营运管理外文文献+中文
营运能力的分析外文中英文翻译
营运能力的分析外文中英文翻译外文翻译原文 Operation ability analysis Material Source: China＇s securities nets 05/17/2020 Author:Techever Operation ability fully utilize existing resources to create social wealth ability, can be used to evaluate the enterprise to its own resources utilization and operating activities ability. Its essence is to as few as possible resources occupation short turnover time, produce as many products, create as many sales revenue, and to achieve this goal, we must improve enterprise＇s operation ability level. Operation ability is the assets of the enterprise turnaround to measure the efficiency of the utilization of assets enterprises. The index reflects assets turnover rate have inventory turnover, liquid assets turnover rate, total asset turnover. The faster turnaround speed, it shows that the enterprise of assets into business links, forming the faster the cycle of revenue and profit more short, business efficiency is higher. Operation ability refers to the enterprise asset turnover operation ability, usually can use total asset turnover, fixedasset turnover, flow asset turnover, inventory turnover and accounts receivable turnover these five financial ratios to enterprises＇ operating capacity for layered analysis. Operation ability analysis can help investors understand enterprise business conditions and operating management level. With our su ning electric equipment (BBS) (market, for example, 002024) to introduce how to enterprise＇s investors operating capability analysis. Total asset turnover is to show enterprise sales income and total assets of the ratio of average balance. Suning 2020 sales revenue for 91.1 billion yuan, average total assets of 14 million yuan; 2020 sales income increased to 160.4 billion yuan, the average total assets is increased by 2.3 times, reached 31.9 million yuan. Due to the growing rate of total assets than the sales income increase, total asset turnover down to 5 by lead. The rate of decline in 2020 with suning opened the new mass are directly related. In order to complete the “national cloth nets“ thestrategic pattern, suning in 2020 at 65, a new store new landed 20 cities, and the original logistics, service system of radiation radius is limited, so su ning to makes lots of management platform, in order to support the construction of the urbanconstruction in the same after other stores of logistics and management. This makes su ning expansion strategy initial cost of relatively high. Current assets turnover is enterprise＇s sales income and liquidity ratio of average balance. Through this ratio analysis, we can further understanding of enterprise in the short term operation ability changes. From statements that su ning 2020 sales income nearly 1.6 billion yuan, growth rate, while the average flow rate reached more than doubled assets. The liquidity didn＇t bring the same margin large increase of sales income growth, so current assets turnover in 2020 7.36 dropped by the 2020 5.61, explain the efficiency in the use of su ning liquid assets declined. Fixed asset turnover is mainly used for analysis of fixed assets such as factory buildings, equipment, the ratio of the utilization efficiency of the higher and higher, explain utilization, management level, the better. If the fixed asset turnover compared with industry average low, then explaining enterprise of fixed assets utilization is low, might affect the enterprise profitability. It reflects enterprise asset utilization degree. Fixed asset turnover ratio = sales revenue/average net value of fixed assets The average net value of fixed assets = (initialequity + final equity) voting 2 Enterprise inside certain period advocate business wu income with average net current assets ratio of total asset utilization, is appraise enterprise another important indexes. It reflects the enterprise liquid assets turnover rate from enterprise all assets, liquidity of the strongest in current assets Angle of enterprise assets utilization efficiency, in order to further analyze the quality of enterprise assets reveals acoustics major factor. Current assets turnover means certain period for a year) (usually the main business income and total migrant assets ratio of the average balance.therefore, can through to inventory turnover and accounts receivable further analysis of flow asset turnover ratio changes. Suning in stock sales primarily, therefore, accounts receivable accounted for only the liquidity, and inventory 50% 4.75%. Inventory turnover refers to enterprises and inventory cost of sales average balance ratio. For real estate industry inventory turnover is a very key indicators, real estate industry is very special. Usually, inventory turnover is the sooner the better, and real estate industry inventory quantity bigger, the slower the turnover that the strength of the company is the more abundant. Other industry＇s inventory turnover for six or seven times a year of general level, in contrast, in the real estate industry a year about a second, if in six or seven times a year inventory turnover for real estate industry as the company is tiny companies, with a powerful real estate stocks, inventory turnover are very low, because must keep a lot of land reserves, land reserve is his inventory, the houses built yet form sales belong to assets range, depend on these achieve sales.Inventory turnover condition can also be expressed with inventory, namely said days once inventory turnover the time required that the shorter days, the faster inventory turnover. Suning 15.05 inventory turnover in 2020 for 2020, this ratio dropped to 10.33. Accordingly, inventory turnover days from 24 days extended to 35 days. Inventory liquidation speed decreased obviously, explain suning sales ability may exist problems down or inventory excess. Accounts receivable turnover refers to the enterprise certain period income and accounts receivable credit average balance ratio. It reflects the company obtained the account receivable from the right to withdraw money, can be converted into cash needed the length of time. Accounts receivable turnover can be used to estimate the accounts receivable convertedspeed and management efficiency. Recovery quickly can save money, also shows that enterprise credit situation is good, not easy loss of bad happened. Generally believe that the higher the turnover of the good.This index measure enterprise accounts receivable into cash speed. Because credit sales income can＇t easily get, in practice used more sales income is calculated alternative credit income. Suning customers is mainly individual consumer to both clear of money and goods, trading on the basis of the account receivable credit income proportion is very small, so the sales income data obtained by receivable turnover is very high. In general, the higher the ratio of enterprises that enterprise collection receivable and the faster, can reduce the loss of bad, and liquidity strong, enterprise＇s short-term solvency will also strengthen, in some extent could compensate for the current ratio low adverse impact. If the enterprise receivables turnover is too low, then explaining enterprise collection receivable inefficient or credit policy very loose, affect the enterprise use of the capital and capital normal turnover. On real estate enterprise operation ability of financial analysis framework can mainly from three aspects: building management ability index, accountsreceivable turnover and working capital turnover rate. In these three respects based on real estate enterprise combining the characteristics, the selection of the appropriate financial index on real estate enterprises＇ operating capability evaluation. This paper puts forward the analysis framework of general applicability, for real estate enterprises and other enterprises in the operation of the managers do provide quantitative basis for decision-making and analysis methods. Through the case analysis can be found that, because the influence of assets turnover rate, total assets yield level but not necessarily advocate business wu income consistent with gross margin. And commercial real estate and industrial real estate, residential real estate than sex where profit margins, so vanke＇s sales income margin increased year by year, but despite highest when still about 41%, but the lujiazui, and the land is provided income can be as high as 80% gross margin, cofco property of materials processing income also can achieve 75% gross margin. From the trend, the incomes of the three companies are in growth state gross margin. But because the operating cash flow is low, the efficiency high profit margins of the lujiazui and cofco real estate but show low on total assets. Three real estate enterpriseoperations in there is a common problem, namely the working capital turnover rate is too slow. Operation ability of the enterprise of the scale of operations and different difference were real estate enterprise can cause inventory turnover rate and working capital turnover rate is different. Residential property turnover rate sex than commercial real estate and industrial real estate, so vanke faster the inventory turnover faster than lujiazui, cofco property because small in scale, the turnover rate close to YuWanKe. But in recent years due to land prices continue to rise, real estate enterprises have been through a lot of store, extend the project development period and so on the way to getting the higher profit margin. Thus the current real estate enterprises in our country there are a large amount of inventory turnover, slow ills. 译文营运能力的分析资料来源：中国证券网 05/17/2020 作者：Techever 营运能力是充分利用现有资源创造社会财富的能力，可以用来评价企业对其拥有资源的利用程度和营运活动能力。
运营管理分析英语论文
运营管理分析英语论文对于这项任务，我们被要求研究工业部门，选择该部门内的业务，然后从运营经理的角度分析和评估我们选择的业务。
首先我们必须知道的行业部门是什么。
根据牛津词典，“工业”一词是指与原材料加工和货物制造有关的经济活动（牛津词典）。
这意味着工业部门在其内部拥有处理原材料和制造货物的业务。
这也被称为第二产业或制造业。
我选择的企业是科尔集团。
科尔集团适应行业/次领域内是因为这是一个建筑公司，在成品即翻砖建筑原材料的交易。
For this assignment we have been asked to research the Industry sector, choose a business within that sector, and then analyse and evaluate the business we have chosen from an operations manager point of view.First we must know what the Industry sector is. Aording to oxford dict ionary the word industry means ‘Economic activity concerned with the processing of raw materials and manufacture of goods’ (Oxford Dictionary. xx).This means that the industry sector have businesses within it that deal with the processing of raw materials and manufacture of goods. This is also called the secondary sector or manufacturing sector.In xx the UK manufacturing sector generated ￡140bn in revenue this is 11% of the UK total economy. This sector also employed 2.6 million people which equals out to be 8% of the UK workforce. The whole sector itself is spilt upinto 14 different industries by the government whichinclude textiles and chemicals (BIS. xx).The business I have chosen is Kier Group plc. Thereason that Kier Group plc fit within the Industrysector/secondary sector is because this is a construction firm that deals with turning raw materials in a finished products i.e. turning bricks into buildings.Kier Group plc offers their services to the public and private sectors, these servic es include ‘civil engineering, mining, mechanical & electrical design and installation… and 3D modeling’ (Kier Construction. xx). An example of public sector customer would be the Northampton Borough Council in creating their new ￡7 million North Gate Bus Station (Northampton Chronicle & Echo. xx). An example of a private sector customer would be Network RailInfrastructure Ltd, as Kier Group plc did the King’s Cross Station roof refurbishment (Kier Group. xx). Kier Groupplc’s clients are often other busin ess or large public bodies such as Councils due to their ability and proventrack record with multi-million pound contracts that they are asked to do or win the contracts against other petitors such as Balfour Beatty PLC. Kier Group plc operate on a global scale however some parts within Kier Group plc work within the U.K.Any organisation can be shown as multiple ofinput/output diagrams in a hierarchy format. At the bottom of this hierarchy would be the customer’s needs being transformed into consumer satisfaction (Muhlemann, A. Oakland, J. Lockyer, K. 1993). As every business is made with the customer in mind even if the businesses overall goal could be to maximise profits they still need the customer. However other input/output diagrams in the hierarchy differ from business to business. As a car mechanic shop wouldn’t use the same ways to satisfy consumers as a bridal dress shop would.As Kier Group plc deals with construction it has a specific inputs and outputs. Five inputs of Kier Group plc would be skilled labour, high quality equipment, energy, building materials, and basic project designs. Three outputs of the pany would be buildings, infrastructure, and recycled materials.Skilled labour is an input for Kier Group plc because to be able operate as a building business they would need skilled labour.This is because the jobs that the business could be doing may have a high risk of doing lots of damage not just money’s terms but in personnel terms as well. This would also be beneficial to the business as it could lead to being more productive due to the skilled labour however it would be costly hiring someone that’s highlyskilled or even over skilled for the job rather than someone who could just about do the job. But in the pany’s overview they want to offer clients ‘world-class solutions’ (Kier Group. xx)which suggests that the highly skilled labour would be used.High quality equipment is would be a specific input for Kier Group plc due to the nature of the job that the business gets inquired about. These can be very plex jobs such as the Kings Cross Station roof refurbishment. Not only did they refurbish an iconic building roof, thestation had to stay open with thousands of people walking underneath the building work. This shows the high quality equipment would be needed as an input.The reason that energy is needed as an input as the business would be using puters to design projects and also it would be needed to power equipment on site. It is a needed input in this business.Building materials are a vital input to the business as they are needed to get to the final product. Without these, the business would not be able to run as a construction business. Kier Group plc need to start from a basic project design to be able to make what the customer want like the business to make. That’s is why basic project designs is a needed input for the business. As Kier Group plc have architects that would design the final product from thesebasic project designs whether it would be a finish building or a new part for railways.A specific output for Kier Group plc would be buildings as this is the main product/good that the business produces. They way in which this would be produced from inputs would be via project process. Project production is a type of production that has low volume of products but high variety between each one. This means that each new project would be different from the last using different materials with different quantities. They also have to be made in a fix location which is one of the classifications of a project production. During the production of each building uses a mixed process technology it uses manual and mechanised.This means that during the production of each buildingthere are parts which are done via hand with no machinery and there are parts where machinery is utilised but under the control of humans (Evens, J. 1993).Infrastructure in another output of Kier Group plc asit doesn’t only make buildings it also builds roads,railway parts and much more which is a vital part in the UK’s infrastructure. These would also be produced in a project production as each part of infrastructure they make would be different from another part.One other output the Kier Group plc produces are recycled materials. Kier Group plc has a recycling servicewhich is used in many counties. Recycled materials go through many processes. It is made via continuous flow production as it has a high product volume, there’s some although not much product variety. During the processes the recycled material goes though there are a high number of automated and specialised equipment that does a large amount of the work. There is also labour that take out any rubbish that can’t be recycled or shouldn’t be in that particular recycling line this doesn’t require high skills. The reason that it is not a Mass production is that there isn’t any variety between each product at the end (Evens, J. 1993).The demand for the products and services the Kier Group plc produce usually depend on the economic state of the country but there are also other factors the affect the demand for the business. These factors include: globalisation, demand for more sustainable construction, demographic changes and increasing importance fortechnology use in construction.The demand for the products and services that Kier Group plc produce usually depend on the economic state ofthe country but there are also other factors the affect the demand for the business. These factors include: globalisation, demand for more sustainable construction,demographic changes and increasing importance fortechnology use in construction.The reason that the state of the economy affects the demand for Kier Group plc’s products and services is because buildings and infrastructure is capital which helps boost long term growth. These are the first things that are cut if the economy was to go into decline. When the recession hit in xx aording to House of Commons there was a fall by 6.2% in gross value added for the construction industry, followed by a 7.9% fall in GVA, then an increase by 1.1% in xx, and then followed by a 6.0% drop in GVA during the double dip recession (Rhodes, C. xx). This data shows there is a correlation between the construction industry including Kier Group plc