Vol.7, No 2, 2010 pp. 179 - 189
UDC 005.915
THE DECISION MAKING OF PORTFOLIO MANAGEMENT APPROACH IN TRADE CREDIT
Pero Petrović1, Aleksandar Živković2
11Institute of International Politics and Economics, Belgrade, Serbia,
22Faculty of Economy, Belgrade, Serbia
pera@diplomacz.bg.ac.rs
The basic financial purpose of an enterprise is maximization of its value. Trade credit management should also contribute to realization of this fundamental aim. Many of the current asset management models that are found in financial management literature assume book profit maximization as the basic financial purpose. These book profit-based models could be lacking in what relates to another aim (i.e., maximization of enterprise value). The enterprise value maximization strategy is executed with a focus on risk and uncertainty. This paper presents the consequences that can result from operating risk that is related to purchasers using payment postponement for goods and/or services. The present article offers a method that uses portfolio management theory to determine the level of accounts receivable in a firm. An increase in the level of accounts receivables in a firm increases both net working capital and the costs of holding and managing accounts receivables. Both of these decrease the value of the firm, but a liberal policy in accounts receivable coupled with the portfolio management approach could increase the value. Efforts to assign ways to manage these risks were also undertaken; among them, special attention was paid to adapting assumptions from portfolio theory as well as gauging the potential effect on the firm value.
Key Words: accounts receivable, trade credit management, incremental analysis, value-based management, portfolio analysis
PRISTUP ODLUČIVANJU PORTFOLIO MENADŽMENTA U TRGOVINSKIM KREDITIMA
Osnovni finansijski cilj preduzeća je maksimizacija njegove vrednosti. Upravljanje trgovinskim kreditima bi takođe trebalo da doprinese ostvarivanju ovog osnovnog cilja. Mnogi autori od sadašnjeg modela upravljanja sredstvima, koji se nalaze u finansijski menadžment literaturi, preuzmaju maksimizacija profita kao knjiški osnov za finansijske svrhe vrednosti firme. Ovaj tzv. knjiški profit, na bazi modela moglo bi biti ono što nedostaje u odnosi na drugi cilj (to jest, uvećanje vrednosti preduzeća). Vrednost preduzeća na osnovu strategije maksimizacije se postiže sa fokusom na rizik i neizvesnost. U radu su prikazane posledice koje mogu rezultirati iz poslovnih rizika a koje se odnose na korišćenje odlaganja plaćanja kupcima robe i / ili usluge. Ovaj rad nudi metod koji koristi teorija portfolio menadžmenta da bi se utvrdo nivo potraživanja u firmi. Povećanje nivoa računa potraživanja u firmi povećava i neto obrtni kapital i troškova održavanja i upravljanja računima potraživanja. Oba ova elementa utiču na smanjenje vrednosti firme, ali i na liberalnu politiku potraživanja, međutim uz adekvatan pristup portfolio menadžment može povećati vrednost firme. Napori da se sprovedu načini za upravljanje tim rizicima treba, takođe, preduzimati, a među njima, posebna pažnja posvećena je prilagođavanju pretpostavci iz teorije portfelja, kao i merenje potencijalnog uticaja na vrednost firme.
Ključne reči: potraživanja, trgovina, kredit menadžment, inkrementalna analiza, upravljanje zasnovano na vrednosti, portfolio analiza