1、本科毕业论文（设计）外文翻译原文ASTRATEGICAPPROACHONORGANIZINGACCOUNTSRECEIVABLEMANAGEMENTSOMEEMPIRICALEVIDENCEABSTRACTINTHISPAPER,THEORGANIZATIONALBEHAVIORINMANAGINGACCOUNTSRECEIVABLEISSTUDIEDITISBASEDONTHERECENTSURGEOFINTERESTINTRADECREDITMANAGEMENTFROMBOTHACADEMICSANDPRACTITIONERSEMPHASIZING1THERATHERPERMANENTCH
2、ARACTEROFTHESESHORTTERMBUTCONTINUOUSLYRENEWEDINVESTMENTSAND2THEIRSTRATEGICPOTENTIALDUETOTHEEXISTENCEOFFINANCIAL,TAXBASED,OPERATING,TRANSACTIONANDPRICINGMOTIVESTHEPAPERFOCUSESONASEARCHFORSOURCESOFSUCHASTRATEGICVALUEANDFORTHEDETERMINANTSOFITSRISKMORESPECIFICALLYTHISPOTENTIALSTRATEGICVALUEISSAIDTOCREAT
3、EANEEDFORFLEXIBILITYANDCONTROLINMANAGINGACCOUNTSRECEIVABLEITWILLTHEREFOREINDUCEANEEDFORINTERNALIZATIONOFITSMANAGEMENTTHERESULTINGRISKS,HOWEVER,FAVORITSEXTERNALIZATIONTHISRESULTSINAREVISIONOFTHEEXISTINGDECISIONMAKINGPROCESSESSINCE,THEEXTENSIONOFTRADECREDITBECOMINGASTRATEGICASSET,INVESTMENTSINACCOUNTS
4、RECEIVABLECANNOTBEJUDGEDBYTHEFINANCIALNEEDSINCURREDASMEASUREDBYTHETRADITIONALDSORATEANYMOREMORESPECIFICALLY,ATRANSACTIONCOSTTHEORETICAPPROACHISUSEDTOEXPLAINTHEDECISIONWHETHERORNOTTOINTERNALIZETHEFIRMSACCOUNTSRECEIVABLEMANAGEMENTANDITSRISK,RESULTINGINASETOFHYPOTHESESTOBETESTEDONASAMPLEOFBOTHLARGEANDM
5、EDIUMSIZEDBELGIANCOMPANIES1INTRODUCTIONFIRMSRARELYREQUIREIMMEDIATEPAYMENTFORTHEIRMERCHANDISEFOREXAMPLE,INTHEUKCORPORATESECTORMORETHAN80OFDAILYBUSINESSTRANSACTIONSAREONCREDITTERMSANDACCOUNTSRECEIVABLECONSTITUTEONEOFTHEMAINASSETSONCORPORATEBALANCESHEETS35OFTOTALASSETSSUMMERSANDWILSON,1997ASSOONASTRADE
6、DEBTORSSETTLETHEIRACCOUNTS,CASHFLOWSINTOTHECOMPANYATTHESAMETIME,HOWEVER,NEWSALESGENERATENEWACCOUNTSRECEIVABLETHELEVELOFDEBTORSTHUSREMAINSCONSTANTWHENSALESFIGURESARESTABLE,WHILEITGROWSASSALESFIGURESINCREASEGRASS,1972ALTHOUGHFIRMSEXTENDINGTRADECREDITHEAVILYINVESTINACCOUNTSRECEIVABLE,THERESULTINGFINANC
7、IALNEEDISNOTTHEONLYREASONWHYTRADECREDITDECISIONSMERITMORECAREFULATTENTIONTHISPAPERDEVELOPSANDDISCUSSESTWOADDITIONALCONSIDERATIONSFIRST,FIRMSSELLINGONCREDITOPENTHEMSELVESTOMORALHAZARDWHENEXCHANGERELATIONSARESUBJECTTOIMPERFECTINFORMATION,THISUNCERTAINTYRESULTSINTRANSACTIONCOSTSSELLERSTHUSHAVEINCENTIVE
