1、原文ASTRATEGICAPPROACHONORGANIZINGACCOUNTSRECEIVABLEMANAGEMENTSOMEEMPIRICALEVIDENCE1INTRODUCTIONFIRMSRARELYREQUIREIMMEDIATEPAYMENTFORTHEIRMERCHANDISEFOREXAMPLE,INTHEUKCORPORATESECTORMORETHAN80OFDAILYBUSINESSTRANSACTIONSAREONCREDITTERMSANDACCOUNTSRECEIVABLECONSTITUTEONEOFTHEMAINASSETSONCORPORATEBALANCE
2、SHEETS35OFTOTALASSETSASSOONASTRADEDEBTORSSETTLETHEIRACCOUNTS,CASHFLOWSINTOTHECOMPANYATTHESAMETIME,HOWEVER,NEWSALESGENERATENEWACCOUNTSRECEIVABLETHELEVELOFDEBTORSTHUSREMAINSCONSTANTWHENSALESFIGURESARESTABLE,WHILEITGROWSASSALESFIGURESINCREASEALTHOUGHFIRMSEXTENDINGTRADECREDITHEAVILYINVESTINACCOUNTSRECEI
3、VABLE,THERESULTINGFINANCIALNEEDISNOTTHEONLYREASONWHYTRADECREDITDECISIONSMERITMORECAREFULATTENTIONTHISPAPERDEVELOPSANDDISCUSSESTWOADDITIONALCONSIDERATIONSFIRST,FIRMSSELLINGONCREDITOPENTHEMSELVESTOMORALHAZARDWHENEXCHANGERELATIONSARESUBJECTTOIMPERFECTINFORMATION,THISUNCERTAINTYRESULTSINTRANSACTIONCOSTS
4、SELLERSTHUSHAVEINCENTIVESTODEVELOPORGANIZATIONALSTRUCTURESTHATREDUCETHETRANSACTIONCOSTSRESULTINGFROMTHISASYMMETRICINFORMATIONPROBLEMBOTHHOMEMADEPLANNINGANDSALESSTRUCTURINGASWELLASBALANCEDPRODUCTANDMARKETPORTFOLIOSCANREDUCETHISUNCERTAINTY,WHILEEXTERNALIZATIONOFRISKBECOMESATTRACTIVEWHENTHESEHOMEMADEIN
5、STITUTIONSFAILSECOND,VENDORSOFFERINGTRADECREDITHAVETOADOPTAVARIETYOFNEWRESPONSIBILITIESTHEDECISIONWHETHERORNOTTOGRANTCREDITTOANEWCUSTOMER,THEASSUMPTIONOFCREDIT,ADMINISTRATIONANDCOLLECTIONPOLICIESANDTHEBEARINGOFTHECREDITRISKINVOLVEDFROMAMANAGERIALPOINTOFVIEWTHISMEANSTHATTHESELLER1FINANCESTHEBUYERSINV
6、ENTORY,2ENGAGESINADDITIONALACCOUNTINGANDCOLLECTINGACTIVITIES,3MONITORSTHEFINANCIALHEALTHOFBOTHEXISTINGANDPOTENTIALCUSTOMERSAND4GETSINVOLVEDINASSESSINGANDBEARINGNEWRISKSNOTALLCREDITMANAGEMENTFUNCTIONS,HOWEVER,HAVETOBEPERFORMEDBYTHESELLERINDEED,WHENEXTENDINGTRADECREDITISTHOUGHTTOADDNOREALVALUETOTHEFIR
