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1、258.E應(yīng)收賬款的風(fēng)險及其防范外文原文SIMULTANEOUSDETERMINATIONOFINVENTORIESANDACCOUNTSRECEIVABLEBYDR.AYUBMEHARABSTRACT:Thestudypresentsamodelbasedon3,375observationsfromindustrialfirmsinPakistan,andtheThree-StageLeastSquare(3SLS)techniquehasbeenappliedfortheestimation.Th
2、eresultsindicatethattheEconomicOrderQuantity(EOQ)ofinventoriesisnotaconstantmagnitude;itisavariablecloselyassociatedwith'timetrend'.Whilethe?bufferstock?elementcanbeestimatedthroughtheconstanttermofanequation.Receivablesfromcustomersshowanegativecorrelat
3、ionwithliquidassetsandthecostofproduction.Receivablesarealsoshowntoactassubstituteforclosinginventories.KeyWords:3SLS,InventoryControl,EconomicOrderQuantity,BufferStockI.INTRODUCTIONWorkingcapitalmanagementisoneoftheimportantareasoffinancialplanningandco
4、ntrol.ThisbroadareacoversthemanagementandcontrolofCashandBankingTransactions,Short-termInvestments,ReceivablesfromDebtors,CreditAnalysis,InventoriesandCurrentLiabilities.InventoriesandAccountsReceivablesarethetwoimportantcomponentsofCurrentAssets.Intheir
5、workoncostaccountingMats,Curry,FrankandKhan(1982)estimatedthatinventories,onaverage,coveronethirdofthevalueoftotalassetsinabalancesheet.Similarly,?ReceivablesfromCustomers?areanotherimportantelementoftheCurrentAssets.Inventoriesandreceivablesareilliquida
6、ssetsandareimportantforthefollowingreasons:(1)Theyappearinthebalancesheetattheirhistoricalvalue,buttheirrealizationdependsonthepresentandfuturebusinessenvironmentandeconomicconditions.(2)Theyrepresentasignificantshareintotalassets.Consequently,anychangei
7、nthemagnitudeoftheseassetscanaffecttheprofitabilityandfinancialviabilityofabusiness.(3)Thevolumeofsalesrevenueandprofitabilityaredirectlycorrelatedwiththeinventory-levelandcreditpoliciesofafirmAsoftcreditpolicywithaninterestonreceivablesisconsideredacaus
8、eofhighersalesrevenueandprofit.Similarly,anoptimalsizeofinventoryisrequiredforprofitmaximization.TheEconomicOrderQuantityandBufferStocklevelsleadtominimumcostandthustomaximumprofit.Forthesereasonsoptimalinventoryandaccount