and the state of the economy.The demand for more sustainable construction also impacts the stability of the demand of Kier Group plc’s products and services because if the business doesn’toffer the right amount of sustainable construction or by offering ‘green’ alternatives they may lose customers and clients. As new legislation is soon to be ing into action due to the UK’s recent air pollution issues this would mean a possible overhaul of more carbon producing processes. However to overe this Kier Group plc currently generates10% of its revenue by using recycled material, low energy alternatives and more sustainable materials (Fry, C. xx) Every business needs demand to be able to sell its good and/or services however you need to be able to have enough capacity to meet this demand. Capacity planning is vital in operations strategies. Capacity is best when it around 75-90% utilised. Having capacity between these levels means that you should still be able to cope with new clients without having to turn larger clients down and also you won’t be running with excess capacity. Excess capacity is a large cost on businesses and may lead to layoffs and department closures (Hill, T. 1991)There are 3 different strategies that a business can use to plan capacity to meet demand. These policies are: Matching Capacity with Demand, Excess Capacity, and Capacity Shortage Policy. Matching capacity with demand means that the business tries to keep as close to demand as they possibly can.This policy means that it sometimes has excess capacity in which it has the ability to get more clients or customers. However it also means there is a shortage of capacity. During these times a business would have to subcontract out work to get a short term increased capacity or they would lose sales this could e from poor quality of work from being rushed to pete work.A Capacity Shortage Policy is when there is a gap between the demand and the capacity where demand is always higher than capacity. As there is a high capacityutilisation this means there is a strong return on investment. This type of policy is usually best for goodsor services that usually relate to status or are in fashion. This would mean that there is a high capacity utilisation which in turn leads to a strong return on investment. For example the iPhone 4 White. When it came out it was being sold quicker than it was being made.The way that Kier Group plc plan their capacity is by a strategy called Excess Capacity Policy (Fry, Colin. xx). This policy means that the business has a goal of maintaining enough capacity to be able to meet with demandor to reduce the chance of not meeting demand. Althoughthis policy can lead to higher costs than the other two polices it is the best policy for this business. This is because the business does not know if they are going to win a bid for a client so there needs to be spare capacity in case they do win the bid. As large construction businesses get invited to present their bid on large projects so the business always need to be prepared for these invites.Kier Group plc could better utilise operations management to counter some of the challenges that it has in the ever changing market place. It could utilise LeanOperations more this is because there is going to be more legislation regarding reducing waste and carbon footprint. It’s better to be proactive to changes in legislation than to be reactive as it shows the business has a strong CSR which customers and clients look for.Lean Operations is minimising the amount of waste there is in order to operate quicker, produce higher quality work and also to operate at low costs. The reason that lean operation is suited for Kier Group plc is because in the lean approach there is a focus on producing only when there is a need to produce, this does mean there is a lower capacity utilisation however this fits in well with the Excess Capacity Policy has the business already is implementing.Some of the techniques that could be used in lean operations for the business could be JIT supply and Total Involvement. JIT supply means just in time supply. This means that you wouldn’t receive materials until you need those materials (Hill, T. 1987). This would be useful in the business because it means there wouldn’t been material they do n’t need wasting space in a construction site. For example the wouldn’t need a road tarmaer when the drainage is still 3 days away from being pleted not only could it be wasting space it could be in the way of workers increasing the distance from the mater ials they’re using to the placewhere they need to use them. If 10 workers had to go anextra 20 seconds out of their way whilst this tarmacer was3 days early and each worker had to do this trip 40 times a day that adds an extra 400 minutes on their travel overall on the 3 days the tarmacer was there. With JIT supply the tarmacer would arrive on the day it was needed saving the 400 minutes which could have been wasted.Total involvement is when everyone within the businessis aware of the lean approach of the business. If everyoneis doing it, it would bee second nature to abide by the5S’s of lean operations. These are sort, straighten, shine, standardise and sustain (Muhlemann, A. Oakland, J. Lockyer, K. 1993)Sort means to eliminate what is not needed and to keep whatever is needed in the production of goods. Straighten means to place tools and equipment is such a way that is it easily aessible as lots of time is spent looking for tools that have been misplaced. Shine is to keep things clean and tidy. This could lead to less injuries due to slipping over dirt or waste packaging. Standardise means to keep to a certain level of cleanliness and sustain is to keep to this standardisation throughout each product life cycle.These methods of lean operations keep Kier Group plc near the top of the construction market as they would beless wasteful, operate with lower costs and also could leadto a better workforce from total involvement as everyone would feel they are impacting the businesses performance.。
营运管理外文文献+中文
An Analysis of Working Capital Management Results Across IndustriesGreg Filbeck。
Schweser Study ProgramThomas M. Krueger. University of Wisconsin-La Crosse AbstractFirms are able to reduce financing costs and/or increase the funds available for expansion by minimizing the amount of funds tied up in current assets。
We provide insights into the performance of surveyed firms across key components of working capital management by using the CFO magazine’s annual Working Capital Management Survey。
We discover that significant differences exist between industries in working capital measures across time。
In addition。
we discover that these measures for working capital change significantly within industries across time。
IntroductionThe importance of efficient working capital management is indisputable. Working capital is the difference between resources in cash or readily convertible into cash (Current Assets) and organizational commitments for which cash will soon be required （Current Liabilities）. The objective of working capital management is to maintain the optimum balance of each of the working capital components。
营运资金管理国外文献综述
成项 目进行综合考 虑。
Ｋ ｎ ｉ ｇ ｈ ｔ （ １ ９ ７ ２ ） 指出， 由于不确定性 和复杂的相互关 系的存在 ，
分析和最优化应该被模拟和满意化而取代 。单独研究每项流动资
产 的最优化是不恰 当的 ，应 当将投放到各项流动资产上 的投资综 合起来进行研 究 ， 而其决策的性质不应 当是最优化 ， 而应该是满意 化 。研究在 Ｅ Ｏ Ｑ （ 经 济订货量模 型） 的基础上 ， 放 宽了确定性和独
、
营 运 资 金 管 理 的 内容
２ ０世纪 ７ Ｏ年代 以前 ，国外 营运 资金管理理论研究 文献 并不 多， 而且研究 的主要 内容是对营运资金 各组成项 目（ 应收账款 、 存
应 的投资概念 ， 即经 营性融资需求 （ Ｆ Ｎ Ｏ） ， 并指 出营运资金作 为一
种筹 资选择应该与 Ｆ Ｎ Ｏ融资需求综合起来进行考虑。
与营运资金管理 内容的变迁相适应 ，从孤立地考察 营运 资金 各组 成部分 的管理绩效 ， 逐步 向注重营运资金各项 目之间的联系 、 综合
地评 价营运资金 的整体绩效转变 。 市场价格做出投资决策 ； 追 随者也将从对“ 熟人” 的信任转而基于
重点应该从 “ 清算观” 转移到“ 经 营周期观 ” ， 即营运 资金 被用于衡 量在公司经营周期 内产生 的资金偿 还到期债务 的能力 。但这实际
研究与探索 ｌ Ｓ ｔ ｕ ｄ ｙ ａ ｎ ｄ － ： Ｅ ｘ ｐ ｌ ｏ ｒ ｅ
营运 资金管理 国外文献综述
中国海 洋大 学 孙 兰兰
营运资金管理是财务管理理论研究的重要 内容之一 ，也是实 上仍将营运资金限定为流动资产总额 ，而且没有对营运资金各组
务界财务主管们最重视 的关键领域之一。２ ０ １ ０年美国生产力与质 量 中心 （ Ａ Ｐ Ｑ Ｃ） 调查发现 ， 营运资金管理成为企业增 强财 务能力 的 新 的战略选择 ， Ｃ Ｆ Ｏ们在关 注经营环境动态的基础上 ， 积极探 寻营
营运资金管理外文文献
1
Department of Accounting and Finance, Caleb University, Lagos, Nigeria, email: Barikem@
inventory costs, lost returns on excess cash holdings and receivables; and under investment with its attendant stock-out, illiquidity and bad debts costs; determine its working capital policies ensuring it improves corporate profitability; appraise investments in working capital using capital investment models, determining ahead the viability of such investment; and ascertain and compare working capital costs and benefits to determine the existence of gains if any before investment in the proposed working capital.
218
Working capital management efficiency and corporate profitability...
2 Theoretical framework and review of literature
2.1 Theoretical framework
中小企业营运资金管理 外文翻译
文献出处：Sunday K J. Effective Working Capital Management in Small and Medium Scale Enterprises (SMEs)[J]. International Journal of Business & Management, 2011, 6(9)：271-279.第一部分为译文，第二部分为原文。
默认格式：中文五号宋体，英文五号Times New Roma，行间距1.5倍。
中小企业有效的营运资金管理摘要：中小企业（SME）的主要有效流动资金管理的需求对中小企业的偿付能力和流动性仍然至关重要。
大多数中小企业不关心他们的流动资金状况，大多数人很少考虑到他们的流动资金状况，这些企业大多数都没有标准的信贷政策。
许多人不关心他们的财务状况，他们只是经营，他们主要关注现金收据和他们的银行账户。
本研究使用标准流动资金比率来衡量所选企业的流动资金的有效性，所选择的公司显示过度交易和流动性不足的迹象，关注的是利润最大化，而没有认识到债权人的支付，这些公司的债务回报率低于信贷支付。
建议中小企业在尼日利亚经济中生存下去，必须制定标准的信贷政策，确保良好的财务报告和管理制度，他们必须充分认识到营运资金的管理，以确保连续性，增长和偿付能力。
关键词：中小企业（SME），营运资金管理，流动资金，偿付能力引言中小企业业务仍然是一个国家经济增长和发展最有活力的力量和代理人。
中小企业至少占美国国内生产总值的60％（Ovia，2001年）尼日利亚的中小企业全部在我们周围，只有少数几个中小企业才能成为最受欢迎的企业。
中小企业是几个新兴行业的重大突破。
美国（IT）的大部分突破都是由中小企业推动的。
当时公司是一家小规模企业，由盖茨（Paul Gates）和保罗·艾伦（Paul Allen）于1980年开发的微软磁盘操作系统（MS Dos）在全球拥有约80％的运营成本。
激进的营运资本管理政策对企业盈利能力的影响外文文献翻译
文献信息：文献标题：Impact of Aggressive Working Capital Management Policy on Firms’ Profitability（激进的营运资本管理政策对企业盈利能力的影响）国外作者：Mian Sajid Nazir，Talat Afza文献出处：《The IUP Journal of Applied Finance》,2009,Vol.15,PP19-30 字数统计：英文2669单词，14456字符；中文4407汉字外文文献：Impact of Aggressive Working Capital Management Policyon Firms’ ProfitabilityIntroductionThe corporate finance literature has traditionally focused on the study of long-term financial decisions, particularly investments, capital structure, dividends or company valuation decisions. However, short-term assets and liabilities are important components of total assets and need to be carefully analyzed. Management of these short-term assets and liabilities warrants a careful investigation since the working capital m anagement plays an important role in a firm’s profitability and risk as well as its value (Smith, 1980). Efficient management of working capital is a fundamental part of the overall corporate strategy in creating the shareholders’ value. Firms try to keep an optimal level of working capital that maximizes their value (Deloof, 2003; Howorth and Westhead, 2003 and Afza and Nazir, 2007).In general, from the perspective of Chief Financial Officer (CFO), working capital management is a simple and straightforward concept of ensuring the ability of the organization to fund the difference between the short-term assets and short-term liabilities (Harris, 2005). However, a ‘Total’ approach is desired as it can cover all thecompany’s activities relating to vendor, cu stomer and product (Hall, 2002). In practice, working capital management has become one of the most important issues in the organizations where many financial executives are struggling to identify the basic working capital drivers and an appropriate level of working capital (Lamberson, 1995). Consequently, companies can minimize risk and improve the overall performance by understanding the role and drivers of working capital management.A firm may adopt an aggressive working capital management policy with a low level of current assets as a percentage of total assets, or it may also be used for the financing decisions of the firm in the form of high level of current liabilities as a percentage of total liabilities. Excessive levels of current assets may have a negative effect on the firm’s profitability, whereas a low level of current assets may lead to a lower level of liquidity and stockouts, resulting in difficulties in maintaining smooth operations (Van Horne and Wachowicz, 2004).The main objective of working capital management is to maintain an optimal balance between each of the working capital components. Business success heavily depends on the financial executives’ ability to effectively manage receivables, inventory, and payables (Filbeck and Krueger, 2005). Firms can reduce their financing costs and/or increase the funds available for expansion projects by minimizing the amount of investment tied up in current assets. Most of the financial managers’ time and efforts are allocated towards bringing non-optimal levels of current assets and liabilities back to optimal levels (Lamberson, 1995). An optimal level of working capital would be the one in which a balance is achieved between risk and efficiency. It requires continuous monitoring to maintain proper level in various components of working capital, i.e., cash receivables, inventory and payables, etc.In general, current assets are considered as one of the important components of total assets of a firm. A firm may be able to reduce the investment in fixed assets by renting or leasing plant and machinery, whereas the same policy cannot be followed for the components of working capital. The high level of current assets may reduce the risk of liquidity associated with the opportunity cost of funds that may have been invested in long-term assets. Though the impact of working capital policies onprofitability is highly important, only a few empirical studies have been carried out to examine this relationship. This study investigates the potential relationship of aggressive/conservative policies with the accounting and market measures of profitability of Pakistani firms using a panel data set for the period 1998-2005. The present study is expected to contribute to better understand these policies and their impact on profitability, especially in emerging markets like Pakistan.Research MethodologyVariables Used in the StudyThis study uses aggressive investment policy as used by Weinraub and Visscher (1998), who analyzed working capital policies of 126 industrial firms in the US market. Aggressive Investment Policy (AIP) results in minimal level of investment in current assets versus fixed assets. In contrast, a conservative investment policy places a greater proportion of capital in liquid assets with the opportunity cost of less profitability. If the level of current assets increases in proportion to the total assets of the firm, the management is said to be more conservative in managing the current assets of the firm. In order to measure the degree of aggressiveness of working capital investment policy, the following ratio was used:where a lower ratio means a relatively aggressive policy.On the other hand, an Aggressive Financing Policy (AFP) utilizes higher levels of current liabilities and less long-term debt. In contrast, a conservative financing policy uses more long-term debt and capital and less current liabilities. The firms are more aggressive in terms of current liabilities management if they are concentrating on the use of more current liabilities which put their liquidity on risk. The degree of aggressiveness of a financing policy adopted by a firm is measured by working capital financing policy, and the following ratio is used:where a higher ratio means a relatively aggressive policy.The impact of working capital policies on the profitability has been analyzed through accounting measures of profitability as well as market measures of profitability, i.e., Return on Assets (ROA) and Tobin’s q. These variables of return are calculated as:Tobin’s q compares the value of a company given by financial markets with the value of a company’s assets. A low q (between 0 and 1) means that the cost to replace a firm’s assets is greater than the value of its stock. This implies that the stock is undervalued. Conversely, a high q (greater than 1) implies that a firm’s stock is more expensive than the replacement cost of its assets, which implies that the stock is overvalued. It is calculated as:where Market Value of Firm (MVF) is the sum of book value of long plus short term and market value of equity. Market value of equity is calculated by multiplying the number of shares outstanding with the current market price of the stock in a particular year.Control VariablesIn working capital literature, various studies have used the control variables along with the main variables of working capital in order to have an apposite analysis of working capital management on the profitability of firms (Lamberson, 1995; Smith and Begemann, 1997; Deelof, 2003; Eljelly, 2004; Teruel and Solano, 2005 and Lazaridis and Tryfonidis, 2006). On the same lines, along with working capital variables, the present study has taken into consideration some control variables relating to firms such as the size of the firm, the growth in its sales, and its financial leverage. The size of the firm (SIZE) has been measured by the logarithm of its totalassets, as the original large value of total assets may disturb the analysis. The growth of firm (GROWTH) is measured by variation in its annual sales value with reference to previous year’s sales[(Sales t –Sales t –1)/Sales t –1]. Moreover, the financial leverage (LVRG) was taken as the debt to equity ratio of each firm for the whole sample period. Some studies, like Deloof (2003) in his study of large Belgian firms, also considered the ratio of fixed financial assets to total assets as a control variable; however, this variable cannot be included in the present study because of unavailability of data, as most of the firms do not disclose full information in their financial statements. Finally, since good economic conditions tend to be reflected in a firm’s profitability (Lamberson, 1995), this phenomenon has been controlled for the evolution of the economic cycle using