Resumen
AbstractFor most business enterprises, credit sales and associated credit policies play a major role in over-all enterprise performance. The potential impact of planned or involuntary changes in one or more of the primary credit policy variables therefore warrants systematic evaluation. A number of possible approaches to the evaluation of credit changes are considered. 'Traditional' and the recently developed 'opportunity cost' approaches are found to be deficient. The former have a number of material shortcomings while the latter fail to cater adequately for the timing of cash flows associated with credit policy alternatives. Present and terminal value approaches are proposed as conceptually superior alternatives, since they offer consistent, versatile and lucid approaches to analysis of credit changes. Both avoid the problems surrounding other approaches, give full recognition to the timing of relevant cash flows, automatically embody the fundamental principles of incremental analysis and opportunity costs, and are easily applied and interpreted. Application of the suggested evaluation models is amply illustrated in the article.Vir die oorgrote meerderheid sake-ondernemings speel kredietverkope en gepaardgaande kredietbeleide 'n hoofrol in algehele ondernemingsprestasie. Die potensiele uitwerking van beplande of onvrywillige veranderinge in een of meer kredietbeleidsveranderlikes regverdig dus sistematiese ontleding. 'n Aantal moontlike benaderinge tot die ontleding van kredietveranderinge word beskou. Die 'tradisionele' en meer resente 'geleentheidskoste' benaderinge het albei tekortkominge. Eersgenoemde het 'n aantal wesenlike tekortkominge terwyl laasgenoemde onvoldoende voorsiening maak vir die tydsberekening van kontantvloei verbonde aan kredietbeleidsalternatiewe. Huidige waarde- en eindwaarde-metodes word voorgestel as konseptueelgesonde alternatiewe, aangesien hulle konsekwente, aanpasbare en duidelike benaderinge tot ontleding van kredietveranderinge bied. Beide metodes vermy die probleme onderliggend aan ander benaderinge, maak volle voorsiening vir die tydsberekening van kontantvloeie, lyf outomaties die fundamentele beginsels van inkrementele analise en geleentheidskoste in, en kan betreklik maklik toegepas en vertolk word. Toepassing van die voorgestelde ontledingsmodelle word breedvoerig in die artikel geillustreer.