8、STODEVELOPORGANIZATIONALSTRUCTURESTHATREDUCETHETRANSACTIONCOSTSRESULTINGFROMTHISASYMMETRICINFORMATIONPROBLEMBOTHHOMEMADEPLANNINGANDSALESSTRUCTURINGASWELLASBALANCEDPRODUCTANDMARKETPORTFOLIOSCANREDUCETHISUNCERTAINTY,WHILEEXTERNALIZATIONOFRISKBECOMESATTRACTIVEWHENTHESEHOMEMADEINSTITUTIONSFAILSECOND,VEN
9、DORSOFFERINGTRADECREDITHAVETOADOPTAVARIETYOFNEWRESPONSIBILITIESTHEDECISIONWHETHERORNOTTOGRANTCREDITTOANEWCUSTOMER,THEASSUMPTIONOFCREDIT,ADMINISTRATIONANDCOLLECTIONPOLICIESANDTHEBEARINGOFTHECREDITRISKINVOLVEDFROMAMANAGERIALPOINTOFVIEWTHISMEANSTHATTHESELLER1FINANCESTHEBUYERSINVENTORY,2ENGAGESINADDITIO
10、NALACCOUNTINGANDCOLLECTINGACTIVITIES,3MONITORSTHEFINANCIALHEALTHOFBOTHEXISTINGANDPOTENTIALCUSTOMERSAND4GETSINVOLVEDINASSESSINGANDBEARINGNEWRISKSNOTALLCREDITMANAGEMENTFUNCTIONS,HOWEVER,HAVETOBEPERFORMEDBYTHESELLERINDEED,WHENEXTENDINGTRADECREDITISTHOUGHTTOADDNOREALVALUETOTHEFIRM,ITSMANAGEMENTCANBECONT
11、RACTEDTOATHIRDPARTYASELLINGFIRMSDECISIONTOEXTENDTRADECREDITTHUSALSOREQUIRESTHESELLERTODECIDEWHETHERORNOTTOINTEGRATEINTOMANAGINGACCOUNTSRECEIVABLEMOREOVER,WHENTHESELLERDECIDESTOENTERAMARKETTRANSACTION,SEVERALORGANIZATIONALSTRUCTURESCANBEEMPLOYEDINTHEIRPAPER,MIANANDSMITH1992EXAMINETHERELATIONSHIPBETWE
12、ENTHEFUNCTIONSTOBEPERFORMEDINTHECREDITADMINISTRATIONPROCESSANDTHEDECISIONWHETHERORNOTTOSUBCONTRACTTHESEFUNCTIONSTOATHIRDPARTYSPECIALISTINTHISPAPER,HOWEVER,THEEXTENSIONOFTRADECREDITISLOOKEDUPONFROMBOTHAMORESTRATEGICANDARISKORIENTEDPOINTOFVIEWTHESTRATEGICAPPROACHISBASEDONTHEEXTENSIVEFINANCIALMANAGEMEN
13、TLITERATURECLAIMINGTHATTHEEXTENSIONOFTRADECREDITCANBECOMEADVANTAGEOUSTOTHESUPPLIER,INWHICHTHEREWILLBEANEEDFORFLEXIBILITYINMANAGINGACCOUNTSRECEIVABLETHERISKORIENTEDPOINTOFVIEW,ONTHEOTHERHAND,ISBASEDUPONTHOSEPRINCIPLESTHATDEALWITHTHEMORALHAZARDPROBLEMFINALLY,THEIMPLICATIONSOFTHESEMOTIVATIONALTHEORIESA
14、RELINKEDTOTHEINDUSTRIALORGANIZATIONLITERATUREONVERTICALINTEGRATIONTHREETYPESOFOUTSOURCINGARECONSIDEREDATFIRST,THEFACTORINGCONTRACTHASBEENCHOSENTOOPERATIONALTHEEXTERNALIZATIONOFACCOUNTSRECEIVABLEMANAGEMENT,SINCEFACTORINGISTHEMOSTCOMPREHENSIVETYPEOFOUTSOURCINGAFIRMSACCOUNTSRECEIVABLEMANAGEMENTNEXT,WEC