the GDPGR variable, which measures the real annual GDP growth in Pakistan for each of the study year from 1998 to 2005.Statistical AnalysisThe impact of aggressive and conservative working capital policies on the profitability of the firms has been evaluated by applying the panel data regression analysis. The performance variables (ROA and Tobin’s q) as well as the TCA/TA and TCL/TA along with the control variables were regressed using the SPSS software. The following regression equations are run to estimate the impact of working capital policies on the profitability measures.where,TCA/TA=Total current assets to total assets ratioTCL/TA i=Total current liabilities to total assets ratioROA i=Return on assetsTobin’s q i=V alue of qSIZE i=Natural log of firm sizeGROWTH i=Growth of salesLVRG i=Financial leverage of firmsGDPGR i=Real Annual GDP growth rate of Pakistanα=Intercept; andε=Error term of the modelSample and DataThe sample of the study consists of all non-financial firms listed on the Karachi Stock Exchange (KSE). KSE has divided the non-financial firms into various industrial sectors based on their nature of business. In order to be included in the sample, a firm must be in business for the whole study period. Also, firms should neither have been delisted by the KSE nor merged with any other firm during the whole window period. New incumbents in the market during the study period have also not been included in the sample. Furthermore, firms must have complete data for the period 1998-2005. Firms with negative equity during the study period have also been excluded. Thus, the final sample consists of 204 non-financial firms from 17 various industrial sectors.This study used annual financial data of 204 non-financial firms for the period 1998-2005. The panel data set was developed for eight years and for the 204 sampled firms which produced 1,632 year-end observations. The required financial data for the purpose of the study was obtained from the respective companies’annual reports and publications of State Bank of Pakistan. The data regarding annual average market prices was collected from the daily quotations of KSE.AnalysisTable 1 presents the results of regression model in which the impact of working capital investment policy on the performance measurements has been examined. The F-values of regression models run are found statistically significant, whereas Durbin-Watson statistics of more than 1.8 indicate less correlation among the independent variables of the regressions models. The t-statistics of working capital investment policy is positive and statistically significant at 1% level for Return on Assets and Tobin’s q. The positive coefficient of TCA/TA indicates a negative relationship between the degree of aggressiveness of investment policy and return on assets. As the TCA/TA increases, the degree of aggressiveness decreases, and return on assets increases. Therefore, there is a negative relationship between the relative degree of aggressiveness of working capital investment policies of firms and both performance measures, i.e., ROA and Tobin’s q. This similarity in market and accounting returns confirms the notion that investors do not believe in the adoption of aggressive approach in the working capital management, hence, they do not give any additional weight to the firms on KSE.Table 2 reports regression results for working capital financing policy and the performance measures. The F-value of regression models and Durbin-Watson statistics indicate similar results as reported in Table 1. The negative value of coefficient for TCL/TA also points out the negative relationship between the aggressiveness of working capital financing policy and return on assets. The higher the TCL/TA ratio, the more aggressive the financing policy, that yields negative return on assets. However, surprisingly, the relationship between Tobin’s q and working capital financing policy has been established as positive and statistically significant. Investors were found giving more weight to the firms which are adopting an aggressive approach towards working capital financing policy and having higher levels of short-term and spontaneous financing on their balance sheets.The control variables used in the regression models are natural log of firm size, sales growth, real GDP growth and the average leverage. All the control variables have their impact on the performance of the firms. Firms’size causes the returns of the firms to be increased and it is found to be statistically significant. Moreover, GROWTH and LVRG are found to be significantly associated with the book-based returns on assets which confirm the notion that leverage and growth are strongly correlated with the book value-based performance measures (Deloof, 2003 and Eljelly,2004). Real GDP growth may not affect the returns based on book values; however, investors may react positively to a positive change in the level of economic activity which is in accordance with the findings of Lamberson (1995).The above results contradict the findings of Gardner et al. (1986), Deloof (2003), Eljelly (2004) and Teruel and Solano (2005); however, they are in accordance with Afza and Nazir (2007) and produced a negative relationship between the aggressiveness of working capital policies and accounting measures of profitability. Managers cannot create value if they adopt an aggressive approach towards working capital investment and working capital financing policy. However, if firms adopt aggressive approach in managing their short-term liabilities, investors give more value to those firms. The degree of aggressiveness of working capital policies adopted helps only in creating shareholders’wealth through increased market performance, whereas accounting performance cannot be increased by being aggressive in managing the working capital requirements. The results of this study are somewhat different from those conducted in the developed economies. Pakistan is one of the emerging economies and Pakistani markets are not fully transparent and efficient to fully absorb the impact of information. The study results confirm this state of Pakistani markets.ConclusionThe present study investigates the relationship between the aggressive/conservative working capital asset management and financing polices and its impact on profitability of 204 Pakistani firms divided into 16 industrial groups by KSE for the period 1998-2005. The impact of aggressive/conservative working capital investment and the financing policies has been examined using panel data regression models between working capital policies and profitability. The study finds a negative relationship between the profitability measures of firms and degree of aggressiveness of working capital investment and financing policies. The firms report negative returns if they follow an aggressive working capital policy. These results were furthervalidated by examining the impact of aggressive working capital policies on market measures of profitability, which was not tested before. The results of Tobin’s q were in line of the accounting measures of profitability and produced almost similar results for working capital investment policy. However, investors were found giving more value to those firms that are more aggressive in managing their current liabilities.The study used a new measure of profitability, i.e., Tobin’s q and panel data regression analysis, to investigate the relationship between working capital management and firm returns in Pakistan. The findings of the present study are expected to contribute significantly to finance literature. The results of the present study are in contradiction to those of some earlier studies on the issue. This phenomenon may be attributed to the inconsistent and volatile economic conditions of Pakistan. The reasons for this contradiction may further be explored in future researches.The study also suggests some policy implications for the managers and prospective investors in the emerging market of Pakistan. Firms with more aggressive policy towards working capital may not be able to generate more profit. So, as far as the book value performance is concerned, managers cannot generate more returns on assets by following aggressive approach towards short-term assets and liabilities. On the other hand, investors are found giving more value to the firms that adopt an aggressive approach towards working capital financing policies. The market value of firms using high level of current liabilities in their financing is more than the book value. The investors believe that firms with less equity and less long-term loans would be able to perform better than the others. However, there are various other factors like agency problem which may play a pivotal role in such cases, and so these factors may further be explored in future.中文译文：激进的营运资本管理政策对企业盈利能力的影响简介企业融资文章历来侧重于研究长期财务决策，特别是投资、资本结构、股利和公司估值决策。
营运管理__英文文献_对整个行业中营运资金管理的研究
An Analysis of Working Capital Management Resultsacross IndustriesGreg Filbeck and Thomas M. KruegerAbstractFirms are able to reduce financing costs and/or increase the funds available for expansion by minimizing the amount of funds tied up in current assets. We provide insights into the performance of surveyed firms across key components of working capital management by using the CFO magazine’s annual Working Capital Management Survey. We discover that significant differences exist between industries in working capital measures across time. In addition, we discover that these measures for working capital change significantly within industries across time.IntroductionThe importance of efficient working capital management is indisputable. Working capital is the difference between resources in cash or readily convertible into cash (Current Assets) and organizational commitments for which cash will soon be required (Current Liabilities). The objective of working capital management is to maintain the optimum balance of each of the working capital components. Business viability relies on the ability to effectively manage receivables, inventory, and payables. Firms are able to reduce financing costs and/or increase the funds available for expansion by minimizing the amount of funds tied up in current assets. Much managerial effort is expended in bringing non-optimal levels of current assets and liabilities back toward optimal levels. An optimal level would be one in which a balance is achieved between risk and efficiency.A recent example of business attempting to maximize working capital management is the recurrent attention being given to the application of Six Sigma® methodology. Six Sigma® methodologies help companies measure and ensure quality in all areas of the enterprise. When used to identify and rectify discrepancies, inefficiencies and erroneous transactions in the financial supply chain. Six Sigma® reduces Days Sales Outstanding(DSO)，accelerates the payment cycle, improves customer satisfaction and reduces the necessary amount and cost of working capital needs. There appear to be many success stories, including Jennifer Towne’s (2002) report of a 15 percent decrease in days that sales are outstanding, resulting in an increased cash flow of approximately $2 million at Thibodaux Regional Medical Center. Furthermore, bad debts declined from $3.4 million to $600.000. However, Waxer’s (2003) study of multiple firms employing Six Sigma® find s that it is really a “get rich slow” technique with a rate of return hovering in the 1.2 – 4.5 percent range.Even in a business using Six Sigma® methodology, an “optimal” level of working capital management needs to be identified. Industry factors may impact firm credit policy, inventory management and bill-paying activities. Some firms may be better suited to minimize receivables and inventory, while others maximize payables. Another aspect of “optimal” is the extent to which poor financial results can be tied to sub-optimal performance. Fortunately, these issues are testable with data published by CFO magazine, which claims to be the source of “tools and information for the financial executive.” and are the subject of this research.In addition to providing mean and variance values for the working capital measures and the overall metric, two issues will be addressed in this research. One research question is “are firms within a particular industry clustered together at consistent levels of working capi tal measures?” For instance, are firms in one industry able to quickly transfer sales into cash, while firms from another industry tend to have high sales levels for the particular level of inventory. Th e other research question is “D oes working capital management performance for firms within a given industry change from year-to-year?”The following section presents a brief literature review. Next, the research method is described, including some information about the annual Working Capital Management Survey published by CFO magazine. Findings are then presented and conclusions are drawn.Related Literature第2页（共6页）The importance of working capital management is not new to the finance literature. Over twenty years ago, Largay and Stickney (1980) reported that the then-recent bankruptcy of W.T. Grant, a nationwide chain of department stores, should have been anticipated because the corporation had been running a deficit cash flow from operations for eight of the last ten years of its corporate life. As part of a stu dy of the Fortune 500’s financial management practices, Gilbert and Reichert (1995) find that accounts receivable management models are used in 59 percent of these firms to improve working capital projects, while inventory management models were used in 60 percent of the companies. More recently, Farragher, Kleiman and Sahu (1999) find that 55 percent of firms in the S&P Industrial index complete some form of a cash flow assessment, but did not present insights regarding accounts receivable and inventory management, or the variations of any current asset accounts or liability accounts across industries. Thus, mixed evidence exists concerning the use of working capital management techniques.Theoretical determination of optimal trade credit limits are the subject of many articles over the years (e.g. Schwartz 1974; Scherr 1996) with scant attention paid to actual accounts receivable management. Across a limited sample, Weinraub and Visscher (1998) observe a tendency of firms with low levels of current ratios to also have low levels of current liabilities. Simultaneously investigating accounts receivable and payable issues. Hill·Sartoris and Ferguson (1984) find differences in the way payment dates are defined. Payees define the date of payment as the date payment is received, while payors view payment as the postmark date. Additional WCM insight across firms, industries and time can add to this body of research.Maness and Zietlow (2002. 51. 496) presents two models of value creation that incorporate effective short-term financial management activities. However, these models are generic models and do not consider unique firm or industry influences. Maness and Zietlow discuss industry influences in a short paragraph that includes the observation that “An industry a company is located in may have more influence on that company’s fortunes than ov erall GNP” (2002. 