“零营运资金管理”通过减少在流动资产上的投资,使营运资金占企业总营业额的比重趋于最小,便于企业把更多的资金投入到收益较高的固定资产或长期投资上。实施零营运资金管理会面临较大的风险。首先是延期风险,即企业在到期日不能偿还债务,但又由于一些无法预料的因素而不能延期的风险。例如短期负债到期时,企业的经营状况恶化,以至债权人不肯延期,或在延期时,正逢经济不景气,无法继续延期。其次,短期负债利率具有很大的波动性,企业无法预测资金成本,从而无法控制利息成本。再次,企业为了减少应收账款,变信用销售为现金销售,可能丧失客户,从而影响销售的增长。为了使用应付账款,而延长付款期限也会给企业的信誉造成一定的负面影响。 “Zero Working Capital Management ” Minimizing the proportion of working capital in the total turnover of a company by reducing its investment in current assets facilitates enterprises to devote more funds to higher-yielding fixed assets or long-term investments . The implementation of zero working capital management will face greater risk. The first is the risk of deferral, which is the risk that an enterprise can not repay its debt on maturity but can not postpone due to some unforeseen circumstances. For example, when the short-term liabilities expire, the operating conditions of the enterprises deteriorate so that the creditors will not extend their obligations or the delay will coincide with the economic downturn. Second, short-term debt rates are highly volatile and companies can not predict the cost of capital and thus can not control the cost of interest. Third, in order to reduce the accounts receivable, the enterprise changes the sales of credits into cash and may lose the customers, thereby affecting the sales growth. In order to use the accounts payable, and extend the payment deadline can also have a certain negative impact on the credibility of the enterprise.