15、LEARLYISOLATETHEDECISIONTOSUBCONTRACTTHEADMINISTRATIONPROCESSFROMTHEDECISIONTOSUBCONTRACTTHERISKSINCURRED,ASSUMINGTHATTHEYAREBASEDONDIFFERENTDECISIONPROCESSESWITHDIFFERENTDECISIONVARIABLESINDEED,WEASSUMETHATBOTHCOSTADVANTAGESANDANEEDFORFLEXIBILITYINMANAGINGACCOUNTSRECEIVABLEWILLCAUSEINTEGRATIONOFTHE
16、FIRMSCREDITADMINISTRATIONTHEASSUMPTIONOFCREDITRISK,HOWEVER,WILLNOTBEDELEGATEDTOATHIRDPARTYWHENTHETRANSACTIONCANBEPERFORMEDINASTABLEANDPREDICTABLEENVIRONMENTALSETTINGINDUCINGALOWNEEDFORMONITORINGANDCONTROLINSECTION2WEDESCRIBETHEALTERNATEACCOUNTSRECEIVABLEMANAGEMENTPOLICIESSTUDIEDSECTION3DEVELOPSTHEHY
17、POTHESESUSEDTOEXPLAINTHEDECISIONTOSUBCONTRACTORNOTTOSUBCONTRACTTHERESPONSIBILITIESINVOLVEDTHEDISCUSSIONISBASEDONTHEMOTIVESOFSELLERSTOOFFERTRADECREDITANDTHEMORALHAZARDPROBLEMCREATEDBYDELAYINGPAYMENTSUNDERCONDITIONSOFIMPERFECTINFORMATIONSECTIONS4AND5DESCRIBETHESAMPLINGPROCEDUREANDTHEWAYINWHICHTHEVARIA
18、BLESAREMEASURED,WHILETHEANALYSISPROCEDURESANDRESULTSAREREPORTEDINSECTION6ATTHEENDOFTHEPAPER,WESUMMARIZEOURCONCLUSIONS2THENATUREOFOUTSOURCINGCONTRACTSBEFOREANALYZINGPOLICYCHOICESANDTHEIRRESPECTIVEDETERMINANTS,WEFIRSTGIVEADESCRIPTIONOFTHEBASICGOVERNANCESTRUCTURESSTUDIED21FACTORINGANDITSEQUIVALENTFACTO
19、RINGBASICALLYOFFERSTHREETYPESOFSERVICES1FINANCE,2RISKCONTROLAND3SALESLEDGERADMINISTRATIONBRANDENBURG,1987HOWEVER,NOTALLFACTORINGCONTRACTSPROVIDETHISFULLARRAYOFSERVICESBASEDUPONTHESCOPEOFHISMANAGERIALNEEDSTHESELLERCANDECIDEONTHEEXTENSIVENESSOFTHECONTRACTTHEMOSTIMPORTANTDISTINCTIONBETWEENFACTORINGCONT
20、RACTSISTHATBETWEENRECOURSEANDNONRECOURSEAGREEMENTSANONRECOURSEAGREEMENTIMPLIESTHATTHEFACTORMAKESTHECREDITEXTENSIONDECISION,MONITORSANDCOLLECTSTHEACCOUNTSRECEIVABLEANDBEARSTHECREDITRISKUNDERARECOURSEAGREEMENTTHEFIRMSELLINGONCREDITRETAINSTHERISKOFNONRECOVERYOFTHEDEBTMOREOVER,WHENTHECONTRACTPROVIDESFIN
21、ANCING,THEFACTORINGCONTRACTISCALLEDANADVANCEFACTORINGCONTRACTAFULLFACTORINGAGREEMENTTHENISANONRECOURSEAGREEMENT,PROVIDINGFINANCINGFORALLCREDITSALESBOTHNATIONALSALESANDEXPORTTHEEQUIVALENTSINTERNALIZINGTHEIRACCOUNTSRECEIVABLEMANAGEMENTFINANCETHEIRACCOUNTSRECEIVABLEOUTOFGENERALCORPORATECREDITANDMANAGEI
