In existing Markov chain models for the valuation of accounts receivable, only the nominal value of amounts recovered from credit receivables was estimated, or present value factors were simply incorporated into the model. The valuation model in this paper estimated cash flows recovered from credit receivables for each period and calculated the present value of the realized amounts of credit receivables. This model can be usefully applied to corporate liquidity management by estimating the timing of cash flow recovery, and the calculated present realized value of credit receivables can be used for determining the selling price of credit receivables, establishing discount policies, and differential management of credit card merchant accounts. The present value of realized amounts of credit receivables can be widely applied to the valuation of long-term receivables rather than short-term receivables, as well as to the recognition of long-term revenue.