7、M,ITSMANAGEMENTCANBECONTRACTEDTOATHIRDPARTYASELLINGFIRMSDECISIONTOEXTENDTRADECREDITTHUSALSOREQUIRESTHESELLERTODECIDEWHETHERORNOTTOINTEGRATEINTOMANAGINGACCOUNTSRECEIVABLEMOREOVER,WHENTHESELLERDECIDESTOENTERAMARKETTRANSACTION,SEVERALORGANIZATIONALSTRUCTURESCANBEEMPLOYEDINTHEIRPAPER,MIANANDSMITH1992EXA
8、MINETHERELATIONSHIPBETWEENTHEFUNCTIONSTOBEPERFORMEDINTHECREDITADMINISTRATIONPROCESSANDTHEDECISIONWHETHERORNOTTOSUBCONTRACTTHESEFUNCTIONSTOATHIRDPARTYSPECIALISTINTHISPAPER,HOWEVER,THEEXTENSIONOFTRADECREDITISLOOKEDUPONFROMBOTHAMORESTRATEGICANDARISKORIENTEDPOINTOFVIEWTHESTRATEGICAPPROACHISBASEDONTHEEXT
9、ENSIVEFINANCIALMANAGEMENTLITERATURECLAIMINGTHATTHEEXTENSIONOFTRADECREDITCANBECOMEADVANTAGEOUSTOTHESUPPLIER,INWHICHTHEREWILLBEANEEDFORFLEXIBILITYINMANAGINGACCOUNTSRECEIVABLETHERISKORIENTEDPOINTOFVIEW,ONTHEOTHERHAND,ISBASEDUPONTHOSEPRINCIPLESTHATDEALWITHTHEMORALHAZARDPROBLEMFINALLY,THEIMPLICATIONSOFTH
10、ESEMOTIVATIONALTHEORIESARELINKEDTOTHEINDUSTRIALORGANIZATIONLITERATUREONVERTICALINTEGRATIONTHREETYPESOFOUTSOURCINGARECONSIDEREDATFIRST,THEFACTORINGCONTRACTHASBEENCHOSENTOOPERATIONALIZETHEEXTERNALIZATIONOFACCOUNTSRECEIVABLEMANAGEMENT,SINCEFACTORINGISTHEMOSTCOMPREHENSIVETYPEOFOUTSOURCINGAFIRMSACCOUNTSR
11、ECEIVABLEMANAGEMENTNEXT,WECLEARLYISOLATETHEDECISIONTOSUBCONTRACTTHEADMINISTRATIONPROCESSFROMTHEDECISIONTOSUBCONTRACTTHERISKSINCURRED,ASSUMINGTHATTHEYAREBASEDONDIFFERENTDECISIONPROCESSESWITHDIFFERENTDECISIONVARIABLESINDEED,WEASSUMETHATBOTHCOSTADVANTAGESANDANEEDFORFLEXIBILITYINMANAGINGACCOUNTSRECEIVAB
12、LEWILLCAUSEINTEGRATIONOFTHEFIRMSCREDITADMINISTRATIONTHEASSUMPTIONOFCREDITRISK,HOWEVER,WILLNOTBEDELEGATEDTOATHIRDPARTYWHENTHETRANSACTIONCANBEPERFORMEDINASTABLEANDPREDICTABLEENVIRONMENTALSETTINGINDUCINGALOWNEEDFORMONITORINGANDCONTROL2THENATUREOFOUTSOURCINGCONTRACTSBEFOREANALYZINGPOLICYCHOICESANDTHEIRR