22、NTERNALLYTHECREDITRISKASSESSMENT,CREDITGRANTING,CREDITCOLLECTIONANDCREDITRISKBEARINGFUNCTIONS22THEADMINISTRATIVEMANAGEMENTCONTRACTTHECOMPANIESUSINGANADMINISTRATIVEMANAGEMENTCONTRACTAREDEFINEDASTHOSECOMPANIESTHATUSECREDITINFORMATIONAGENCIESTOASSESSTHETRADECREDITRISKS,TOCOLLECTACCOUNTSRECEIVABLEWHENTH
23、EYAREDUEORARFACCOUNTSRECEIVABLEFINANCINGCONTRACTSANDSERVICECONTRACTSOFFEREDBYAFACTORTHUS,ALTHOUGHTHEADMINISTRATIONOFACCOUNTSRECEIVABLEHASBEENOUTSOURCED,THEFIRMSTILLBEARSTHETRADECREDITRISK23THERISKMANAGEMENTCONTRACTTHERISKMANAGEMENTCONTRACTISDEFINEDASACONTRACTTHATINDEMNIFIESFIRMSAGAINSTLOSSESONUNCOLL
24、ECTEDACCOUNTSRECEIVABLEBUTDOESNOTTAKECAREOFTHEFIRMSCREDITADMINISTRATIONPROCESSEXAMPLESOFSUCHTHIRDPARTYSPECIALISTSAREEGCREDITINSURANCECONTRACTSANDPARTIALFACTORINGAGREEMENTS3DETERMINANTSOFALTERNATEPOLICIESFOLLOWINGTHETRANSACTIONCOSTAPPROACH,ASDEVELOPEDBYCOASEEG,1991ANDWILLIAMSONEG,1975,THETRANSACTIONO
25、RTHEEXCHANGEOFGOODSANDSERVICESISTHEBASICUNITOFANALYSISEACHTIMEATRANSACTIONISPERFORMED,TRANSACTIONCOSTSARISETHESECANBEDEFINEDASTHENEGOTIATING,MONITORINGANDENFORCEMENTCOSTSTHATHAVETOBESPENTTOALLOWANEXCHANGEBETWEENTWOPARTIESTOTAKEPLACEANDRESULTFROMFRICTIONSORDIFFICULTIESENTAILEDBYACOMBINATIONOFBOTHHUMA
26、NCHARACTERISTICSBOUNDEDRATIONALITYANDOPPORTUNISMANDENVIRONMENTALFACTORSUNCERTAINTY,“SMALLNUMBERS”,INFORMATIONASYMMETRYANDASSETSPECIFICITYTHEREFORE,ALTERNATIVEGOVERNANCESTRUCTURES,OFWHICHMARKETSANDFIRMSHIERARCHIESARETHEMOSTIMPORTANTEXAMPLES,AREASSESSEDINTERMSOFTHEIRCAPACITIESTOECONOMIZEONTRANSACTIONC
27、OSTSJONESANDHILL,1988WILLIAMSON,1975,1987THISMEANSTHATSTRATEGICASSETSARETOBECONTROLLEDBYTHEFIRMITSELFNEXT,INTERNALIZATIONOFANACTIVITYBECOMESMORELIKELYWHENEVERTHEREISANEEDFORFLEXIBILITYINITSMANAGEMENTSINCESUCHAFLEXIBILITYWOULDMAKEITEXTREMELYDIFFICULTTOPREPAREFULLCONTRACTSEG,HART,1991KLEIN,1991UNCERTA
28、INTYAND/ORBOUNDEDRATIONALITY,HOWEVER,GENERATETHEOPPOSITEEFFECTPARAMETERSTHATAREHARDTOCONTROLAND/ORINCREASETHEUNCERTAINTYINMANAGEMENTAREMORELIKELYTOCAUSEFRICTIONSANDARETHEREFOREAPTTOEXTERNALIZATIONANDERSONANDWEITZ,1986ASMENTIONEDBEFORE,THEFACTORINGCONTRACTHASBEENCHOSENTOOPERATIONALTHEFULLEXTERNALIZAT
29、IONOFACCOUNTSRECEIVABLEMANAGEMENTNEXT,WEASSUMETHATTHEDECISIONTOOUTSOURCETHISMANAGEMENTISINFLUENCEDBYTHENEEDFORFLEXIBILITYINEXTENDINGTRADECREDITANDCOLLECTINGPAYMENTSONTHEONEHANDANDTHEEXISTENCEOFECONOMIESOFSCALEANDSCOPEREDUCINGTHEUNITCOSTOFMANAGEMENTONTHEOTHERFURTHER,SUCHANEEDFORFLEXIBILITYANDCONTROLI
