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【知识点】Working capital policy 营运资本政策

Working capital policy

A conservative approach（Policy A）

A conservative working capital investment policy aims to reduce the risk of system breakdown by holding high levels of working capital.

Customers are allowed generous payment terms to stimulate demand, finished goods inventories are high to ensure availability for customers, and raw materials and work in progress are high to minimise the risk of running out of inventory and consequent downtime in the manufacturing process.

However, the cumulative effect on these policies can be that the firm carries a high burden of unproductive assets, resulting in a financing cost that can destroy profitability. A period of rapid expansion may also cause severe cash flow problems, as working capital requirements outstrip available finance.

An aggressive approach（Policy C）

An aggressive working capital investment policy aims to reduce this financing cost and increase profitability by cutting inventories, speeding up collections from customers and delaying payments to suppliers.

Disadvantage is an increase in the chances of system breakdown through running out of inventory or loss of goodwill with customers and suppliers.

A moderate approach（Policy B, trade-off between risk and return）

A moderate working capital investment policy is a middle way between the aggressive and conservative approaches.

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