13、ESPECTIVEDETERMINANTS,WEFIRSTGIVEADESCRIPTIONOFTHEBASICGOVERNANCESTRUCTURESSTUDIED21FACTORINGANDITSEQUIVALENTFACTORINGBASICALLYOFFERSTHREETYPESOFSERVICES1FINANCE,2RISKCONTROLAND3SALESLEDGERADMINISTRATIONHOWEVER,NOTALLFACTORINGCONTRACTSPROVIDETHISFULLARRAYOFSERVICESBASEDUPONTHESCOPEOFHISMANAGERIALNEE
14、DSTHESELLERCANDECIDEONTHEEXTENSIVENESSOFTHECONTRACTTHEMOSTIMPORTANTDISTINCTIONBETWEENFACTORINGCONTRACTSISTHATBETWEENRECOURSEANDNONRECOURSEAGREEMENTSANONRECOURSEAGREEMENTIMPLIESTHATTHEFACTORMAKESTHECREDITEXTENSIONDECISION,MONITORSANDCOLLECTSTHEACCOUNTSRECEIVABLEANDBEARSTHECREDITRISKUNDERARECOURSEAGRE
15、EMENTTHEFIRMSELLINGONCREDITRETAINSTHERISKOFNONRECOVERYOFTHEDEBTMOREOVER,WHENTHECONTRACTPROVIDESFINANCING,THEFACTORINGCONTRACTISCALLEDANADVANCEFACTORINGCONTRACTAFULLFACTORINGAGREEMENTTHENISANONRECOURSEAGREEMENT,PROVIDINGFINANCINGFORALLCREDITSALESBOTHNATIONALSALESANDEXPORTTHEEQUIVALENTSINTERNALIZINGTH
16、EIRACCOUNTSRECEIVABLEMANAGEMENTFINANCETHEIRACCOUNTSRECEIVABLEOUTOFGENERALCORPORATECREDITANDMANAGEINTERNALLYTHECREDITRISKASSESSMENT,CREDITGRANTING,CREDITCOLLECTIONANDCREDITRISKBEARINGFUNCTIONS22THEADMINISTRATIVEMANAGEMENTCONTRACTTHECOMPANIESUSINGANADMINISTRATIVEMANAGEMENTCONTRACTAREDEFINEDASTHOSECOMP
17、ANIESTHATUSECREDITINFORMATIONAGENCIESTOASSESSTHETRADECREDITRISKS,TOCOLLECTACCOUNTSRECEIVABLEWHENTHEYAREDUEORARFACCOUNTSRECEIVABLEFINANCINGCONTRACTSANDSERVICECONTRACTSOFFEREDBYAFACTORTHUS,ALTHOUGHTHEADMINISTRATIONOFACCOUNTSRECEIVABLEHASBEENOUTSOURCED,THEFIRMSTILLBEARSTHETRADECREDITRISK23THERISKMANAGE
18、MENTCONTRACTTHERISKMANAGEMENTCONTRACTISDEFINEDASACONTRACTTHATINDEMNIFIESFIRMSAGAINSTLOSSESONUNCOLLECTEDACCOUNTSRECEIVABLEBUTDOESNOTTAKECAREOFTHEFIRMSCREDITADMINISTRATIONPROCESSEXAMPLESOFSUCHTHIRDPARTYSPECIALISTSAREEGCREDITINSURANCECONTRACTSANDPARTIALFACTORINGAGREEMENTS3DETERMINANTSOFALTERNATEPOLICIE
19、STHEFACTORINGCONTRACTHASBEENCHOSENTOOPERATIONALIZETHEFULLEXTERNALIZATIONOFACCOUNTSRECEIVABLEMANAGEMENTNEXT,WEASSUMETHATTHEDECISIONTOOUTSOURCETHISMANAGEMENTISINUENCEDBYTHENEEDFOREXIBILITYINEXTENDINGTRADECREDITANDCOLLECTINGPAYMENTSONTHEONEHANDANDTHEEXISTENCEOFECONOMIESOFSCALEANDSCOPEREDUCINGTHEUNITCOS
