2022年通货膨胀对企业营运资金的影响分析及对策 .pdf

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1、通货膨胀对企业营运资金的影响分析及对策河南理工大学，河南焦作，454000 摘要： 虽然中国经济已经连续多年实现的高速增长让世界侧目，但实际上， 通货膨胀还是时有发生，仅在2006 年-2008 年中国就经历了五轮通货膨胀，可以说它现在已经是经济生活中普遍存在的一种经济现象。资金市场会受到通货膨胀的影响，毫无疑问， 对企业运营所必需的流动资金和流动资产所进行的行之有效的企业财务管理这一活动也必将受到不同程度的冲击。本文主要从现金、应收账款和存货三个方面来说明通货膨胀对企业营运资金的影响，并提出相关的决策。关键词 ：通货膨胀财务管理营运资金一、引言通货膨胀是由于货币供过于求而导致的一种货币贬值、

2、物价上涨的经济现象。在通货膨胀时期，购买相同数量的商品或劳务所付出的货币与非通货膨胀时期相比较高，也即货币购买力的下降。 相关数据显示表明：中国的通货膨胀正愈演愈烈，即通货膨胀率越来越高，我们都知道， 通货膨胀率 =名义收益率 -实际收益率， 它是一种价值补偿，通常通货膨胀率的上升会提高资金成本。 这就需要企业财务管理人员改进对营运资金的管理办法，来应对通货膨胀带来的冲击。本文正是从通货膨胀对企业的营运资金中的现金、应收账款和存货三个方面的影响来进行具体阐述的。营运资金是指企业用于日常生产经营活动的资金，在数量上通常指流动资产与流动负债的差额。营运资金因其具有的强流动性而成为企业在日常生产经营

3、活动中必不可少的一部分，同时其也可以用来评价企业的短期偿债能力。因此，拥有使企业正常运转所必需的适量营运资金对企业来说是至关重要的。二、通货膨胀对现金管理的影响及对策现金是可以随即投入流通的一种商品交换介质，它是一种非盈利性资产，其流动性居于各类资产的首位。 企业财务管理人员对现金的管理就是要兼顾其流动性与盈利性，并在适当的时机作出恰当的抉择，从而达到使企业获取最大的长期利润的目标。这里要特别补充的是：本文将有价证券也作为现金的替代品来讨论。通常来说，企业持有一定数额的现金主要是基于以下三个方面的动机：（一）交易动机交易动机是指企业在日常运转维持在正常水平的情况下，必须保留有一定数额的现金以解

4、决日常成本开支。由于现金属于非盈利性资产，企业日常持有的定额现金的购买力会在通货膨胀时期下降，使企业遭受购买力损失，当然， 这一损失会随现金持有量的上升而加剧。因此，在通货膨胀时期，企业对因持以交易动机而保留现金的数额应加以全方位地考虑，使企业的现金既不存名师资料总结 - - -精品资料欢迎下载 - - - - - - - - - - - - - - - - - - 名师精心整理 - - - - - - - 第 1 页，共 7 页 - - - - - - - - - 在因数额过多而承受巨大的购买力损失，也不存在因数额过少而难以应对日常支付的情况发生。（二） 预防动机因为市场环境是变幻莫测的，其

5、中的不确定性很大，因而导致了企业可能会发生这样那样的情况，使企业有时可能会出现意想不到的开支，为了应付这种意外，企业不得不置存一定数额的现金。企业在通货膨胀时期将会面临着更多的未知因子，突如其来的意外情况可能会使企业陷入窘境，甚至破产。因此企业必须拥有足够的现金来应付尤其是通货膨胀情况下的燃眉之急。（三） 投机动机投机动机是指企业 （大多为金融和投资公司）在遇到某些转瞬即逝的购买机会时，为了获取利益而置存现金的动机。在通货膨胀时期，货币供过于求，如果这时企业短缺现金，就会错失良好的购买机会，使企业损失了本来可以获取的利益，为避免这种情况的发生，这又要求企业置存一定数额的现金。综上所述， 在通货

6、膨胀时期， 企业现金管理的目标是首先要保证有足够的现金能维持正常生产经营活动，而后再考虑持有现金所遭受的购买力损失。三、通货膨胀对应收账款管理的影响及对策应收账款是企业在发生销售活动或提供劳务活动时向购买方或接受方应收取的款项。在通货膨胀时期，作为货币资金的应收账款也没能逃脱其“魔掌”，必然难逃购买力损失的恶运，随之带来的就是企业发生坏账的可能性增大了。企业应采取相应措施来减少通货膨胀带来的损失，比如：提高信用标准、缩短信用期间、适当采取现金折扣政策等，尽可能多地采用现销方式进行销售活动。另外需要注意的一个问题是：通常通货膨胀因素很少被纳入企业之间的经济合同中。当发生通货膨胀时， 企业发生坏账