30、SASSUMEDTOBEINDUCEDBYTHEEXISTENCEOFREALMOTIVESFOREXTENDINGTRADECREDITINDEED,WHENTHESEMOTIVESHOLD,TRADECREDITCONTRIBUTESTOTHEPROCESSOFMAXIMIZINGSHAREHOLDERWEALTH,ATRADITIONALOBJECTIVEINFINANCIALMANAGEMENTLITERATURE,ANDBECOMESASTRATEGICASSETTHATISNOTLIKELYTOBEEXTENDEDTOATHIRDPARTYNEXT,THEEFFECTSOFUNCE
31、RTAINTYANDBOUNDEDRATIONALITYINMANAGINGACCOUNTSRECEIVABLEARESTUDIED,ASSUMINGTHATTHESUPPLIERSRISKINCREASESASARESULTOFUNCERTAINTYINTHECUSTOMERSPAYMENTBEHAVIORANDUNCERTAINTYINTHESUPPLIERSBUSINESSENVIRONMENTTHELESSPREDICTABLETHECUSTOMERSPAYMENTBEHAVIOR,THEHIGHERTHEUNCERTAINTYINTHESUPPLIERSFINANCIALNEEDS,
32、ALLOTHERTHINGSBEINGEQUALTHEREFORE,THEASSUMPTIONOFTHECREDITRISKBECOMESLESSATTRACTIVEWHENEVERTHECUSTOMERSPAYMENTBEHAVIORISHARDTOPREDICTINADDITION,TWOTYPESOFENVIRONMENTALUNCERTAINTYHAVEBEENWITHHELDTHEPOSSIBILITYTOCONTROLTHECUSTOMERSPAYMENTBEHAVIORBASEDONTHEABSENCEOFINFORMATIONASYMMETRYANDTHEPOSSIBILITY
33、TOSPREADTHERISKSINCURREDINTHESECONDPARTOFTHISPAPERWECLEARLYISOLATETHEDECISIONTOSUBCONTRACTTHEADMINISTRATIONPROCESSFROMTHEDECISIONTOSUBCONTRACTTHERISKSINCURREDTHEREFORE,TRADECREDITADMINISTRATIONISDESCRIBEDASTHEPROCESSOFMONITORINGANDCOLLECTINGTHEOUTSTANDINGACCOUNTSRECEIVABLEMOREOVER,SINCEONECANNOTBEAR
34、THECONSEQUENCESOFDECISIONSCONTROLLEDBYATHIRDPARTY,ITISREASONABLETOASSUMETHATFIRMSDECIDINGTOINTERNALIZETHECOLLECTIONOFTHEIRACCOUNTSRECEIVABLEWILLALSOINTERNALIZETHECREDITGRANTINGDECISIONTHERISKASSUMPTIONINCLUDESTHEASSUMPTIONOFALLRESPONSIBILITIESINCASEOFLATEAND/ORBADPAYMENTS31THEDSORATESINCEINTHETRADIT
35、IONALLITERATUREONACCOUNTSRECEIVABLEMANAGEMENTTHEAVERAGENUMBEROFDAYSSALESOUTSTANDINGDSOISOFTENMENTIONEDTOBETHEPRIMARYREASONFOROUTSOURCING,THEDSORATEHASBEENWITHHELDFORFURTHERANALYSISINDEED,THEPUREFINANCIALTHEORIESONTRADECREDITSTRESSTHEFACTTHATHIGHDSORATESINCREASETHESUPPLIERSFINANCIALNEEDS,INCREASINGTH
36、ELIKELIHOODOFOUTSOURCINGMOREOVER,ITISREASONABLETOASSUMETHATWHENTHEFIRMHASNOACCOUNTSRECEIVABLEALTHOUGHITPROVIDESITSCUSTOMERSWITHTHEOPPORTUNITYTODELAYTHEIRPAYMENTS,THEREWONTBEANYNEEDFOROUTSOURCINGITSMANAGEMENTTHISRESULTSINTHEFOLLOWINGHYPOTHESISH1FIRMSWITHAHIGHERAVERAGENUMBEROFDAYSSALESOUTSTANDINGAREMO