20、TOFMANAGEMENTONTHEOTHERFURTHER,SUCHANEEDFOREXIBILITYANDCONTROLISASSUMEDTOBEINDUCEDBYTHEEXISTENCEOFREALMOTIVESFOREXTENDINGTRADECREDITINDEED,WHENTHESEMOTIVESHOLD,TRADECREDITCONTRIBUTESTOTHEPROCESSOFMAXIMIZINGSHAREHOLDERWEALTH,ATRADITIONALOBJECTIVEINNANCIALMANAGEMENTLITERATURE,ANDBECOMESASTRATEGICASSET
21、THATISNOTLIKELYTOBEEXTENDEDTOATHIRDPARTYNEXT,THEEFFECTSOFUNCERTAINTYANDBOUNDEDRATIONALITYINMANAGINGACCOUNTSRECEIVABLEARESTUDIED,ASSUMINGTHATTHESUPPLIERSRISKINCREASESASARESULTOFUNCERTAINTYINTHECUSTOMERSPAYMENTBEHAVIORANDUNCERTAINTYINTHESUPPLIERSBUSINESSENVIRONMENTTHELESSPREDICTABLETHECUSTOMERSPAYMENT
22、BEHAVIOR,THEHIGHERTHEUNCERTAINTYINTHESUPPLIERSNANCIALNEEDS,ALLOTHERTHINGSBEINGEQUALTHEREFORE,THEASSUMPTIONOFTHECREDITRISKBECOMESLESSATTRACTIVEWHENEVERTHECUSTOMERSPAYMENTBEHAVIORISHARDTOPREDICTINADDITION,TWOTYPESOFENVIRONMENTALUNCERTAINTYHAVEBEENWITHHELDTHEPOSSIBILITYTOCONTROLTHECUSTOMERSPAYMENTBEHAV
23、IORBASEDONTHEABSENCEOFINFORMATIONASYMMETRYANDTHEPOSSIBILITYTOSPREADTHERISKSINCURREDTHEREFORE,TRADECREDITADMINISTRATIONISDESCRIBEDASTHEPROCESSOFMONITORINGANDCOLLECTINGTHEOUTSTANDINGACCOUNTSRECEIVABLEMOREOVER,SINCEONECANNOTBEARTHECONSEQUENCESOFDECISIONSCONTROLLEDBYATHIRDPARTY,ITISREASONABLETOASSUMETHA
24、TRMSDECIDINGTOINTERNALIZETHECOLLECTIONOFTHEIRACCOUNTSRECEIVABLEWILLALSOINTERNALIZETHECREDITGRANTINGDECISIONTHERISKASSUMPTIONINCLUDESTHEASSUMPTIONOFALLRESPONSIBILITIESINCASEOFLATEAND/ORBADPAYMENTS31THEDSORATESINCEINTHETRADITIONALLITERATUREONACCOUNTSRECEIVABLEMANAGEMENTTHEAVERAGENUMBEROFDAYSSALESOUTST
25、ANDINGDSOISOFTENMENTIONEDTOBETHEPRIMARYREASONFOROUTSOURCING,THEDSORATEHASBEENWITHHELDFORFURTHERANALYSISINDEED,THEPUREFINANCIALTHEORIESONTRADECREDITSTRESSTHEFACTTHATHIGHDSORATESINCREASETHESUPPLIERSFINANCIALNEEDS,INCREASINGTHELIKELIHOODOFOUTSOURCINGMOREOVER,ITISREASONABLETOASSUMETHATWHENTHEFIRMHASNOAC