507). In fact, a careful review of this 627-page textbook finds only sporadic information on actual firm levels of WCM dimensions, virtually nothing on第3页（共6页）industry factors except for some boxed items with titles such as “Should a Retailer Offer an In-House Credit Card” (128) and nothing on WCM stability over time. This researchwill attempt to fill this void by investigating patterns related to working capital measures within industries and illustrate differences between industries across time.An extensive survey of library and Internet resources provided very few recent reports about working capital management. The most relevant set of articles was Weisel and Bradley’s (2003) article on cash flow management and one of inventory control as a result of effective supply chain management by Hadley (2004).Research MethodThe first annual CFO Working Capital Survey, a joint project with REL Consultancy Group, was published in the June 1997 issue of CFO (Mintz and Lezere 1997). REL is a London, England-based management consulting firm specializing in working capital issues for its global list of clients. The original survey reports several working capital benchmarks for public companies using data for 1996. Each company is ranked against its peers and also against the entire field of 1000 companies. REL continues to update the original information on an annual basis.REL uses the “cash flow from operations” value l ocated on firm cash flow statements to estimate cash conversion efficiency (CCE). This value indicates how well a company transforms revenues into cash flow. A “days of working capital” (DWC) value is based on the dollar amount in each of the aggregate, equally-weighted receivables, inventory and payables accounts. T he “days of working capital” (D WC) represents the time period between purchases of inventory on account from vendor until the sale to the customer, the collection of the receivables and payment receipt. Thus, it reflects the company’s ability to finance its core operations with vendor credit. A detailed investigation of WCM is possible because CFO also provides firm and industry values for days sales outstanding (A/R), inventory turnover and days payables outstanding (A/P).Research Findings：Average and Annual Working Capital Management Performance Working capital management component definitions and average values for the entire 1996 – 2000 period. Across the nearly 1.000 firms in the survey, cash flow from operations,第4页（共6页）defined as cash flow from operations divided by sales and referred to as “ca sh conversion efficiency” (CCE). Averages 9.0 percent. Incorporating a 95 percent confidence interval, CCE ranges from 5.6 percent to 12.4 percent. The day’s working capital (DWC), defined as the sum of receivables and inventories less payables divided by daily sales, averages 51.8 days and is very similar to the days that sales are outstanding (50.6). Because the inventory turnover rate (once every 32.0 days) is similar to the number of days that payables are outstanding (32.4 days). In all instances, the standard deviation is relatively small, suggesting that these working capital management variables are consistent across CFO reports.Industry Rankings on Overall Working Capital Management Performance CFO magazine provides an overall working capital ranking for firms in its survey, using the following equation: Industry-based differences in overall working capital management are presented for the twenty-six industries that had at least eight companies included in the rankings each year. In the typical year, CFO magazine ranks 970 companies during this period. Industries are listed in order of the mean overall CFO ranking of working capital performance. Since the best average ranking possible for an eight-company industry is 4.5 (this assumes that the eight companies are ranked one through eight for the entire survey). It is quite obvious that all firms in the petroleum industry must have been receiving very high overall working capital management rankings. In fact, the petroleum industry is ranked first in CCE and third in DWC (as illustrated in Table 5 and discussed later in this paper). Furthermore, the petroleum industry had the lowest standard deviation of working capital rankings and range of working capital rankings. The only other industry with a mean overall ranking less than 100 was the Electric & Gas Utility industry, which ranked second in CCE and fourth in DWC. The two industries with the worst working capital rankings were Textiles and Apparel. Textiles rank twenty-second in CCE and twenty-sixth in DWC. The apparel industry ranks twenty-third and twenty-fourth in the two working capital measuresConclusions第5页（共6页）The research presented here is based on the annual ratings of working capital management published in CFO magazine. Our findings indicate a consistency in how industries “stack up” against each other over time with respect to the working capita l measures. However, the working capital measures themselves are not static (i.e. averages of working capital measures across all firms change annually); our results indicate significant movements across our entire sample over time. Our findings are important because they provide insight to working capital performance across time and on working capital management across industries. These changes may be in explained in part by macroeconomic factors. Changes in interest rates, rate of innovation and competition are likely to impact working capital management. As interest rates rise, there would be less desire to make payments early, which would stretch accounts payable, accounts receivable and cash accounts.The ramifications of this study include the finding of distinct levels of WCM measures for different industries, which tend to be stable over time. Many factors help to explain this discovery. The improving economy during the period of the study may have resulted in improved turnover in some industries, while slowing turnover may have been a signal of troubles ahead. Our results should be interpreted cautiously. Our study takes places over a short time frame during a generally improving market. In addition, the survey suffers from survivorship bias – only the top firms within each industry are ranked each year and the composition of those firms within the industry can change annually.Further research may take one of two lines. First, there could be a study of whether stock prices respond to CFO magazine’s publication of working cap ital management ratings. Second, there could be a study of which, if any, of the working capital management components relate to share price performance. Given our results, these studies need to take industry membership into consideration when estimating stock price reaction to working capital management performance.第6页（共6页）。
关于营运能力的外文参考文献
关于营运能力的外文参考文献以下是一些关于营运能力的外文参考文献："Operations Management: Sustainability and Supply Chain Management" by Jay Heizer and Barry Render. This book provides a comprehensive overview of operations management, including discussions on sustainability and supply chain management. It covers topics such as facility location, capacity planning, inventory management, and more."Introduction to Operations Research" by Frederick S. Hillier and Gerald J. Lieberman. This textbook introduces the fundamental concepts and techniques of operations research, which are essential for analyzing and improving the efficiency of operational systems. It covers a range of topics including linear programming, network models, simulation, and decision analysis."Operations Management: Processes and Supply Chains" by Lee J. Krajewski, Larry P. Ritzman, and Manoj K. Malhotra. This book offers a broad perspective on operations management, focusing on both manufacturing and service operations. It covers various topics such as process analysis, quality management, lean operations, and supply chain management."Managing Operations: A Focus on Excellence" by Nigel Slack, Alistair Brandon-Jones, and Robert Johnston. This textbook provides a practical guide to managing operations, emphasizing the importance of achieving excellence in all areas of the business. It covers topics such as strategy, process design, performance measurement, and continuous improvement."Operations Strategy" by Nigel Slack, Stuart Chambers, and Robert Johnston. This book explores the role of operations strategy in creating competitive advantage. It discusses how operations can be aligned with the overall business strategy and how to design and implement effective operations strategies."Supply Chain Management: A Logistics Perspective" by John J. Coyle, Edward J. Bardi, and C. John Langley Jr. This book provides a comprehensive introduction to supply chain management, focusing on the integration of logistics activities across the entire supply chain. It covers topics such as demand forecasting, inventory management, transportation, and warehousing."Operations and Supply Chain Management: The Core" by F. Robert Jacobs and Richard B. Chase. This textbook offers a concise and practical introduction to operations and supply chain management, covering the key concepts and techniques necessary for managing and improving operational performance."Service Operations Management: Improving Service Delivery" by John A. Fitzsimmons and Mona J. Fitzsimmons. This book focuses on the unique challenges and opportunities of managing service operations, providing a practical guide to improving service delivery and enhancing customer satisfaction. It covers topics such as service design, capacity planning, queueing theory, and service recovery."Lean Thinking: Banish Waste and Create Wealth in Your Corporation" by James P. Womackand Daniel T. Jones. This book introduces the concept of lean thinking, which aims to maximize value and minimize waste in all aspects of business operations. It provides practical guidance on how to implement lean principles and tools to improve operational efficiency and profitability."The Goal: A Process of Ongoing Improvement" by Eliyahu M. Goldratt and Jeff Cox. This novel-style business book introduces the Theory of Constraints (TOC), a methodology for identifying and addressing the most significant constraints to achieving a desired goal in an organization. It provides insights into how to improve operational performance by focusing on the key constraints that limit the flow of value through the system.这些书籍涵盖了营运能力的不同方面，包括供应链管理、服务运营管理、精益思维等，可以为您提供更全面的了解和参考。
《运作管理》参考文献
书目中南财经政法大学工商管理学院刘大明1、Jay Heizer，Barry Render：《运作管理》（英文版第6版），清华大学出版社，20012、Richard B. Chase，Nicholas J. Aquilano，F. Robert·Jacobs：《运营管理》（原书第9版，中文版），机械工业出版社，20033、威廉J. 史蒂文森：《运营管理》（原书第8版，中文版），机械工业出版社，20054、Jonh O. McClain, L. Joseph Thomas, Joseph B. Mazzola: 《运营管理》（原书第3版，中文版），中国人民大学出版社，20015、Flaherty：《全球运营管理》，清华大学出版社，20036、里茨曼，克拉耶夫斯基（Ritzman，Krajewski）：《运作管理原理》（英文版），中国人民大学出版社，20047、陈荣秋，马士华：《生产运作管理》,机械工业出版社，20048、沃尔斯特：《库存控制与管理》，机械工业出版社，20059、Wallace J. Hopp/Mark L. Spearman：《工厂物理学：制造企业管理基础》（英文第二版），清华大学出版社，200210、Wiendahl, Hans-Peter：《面向负荷的生产控制：理论基础、方法与实践》，清华大学出版社，199911、今井正明：《现场改进：低成本管理方法》，机械工业出版社，2000.112、Richard Metters, Kathryn King-Metters, Madeleine Pullman:《服务运营管理》，清华大学出版社，200413、菲茨西蒙斯等：《服务管理》（原书第3版），机械工业出版社，200314、Ravi Anupindi, Sunil Chora：《企业流程管理》，清华大学出版社，200315、恩纽平迪，乔普瑞等（Anupidi，Chopra）：《商业流程管理》（英文版），中国人民大学出版社，200416、佩帕德，罗兰：《经营过程重组》，中信出版社，200017、苏米特拉·杜塔，让-弗朗索瓦·曼佐尼：《过程再造、组织变革与绩效改进》，中国人民大学出版社，200118、Sunil Chopra, Peter Meindl: 《供应链管理——战略、规划与运作》（英文版），清华大学出版社，200119、乔普瑞，梅因德尔：《供应链管理：战略、规划与运营》，社会科学文献出版社，200320、辛奇-利维等：《供应链设计与管理：概念、战略与案例研究》，上海远东出版社，200021、道格拉斯·K·麦克贝思等：《开发供应商伙伴关系：供应链一体化方案》，上海远东出版社，200022、鲍尔索克斯等：《供应链物流管理》（中文版），机械工业出版社，200423、Taylor，Brunt：《生产运营与供应链管理：精益方法》，清华大学出版社，200424、夏皮罗：《供应链建模》，中信出版社，200525、利丰研究中心：《供应链管理：香港利丰集团的实践》，中国人民大学出版社，200326、詹姆士·R·斯托克等：《战略物流管理》，中国财政经济出版社，200327、利恩德斯，费伦：《采购与供应管理》（原书第11版），机械工业出版社，麦克劳-希尔教育出版集团，200128、John M. Nicholas：《面向商务和技术的项目管理：原理与实践》（英文第2版），清华大学出版社，200129、弗雷德里克·S·希利尔等：《数据、模型与决策》（原书第2版），中国财政经济出版社，200430、Render and Jr Stair：《面向管理的数量分析》（英文第7版），北京大学出版社，200231、弗登伯格，蒂若尔：《博弈论》，中国人民大学出版社，200232、泰罗：《科学管理原理》，中国社会科学出版社，198433、法约尔：《工业管理与一般管理》，中国社会科学出版社，198234、孔茨等：《哈佛管理论文集》，中国社会科学出版社，198535、鲍德温，克拉克等：《价值链管理》，中国人民大学出版社、哈佛商学院出版社，200136、詹姆斯P. 沃麦克，丹尼尔T. 琼斯，丹尼尔鲁斯：《改变世界的机器》，商务印书馆，199937、詹姆斯P. 沃麦克，丹尼尔T. 琼斯：《精益思想——消灭浪费，创造财富》，商务印书馆，199938、大野耐一：《丰田生产方式》北京出版社，197939、门田安弘：《新丰田生产方式》河北大学出版社，200140、 B. 约瑟夫派恩二世：《大规模定制：企业竞争的新前沿》，中国人民大学出版社，200041、大卫M. 安德森，B. 约瑟夫派恩二世：《21世纪企业竞争前沿：大规模定制模式下的敏捷产品开发》，机械工业出版社，199942、哈默，钱皮：《改革公司：企业革命的宣言》，上海译文出版社，199843、波特：《竞争优势》，华夏出版社，199744、波特：《竞争战略》，华夏出版社，199745、坎倍尔（Campbell,Andrew）等编：《核心能力战略：以核心竞争力为基础的战略》，东北财经大学出版社，199946、戈德曼，内格尔，普瑞斯：《灵捷竞争者与虚拟组织：丰富顾客价值的战略》，辽宁教育出版社，199847、克劳斯比：《完美无缺》，生活、读书、新知三联书店，199148、高德拉特，科克斯：《目标：简单而有效的常识管理》，上海三联书店，199949、库金斯：《作业成本管理：成本会计制度的创新》，辽宁人民出版社，200050、亨利·福特：《亨利·福特全集》（1）（2）（3），改革出版社，199851、盖茨：《未来之路》，北京大学出版社，199652、科索马罗，塞尔比：《微软的秘密》，北京大学出版社，199653、虞有澄：《我看英特尔—华裔副总裁的现身说法》，生活、读书、新知三联书店，199554、迈克尔，戴尔：《戴尔战略》，上海远东出版社，199955、杰克·韦尔奇，约翰·拜恩：《杰克·韦尔奇自传》，中信出版社，200156、郭士纳：《谁说大象不能跳舞？IBM董事长郭士纳自传》，中信出版社，200357、弗莱伯格：《我为伊狂：美国西南航空公司为什么能成功》，中国社会科学出版社，200558、哈默尔：《沃尔玛王朝：从优秀到卓越的经营之道》，天津科技出版社，200459、彼得S. 潘德等《6σ管理法：摩托罗拉、通用电气的优秀质量管理法》，机械工业出版社，200160、姜汝祥：《差距：中国一流企业离世界一流企业有多远》，机械工业出版社，2004。
物流管理专业外文翻译外文文献英文文献
物流管理专业外文翻译外文文献英文文献附录英文资料原文:From the perspective of modern logistics systems, storage is an important part of logistics is the logistics system, distribution center, hoping for effective logistics warehouse here, scientific management and control, so that the logistics system more smoothly, more reasonable to run. In this paper, the importance of starting from the warehouse, combining theory and practice, through an enterprise storage andlogistics activities in the "space" and "cargo space" to analyze how the activities in the warehouse through the "space" and "cargo space "management to improve storage efficiency, reduce storage costs.Case Background: Photoelectric Technology Co., Ltd. of a storage management. A Photoelectric Technology Co., Ltd. located in Guangdong Huizhou Jinyuan Industrial Zone, which was established in 1998, is a professional lighting devices and electrical equipment manufacturers, it is the industry's leading enterprises. With excellent product quality, excellent service, the access to the customer's extensive approval and praise. In order to adapt to the new form of strategic development needs, the Company's existing network of integrated customer relationship, across the country set up the 35 operations centers, improve the company's supply chain, logistics, warehousing and distribution systems and customer service system. The company is headquartered Total finishedgoods warehouse 3, namely a set of finished products warehouse, finished products and finished second group of three storage warehouses. They are based on different types of products in different product sub-warehouses: one product a warehouse on the first floor is to facilitate the shipment into, so it is relatively types of goods stored there are more point, such as lamp, lamp panel and so on. And all of the export goods are stored in a group. Finished second group is mainly warehouse track lights, metal halide lamp, T4 lamp, T5 lamp and light. The company's several light sources are stored in the warehouse two groups finished. Three major stored product warehouse specific grid lamps, ceiling lamps, track lights, and some other companies products.1 An analysis of warehouse storage spaceWarehouse storage system's main elements include storage space, goods, personnel and equipment and other factors. Storage is the storage of the core functions and key links, storage area plan is reasonable or not directly affect the operational efficiency of warehouse and storage capacity. Therefore, the effective use of storage space as warehouse management is one important factor of good or bad. The company'sproducts sell well. Frequency of a large warehouse storage, goods flow also great. The company's warehouse space layout is stored on theshelves of goods, three-dimensional space utilization is not high, sohe's warehouse is not very high degree of mechanization, storage, only forklifts, including hand trucks and electric forklift. Warehouse operation methods, generally with a forklift, rarely manpower for thereceipt of goods, which are materials used to send and receive cards, every time shipping and receiving cards will be done in the send and receive registration materials, so we usually check very convenient goods such as some of the follow-up results from the present work seems to still relatively high efficiency, operation is quite easy. So the whole way of operating the company's warehouse is quite reasonable. The warehouse usually because the storage space is often not enough and the goods stored in the work space position. Particularly in the sales season, the warehouse storage products especially crowded, working up inside people feel a little depressedfeeling. So not very reasonable storage operating environment. The warehouse, data storage costs a statistical look fairly reasonable, because it costs very little equipment, fixed storage cost is not very high, while the storage cost is the cost of the class structure, so storage costs are therefore not very high.Storage warehouse for storage of goods that is as functional space.Storage space = potential use of physical space + space + space + operations useless space. Physical space, which means the goods were in fact occupied the space. The company's warehouse, its physical space accounted for 75% of the warehouse; the potential use of space accounted for 10%; work space and accounts for about 10% as the company's warehouse mechanization is not high, so a small point of space does not work What effect, its security is also essential to meet the requirements intermittent; his useless space accounted for about 5%. Onthe whole, the warehouse space utilization is high, there is a little crowded phenomenon. Analysis: the relative reduction should be the use of some physical space to increase the number of intermittent operations such as space, safety of space use. In addition, space and vertical space from the plane of view, the level of space has been put to good use, but the use of vertical space is not high, it can be considered top shelf, or high-level automatic three-dimensional shelf, to make better use of vertical space.2 rack management analysisRack management refers to the goods into warehouse, on the goods handling, how to put, place, etc. where a reasonable and effective planning and management. The disposal of goods, how to place, mainly by the strategic decision taken by the storage of goods of a specific storage location, will have to combine the principles of location assignment related to the decision. The company's warehouse storage rack management approach is used in positioning guidelines to follow. Positioning refers to each type of storage or storage of goods are fixed for each cargo space, cargo space of goods can not be interoperable. Therefore, when planning cargo space, cargo space for each volume of goods shall not be less than the possible maximum amount in the bank. However, in actual operation, the positioning of different storage conditions generally done in accordance with appropriate adjustments, it will make changes based on the actual situation. Cargo space in the warehouse management in the work by the staff of the company, combiningtheory with practice, carried out positioning, fixed-point, quantitative management principles, therefore, Ta cargo-bit capability is not Quanbu Anzhaozuida conducted in the library volume positioning, as the company's products belong to relatively large seasonal variations in the product, if the maximum amount set in the library space utilization will fall to the warehouse, so wastage of resources.