37、RELIKELYTOOUTSOURCETHEIRACCOUNTSRECEIVABLEMANAGEMENT32COSTADVANTAGESECONOMIESOFSCALEANDSCOPEAREEXPECTEDTOAFFECTTHEOUTSOURCINGDECISIONINDEED,THEFIXEDCOSTSASSOCIATEDWITHCREDITRISKASSESSMENTANDMONITORINGANDCOLLECTIONPOLICIESCANBESPREADOVERALARGERNUMBEROFACCOUNTSASCREDITSALESINCREASEFIRMSWITHHIGHERCREDI
38、TSALESARETHEREFOREEXPECTEDTOINVESTINMORESPECIALIZEDPERSONNEL,TECHNIQUESANDKNOWLEDGE,ENABLINGTHEMTOREALIZELEARNINGEFFECTSTHISRESULTSINTHEFOLLOWINGHYPOTHESISH2FIRMSWITHTHEPOTENTIALOFREALIZINGECONOMIESOFSCALEAREMORELIKELYTOINTERNALIZETHEIRACCOUNTSRECEIVABLEMANAGEMENT33NEEDFORFLEXIBILITYANDCONTROLTHEINC
39、ENTIVESFORTRADECREDITEXTENSIONTHEMORERECENTDEVELOPMENTSINACCOUNTSRECEIVABLEMANAGEMENTLITERATUREEGEMERY,1988BRICKANDFUNG,1984SCHWARTZ,1974ALLEMPHASIZEITSPOTENTIALSTRATEGICVALUEWHICHISUSUALLYTRANSLATEDINTOASETOFMOTIVESCAUSINGTRADECREDITEXTENSIONAMONGTHESEWEDISCERNAPRICINGMOTIVE,ANOPERATINGMOTIVE,AFINA
40、NCINGANDATAXBASEDMOTIVEANDATRANSACTIONMOTIVEINWHATFOLLOWS,EACHOFTHEMISBRIEFLYDISCUSSEDANDTRANSLATEDINTOTESTABLEHYPOTHESES331THEPRICINGMOTIVETHEPRICINGMOTIVEISEXTENSIVELYDESCRIBEDINSCHWARTZANDWHITCOMB1978,1979ANDISBASEDONTHEIDEATHATBOTHMARKETSTRUCTURESANDLEGALARRANGEMENTSOFTENRESTRICTAFIRMSPROFITABIL
41、ITYBYCONSTRAININGPRICECOMPETITIONINTHEMARKETINSUCHCIRCUMSTANCESTRADECREDITNOTONLYBECOMESANEFFECTIVETOOLINCREATINGHIDDENPRICECUTSITCANALSOBEUSEDTOPRACTICESUBROSAPRICEDISCRIMINATIONBYEXTENDINGDIFFERENTCREDITTERMSTODIFFERENTCUSTOMERSTHISPRICESETTINGOBJECTIVERESULTSINTHEFOLLOWINGHYPOTHESISH3SUPPLIERSWHO
42、USETRADECREDITASAPRICESETTINGVARIABLEARELESSLIKELYTOOUTSOURCETHEIRACCOUNTSRECEIVABLEMANAGEMENT332THEOPERATINGMOTIVEINADDITION,THEOPERATINGMOTIVEFORTHEEXTENSIONOFTRADECREDITASSUMESTHATFIRMSWITHHIGHERINVENTORYSTORAGECOSTSCANTRANSFERTHESECOSTSONTOTHEBUYERBYEXTENDINGTRADECREDITTHATWAYTRADECREDITOFFERSTH
43、EOPPORTUNITYTOSPLITUPTHEINVENTORYCOSTINTOANOPERATIONALSTORAGECOSTTOBEBORNEBYTHEBUYERANDAFINANCIALOPPORTUNITYCOSTINDUCEDBYTHEPAYMENTDELAYOFFEREDBYTHESELLERTHEREFORE,EMERY1988CONCLUDESTHATFIRMS,INPARTICULARTHOSEWITHSEASONALSALESFIGURES,CANHAVEASTRATEGICADVANTAGEINEXTENDINGTRADECREDITTHISSTRATEGICPOTEN