7、的可能性加剧，为了减少甚至避免徒增的损失，企业在订立经济合同时应将事先没有考虑进去的因通货膨胀因素造成的影响作为必备条款。对于上文所述现金、应收账款等货币性资金的管理，近年来， 西方许多财务学者提出了“净债务人法” 。即在通货膨胀时期，企业如果能以净债务人的身份自居，那么就可以从中获利。这是由于，一般企业在签订债务契约时都是根据当时的通货膨胀率来确定名义利率，而在发生通货膨胀时，债务契约是无法更改的。通货膨胀率的上升使实际利率下降，企业持有的货币性资产购买力下降。而债权人先前借给债务人的款项则发生了贬值，若此时企业作为债务人， 则其持有的货币性负债会因购买力下降会产生额外利益。如果企业拥有的货

8、币性负债大于货币性资产（净债务），那么企业从货币性负债因货币购买力下降获取的收益超过从货币性资产因货币购买力下降带来的损失时，就获得了购买力收益。当然， 这种情况的前提是利率要低于通货膨胀率。四、通货膨胀对存货管理的影响及决策名师资料总结 - - -精品资料欢迎下载 - - - - - - - - - - - - - - - - - - 名师精心整理 - - - - - - - 第 2 页，共 7 页 - - - - - - - - - 企业保持足够的存货，不仅可以使企业的生产运营保持正常，节省因存货不足而多次购买的花费， 避免或减少停工待料的情况发生，而且能够随时满足买方的需求，因此可以说适

9、当的存货为企业的生产和销售提供了极大的便利。然而，持有存货就必须承担为保持存货而发生的储存成本、因购买存货占用资金的机会成本以及因存货供应中断而造成的短缺成本等。因此，企业也希望存货尽量少。在通货膨胀时期，原材料等价格会持续上涨，企业应当在资金充足的情况下，及时在通货膨胀期初购买并囤积足够维持企业一段时间生产所必需的原材料，从而避免这一期间因原材料短缺而承担额外的购置成本。当然， 囤积的原材料也不易过多，还要综合考虑其储存成本等因素 （当原材料存储成本要高于因通货膨胀价格上涨造成的损失的情况下）。另一方面，此时购置一定数量的存货对企业来说不失为一个规避通货膨胀的好方法，这是因为在通货膨胀时期，

10、国家将上调银行存款利率，相应地企业资金持有量会随着资金成本的提高而降低。反之， 如果企业在通货膨胀时期，保持很少的库存甚至零库存，那么就可能大大增加持有存货的购置成本和短缺成本，企业要想在这一时期获取利益将谈何容易。综上，企业在综合储备存货的有关成本和通货膨胀情况下产生的成本各方面的因素后，可以建立一个经济批量模型，找出这么一个平衡点，使得综合成本最低。这个经济批量模型不同于传统的经济批量模型，它必须将通货膨胀因素考虑进去，这是传统的经济批量模型所不具有的。 这是因为， 在通货膨胀时， 存货的的价值也在不断上升，这部分升值可以部分（甚至全部）抵销存货的储存成本（尽管存货的储存成本可能也在不断上

11、涨）。五、结论在通货膨胀时，企业对营运资金的管理都应冲破传统观念，建立新模型，采用新方法。使财务管理方法在 企业会计准则 范围内灵活改变， 以适应现代企业面临的各种财务环境，这样企业才能经受住大风大浪，实现企业的经营目标。参考文献1周静等 .试论通货膨胀对企业财务管理的影响J.现代会计与审计，2006，(9). 2周霞等 .通货膨胀对财务管理的影响分析及对策J.会计之友， 2009，(1). 3郭占文 .通货膨胀对财务管理的影响及对策J.财会研究 . 4孟庆胜 .通货膨胀条件下的营运资金管理J.财会论坛， 1996，(12). 名师资料总结 - - -精品资料欢迎下载 - - - - - -

12、- - - - - - - - - - - - 名师精心整理 - - - - - - - 第 3 页，共 7 页 - - - - - - - - - The Impact of Inflation on Corporate Working Capital Analysis and Countermeasures Jiaozuo China 454000 Abstract: Although Chinas economy has for many years to achieve the rapid growth of the worlds eyebrows, but in fact, infl