- As all the libraries in the digital warehouse are stored with the principles of positioning, in accordance with the current situation of the company's warehouse, all use the principle of positioning is not very reasonable storage should be in accordance with the different characteristics of products and storage requirements, the product classification For important product, a small number of products used variety store positioning. And because almost all of the company's products feature the same features they are not mutually exclusive, this product features from the point of view is they could be put together randomly.In addition, the company's warehouse management, distribution of cargo spaces You are also a number of principles: (1) FIFO principle, Ji is the ancestor of goods, first-out library library principles, the principles generally applicable to a short life cycle of goods. (2) the principle of facing channel, referring to the goods of the mark, name the face of passageways so that theoperator can easily simple identification, it allows the retentionof goods, access to easy and efficient manner, which is to the warehouseto be fluent in the basic principles of operation. (3) weight characteristics of the principle, meaning that according to the weight of different goods to determine the level of goods in the storage location of places. In general, the weight should be kept on the ground or the lower shelf position, light goods were kept in the upper shelf location. In the case of manual handling operations carried out when the people of waist height for the custody of heavy or large items, while above the waist height of the light used to keep the goods or small items. This principle, the use of the safety and shelf manual handling operations have great significance. According to this principle, the company's warehouse stocking on the use of the fruit picking type. In this way, the storage requirements of the company's present situation is very reasonable, but also for staff is also very convenient.In the specific cargo space management process, we can see that the above description: they still use more modern management methods and principles. These methods and principles. For most of the moretraditional business management for storage or a more scientific and reasonable. Of course, in the management of the process there will be issues, such as operation in practice, some operators do not pay attention, not careful, careless also makes some of the principles of our implementation is not good enough. In the company's product sales, and warehouse management appears cargo space confusion, some products will be stored in the operating channel and the secure channel, so that is not conducive to our operations, warehouse operations particularlyaffect the safety of personnel, there are security risks. Because these problems often are especially prominent when the season, so these problems, the author suggested that some of the goods stored in the open yard, but the time to do well in the storage protection. 3 proposed ABC Classified Management ApplicationsTo conduct an effective inventory management and control, we mustfirst sort of inventory, only then can we better manage the goods and control. Therefore, I analyzed that in the original storage facilities under the same conditions, using ABC classification of goods for the implementation and management. This can effectively use the original storage space and cargo space. Through the analysis of goods to identify the primary and secondary, classification queue. According to Barrett curve reveals the "critical few and minor majority" rule should be applied in the management. Therefore, in accordance with product value, sales, shortage cost, or order in advance of other indicators toclassify the product. A class of products which are the highest value of inventory, general inventory of its total inventory of 15%, while the value of it is accounted for 70% ~ 80%; B products are middle of the stock value of these species 30% of the total inventory value of the total value of 15% to 25%; while the C class product is the value of the bottom of the inventory, its value is only 5% of the total value, but it accounts for the total inventory stocks 55%. Storage can be classified by goods and different products for each type of different management strategies developed to implement different control measures. In themanagement process, the products for A to require warehousing products are all everyday to inspect and inventory, the operation should be careful, can significantly embodiment up such products other products Butong between, were the focus of management; on B products, managed by sub-key can be 2 to 3 days to inspect and inventory. At the same time,do not neglect the management of products on the C, C products every week to conduct an inspection and inventory.We know from the analysis, storage operations, "space", "cargo space" and its scientific and rational management is an important partof warehouse management, warehousing costs alsoaffect the cost of important factors. Through practical examples of some of the storagemanagement problem analysis and research, through analysis and study of these issues, so wehave deeper storage management to understand, storage has its own management principles, weshould abide by and seriously the implementation of these principles. When in use thecombination of theory and practice, so that our warehouse and our theory more in tune with theactual operation. Only the combination of theory and practice to our knowledge to the limits.中文译文从现代物流系统观点来看,仓储是物流的一个重要环节,是物流系统的调运中心,希望在仓储这里对物流进行有效、科学地管理与控制,使物流系统更顺畅、更合理地运行。
营运资金管理外文文献翻译
文献出处:Enqvist, Julius, Michael Graham, and Jussi Nikkinen. "The impact of working capital management on firm profitability in different business cycles: evidence from Finland." Research in International Business and Finance 32 (2014): 36-49.原文The impact of working capital management on firm profitability in different business cycles: Evidence from Finland1. IntroductionThis paper investigates the effect of the business cycle on the link between working capital, the difference between current assets and current liabilities, and corporate performance. Efficient working capital management is recognized as an important aspect of financial management practices in all organizational forms. In acknowledgement of this importance, the CFO Magazine publishes an annual study of corporate working capital management performance in many countries. The extensive literature indicates that it impacts directly on corporate liquidity ( Kim et al., 1998 and Opler et al., 1999), profitability (e.g., Shin and Soenen, 1998, Deloof, 2003, Lazaridis and Tryfonidis, 2006 and Ukaegbu, 2014), and solvency (e.g.,Berryman, 1983 and Peel and Wilson, 1994).It is reasonable to assume that economy-wide fluctuations exogenous to the operations of the firm play an important role in the demand for firms’ products and any financing decision. Korajczyk and Levy (2003), for instance, suggest that firms time debt issuance based on economic conditions. Also, given that retained earnings are a significant component of working capital, business cycles can be said to affect all enterprises financing source through its effect on economic growth and sales. For example, when company sales weaken it engenders earning declines, thereby, affecting an important source of working capital. The recent global economic downturn with crimping consumer demand is an excellent example of this. The crisis,characterized by plummeting sales, put a squeeze on corporate revenues and profit margins, and subsequently, working capital requirements. This has brought renewed focus on working capital management at companies all over the world.The literature on working capital, however, only includes a handful of studies examining the impact of the business cycle on working capital. An early study by Merville and Tavis (1973) examined the relationship between firm working capital policies and business cycle. More recent studies have investigated the degree to which firms’ reliance on bank borrowing to finance working capital is cyclical (Einarsson and Marquis, 2001), the significance of firms’ external dependence for financing needs on the link between industry growth and business the cycle in the short term (Braun and Larrain, 2005), and the influence of business indicators on the determinants of working capital management (Chiou et al., 2006). These studies have independently linked working capital to corporate profitability and the business cycle. No study, to the best of our knowledge, has examined the simultaneous working capital–profitability and business cycle effects. There is therefore a substantial gap in the literature which this paper seeks to fill. Firms may have an optimal level of working capital that maximizes their value. However, optimal levels may change to reflect business conditions. Consequently, we contribute to the literature by re-examining the relationship between working capital management and corporate profitability by investigating the role business cycle plays in this relationship.We investigate this important relationship using a sample of firms listed on the Helsinki Stock Exchange and an extended study period of 18 years, between 1990 and 2008. Finnish firms tend to react strongly to changes in the business cycle, a characteristic that can be observed from the volatility of the Nasdaq OMX Helsinki stock index. The index usually declines quickly in poor economic states, but also makes fast recoveries. Finland, therefore, presents an excellent representative example of how the working capital–profitability relationship may change in different economic states. The choice of Finland is also significant as it also offers a representative Nordic perspective of this important working capital–profitability relationship. Hitherto no academic study has examined the workingcapital–profitability relationship in the Nordic region, to the best of our knowledge. Surveys on working capital management in the Nordic region carried out by Danske Bank and Ernst & Young in 2009 show, however, that many companies rated their working capital management performance as average, with a growing focus on optimizing working capital in the future. The surveys are, however, silent on how this average performance affected profitability. This gives further impetus for our study.Our results point to a number of interesting findings. First, we find that firms can enhance their profitability by increasing working capital efficiency. This is a significant result because many Nordic firms find it hard to turn good policy intentions on working capital management into reality (Ernst and Young, 2009). Economically, firms may gain by paying increasing attention to efficient working capital practices. Our empirical finding, therefore, should motivate firms to implement new work processes as a matter of necessity. We also found that working capital management is relatively more important in low economic states than in the economic boom state, implying working capital management should be included in firms’ financial planning. This finding corroborates evidence from the survey results in the Nordic region. Specifically, the survey results by Ernst and Young (2009) indicate that the largest potential for improvement in working capital could be found within the optimization of internal processes. This suggests that this area is not prioritized in times of business growth which is typical of the general economic expansion periods and is exposed in economic downturns.The remainder of this paper is organized as follows: Section 2 presents a brief review of the literature presents the hypotheses for empirical testing. Sections 3 and 4 discuss data and models to be estimated. The empirical results are presented in Section 5 and Section 6 concludes.2. Related literature and hypotheses2.1. Literature reviewMany firms have invested significant amounts in working capital and a number of studies have examined the determinants of this investment. For example Kim et al. (1998) and Opler et al. (1999), Chiou et al. (2006) and D’Mello et al. (2008) find thatthe availability of external financing is a determinant of liquidity. Thus restricted access to capital markets requires firms to hold larger cash reserves. Other studies show that firms with weaker corporate governance structures hold smaller cash reserves (Harford et al., 2008). Furthermore firms with excess cash holding as well as weak shareholder rights undertake more acquisitions. However there is a higher likelihood of value-decreasing acquisitions (Harford, 1999). Kieschnick and Laplante (2012) provide evidence linking working capital management to shareholder wealth. They find that the incremental dollar invested in net operating capital is less valuable than the incremental dollar held in cash for the average firm. The findings reported in the paper further suggest that the valuation of the incremental dollar invested in net operating working is significantly influenced by a firm's future sales expectations, its debt load, its financial constraints, and its bankruptcy risk. Further the value of the incremental dollar extended in credit to one's customers has a greater effect on shareholder wealth than the incremental dollar invested in inventories for the average firm. Taken together the results indicate the significance of working capital management to the firm's residual claimants, and how financing impacts these effects.A thin thread of the literature links business cycles to working capital. In a theoretical model, Merville and Tavis (1973) posit that investment and financing decisions relating to working capital should be made in chorus as components of each impact on the optimal policies of the others. The optimal working capital policy of the firm is, therefore, made within a systems context, components of which are related spatially over time in a chance-constrained format. Uncertainty in the wider business environment directly affects the system. For example, short run demand fluctuations disrupt anticipated incoming cash flows, and the collection of receivables faces increased uncertainty. The model provides a structure enabling corporate managers to solve complex inventory and credit policies for short term financial planning.In an empirical study, Einarsson and Marquis (2001) find that the degree to which companies rely on bank financing to cover their working capital requirements in the U.S. is countercyclical; it increases as the state of the economy weakens. Furthermore, Braun and Larrain (2005) find that high working capital requirementsar e a key determinant of a business’ dependence on external financing. They show that firms that are highly dependent on external financing are more affected by recessions, and should take more precautions in preparing for declines in the economic environment, including ensuring a secure level of working capital reserves during times of crisis. Additionally, Chiou et al. (2006) recognize the importance of the state of the economy and includes business indicators in their study of working capital determinants. They find a positive relationship between business indicator and working capital requirements.The relationship between profitability and working capital management in various markets has also attracted intense interest. In a comprehensive study, Shin and Soenen (1998) document a strong inverse relationship between working capital efficiency and profitability across U.S. industries. This inverse relationship is supported by Deloof (2003), Lazaridis and Tryfonidis (2006), and Garcia-Teruel and Martinez-Solano (2007)for Belgian non-financial firms, Greek listed firms, and Spanish small and medium size enterprises (SME), respectively. There are, however, significant divergences in the results relating to the effect of the various components of working capital on profitability. For example, whereas Deloof (2003) find a negative and statistically significant relationship between account payable and profitability, Garcia-Teruel and Martinez-Solano (2007) find no such measurable influences in a sample of Spanish SMEs.2.2. Hypotheses developmentThe cash conversion cycle (CCC), a useful and comprehensive measure of working capital management, has been widely used in the literature (see for example Deloof, 2003 and Gill et al., 2010). The CCC, measured in days, is the length of time between a company's expenditure for the procurement of raw materials and the collection of sales of finished goods. We adopt this as our measure of working capital management in this study. Previous studies have established a link between profitability and the CCC in different countries and market segments.Efficient working capital management practices aims to shorten the CCC to optimize to levels that best suites the requirements of the specific company (Hager,1976). A short CCC indicates quick collection of receivables and delays in payments to suppliers. This is associated with profitability given that it improves corporate efficiency in its use of working capital. Deloof (2003), however, posits that low inventory levels, tight trade credit policies and utilizing obtained trade credit as a means of financing can increase risks of inventory stock-outs, decrease sales stimulants and increase accounts payable costs by forgoing given cash discounts. Managers must, therefore, always consider the tradeoff between liquidity and profitability when managing working capital. A faster rise in the cost of higher investment in working capital relative to the benefits of holding more inventories and/or granting trade credit to customers may lead to decrease in corporate profitability. Deloof (2003), Wang (2002), Lazaridis and Tryfonidis (2006), and Gill et al. (2010) all propose a negative relationship between the cash conversion cycle and corporate profitability. Following this, we propose a general hypothesis stating the expected negative relationship between the cash conversion cycle and corporate profitability:6. ConclusionsWorking capital, the difference between current assets and current liabilities, is used to fund a business’ daily operations due to t he time lag between buying raw materials for production and receiving funds from the sale of the final product. With vast amounts invested in working capital, it can be expected that the management of these assets would significantly affect the profitability of a company. Consequently, companies strive to achieve optimize levels of working capital by paying bills as late as possible, turning over inventories quickly, and collecting on account receivables quickly. The optimal level, though, may vary to reflect business conditions. This study examines the role business cycle plays in the working capital-corporate profitability relationship using a sample of Finnish listed companies from years 1990 to 2008.We utilize the cash conversion cycle (CCC), defined as the length of time between a company's expenditure for the procurement of raw materials and the collection of sales of finished goods, as our measure of working capital. We further make use of 2 measures of profitability, return on assets and gross operating income.We document a negative relationship between cash conversion cycle and corporate profitability. Our results also show that companies can achieve higher profitability levels by managing inventories efficiently and lowering accounts receivable collection times. Furthermore shorter account payable cycles enhance corporate profitability. These results, which largely mirror findings from other countries, indicate effective management of firm's total working capital as well as its individual components has a significant effect on corporate profitability levels.Our results also show that economic conditions exhibit measurable influences on the working capital-profitability relationship. The low economic state is generally found to have negative effects on corporate profitability. In particular, we find that the impact of efficient working capital (CCC) on operational profitability increases in economic downturns. We also find that the impact of efficient inventory management and accounts receivables conversion periods, subsets of CCC, on profitability increase in economic downturns.Overall the results indicate that investing in working capital processes and incorporating working capital efficiency into everyday routines is essential for corporate profitability. As a result, firms should include working capital management in their financial planning processes. Additionally, firms generate income and employment. The reduced demand in economic downturns depletes working capital of firms and threatens their stability and, implicitly, their important function as generators of employment and income. National economic policy aimed at boosting cash flows of firms may increase business ability to finance working capital internally, especially during economic down turns.译文营运资金管理对不同商业周期公司盈利能力的影响：证据来自芬兰1.引言本文研究商业周期与营运资本两者之间的联系,流动资产和流动负债之间的区别,以及公司业绩问题。
