Credit transactions between enterprises are getting increasingly common, and credit sale (Credit Sale, CS) risk management has become an important part of modern business activity and management. Currently, the accounts in arrears between enterprises have become a very serious problem, due to the imperfect internal management mechanism and lack of effective credit sale risk management system. In order to make products quickly enter market to win time and achieve scale effect, credit sale has inevitably become the choice of emerging market enterprise. Based on this, we carry out the study to discuss the credit sale risk of emerging market enterprise. Firstly, we do the costs analysis of product credit sale of the emerging market enterprise, and establish a theoretical relationship between the accounts receivable holdings and the credit costs. Secondly, the general analytical expression of optimal accounts receivable holdings and the lowest credit costs is deduced; further, the concept and calculation method of risk-adjusted return on credit sale is proposed. Finally, based on the characteristics of emerging markets, we propose the concept of “credit sale risk capital”, which should be reserved in order to avoid the unexpected losses caused by the product credit sale risk, thus making the return of credit sale match the risk of emerging market enterprise.