13、ation, or when occurred only in 2006 - 2008, China has gone through five of inflation, can say that it is now economic life are prevalent in an economic phenomenon. Capital markets will be the impact of inflation, there is no doubt that the liquidity and current assets, business operations necessary

14、 to carry out effective corporate financial management activities will also be varying degrees of impact. Mainly from three aspects of the cash, accounts receivable and inventory to illustrate the impact of inflation on corporate working capital, and make relevant decisions. This chart data show the

15、 various investment combination return, can see from this, the big companys rate of return is the highest, The yield on the small company is the second smallest, and Treasury yields is the lowest, Normally, the risk of a small company is the highest, big companies take second place, national debt is

16、 without the risk of a portfolios . Keywords: inflation, the financial management, working capital . IntroductionInflation is an economic phenomenon of rising prices and currency devaluation caused by an oversupply of currency. In times of inflation, to buy the same amounts of goods or services paid

17、 by the monetary and non-inflationary period are much higher than the decline of the purchasing power of money. The data show that: Chinas inflation is getting worse, and that the inflation rate is getting higher and higher, we all know, inflation rate = nominal rate of return - the actual rate of r

18、eturn, it is a value of compensation, usually rising rate of inflation will increase the cost of capital. This requires that the corporate financial management to improve working capital management approach to deal with the impact of inflation. This article is from inflation in the working capital o

19、f enterprises of cash, accounts receivable and inventory three aspects to be specifically addressed. Working capital for daily production activities, capital usually refers to the number of the difference between the current assets and current liabilities. Working capital, because of its strong liqu

20、idity and become an indispensable part of the enterprises in the day-to-day production and operation activities at the same, time can also be used to evaluate the short-term solvency of the enterprise. Therefore, it is significant for an enterprise to own an amount of working capital. . The impact o

21、f inflation on cash management and Countermeasures The cash is then put into circulation of a commodity exchange medium, it is a non-profit asset, the liquidity residing in the first of the types of assets. Enterprise financial management personnel to take care of the management of cash is its 名师资料总

22、结 - - -精品资料欢迎下载 - - - - - - - - - - - - - - - - - - 名师精心整理 - - - - - - - 第 4 页，共 7 页 - - - - - - - - - liquidity and profitability, and make the right choice at the right time, so as to achieve the goal of gaining access to the greatest long-term profits. Special supplement: This article will discus

23、s the securities as cash alternatives. Generally speaking, holding a certain amount of cash is mainly based on the following three aspects of motivation: (A) transaction motive transaction motive refers to the enterprise in the daily operation remained in the case of the normal level, must retain a

24、certain amount of cash in order to solve day-to-day costs. Because cash is a non-profit asset, the daily fixed amount of cash held by the purchasing power will decline in times of inflation, and enable enterprises to suffer the loss of purchasing power; of course, this loss will be exacerbated with

25、the rise in cash holdings. Therefore, in times of inflation, for holding the transaction motive and retain the amount of cash should be all-round consideration, the firms cash does not exist because of the amount too much to bear the huge loss of purchasing power and does not exist because of the am

26、ount over less difficult to cope with daily payment from happening. (B) The precautionary motive because the market environment is unpredictable, one of the great uncertainty, resulting in the enterprise such as may occur, so that enterprises may sometimes occur unexpected expenses, in order to cope

27、 with this unexpected, the company has set to deposit a certain amount of cash. In times of inflation, enterprise will be faced with more unknown factors; sudden unforeseen circumstances may cause the enterprise into a quandary, and even bankruptcy. Therefore, companies must have enough cash to meet

28、 the urgent needs of the inflation. (C) The speculative motive The speculative motive refers to the companies (mostly financial and investment companies) in the face of some fleeting opportunity to purchase in order to obtain benefits and set deposit cash motivation. In times of inflation, currency

29、oversupply, if corporate cash shortage, it will miss a good buying opportunity, loss of business could have access to benefits ,in order to avoid this from happening, which in turn requires enterprises to set deposit a certain amount cash. To sum up, in times of inflation, corporate cash management

30、objective is first to ensure there is enough cash to maintain normal production and business activities, then considering the loss of purchasing power suffered by the holders of cash. . The impact of inflation on the accounts receivable management and countermeasuresAccounts receivable is gaining mo

31、ney about offering service or sales activity to purchasers or accept payments shall be charged. In times of inflation as the monetary funds of the accounts receivable did not escape its clutches, certainly not escape the bad luck of the loss of purchasing power, and brought the possibility of bad lo

32、ans in the business increases. Enterprises should respond appropriately to reduce the losses caused by inflation, such as: higher credit standards, shortening the credit period, appropriate to take the cash discount policy, as much as possible selling with cash. Also note that the question is: the u