企业营运资金管理中英文对照外文翻译文献
中英文对照外文翻译文献(文档含英文原文和中文翻译)原文：Effects Of Working Capital Management On Sme ProfitabilityThe corporate finance literature has traditionally focused on the study of long-term financial decisions. Researchers have particularly offered studies analyzing investments, capital structure, dividends or company valuation, among other topics. But the investment that firms make in short-term assets, and the resources used with maturities of under one year, represent the main share of items on a firm’s balance sheet. In fact, in our sample the current assets of small and medium-sized Spanish firms represent 69.48 percent of their assets, and at the same time their current liabilities represent more than 52.82 percent of their liabilities.Working capital management is important because of its effects on the firm’s profitability and risk, and consequently its value (Smith, 1980). On the one hand, maintaining high inventory levels reduces the cost of possible interruptions in the production process, or of loss of business due to the scarcity of products, reducessupply costs, and protects against price fluctuations, among other advantages (Blinder and Manccini, 1991). On the other, granting trade credit favors the firm’s sales in various ways. Trade credit can act as an effective price cut (Brennan, Maksimovic and Zechner,1988; Petersen and Rajan, 1997), incentivizes customers to acquire merchandise at times of low demand (Emery, 1987), allows customers to check that the merchandise they receive is as agreed (quantity and quality) and to ensure that the services contracted are carried out (Smith, 1987), and helps firms to strengthen long-term relationships with their customers (Ng, Smith and Smith, 1999). However, firms that invest heavily in inventory and trade credit can suffer reduced profitability. Thus,the greater the investment in current assets, the lower the risk, but also the lower the profitability obtained.On the other hand, trade credit is a spontaneous source of financing that reduces the amount required to finance the sums tied up in the inventory and customer accounts. But we should bear in mind that financing from suppliers can have a very high implicit cost if early payment discounts are available. In fact the opportunity cost may exceed 20 percent, depending on the discount percentage and the discount period granted (Wilner,2000; Ng, Smith and Smith, 1999). In this respect, previous studies have analyzed the high cost of trade credit, and find that firms finance themselves with seller credit when they do not have other more economic sources of financing available (Petersen and Rajan, 1994 and 1997).Decisions about how much to invest in the customer and inventory accounts, and how much credit to accept from suppliers, are reflected in the firm’s cash conve rsion cycle, which represents the average number of days between the date when the firm must start paying its suppliers and the date when it begins to collect payments from its customers. Some previous studies have used this measure to analyze whether shortening the cash conversion cycle has positive or negative effects on the firm’s profitability.Specifically, Shin and Soenen (1998) analyze the relation between the cash conversion cycle and profitability for a sample of firms listed on the US stock exchange during the period 1974-1994. Their results show that reducing the cash conversion cycle to a reasonable extent increases firms’ profitability. More recently,Deloof (2003) analyzes a sample of large Belgian firms during the period 1992-1996. His results confirm that Belgian firms can improve their profitability by reducing the number of days accounts receivable are outstanding and reducing inventories. Moreover, he finds that less profitable firms wait longer to pay their bills.These previous studies have focused their analysis on larger firms. However, the management of current assets and liabilities is particularly important in the case of small and medium-sized companies. Most of these companies’ assets are in the form of current assets. Also, current liabilities are one of their main sources of external finance in view of their difficulties in obtaining funding in the long-term capital markets(Petersen and Rajan, 1997) and the financing constraints that they face (Whited, 1992; Fazzari and Petersen, 1993). In this respect, Elliehausen and Woken (1993), Petersen and Rajan (1997) and Danielson and Scott (2000) show that small and medium-sized US firms use vendor financing when they have run out of debt. Thus, efficient working capital management is particularly important for smaller companies (Peel and Wilson,1996).In this context, the objective of the current work is to provide empirical evidence about the effects of working capital management on profitability for a panel made up of 8,872 SMEs during the period 1996-2002. This work contributes to the literature in two ways. First, no previous such evidence exists for the case of SMEs. We use a sample of Spanish SMEs that operate within the so-called continental model, which is characterized by its less developed capital markets (La Porta, López-de-Silanes, Shleifer, and Vishny, 1997), and by the fact that most resources are channeled through financial intermediaries (Pampillón, 2000). All this suggests that Spanish SMEs have fewer alternative sources of external finance available, which makes them more dependent on short-term finance in general, and on trade credit in particular. As Demirguc-Kunt and Maksimovic (2002) suggest, firms operating in countries with more developed banking systems grant more trade credit to their customers, and at the same time they receive more finance from their own suppliers. The second contribution is that, unlike the previous studies by Shin and Soenen (1998) and Deloof (2003), in the current work we have conducted tests robust to the possible presence ofendogeneity problems. The aim is to ensure that the relationships found in the analysis carried out are due to the effects of the cash conversion cycle on corporate profitability and not vice versa.Our findings suggest that managers can create value by reducing their firm’s number of days accounts receivable and inventories. Similarly, shortening the cash conversion cycle also improves the firm’s profitability.We obtained the data used in this study from the AMADEUS database. This database was developed by Bureau van Dijk, and contains financial and economic data on European companies.The sample comprises small and medium-sized firms from Spain. The selection of SMEs was carried out according to the requirements established by the European Commission’s recommendation 96/280/CE of 3 April, 1996, on the definition of small and medium-sized firms. Specifically, we selected those firms meeting the following criteria for at least three years: a) have fewer than 250 employees; b) turn over less than €40 million; and c) possess less than €27 million of total assets.In addition to the application of those selection criteria, we applied a series of filters. Thus, we eliminated the observations of firms with anomalies in their accounts, such as negative values in their assets, current assets, fixed assets, liabilities, current liabilities, capital, depreciation, or interest paid. We removed observations of entry items from the balance sheet and profit and loss account exhibiting signs that were contrary to reasonable expectations. Finally, we eliminated 1 percent of the extreme values presented by several variables. As a result of applying these filters, we ended up with a sample of 38,464 observations.In order to introduce the effect of the economic cycle on the levels invested in working capital, we obtained information about the annual GDP growth in Spain from Eurostat.In order to analyze the effects of working capital management on the firm’s profitability, we used the return on assets (ROA) as the dependent variable. We defined this variable as the ratio of earnings before interest and tax to assets.With regards to the independent variables, we measured working capitalmanagement by using the number of days accounts receivable, number of days of inventory and number of days accounts payable. In this respect, number of days accounts receivable (AR) is calculated as 365 ×[accounts receivable/sales]. This variable represents the average number of days that the firm takes to collect payments from its customers. The higher the value, the higher its investment in accounts receivable.We calculated the number of days of inventory (INV) as 365 ×[inventories/purchases]. This variable reflects the average number of days of stock held by the firm. Longer storage times represent a greater investment in inventory for a particular level of operations.The number of days accounts payable (AP) reflects the average time it takes firms to pay their suppliers. We calculated this as 365 × [accounts payable/purchases]. The higher the value, the longer firms take to settle their payment commitments to their suppliers.Considering these three periods jointly, we estimated the cash conversion cycle(CCC). This variable is calculated as the number of days accounts receivable plus thenumber of days of inventory minus the number of days accounts payable. The longerthe cash conversion cycle, the greater the net investment in current assets, and hence the greater the need for financing of current assets.Together with these variables, we introduced as control variables the size of the firm, the growth in its sales, and its leverage. We measured the size (SIZE) as the logarithm of assets, the sales growth (SGROW) as (Sales1 –Sales0)/Sales0, the leverage(DEBT) as the ratio of debt to liabilities. Dellof (2003) in his study of large Belgian firms also considered the ratio of fixed financial assets to total assets as a control variable. For some firms in his study such assets are a significant part of total assets.However our study focuses on SMEs whose fixed financial assets are less important. In fact, companies in our sample invest little in fixed financial assets (a mean of 3.92 percent, but a median of 0.05 percent). Nevertheless, the results remain unaltered whenwe include this variable.Furthermore, and since good economic conditions tend to be reflected in a firm’sprofitability, we controlled for the evolution of the economic cycle using the variable GDPGR, which measures the annual GDP growth.Current assets and liabilities have a series of distinct characteristics according to the sector of activity in which the firm operates. Thus, Table I reports the return on assets and number of days accounts receivable, days of inventory, and days accounts payable by sector of activity. The mining industry and services sector are the two sectors with the highest return on their assets, with a value of 10 percent. Firms that are dedicated to agriculture, trade (wholesale or retail), transport and public services, are some way behind at 7 percent.With regard to the average periods by sector, we find, as we would expect, that the firms dedicated to the retail trade, with an average period of 38 days, take least time to collect payments from their customers. Construction sector firms grant their customers the longest period in which to pay –more than 145 days. Next, we find mining sector firms, with a number of days accounts receivable of 116 days. We also find that inventory is stored longest in agriculture, while stocks are stored least in the transport and public services sector. In relation to the number of days accounts payable, retailers (56 days) followed by wholesalers (77 days) pay their suppliers earliest. Firms are much slower in the construction and mining sectors, taking more than 140 days on average to pay their suppliers. However, as we have mentioned, these firms also grant their own customers the most time to pay them. Considering all the average periods together, we note that the cash conversion cycle is negative in only one sector – that of transport and public services. This is explained by the short storage times habitual in this sector. In this respect, agricultural and manufacturing firms take the longest time to generate cash (95 and 96 days, respectively), and hence need the most resources to finance their operational funding requirements.Table II offers descriptive statistics about the variables used for the sample as a whole. These are generally small firms, with mean assets of more than €6 milli on; their return on assets is around 8 percent; their number of days accounts receivable is around 96 days; and their number of days accounts payable is very similar: around 97 days. Together with this, the sample firms have seen their sales grow by almost 13percent annually on average, and 24.74 percent of their liabilities is taken up by debt. In the period analyzed (1996-2002) the GDP has grown at an average rate of 3.66 percent in Spain.Source: Pedro Juan García-Teruel and Pedro Martínez-Solano ,2006.“Effects of Working Capital Management on SME Profitability” .International Journal of Managerial Finance ,vol. 3, issue 2, April,pages 164-167.译文：营运资金管理对中小企业的盈利能力的影响公司理财著作历来把注意力集中在了长期财务决策研究，研究者详细的提供了投资决策分析、资本结构、股利分配或公司估值等主题的研究，但是企业投资形成的短期资产和以一年内到期方式使用的资源，表现为公司资产负债表的有关下昂目的主要部分。
营运能力分析外文文献
营运能力分析外文文献经营能力分析一直是企业管理中至关重要的一个方面。
随着全球商业环境的日趋竞争激烈，了解企业的运营能力对于制定战略和决策至关重要。
本文将探讨几篇关于营运能力分析的外文文献，以了解不同研究者对这一领域的见解和研究成果。
1. 文献一：Operations Capability and Performance: Evidence from the Electronics Industry Supply Chain（运营能力与绩效：以电子行业供应链为例）这篇文献的主要研究对象是电子行业供应链中的运营能力与绩效之间的关系。
研究者通过收集大量的数据，对电子行业中的供应链企业进行了实地调研和分析。
他们发现运营能力在提高企业绩效和竞争力方面起着至关重要的作用。
文献中详细介绍了不同企业在运营能力方面的差异，以及这些差异如何影响企业的绩效。
2. 文献二：Examining Operations Capabilities in Supply Chain Management Context（从供应链管理角度审视运营能力）这篇文献的研究重点是供应链管理中的运营能力。
研究者以供应链为背景，通过实地观察和访谈企业，分析了运营能力的构成和影响因素。
他们认为供应链中的运营能力需要综合考虑企业的管理、流程、技术和团队等方面的因素。
文献中提供了一个运营能力评估模型，并应用于实际案例，证实了该模型的有效性和可行性。
3. 文献三：Assessing Operations Capabilities in Retail Operations: Empirical Evidence（在零售业务中评估运营能力：经验证据）这篇文献的研究对象是零售业务中的运营能力。
研究者通过实地调研和数据收集，分析了不同零售企业的运营能力，并与它们的绩效进行了比较。
文献中提供了一种综合评估指标来衡量运营能力，并总结了与高绩效零售企业相关的关键运营能力要素。
营运能力的分析外文中英文翻译
