. Factoring and its equivalentFactoring basically offers three types of services: 1) finance, 2) risk control and 3) sales ledger administration (Brandenberg, 1987). However, not all factoring contracts provide this full array of services. Based upon the scope of his managerial needs the seller can decide on the extensiveness of the contract. The most important distinction between factoring contracts is that between recourse and non-recourse agreements. A non-recourse agreement implies that the factor makes the credit extension decision, monitors and collects the accounts receivable and bears the credit risk. Under a recourse agreement the firm selling on credit retains the risk of non-recovery of the debt. Moreover, when the contract provides financing, the factoring contract is called an advance-factoring contract. A full-factoring agreement then is a non-recourse agreement, providing financing for all credit sales (both national sales and export). The equivalents internalizing their accounts receivable management finance their accounts receivable out of general corporate credit and manage internally the credit-risk assessment, credit-granting, credit-collection and credit-risk bearing functions.2.2. The administrative management contractThe companies using an administrative management contract are defined as those companies that use credit information agencies to assess the trade credit risks, to collect accounts receivable when they are due or ARF (Accounts Receivable Financing)-contracts and service contracts offered by a factor. Thus, although the administration of accounts receivable has been outsourced, the firm still bears the trade credit risk.2.3. The risk management contractThe risk management contract is defined as a contract that indemnifies firms against losses on uncollected accounts receivable but d oes not take care of the firm’s credit administration process. Examples of such third party specialists are e.g. credit insurance contracts and partial factoring agreements.3. Determinants of Alternate PoliciesFollowing the transaction cost approach, as developed by Coase (e.g., 1991) and Williamson (e.g., 1975), the transaction (or the exchange of goods and services) is the basic unit of analysis. Each time a transaction is performed, transaction costs arise. These can be defined as the negotiating, monitoring and enforcement costs that have to be spent to allow an exchange between two parties to take place and result from frictions or difficulties entailed by a combination of both human characteristics (bounded rationality and opportunism) and environmental factors (uncertainty,“small numbers”, information asymmetry and asset-specificity). Therefore, alternative governance structures, of which markets and firms (hierarchies) are the most important examples, are assessed in terms of their capacities to economize on transaction costs (Jones and Hill, 1988; Williamson, 1975, 1987). This means that strategic assets are to be controlled by the firm itself. Next, internalization of an activity becomes more likely whenever there is a need for flexibility in its management since such a flexibility would make it extremely difficult to prepare full contracts (e.g., Hart, 1991; Klein, 1991).Uncertainty and/or bounded rationality, however, generate the opposite effect: parameters that are hard to control and/or increase the uncertainty in management are more likely to cause frictions and are therefore apt to externalization (Anderson and Weitz, 1986).3.1. The DSO-rateSince in the traditional literature on accounts receivable management the average number of days’ sal es outstanding (DSO) is often mentioned to be the primary reason for outsourcing, the DSO rate has been withheld for further analysis. Indeed, the pure financial theories on trade credit stress the fact that high DSO-rates increase the supplier’s financial needs, increasing the likelihood of outsourcing. Moreover, it is reasonable to assume that when the firm has no accounts receivable (although it provides its customers with the opportunity to delay their payments), there won’t be any need for outsourcing its management.3.2. Cost advantagesEconomies of scale and scope are expected to affect the outsourcing decision. Indeed, the fixed costs associated with credit-risk assessment and monitoring and collection policies can be spread over a larger number of accounts as credit sales increase. Firms with higher credit sales are therefore expected to invest in more specialized personnel, techniques and knowledge, enabling them to realize learning-effects.3.3. Need for flexibility and control: the incentives for trade credit extensionThe more recent developments in accounts receivable management literature (Schwartz, 1974) all emphasize its potential strategic value which is usually translated into a set of motives causing trade credit extension. Among these we discern a pricing motive, an operating motive, a financing and a tax-based motive and a transaction motive.The extension of trade credit can be advantageous to the supplier, in which there will be a need for flexibility in managing accounts receivable and a need for controlling the activities involved. Therefore, investments in accounts receivable become strategic assets and, following the transaction cost analytic approach as developed by Coase (1991) and Williamson (e.g., 1975), strategic parameters are to be controlled by the firm itself. Moreover, when the extension of trade credit becomes a strategic asset to the firm, the resulting need for flexibility will make it extremely difficult to prepare full contracts, which once again leads to internalization (e.g., Hart, 1991; Klein, 1991).译文关于建立应收账款管理方法方面的一些经验资料来源: 中国期刊网作者：阿塞尔轧贝格这篇文章对应收账款管理的组织行为进行了研究。