33、sual inflation factors are rarely included in 名师资料总结 - - -精品资料欢迎下载 - - - - - - - - - - - - - - - - - - 名师精心整理 - - - - - - - 第 5 页，共 7 页 - - - - - - - - - economic contracts between the enterprises. When inflation occurs, the possibility of corporate bad debts increased, in order to reduce or even av

34、oid inviting the loss; enterprises should enter into economic contracts, which in advance not considered into the impact of inflation factors as the necessary provisions. Cash, accounts receivable and other monetary financial management referred to above, in recent years, many Western financial and

35、scholars referred to net debtor law”. Namely， In times of inflation, if an enterprise can be a net debtors identity itself, it can make a profit. This is due to the general corporate debt contract has been signed in accordance with prevailing inflation rate determine the nominal interest rate, in th

36、e event of inflation, debt covenants can not be changed. The rising rate of inflation makes real interest rates decline, monetary assets ales decline in the purchasing power held by an enterprise. Creditors amounts lent to the debtor previously occurred devaluation, if the business as a debtor, the

37、liabilities of its currency held by the decline in purchasing power will generate additional interest. If the enterprise has monetary liabilities greater than the monetary assets (net debt), then the monetary liabilities due to the decline in the currency purchasing power to obtain benefits exceed t

38、he losses from monetary assets due to the decline of the purchasing power of money, the purchasing power of income . Of course, the premise of this case is the interest rate below the inflation rate. . the impact of inflation on inventory management and decision-making Maintain adequate stock, not o

39、nly to maintain normal production operations, to save the cost of multiple purchases due to insufficient stock to avoid or reduce the downtime to be expected to happen, and be able to meet the needs of the buyer at any time, so that appropriate inventory for the production and sales provide a great

40、convenience. However, the inventory is held must bear in order to maintain the inventory and storage costs, to buy stock occupied by the opportunity cost of capital as well as inventory supply interruption caused by the shortage cost. Therefore, the companies also hope to minimize inventory. In time

41、s of inflation, raw material prices continued to rise, enterprises should be funded, inflation at the beginning in a timely manner to buy and stock sufficient to maintain the enterprise a period of time necessary for the production of raw materials, in order to avoid during this period due to shorta

42、ge of raw materials and bear additional acquisition costs. Of course, the hoarding of raw materials is not too much, but also considering their storage costs and other factors (circumstances) when the raw material cost of storage is higher than the losses caused by inflationary price increases. On t

43、he other hand, the purchase of certain amount of inventory on the enterprises would be a circumvention of inflation, this is because in times of inflation, the state will increase the bank deposit interest rates, and accordingly enterprise fund holdings with funds increase the cost lower. Conversely

44、, if the enterprise in times of inflation, to keep very little inventory or even zero inventory, then it may greatly increase the acquisition cost and shortage cost of the inventory held, the company wants to obtain benefits during this period will be easier said than done. In summary, the various a

45、spects of the costs incurred in the consolidated reserves of inventory-related costs and inflation factors, can create an economic lot size model, to 名师资料总结 - - -精品资料欢迎下载 - - - - - - - - - - - - - - - - - - 名师精心整理 - - - - - - - 第 6 页，共 7 页 - - - - - - - - - find such a point of balance, making the l

46、owest overall costs. The bulk of this economic model is different from the traditional economic lot size model; it must be taken into account the inflation factor, which the traditional EOQ Model does not have. This is because inflation, the inventory s value is rising, this part of the appreciation

47、 can be partially (or even all) to offset the inventory cost of storage (although the cost of inventory storage may also rising). V. ConclusionsInflation on working capital management should be to break through the traditional concept, establishment of the new model, the new method. Financial manage

48、ment within the scope of the Enterprise Accounting Standards ” flexibility to change and modern enterprises are adapting to face a variety of financial environment, so that enterprises can withstand the storms and achieve business objectives. References 1 Zhou Jing, etc. On the inflation of financia

49、l management J. Modern accounting and auditing, 2006, (9).2 Zhou Xia such as inflation, financial management analysis and countermeasures J. Friends of Accounting, 2009, (1). 3 Guo Zhanwen the impact of inflation on financial management and countermeasures J. Accounting. 4 Ming Finishing inflation under the conditions of working capital management J. Accounting Forum, 1996, (12) 名师资料总结 - - -精品资料欢迎下载 - - - - - - - - - - - - - - - - - - 名师精心整理 - - - - - - - 第 7 页，共 7 页 - - - - - - - - -