营运能力的分析外文中英文翻译外文翻译原文 Operation ability analysis Material Source: China＇s securities nets 05/17/2020 Author:Techever Operation ability fully utilize existing resources to create social wealth ability, can be used to evaluate the enterprise to its own resources utilization and operating activities ability. Its essence is to as few as possible resources occupation short turnover time, produce as many products, create as many sales revenue, and to achieve this goal, we must improve enterprise＇s operation ability level. Operation ability is the assets of the enterprise turnaround to measure the efficiency of the utilization of assets enterprises. The index reflects assets turnover rate have inventory turnover, liquid assets turnover rate, total asset turnover. The faster turnaround speed, it shows that the enterprise of assets into business links, forming the faster the cycle of revenue and profit more short, business efficiency is higher. Operation ability refers to the enterprise asset turnover operation ability, usually can use total asset turnover, fixedasset turnover, flow asset turnover, inventory turnover and accounts receivable turnover these five financial ratios to enterprises＇ operating capacity for layered analysis. Operation ability analysis can help investors understand enterprise business conditions and operating management level. With our su ning electric equipment (BBS) (market, for example, 002024) to introduce how to enterprise＇s investors operating capability analysis. Total asset turnover is to show enterprise sales income and total assets of the ratio of average balance. Suning 2020 sales revenue for 91.1 billion yuan, average total assets of 14 million yuan; 2020 sales income increased to 160.4 billion yuan, the average total assets is increased by 2.3 times, reached 31.9 million yuan. Due to the growing rate of total assets than the sales income increase, total asset turnover down to 5 by lead. The rate of decline in 2020 with suning opened the new mass are directly related. In order to complete the “national cloth nets“ thestrategic pattern, suning in 2020 at 65, a new store new landed 20 cities, and the original logistics, service system of radiation radius is limited, so su ning to makes lots of management platform, in order to support the construction of the urbanconstruction in the same after other stores of logistics and management. This makes su ning expansion strategy initial cost of relatively high. Current assets turnover is enterprise＇s sales income and liquidity ratio of average balance. Through this ratio analysis, we can further understanding of enterprise in the short term operation ability changes. From statements that su ning 2020 sales income nearly 1.6 billion yuan, growth rate, while the average flow rate reached more than doubled assets. The liquidity didn＇t bring the same margin large increase of sales income growth, so current assets turnover in 2020 7.36 dropped by the 2020 5.61, explain the efficiency in the use of su ning liquid assets declined. Fixed asset turnover is mainly used for analysis of fixed assets such as factory buildings, equipment, the ratio of the utilization efficiency of the higher and higher, explain utilization, management level, the better. If the fixed asset turnover compared with industry average low, then explaining enterprise of fixed assets utilization is low, might affect the enterprise profitability. It reflects enterprise asset utilization degree. Fixed asset turnover ratio = sales revenue/average net value of fixed assets The average net value of fixed assets = (initialequity + final equity) voting 2 Enterprise inside certain period advocate business wu income with average net current assets ratio of total asset utilization, is appraise enterprise another important indexes. It reflects the enterprise liquid assets turnover rate from enterprise all assets, liquidity of the strongest in current assets Angle of enterprise assets utilization efficiency, in order to further analyze the quality of enterprise assets reveals acoustics major factor. Current assets turnover means certain period for a year) (usually the main business income and total migrant assets ratio of the average balance.therefore, can through to inventory turnover and accounts receivable further analysis of flow asset turnover ratio changes. Suning in stock sales primarily, therefore, accounts receivable accounted for only the liquidity, and inventory 50% 4.75%. Inventory turnover refers to enterprises and inventory cost of sales average balance ratio. For real estate industry inventory turnover is a very key indicators, real estate industry is very special. Usually, inventory turnover is the sooner the better, and real estate industry inventory quantity bigger, the slower the turnover that the strength of the company is the more abundant. Other industry＇s inventory turnover for six or seven times a year of general level, in contrast, in the real estate industry a year about a second, if in six or seven times a year inventory turnover for real estate industry as the company is tiny companies, with a powerful real estate stocks, inventory turnover are very low, because must keep a lot of land reserves, land reserve is his inventory, the houses built yet form sales belong to assets range, depend on these achieve sales.Inventory turnover condition can also be expressed with inventory, namely said days once inventory turnover the time required that the shorter days, the faster inventory turnover. Suning 15.05 inventory turnover in 2020 for 2020, this ratio dropped to 10.33. Accordingly, inventory turnover days from 24 days extended to 35 days. Inventory liquidation speed decreased obviously, explain suning sales ability may exist problems down or inventory excess. Accounts receivable turnover refers to the enterprise certain period income and accounts receivable credit average balance ratio. It reflects the company obtained the account receivable from the right to withdraw money, can be converted into cash needed the length of time. Accounts receivable turnover can be used to estimate the accounts receivable convertedspeed and management efficiency. Recovery quickly can save money, also shows that enterprise credit situation is good, not easy loss of bad happened. Generally believe that the higher the turnover of the good.This index measure enterprise accounts receivable into cash speed. Because credit sales income can＇t easily get, in practice used more sales income is calculated alternative credit income. Suning customers is mainly individual consumer to both clear of money and goods, trading on the basis of the account receivable credit income proportion is very small, so the sales income data obtained by receivable turnover is very high. In general, the higher the ratio of enterprises that enterprise collection receivable and the faster, can reduce the loss of bad, and liquidity strong, enterprise＇s short-term solvency will also strengthen, in some extent could compensate for the current ratio low adverse impact. If the enterprise receivables turnover is too low, then explaining enterprise collection receivable inefficient or credit policy very loose, affect the enterprise use of the capital and capital normal turnover. On real estate enterprise operation ability of financial analysis framework can mainly from three aspects: building management ability index, accountsreceivable turnover and working capital turnover rate. In these three respects based on real estate enterprise combining the characteristics, the selection of the appropriate financial index on real estate enterprises＇ operating capability evaluation. This paper puts forward the analysis framework of general applicability, for real estate enterprises and other enterprises in the operation of the managers do provide quantitative basis for decision-making and analysis methods. Through the case analysis can be found that, because the influence of assets turnover rate, total assets yield level but not necessarily advocate business wu income consistent with gross margin. And commercial real estate and industrial real estate, residential real estate than sex where profit margins, so vanke＇s sales income margin increased year by year, but despite highest when still about 41%, but the lujiazui, and the land is provided income can be as high as 80% gross margin, cofco property of materials processing income also can achieve 75% gross margin. From the trend, the incomes of the three companies are in growth state gross margin. But because the operating cash flow is low, the efficiency high profit margins of the lujiazui and cofco real estate but show low on total assets. Three real estate enterpriseoperations in there is a common problem, namely the working capital turnover rate is too slow. Operation ability of the enterprise of the scale of operations and different difference were real estate enterprise can cause inventory turnover rate and working capital turnover rate is different. Residential property turnover rate sex than commercial real estate and industrial real estate, so vanke faster the inventory turnover faster than lujiazui, cofco property because small in scale, the turnover rate close to YuWanKe. But in recent years due to land prices continue to rise, real estate enterprises have been through a lot of store, extend the project development period and so on the way to getting the higher profit margin. Thus the current real estate enterprises in our country there are a large amount of inventory turnover, slow ills. 译文营运能力的分析资料来源：中国证券网 05/17/2020 作者：Techever 营运能力是充分利用现有资源创造社会财富的能力，可以用来评价企业对其拥有资源的利用程度和营运活动能力。
营运管理 外文翻译 外文文献 英文文献 对整个行业中营运资金管理的研究
An Analysis of Working Capital Management Results Across IndustriesGreg Filbeck. Schweser Study ProgramThomas M. Krueger. University of Wisconsin-La Crosse AbstractFirms are able to reduce financing costs and/or increase the funds available for expansion by minimizing the amount of funds tied up in current assets. We provide insights into the performance of surveyed firms across key components of working capital management by using the CFO magazine’s annual Working Capital Management Survey. We discover that significant differences exist between industries in working capital measures across time. In addition. we discover that these measures for working capital change significantly within industries across time.IntroductionThe importance of efficient working capital management is indisputable. Working capital is the difference between resources in cash or readily convertible into cash (Current Assets) and organizational commitments for which cash will soon be required (Current Liabilities). The objective of working capital management is to maintain the optimum balance of each of the working capital components. Business viability relies on the ability to effectively manage receivables. inventory. and payables. Firms are able to reduce financing costs and/or increase the funds available for expansion by minimizing the amount of funds tied up in current assets. Much managerial effort is expended in bringing non-optimal levels of current assets and liabilities back toward optimal levels. An optimal level would be one in which a balance is achieved between risk and efficiency.A recent example of business attempting to maximize working capital management is the recurrent attention being given to the application of Six Sigma® methodology. Six Sigma® methodologies help companies measure and ensure quality in all areas of the enterprise. When used to identify and rectify discrepancies. inefficiencies and erroneous transactions in the financial supply chain. Six Sigma® reduces Days Sales Outstanding (DSO). accelerates the payment cycle. improves customer satisfaction and reduces the necessary amount and cost of working capital needs. There appear to be many success stories. including Jennifer Towne’s (2002) r eport of a 15 percent decrease in days that sales are outstanding. resulting in an increased cash flow of approximately $2 million at Thibodaux Regional Medical Center. Furthermore. bad debts declined from $3.4 million to $600.000. However. Waxer’s (2003) study of multiple firms employing Six Sigma® finds that it is really a “get rich slow” technique with a rate of return hovering in the 1.2 – 4.5 percent range.Even in a business using Six Sigma® methodology. an “optimal” level of working capital management needs to be identified.Even in a business using Six Sigma® methodology. an “optimal” level of working capital management needs to be identified. Industry factors may impact firm credit policy. inventory management. and bill-paying activities. Some firms may be better suited to minimize receivables and inventory. while others maximize payables. Another aspect of “optimal” is the extent to which poor financial results can be tied to sub-optimal performance. Fortunately. these issues are testable with data published by CFO magazine. which claims to be the source of “tools and information for the financial executive.” and are the subject of this research.In addition to providing mean and variance values for the working capital measures and the overall metric. two issues will be addressed in this research. One research question is. “are firms within a particular industry clustered together at consistent levels of working capital measures?” For instance. are firms in one industry able to quickly transfer sales into cash. while firms from another industry tend to have high sales levels for the particular level of inventory . The other research question is. “does working capital management performance for firms within a given industry change from year-to-year?”The following section presents a brief literature review. Next. the research method is described. including some information about the annual Working Capital Management Survey published by CFO magazine. Findings are then presented and conclusions are drawn.Related LiteratureThe importance of working capital management is not new to the finance literature. Over twenty years ago. Largay and Stickney (1980) reported that the then-recent bankruptcy of W.T. Grant. a nationwide chain of department stores. should have been anticipated because the corporation had been running a deficit cash flow from operations for eight of the last ten years of its corporate life. As part of a study of the Fortune 500’s financial management practices. Gilbert and Reichert (1995) find that accounts receivable management models are used in 59 percent of these firms to improve working capital projects. while inventory management models were used in 60 percent of the companies. More recently. Farragher. Kleiman and Sahu (1999) find that 55 percent of firms in the S&P Industrial index complete some form of a cash flow assessment. but did not present insights regarding accounts receivable and inventory management. or the variations of any current asset accounts or liability accounts across industries. Thus. mixed evidence exists concerning the use of working capital management techniques.Theoretical determination of optimal trade credit limits are the subject of many articles over the years (e.g.. Schwartz 1974; Scherr 1996). with scant attention paid to actual accounts receivable management. Across a limitedsample. Weinraub and Visscher (1998) observe a tendency of firms with low levels of current ratios to also have low levels of current liabilities. Simultaneously investigating accounts receivable and payable issues. Hill. Sartoris. and Ferguson (1984) find differences in the way payment dates are defined. Payees define the date of payment as the date payment is received. while payors view payment as the postmark date. Additional WCM insight across firms. industries. and time can add to this body of research.Maness and Zietlow (2002. 51. 496) presents two models of value creation that incorporate effective short-term financial management activities. However. these models are generic models and do not consider unique firm or industry influences. Maness and Zietlow discuss industry influences in a short paragraph that includes the observation that. “An industry a company is located in may have more influence on that company’s fortun es than overall GNP” (2002. 507). In fact. a careful review of this 627-page textbook finds only sporadic information on actual firm levels of WCM dimensions. virtually nothing on industry factors except for some boxed items with titles such as. “Should a Retailer Offer an In-House Credit Card” (128) and nothing on WCM stability over time. This research will attempt to fill this void by investigating patterns related to working capital measures within industries and illustrate differences between industries across time.An extensive survey of library and Internet resources provided very few recent reports about working capital management. The most relevant set of articles was Weisel and Bradley’s (2003) article on cash flow management and one of inventory control as a result of effective supply chain management by Hadley (2004).Research MethodThe CFO RankingsThe first annual CFO Working Capital Survey. a joint project with REL Consultancy Group. was published in the June 1997 issue of CFO (Mintz and Lezere 1997). REL is a London. England-based management consulting firm specializing in working capital issues for its global list of clients. The original survey reports several working capital benchmarks for public companies using data for 1996. Each company is ranked against its peers and also against the entire field of 1.000 companies. REL continues to update the original information on an annual basis.REL uses the “cash flow from operations” value located on firm cash flow statements to estimate cash conversion efficiency (CCE). This value indicates how well a company transforms revenues into cash flow. A “days of working capital” (DWC) value is based on the dollar amount in each of the aggregate. equally-weighted receivables. inventory. and payables ac counts. The “days of working capital” (DNC) represents the time period between purchase of inventory on acccount from vendor until the sale to the customer. the collection of the receivables. and payment receipt. Thus. it reflects the company’s ability to finance its core operations with vendor credit. A detailedinvestigation of WCM is possible because CFO also provides firm and industry values for days sales outstanding (A/R). inventory turnover. and days payables outstanding (A/P).Research FindingsAverage and Annual Working Capital Management Performance Working capital management component definitions and average values for the entire 1996 – 2000 period . Across the nearly 1.000 firms in the survey. cash flow from operations. defined as cash flow from operations divided by sales and referred to as “cash conversion efficiency” (CCE). averages 9.0 percent. Incorporating a 95 percent confidence interval. CCE ranges from 5.6 percent to 12.4 percent. The days working capital (DWC). defined as the sum of receivables and inventories less payables divided by daily sales. averages 51.8 days and is very similar to the days that sales are outstanding (50.6). because the inventory turnover rate (once every 32.0 days) is similar to the number of days that payables are outstanding (32.4 days). In all instances. the standard deviation is relatively small. suggesting that these working capital management variables are consistent across CFO reports.Industry Rankings on Overall Working Capital Management PerformanceCFO magazine provides an overall working capital ranking for firms in