26、COUNTSRECEIVABLEALTHOUGHITPROVIDESITSCUSTOMERSWITHTHEOPPORTUNITYTODELAYTHEIRPAYMENTS,THEREWONTBEANYNEEDFOROUTSOURCINGITSMANAGEMENTTHISRESULTSINTHEFOLLOWINGHYPOTHESISFIRMSWITHAHIGHERAVERAGENUMBEROFDAYSSALESOUTSTANDINGAREMORELIKELYTOOUTSOURCETHEIRACCOUNTSRECEIVABLEMANAGEMENT32COSTADVANTAGESECONOMIESOF
27、SCALEANDSCOPEAREEXPECTEDTOAFFECTTHEOUTSOURCINGDECISIONINDEED,THEXEDCOSTSASSOCIATEDWITHCREDITRISKASSESSMENTANDMONITORINGANDCOLLECTIONPOLICIESCANBESPREADOVERALARGERNUMBEROFACCOUNTSASCREDITSALESINCREASEFIRMSWITHHIGHERCREDITSALESARETHEREFOREEXPECTEDTOINVESTINMORESPECIALIZEDPERSONNEL,TECHNIQUESANDKNOWLED
28、GE,ENABLINGTHEMTOREALIZELEARNINGEFFECTS33NEEDFORFLEXIBILITYANDCONTROLTHEINCENTIVESFORTRADECREDITEXTENSIONTHEMORERECENTDEVELOPMENTSINACCOUNTSRECEIVABLEMANAGEMENTLITERATUREEGEMERY,1988BRICKANDFUNG,1984SCHWARTZ,1974ALLEMPHASIZEITSPOTENTIALSTRATEGICVALUEWHICHISUSUALLYTRANSLATEDINTOASETOFMOTIVESCAUSINGTR
29、ADECREDITEXTENSIONAMONGTHESEWEDISCERNAPRICINGMOTIVE,ANOPERATINGMOTIVE,ANANCINGANDATAXBASEDMOTIVEANDATRANSACTIONMOTIVEINWHATFOLLOWS,EACHOFTHEMISBRIEYDISCUSSEDANDTRANSLATEDINTOTESTABLEHYPOTHESES331THEPRICINGMOTIVETHEPRICINGMOTIVEISEXTENSIVELYDESCRIBEDINSCHWARTZANDWHITCOMB1978,1979ANDISBASEDONTHEIDEATH
30、ATBOTHMARKETSTRUCTURESANDLEGALARRANGEMENTSOFTENRESTRICTARMSPROTABILITYBYCONSTRAININGPRICECOMPETITIONINTHEMARKETINSUCHCIRCUMSTANCESTRADECREDITNOTONLYBECOMESANEFFECTIVETOOLINCREATINGHIDDENPRICECUTSITCANALSOBEUSEDTOPRACTICESUBROSAPRICEDISCRIMINATIONBYEXTENDINGDIFFERENTCREDITTERMSTODIFFERENTCUSTOMERSTHI
31、SPRICESETTINGOBJECTIVERESULTSINTHEFOLLOWINGHYPOTHESISSUPPLIERSWHOUSETRADECREDITASAPRICESETTINGVARIABLEARELESSLIKELYTOOUTSOURCETHEIRACCOUNTSRECEIVABLEMANAGEMENT332THEOPERATINGMOTIVEINADDITION,THEOPERATINGMOTIVEFORTHEEXTENSIONOFTRADECREDITASSUMESTHATRMSWITHHIGHERINVENTORYSTORAGECOSTSCANTRANSFERTHESECO
