CAJ | 학술논문

基于现金循环周期理论，针对封闭供应链系统中间位置的制造商，建立了其应收账款延迟支付下的现金流风险模型。设定每期付款比例和加入贴现率以改善现金流模型，并引入销售成本率表示成本。以净现金流入风险最小为目标，得到由每期付款比例、现金折扣和贴现率组成的解集，并分析其变化关系。研究表明，销售成本率一定，当企业确定每期支付比例时，在净现金流入风险最小的约束下，以一定的现金折扣和贴现率与之对应。现金折扣与每期付款比例正相关，且其变动幅度更大，成本越高，企业要求的付款条件越苛刻。
기우현금순배주기이론，침대봉폐공응련계통중간위치적제조상，건립료기응수장관연지지부하적현금류풍험모형。설정매기부관비례화가입첩현솔이개선현금류모형，병인입소수성본솔표시성본。이정현금류입풍험최소위목표，득도유매기부관비례、현금절구화첩현솔조성적해집，병분석기변화관계。연구표명，소수성본솔일정，당기업학정매기지부비례시，재정현금류입풍험최소적약속하，이일정적현금절구화첩현솔여지대응。현금절구여매기부관비례정상관，차기변동폭도경대，성본월고，기업요구적부관조건월가각。
Based on cash conversion cycle theory, the model of cash flow risks caused by late collection of the manufacturer which is in the middle position of a closed supply chain system was established.Each payment was set and the discount rate was added to improve cash flow model.Meanwhile, cost of sales ratio represented costs.When the optimal model of net cash inflow was set up, the corresponding of proportion of each payment, cash discounts and discount rate could be obtained;and their rela-tions could also be analyzed.It is suggested that if the cost of sales ratio is constant and the company determines the proportion of each payment, in accordance with a net cash inflow of risk minimization analysis, there will be some corresponding cash discounts and discount rates.Cash discounts and installments payment ratio are positively correlated but with a steeper changes.The higher the cost, the more stringent payment terms enterprises require.