its survey. using the following equation:Industry-based differences in overall working capital management are presented for the twenty-six industries that had at least eight companies included in the rankings each year. In the typical year. CFO magazine ranks 970 companies during this period. Industries are listed in order of the mean overall CFO ranking of working capital performance. Since the best average ranking possible for an eight-company industry is 4.5 (this assumes that the eight companies are ranked one through eight for the entire survey). it is quite obvious that all firms in the petroleum industry must have been receiving very high overall working capital management rankings. In fact. the petroleum industry is ranked first in CCE and third in DWC (as illustrated in Table 5 and discussed later in this paper). Furthermore. the petroleum industry had the lowest standard deviation of working capital rankings and range of working capital rankings. The only other industry with a mean overall ranking less than 100 was the Electric & Gas Utility industry. which ranked second in CCE and fourth in DWC. The two industries with the worst working capital rankings were Textiles and Apparel. Textiles rank twenty-second in CCE and twenty-sixth in DWC. The apparel industry ranks twenty-third and twenty-fourth in the two working capital measuresConclusionsThe research presented here is based on the annual ratings of working capital management published in CFO magazine. Our findings indicate a consistency in how industries “stack up” against each other over time with respect to the working capital measures. However. the working capitalmeasures themselves are not static (i.e.. averages of working capital measures across all firms change annually); our results indicate significant movements across our entire sample over time. Our findings are important because they provide insight to working capital performance across time. and on working capital management across industries. These changes may be in explained in part by macroeconomic factors. Changes in interest rates. rate of innovation. and competition are likely to impact working capital management. As interest rates rise. there would be less desire to make payments early. which would stretch accounts payable. accounts receivable. and cash accounts.The ramifications of this study include the finding of distinct levels of WCM measures for different industries. which tend to be stable over time. Many factors help to explain this discovery. The improving economy during the period of the study may have resulted in improved turnover in some industries. while slowing turnover may have been a signal of troubles ahead. Our results should be interpreted cautiously. Our study takes places over a short time frame during a generally improving market. In addition. the survey suffers from survivorship bias – only the top firms within each industry are ranked each year and the composition of those firms within the industry can change annually.Further research may take one of two lines. First. there could be a study of whether stock prices respond to CFO magazine’s publication of working capital management ratings. Second. there could be a study of which. if any. of the working capital management components relate to share price performance. Given our results. these studies need to take industry membership into consideration when estimating stock price reaction to working capital management performance.外文翻译:对整个行业中营运资金管理的研究格雷格Filbeck.Schweser学习计划托马斯M克鲁格.威斯康星大学拉克罗斯摘要:企业能够降低融资成本或者尽量减少绑定在流动资产上的成立基金数额来用于扩大现有的资金。
会计学营运资金管理中英文对照外文翻译文献
中英文对照外文翻译文献(文档含英文原文和中文翻译)译文：跨行业的营运资金管理问题研究摘要企业可以通过降低融资成本或者减少资金在流动资产上的占用等方式来扩大自身现有的资金。
我们在调查过程中，通过运用《首席财务官》杂志的年度营运资金调查报告提供了此报告中的关键组成部分。
我们发现，行业间的跨时资金措施存在着明显的差异。
此外，这些措施在企业营运资金管理中实施后有了显著改变。
引言高效率的营运资金管理的重要性是不容置疑的。
营运资金是现金或者是随时可以兑换为现金（流动资产）的资产和即将成为现金需要的负债（流动负债）之间的差额。
营运资金管理的目标是维持流动资产与流动负债周转的最佳平衡。
商业可行性依赖于应收账款、存货、应付账款的有效管理。
企业可以通过降低融资成本，减少资金占用，以此来增加自有对外资金。
在日常工作中，管理人员将太多的管理精力都放在把当前的资产和负债的周转由非最佳水平成长为最佳水平上。
即实现效率和风险之间的平衡。
最近的一个实例是企业运用六西格玛方法试图最大限度地加强营运资金管理。
六西格玛方法涉及企业所有经营范围，能帮助企业衡量和确保自身在各个领域中的质量。
当前这个方法的运用是用来识别和纠正错误的交易效率差异及低效的财务供应链。
六西格玛方法的运用原理是通过降低销售回款周期、加速支付周期来降低成本、减少流动资金需求、提高顾客满意度。
似乎有许多成功的案例，包括珍妮弗（2002）的关于销售天数减少了百分之十五的优秀的销售报告。
从而使蒂博多万区域医疗中心产生的现金流量增加了大约200万美元。
同时，坏帐从340万美元下降到60万美元。
但六西格玛方法并不是十分完美的，外克瑟(2003)调查多个公司运用六西格玛方法的有效性，研究显示：六西格玛方法确实是一个“缓慢致富”的技术，其回报率一直徘徊在1.2%-4.5%的范围内。
即使在使用六西格玛方法的业务中，也需要对营运资金管理的“最佳”水平进行识别和确认。
行业因素可能会影响企业的信贷政策、库存管理和账单支付活动。
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An Analysis of Working Capital Management Results Across IndustriesGreg Filbeck. Schweser Study ProgramThomas M. Krueger. University of Wisconsin-La Crosse AbstractFirms are able to reduce financing costs and/or increase the funds available for expansion by minimizing the amount of funds tied up in current assets. We provide insights into the performance of surveyed firms across key components of working capital management by using the CFO magazine’s annual Working Capital Management Survey. We discover that significant differences exist between industries in working capital measures across time. In addition. we discover that these measures for working capital change significantly within industries across time.IntroductionThe importance of efficient working capital management is indisputable. Working capital is the difference between resources in cash or readily convertible into cash (Current Assets) and organizational commitments for which cash will soon be required (Current Liabilities). The objective of working capital management is to maintain the optimum balance of each of the working capital components. Business viability relies on the ability to effectively manage receivables. inventory. and payables. Firms are able to reduce financing costs and/or increase the funds available for expansion by minimizing the amount of funds tied up in current assets. Much managerial effort is expended in bringing non-optimal levels of current assets and liabilities back toward optimal levels. An optimal level would be one in which a balance is achieved between risk and efficiency.A recent example of business attempting to maximize working capital management is the recurrent attention being given to the application of Six Sigma® methodology. Six Sigma® methodologies help companies measure and ensure quality in all areas of the enterprise. When used to identify and rectify discrepancies. inefficiencies and erroneous transactions in the financial supply chain. Six Sigma® reduces Days Sales Outstanding (DSO). accelerates the payment cycle. improves customer satisfaction and reduces the necessary amount and cost of working capital needs. There appear to be many success stories. including Jennifer Towne’s (2002) report of a 15 percent decrease in days that sales are outstanding. resulting in an increased cash flow of approximately $2 million at Thibodaux Regional Medical Center. Furthermore. bad debts declined from $3.4 million to $600.000. However. Waxer’s (2003) study of multiple firms employing Six Sigma® finds that it is really a “get rich slow” technique with a rate of return hovering in the 1.2 – 4.5 percent range. Even in a business using Six Sigma® methodology. an “optimal” level of workingcapital management needs to be identified.Even in a business using Six Sigma® methodology. an “optimal” level of working capital management needs to be identified. Industry factors may impact firmcredit policy. inventory management. and bill-paying activities. Some firms may be better suited to minimize receivables and inventory. while others maximize payables. Another aspect of “optimal” is the extent to which poor financial results can be tied to sub-optimal performance. Fortunately. these issues are testable with data published by CFO magazine. which claims to be the source of “tools and information for the financial executive.” and are the subject of this research.In addition to providing mean and variance values for the working capital measures and the overall metric. two issues will be addressed in this research. One research question is. “are firms within a particular industry clustered together at consistent levels of working capital measures?” For instance. are firms in one industry able to quickly transfer sales into cash. while firms from another industry tend to have high sales levels for the particular level of inventory . The other research question is. “does working capital management performance for firms within a given industry change from year-to-year?”The following section presents a brief literature review. Next. the research method is described. including some information about the annual Working Capital Management Survey published by CFO magazine. Findings are then presented and conclusions are drawn.Related LiteratureThe importance of working capital management is not new to the finance literature. Over twenty years ago. Largay and Stickney (1980) reported that thethen-recent bankruptcy of W.T. Grant. a nationwide chain of department stores. should have been anticipated because the corporation had been running a deficit cash flow from operations for eight of the last ten years of its corporate life. As part of a study of the Fortune 500’s financial management practices. Gilbert and Reichert (1995) find that accounts receivable management models are used in 59 percent of these firms to improve working capital projects. while inventory management models were used in 60 percent of the companies. More recently. Farragher. Kleiman and Sahu (1999) find that 55 percent of firms in the S&P Industrial index complete some form of a cash flow assessment. but did not present insights regarding accounts receivable and inventory management. or the variations of any current asset accounts or liability accounts across industries. Thus. mixed evidence exists concerning the use of working capital management techniques.Theoretical determination of optimal trade credit limits are the subject of many articles over the years (e.g.. Schwartz 1974; Scherr 1996). with scant attention paid to actual accounts receivable management. Across a limited sample. Weinraub and Visscher (1998) observe a tendency of firms with low levels of current ratios to also have low levels of current liabilities. Simultaneously investigating accounts receivable and payable issues. Hill. Sartoris. and Ferguson (1984) find differences in the way payment dates are defined. Payees define the date of payment as the date payment is received. while payors view payment as the postmark date. Additional WCM insight across firms. industries. and time can add to this body of research.Maness and Zietlow (2002. 51. 496) presents two models of value creation that incorporate effective short-term financial management activities. However. these models are generic models and do not consider unique firm or industry influences. Maness and Zietlow discuss industry influences in a short paragraph that includes the observation that. “An industry a company is located in may have more influence on that company’s fortunes than overall GNP” (2002. 507). In fact. a careful review of this 627-page textbook finds only sporadic information on actual firm levels of WCM dimensions. virtually nothing on industry factors except for some boxed items with titles such as. “Should a Retailer Offer an In-House Credit Card” (128) and nothing on WCM stability over time. This research will attempt to fill this void by investigating patterns related to working capital measures within industries and illustrate differences between industries across time.An extensive survey of library and Internet resources provided very few recent reports about working capital management. The most relevant set of articles was Weisel and Bradley’s (2003) article on cash flow management and one of inventory control as a result of effective supply chain management by Hadley (2004). Research MethodThe CFO RankingsThe first annual CFO Working Capital Survey. a joint project with REL Consultancy Group. was published in the June 1997 issue of CFO (Mintz and Lezere 1997). REL is a London. England-based management consulting firm specializing in working capital issues for its global list of clients. The original survey reports several working capital benchmarks for public companies using data for 1996. Each company is ranked against its peers and also against the entire field of 1.000 companies. REL continues to update the original information on an annual basis.REL uses the “cash flow from operations” value located on firm cash flow statements to estimate cash conversion efficiency (CCE). This value indicates how well a company transforms revenues into cash flow. A “days of working capital”(DWC) value is based on the dollar amount in each of the aggregate.equally-weighted receivables. inventory. and payables accounts. The “days of working capital” (DNC) represents the time period between purchase of inventory on acccount from vendor until the sale to the customer. the collection of the receivables. and payment receipt. Thus. it reflects the company’s ability to finance its core operations with vendor credit. A detailed investigation of WCM is possible because CFO also provides firm and industry values for days sales outstanding (A/R). inventory turnover. and days payables outstanding (A/P).Research FindingsAverage and Annual Working Capital Management PerformanceWorking capital management component definitions and average values for the entire 1996 – 2000 period . Across the nearly 1.000 firms in the survey. cash flow from operations. defined as cash flow from operations divided by sales and referred to as “cash conversion efficiency” (CCE). averages 9.0 percent. Incorporating a 95 percent confidence interval. CCE ranges from 5.6 percent to 12.4 percent. The days working capital (DWC). defined as the sum of receivables and inventories lesspayables divided by daily sales. averages 51.8 days and is very similar to the days that sales are outstanding (50.6). because the inventory turnover rate (once every 32.0 days) is similar to the number of days that payables are outstanding (32.4 days). In all instances. the standard deviation is relatively small. suggesting that these working capital management variables are consistent across CFO reports.Industry Rankings on Overall Working Capital Management Performance CFO magazine provides an overall working capital ranking for firms in its survey. using the following equation:Industry-based differences in overall working capital management are presented for the twenty-six industries that had at least eight companies included in the rankings each year. In the typical year. CFO magazine ranks 970 companies during this period. Industries are listed in order of the mean overall CFO ranking of working capital performance. Since the best average ranking possible for an eight-company industry is 4.5 (this assumes that the eight companies are ranked one through eight for the entire survey). it is quite obvious that all firms in the petroleum industry must have been receiving very high overall working capital management rankings. In fact. the petroleum industry is ranked first in CCE and third in DWC (as illustrated in Table 5 and discussed later in this paper). Furthermore. the petroleum industry had the lowest standard deviation of working capital rankings and range of working capital rankings. The only other industry with a mean overall ranking less than 100 was the Electric & Gas Utility industry. which ranked second in CCE and fourth in DWC. The two industries with the worst working capital rankings were Textiles and Apparel. Textiles rank twenty-second in CCE and twenty-sixth in DWC. The apparel industry ranks twenty-third and twenty-fourth in the two working capital measuresConclusionsThe research presented here is based on the annual ratings of working capital management published in CFO magazine. Our findings indicate a consistency in how industries “stack up” against each other over time with respect to the working capital measures. However. the working capital measures themselves are not static (i.e.. averages of working capital measures across all firms change annually); our results indicate significant movements across our entire sample over time. Our findings are important because they provide insight to working capital performance across time. and on working capital management across industries. These changes may be in explained in part by macroeconomic factors. Changes in interest rates. rate of innovation. and competition are likely to impact working capital management. As interest rates rise. there would be less desire to make payments early. which would stretch accounts payable. accounts receivable. and cash accounts.The ramifications of this study include the finding of distinct levels of WCM measures for different industries. which tend to be stable over time. Many factors help to explain this discovery. The improving economy during the period of the study may have resulted in improved turnover in some industries. while slowing turnover may have been a signal of troubles ahead. Our results should be interpreted cautiously. Our study takes places over a short time frame during a generally improving market. In addition. the survey suffers from survivorship bias – only the top firms within eachindustry are ranked each year and the composition of those firms within the industry can change annually.Further research may take one of two lines. First. there could be a study of whether stock prices respond to CFO magazine’s publication of working capital management ratings. Second. there could be a study of which. if any. of the working capital management components relate to share price performance. Given our results. these studies need to take industry membership into consideration when estimating stock price reaction to working capital management performance.外文翻译:对整个行业中营运资金管理的研究格雷格Filbeck.Schweser学习计划托马斯M克鲁格.威斯康星大学拉克罗斯摘要:企业能够降低融资成本或者尽量减少绑定在流动资产上的成立基金数额来用于扩大现有的资金。