32、STSONTOTHEBUYERBYEXTENDINGTRADECREDITTHATWAYTRADECREDITOFFERSTHEOPPORTUNITYTOSPLITUPTHEINVENTORYCOSTINTOANOPERATIONALSTORAGECOSTTOBEBORNEBYTHEBUYERANDANANCIALOPPORTUNITYCOSTINDUCEDBYTHEPAYMENTDELAYOFFEREDBYTHESELLERTHEREFORE,FIRMS,INPARTICULARTHOSEWITHSEASONALSALESGURES,CANHAVEASTRATEGICADVANTAGEINE
33、XTENDINGTRADECREDITTHISSTRATEGICPOTENTIAL,HOWEVER,INCREASESEVENMOREWHENEVERTHECUSTOMERHASACOMPARATIVEADVANTAGEINSTORINGTHEDELIVEREDGOODS,WHICHISMORELIKELYTOOCCURWHENHETRANSFORMSTHESEINTONISHED,NONPERISHABLEPRODUCTSTHISRESULTSINTHEFOLLOWINGHYPOTHESISSUPPLIERSOFSEMINISHEDPRODUCTSWITHSEASONALSALESGURES
34、ARELESSLIKELYTOOUTSOURCETHEIRACCOUNTSRECEIVABLEMANAGEMENT333THEFINANCIALMOTIVETHENANCEBASEDMODELSFORTHEEXTENSIONOFTRADECREDITASDEVELOPEDBYEMERY1984,1987,1988,SCHWARTZ1974ANDCHANTANDWALKER1988ARGUETHATRMSWITHREADYACCESSTOADDITIONALNANCINGWILLEXTENDTRADECREDITTORMSFACINGHIGHERNANCINGCOSTSORRESTRICTEDN
35、ANCINGOPTIONSTHATWAY,THESTRONGERANDMORELIQUIDSELLINGCOMPANIESCANHELPNANCETHEGROWTHOFTHEIRSMALLERANDMOREVULNERABLECUSTOMERS,THEREBYENLARGINGANDSAFEGUARDINGTHEIROWNFUTUREMARKETSSINCETHESERMSHAVEINCENTIVESTOACTASABANKER,THEYWILLBELESSINCLINEDTOOUTSOURCETHEIRCONTROLINMANAGINGACCOUNTSRECEIVABLETHISRESULT
36、SINTHEFOLLOWINGHYPOTHESISTHEMORELIQUIDSUPPLIERSARELESSLIKELYTOOUTSOURCETHEIRACCOUNTSRECEIVABLEMANAGEMENT334THETAXBASEDMOTIVEEVENINPERFECTLYCOMPETITIVENANCIALMARKETSWITHHOMOGENEOUSINTERESTRATES,TRADECREDITCANACTASAREDISTRIBUTOROFWEALTHSINCEHIGHTAXPAYINGSUPPLIERSHAVEALOWERAFTERTAXNANCINGCOSTTHATWAY,TH
37、ETAXBASEDMODELSASINTRODUCEDBYBRICKANDFUNG1984A,1984BSEETRADECREDITASAREDISTRIBUTOROFTAXADVANTAGESBETWEENBUYERANDSELLERTHEYNALLYCONCLUDETHAT“SELLERSWITHHIGHEFFECTIVETAXRATESWILLSUPPLYMORETRADECREDITANDARETHEREFOREMORELIKELYTOHAVEALONGERINVESTMENTINACCOUNTSRECEIVABLE”FRANKANDMAKSIMOVIC1995FOLLOWTHISRE