44、TIAL,HOWEVER,INCREASESEVENMOREWHENEVERTHECUSTOMERHASACOMPARATIVEADVANTAGEINSTORINGTHEDELIVEREDGOODS,WHICHISMORELIKELYTOOCCURWHENHETRANSFORMSTHESEINTOFINISHED,NONPERISHABLEPRODUCTSEMERY,1988THISRESULTSINTHEFOLLOWINGHYPOTHESISH4SUPPLIERSOFSEMIFINISHEDPRODUCTSWITHSEASONALSALESFIGURESARELESSLIKELYTOOUTS
45、OURCETHEIRACCOUNTSRECEIVABLEMANAGEMENTSOURCEGREETASSELBERGH,1999“ASTRATEGICAPPROACHONORGANIZINGACCOUNTSRECEIVABLEMANAGEMENTSOMEEMPIRICALEVIDENCE”JOURNALOFMANAGEMENTANDGOVERNANCE,MARCHPP129译文一个战略方法在组织应收账款管理一些实证研究摘要本文中，应收账款管理的组织行为进行了研究。他是基于最近专业学者和实践者都有兴趣的商业信用管理，强调了1）那些短期但是不断更新的投资的永久性的特征；2）他们的战略潜能是由于存在
46、的金融，基础，操作，交易和定价的动机。本文重点介绍了搜索这样一种战略价值和风险的决定因素的来源。更确切地说这潜在的战略价值创造需要的灵活性和控制管理应收账款。它将因此导致需要内在化其管理。然而由此产生的风险，赞成他的外部化。这个结果修正现有的决策过程，以延长商业信用的成为战略优势，投资在应收帐款不能根据财政需要作出判断导致不在测量传统的销售变现比率。更确切地说，交易成本理论上的方法是用来解释决定是否公司的应收账款内化管理及其风险，所以以一套假定的大、中型比利时公司作为例子。1简介公司出售货物时很少要求立即付款。例如，在英国企业界超过80的日常交易中赊销付款和应收账款构成主要的资产在公司的资产负
47、债表种（35的总资产（萨默斯和威尔逊，1972）。当销售客户结账时，现金流入公司。然而与此同时，新的销售产生新的应收账款。债务人的水平如此保持不变时，销售数字是稳定的，而它随着销售数量增加而增长（格拉斯，1972）。虽然公司扩大商业信用大量投资应收账款，但是由此产生的经济需要并不是唯一的原因，商业信用决策更值得仔细注意。本文开发并讨论了两个额外的考虑。首先，公司赊销打开自己的道德风险。当交换关系受制于不完全信息时，这种不确定性会导致交易成本。卖方因此鼓励发展减少由于信息不对称问题导致的交易成本。国产计划和销售构结构化及平衡产品和市场投资组合会降低这种不确定性，然而风险外化开始吸引人注意当这些自
48、制的机构失败时。第二，供应商提供商业信用必须采取各种新责任是否给予信贷给（新）客户的决定，与信用、管理、收集的政策假设和涉及信贷风险有关。从管理的观点意味着卖方1）买方库存货资产，2）从事额外的会计和收集活动，3）监控现有的顾客和潜在的顾客的财政状况，4）涉及评估和承担新的风险。然而并不是所有的信用管理的职能，都由卖方执行。事实上，当延长商业信用通过加入没有实际价值到公司的方法，其管理可以简约给第三方。一个销售公司延长商业信用的决定这样也要求卖方决定是否融入到应收账款管理中。此外，如果卖方决定进入市场交易，一些组织结构可以雇佣。在棉和史密斯论文中（1992）研究管理信用的过程必须执行的只能，并
49、决定是否将这些职能转包给第三方专家之间的关系。然而在此论文中，商业信用的延长是观看来自更具战略性的观点和一个风险导向内部的观点。战略手段是基于广泛的财务管理文献主张扩大商业信贷可以有利于供应商，在这里需要灵活的应收账款管理。另一方面，在风险导向内部的观点，是基于那些处理道德风险问题的原则。最后，本研究并针对那些动机理论与产业组织文献在垂直整合。有三种类型被认为是外包。第一，保理的合同已经被选择操作的外化应收账款管理。第二，保理业务是最全面的类型的外包公司的应收账款管理。第三，我们显然决定转包管理过程从转包遭如果他们是基于不同决策过程，不同决策变量，到风险决定中隔离出来。事实上，我们假设具有成本优势和一个需要灵活性的管理应收账款会导致整个公司的信用管理。然而信用风险的假定，将不被授予第三方当交易被稳定执行和可预见的环境背景时（引起低合作需求的监控）。我们描述了第二部分交替应收账款管理政策研究。第三部分发展假说，用以解释转包和不转包所要负起的责任。讨论是基于销售商提供商业信贷和道德风险问题由延迟支付信息不对称条件下的动机。第四、第五部分描述抽样程序以及变量进行量化，而的分析方法和结果被发表在第六部分。在文章最后，我们总结我们的结论。2外包合同的性质在分析的政策选择和各自的决定因素前，我们首先给出一个描述的基本治理结构进行了研究。21保理及其等效保理