38、ASONINGSTATINGTHATTHEHIGHERTHESUPPLIERSTAXRATE,THEHIGHERHISCOMPARATIVETAXADVANTAGEWILLBEANDTHEMOREWILLINGHEWILLBETOINVESTINTRADECREDITHISLOWERAFTERTAXNANCINGCOSTINDUCESTHESAMEINCENTIVESASDISCUSSEDUNDERTHENANCINGMOTIVE,RESULTINGINTHEHYPOTHESISTHATSUPPLIERSWHOAREINAHIGHERTAXBRACKETARELESSLIKELYTOOUTSO
39、URCETHEIRACCOUNTSRECEIVABLEMANAGEMENTSOURCEGREETASSELBERGH,ASTRATEGICAPPROACHONORGANIZINGACCOUNTSRECEIVABLEMANAGEMENTSOMEEMPIRICALEVIDENCEJOURNALOFMANAGEMENTANDGOVERNANCE,19993PP1520译文关于组织应收账款管理战略方针一些经验证据1简介企业很少需要为他们的商品立即付款。例如，在英国企业界超过80的日常业务交易还在信用期限中，应收账款成为构成公司资产负债表（总资产的35）的主要资产之一。当有应收账款回收入公司的账户，形成
40、现金流量流入公司，与此同时，又有新的销售产生新的应收账款。对债务人来说，当它的销售额增长债务水平却保持不变。虽然公司扩大贸易信贷、大量投资在应收帐款所造成的财政需要的不是唯一的原因，但贸易信贷决策更需要仔细注意。本文研究和讨论了两个额外问题。首先是企业对赊销开发自己的道德风险承受能力。当交易关系受到不完全信息的影响，这种不确定性造成了交易成本。卖方因此鼓励发展组织结构产生的成本，降低了这个信息不对称的问题。这两种自制规划和销售结构平衡的产品和市场的投资组合可以减少上述的不确定性,而风险外化使得这种不确定性风险开始导致这些自制的机构失败。第二，供应商在提供贸易信贷时会采用一系统新职能在决定是否将
41、贸易信贷提供给一个新的信贷客户，这涉及到信贷的管理和收集，信用政策以及信贷风险的承担。从管理的角度这意味着卖方必须做到1）了解买方的库存；2）从事额外的会计和收集活动；3）监督现有和潜在客户的财务状况；4）评估和承受新的信贷风险。但是并不是所有的信用管理职能都必须由卖方进行。事实上，当扩大贸易信贷被认为没有给公司带来真正的价值时，贸易信贷可以承包给第三方执行。一个销售公司决定要扩大贸易信贷也要求卖方来决定是否融入应收账款管理。此外，当卖方决定进入市场交易时一些组织结构可以被采用。在米安和史密斯（1992）的论文中研究了必须在信贷管理过程中执行的职能，并决定是否将这些职能转包给第三方专家的关系。
42、在本文中，扩展商业信用是更具战略性和风险导向性的观点。战略手段是基于广泛的财务管理文献，它们声称扩大贸易信贷对供应商有利，但其中需要有灵活的应收账款管理。另一方面，风险导向性则是基于这些原则处理道德风险问题。最后，这些激励理论联系在一起组成了垂直整合产业组织。有三种类型的外包会被考虑到。首先，由于保理业务是外包公司应收账款管理中最全面的类型，保理合同被选定为实施应收账款账户管理的具体化方式。接下来，我们清楚地区分决定转包分包所产生的风险管理过程，假设它们是以不同的决策变量和不同的决策过程为基础。事实上，我们认为在成本优势和再管理应收账款将造成该公司灵活管理贸易信用的需要。但是假设信用风险管理不
43、委托于第三方时，交易可以在一个稳定和可预见的环境设定（包涵低需求的监测和控制）中执行。2外包合同的性质在分析政策选择和他们各自的决定因素之前，我们首先给出一个基本的治理结构的描述研究。21保理业务及其等效功能保理业务基本上提供了三种类型的服务1）金融；2）风险控制；3）分账户销售管理。然而，并非所有的保理合同都提供这种全套服务。基于他们管理的需要，卖方可以决定合同范围。保理合同之间最重要的区别是协议有追索权和无追索权。无追索权的协议意味着当有因素使得信贷延期时，要监控并收集应收账款和承担信贷风险。根据协议，公司在追索赊销上保留了非债务回收风险。此外，当合同提供融资业务时，保理合同被称为事前保理
44、合同。全套保理合同是无追索权协议，为所有人提供信用销售融资（包括国际销售和出口）。其内在等值一般企业的应收账款财务账目管理、内部信用的风险评估和授信，信贷收集和信用风险承担的职能。22行政管理合同企业使用行政管理合同意味着那些企业使用信用信息机构以评估贸易信贷风险，在应收账款收取到期时提供的一个应收账款融资合同和服务合同。因此，虽然应收账款的管理已经外包，但企业仍带有贸易信贷风险。23风险管理合同风险管理合同是指合同中约定了没有考虑到该企业的信用管理过程服务而导致应收账款无法收回使企业遭受损失。这样的第三方专家的例子有信贷保险合同和部分保理协议。3代替政策的决定因素保理合同已被选定为实施应收账
45、款管理的具体化形式。接下来，我们假定外包这种管理的决定是由对扩大贸易信贷和收集支付款项的灵活性的需要，另一方面是减少对其他单位成本管理存在范围经济的灵活性。此外，这种灵活性和控制需要是假设由贸易信贷延长的真正动机所致。事实上，当存在这些动机的约束，贸易信贷有助于为股东创造最大的财富，成为一个不太可能扩展到第三方的战略性资产。其次，对应收账款管理的不确定性和有限理性进行了研究。假设客户的付款行为及供应商的商业环境的不确定性会导致供应商的风险增加，则对客户支付行为的可确定性就越少，供应商财务需求的不确定性就越高，其他所有条件都相等。因此，每当客户的付款行为是难以确定时，对信用风险的假设就变得不那么
46、有吸引力。此外两种环境类型的不确定性已经扣除控制客户支付行为（在信息不对称情况下）的可能性和扩大风险费用的可能性。因此，贸易信贷管理被描述为监测和收集应收未收账户的过程。此外，既然不能承担由第三方控制决定的后果，这就有理由假设企业决定其内在应收账款回收也将使得授信决策内部化。风险承担包括产所有责任以防产生推迟付款和坏账情况的假设。31应收账款平均回收期在传统文献中对应收账款平均回收期（DSO）已经做了进一步的分析研究，经常会有提到应收账款管理中的应收账款平均回收期是导致外包的首要因素。事实上，单纯的财务贸易信贷理论使得高平均回收期出现和供应商资金需求的增长。这增加了外包的可能性。此外，可以合理
47、地假定，当企业没有应收账款（虽然给客户提供了延迟付款的机会）就不会有任何外部管理的需要。这个假设的结果主要表现为具有较高的应收账款平均回收天数的企业更可能需要进行好自己的应收账款管理。32成本优势规模经济和范围经济预计将影响外包政策。事实上，当信用销售增加时信用风险评估和监测以及收款政策的固定费用也会增加。有较高信用销售的公司将投入更多的专业人才和技术知识。33灵活性和控制能力的需要贸易信贷的激励措施在越来越多的对应收账款管理研究的最新文献中（如艾美瑞，1988；布瑞克和方，1984；斯瓦茨，1974）都强调其潜在的战略价值，这通常被翻译为一系列造成贸易信贷的机制。其中，我们认识到一个定价机制
48、，一个经营机制，一个财务和基于税收机制以及一个交易机制。接下来，对它们进行简要介绍并转化为可检验的假说。331价格机制在斯沃特兹和惠特科姆（1978,1979）的文章中详细介绍了价格机制，这是根据市场结构和法律安排通常通过限制价格来限制市场竞争中公司的盈利能力为基础的。在这种情况下，贸易信贷不仅成为创造隐藏削价的有效工具，也可以用来创造秘密价格歧视（通过扩展不同信用条件和不同客户）。这个价格设置基于以下假设作为一个供应商使用贸易信贷来设定价格是不太可能管理好自己的应收账款的。332经营机制另外，为扩大贸易信贷的经营机制假设存货成本较高的企业可以通过扩大贸易信贷来转移给买方支付。这样，贸易信贷就
49、提供了机会将存货业务成本分为买方的机会成本和由卖方提供的延迟付款引起的存货成本负担。因此，企业，特别是存在季节性销售的企业可以有一个扩大贸易信贷的战略优势。然而当客户在货物存储中占优势时，这一战略的潜在可能性会增加，这会使他们把这些转换为不易变质的产品。这个结论基于以下假设销售季节性半成品的供应商不太可能管理好自己的应收账款。333财务机制埃默里（1989,1987,1988），斯瓦茨（1974），恰特和沃克（1988）的研究中对扩大贸易信贷的财务模型认为，中小企业和随时获得额外融资的企业扩大贸易信贷会使企业面临更高的融资成本或限制融资方案。这样，更强大和更具流动性的销售公司可以对小型和自我保护力低下的客户提供资助，从而来扩大和维护自己的未来市场。由于这些企业有能力来充当银行家的角色，他们会不愿意外包自己的应收账款管理。这个结论基于以下假设越是灵活的供应商越不会外包自己应收账款管理。334基于税收的机制即使在完全竞争的同类利率的金融市场中，贸易信贷也可以作为财富再分配。因为缴纳高税收的供应商有一个较低的税后融资成本。这样一来，布瑞克和方（1984）中提供的以税收为基础的模型把贸易信贷视为一种卖方和买方直接的再分配税收优惠政策。他们最后得出结论，“高实际税率卖方将提供更多的贸易信贷，因
