营运资金管理外文文献翻译
基金管理外文文献翻译
基金管理外文文献翻译(含：英文原文及中文译文)文献出处：英文原文Is Money Really “Smart”? New Evidence on the Relation Between Mutual Fund Flows, Manager Behavior, and Performance PersistenceRuss WermersMutual fund returns strongly persist over multi-year periods—that is the central finding of this paper. Further, consumer and fund manager behavior both play a large role in explaining these longterm continuation patterns—consumers invest heavily in last-year’s winning funds, and managers of these winners invest these inflows in momentum stocks to continue to outperform other funds for at least two years following the ranking year. By contrast, managers of losing funds appear reluctant to sell their losing stocks to finance the purchase of new momentum stocks, perhaps due to a disposition effect. Thus, momentum continues to separate winning from losing managers for a much longer period than indicated by prior studies.Even more surprising is that persistence in winning fund returns is not entirely explained by momentum—we find strong evidence that flow-related buying, especially among growth-oriented funds, pushes up stock prices. Specifically, stocks that winning funds purchase in responseto persistent flows have returns that beat their size, book-to-market, and momentum benchmarks by two to three percent per year over a four-year period. Cross-sectional regressions indicate that these abnormal returns are strongly related to fund inflows, but not to the past performance of the funds—thus, casting some doubt on prior findings of persistent manager talent in picking stocks. Finally, at the style-adjusted net returns level, we find no persistence, consistent with the results of prior studies. On balance, we confirm that money is smart in chasing winning managers, but that a “copycat” s trategy of mimicking winning fund stock trades to take advantage of flow-related returns appears to be the smartest strategy.Eighty-eight million individuals now hold investments in U.S. mutual funds, with over 90 percent of the value of these investments being held in actively managed funds. Further, actively managed equity funds gain the lion’s share of consumer inflows—flows of net new money to equity funds (inflows minus outflows) totalled $309 billion in 2000, pushing the aggregate value of investments held by these funds to almost $4 trillion at year-end 2000. While the majority of individual investors apparently believe in the virtues of active management in general, many appear to hold even stronger beliefs concerning the talents of subgroups of fund managers—they appear to believe that, among the field of active managers, superior managers exist that can “beat the market” for long periods of time. In particular, Morningstar and Lipper compete vigorouslyfor the attention of these true believers by providing regular fund performance rankings, while popular publications such as Money Magazine routinely profile “star” mutual fund managers. In addition, investor dollars, while not very quick to abandon past losing funds, aggressively chase past winners (see, for example, Sirri and Tufano (1998)).Are these “performance-chasers” wasting their money and time, or is money “smart”? Several past papers have attempted to tackle this issue, with somewhat differing results. For example, Grinblatt and Titman (1989a, 1993) find that some mutual fund managers are able to consistently earn positive abnormal returns before fees and expenses, while Brown and Goetzmann (1995; BG) attribute persistence to inferior funds consistently earning negative abnormal returns. Gruber (1996) and Zheng (1999) examine persistence from the viewpoint of consumer money flows to funds, and find that money is “smart”—that is, money flows disproportionately to funds exhibiting superior future returns. However, the exact source of the smart money effect remains a puzzle—does smart money capture manager talent or, perhaps, simply momentum in stock returns?1 More recently, Carhart (1997) examines the persistence in net returns of U.S. mutual funds, controlling for the continuation attributable to priced equity styles (see, for example, Fama and French (1992, 1993, 1996), Jegadeesh and Titman (1993), Daniel andTitman (1997), and Moskowitz and Grinblatt (1999)). Carhart finds little evidence of superior funds that consistently outperform their style benchmarks—specifically, Carhart finds that funds in the highest net return decile (of the CRSP mutual fund database) during one year beat funds in the lowest decile by about 3.5 percent during the following year, almost all due to the one-year momentum effect documented by Jegadeesh and Titman (1993) and to the unexplained poor performance of funds in the lowest prior-year return decile.2 Thus, Carhart (1997) suggests that money is not very smart. Recent studies find somewhat more promising results than Carhart (1997). Chen, Jegadeesh, and Wermers (1999) find that stocks most actively purchased by funds beat those most actively sold by over two percent per year, while Bollen and Busse (2002) find evidence of persistence in quarterly fund performance. Wermers (2000) finds that, although the average style-adjusted net return of the average mutual fund is negative (consistent with Carhart’s study), high-turnover funds exhibit a net return that is significantly higher than low-turnover funds. In addition, these highturnover funds pick stocks well enough to cover their costs, even adjusting for style-based returns. This finding suggests that fund managers who trade more frequently have persistent stockpicking talents. All of these papers provide a more favorable view of the average actively managed fund than prior research, although none focus on the persistence issue with portfolio holdings data.This study examines the mutual fund persistence issue using both portfolio holdings and net returns data, allowing a more complete analysis of the issue than past studies. With these data, we develop measures that allow us to examine the roles of consumer inflows and fund manager behavior in the persistence of fund performance. Specifically, we decompose the returns and costs of each mutual fund into that attributable to (1) manager skills in picking stocks having returns that beat their style-based benchmarks (selectivity), (2) returns that are attributable to the characteristics (or style) of stockholdings, (3) trading costs, (4) expenses, and (5) costs that are associated with the daily liquidity offered by funds to the investing public (as documented by Edelen (1999)). Further, we construct holdings-based measures of momentum-investing behavior by the fund managers. Together, these measures allow an examination of the relation between flows, manager behavior, and performance persistence.In related work, Sirri and Tufano (1998) find that consumer flows react about as strongly to one-year lagged net returns as to any other fund characteristic. In addition, the model of Lynch and Musto (2002) predicts that performance repeats among winners (but not losers), while the model of Berk and Green (2002) predicts no persistence (or weak persistence) as consumer flows compete away any managerial talent. Consistent with Sirri and Tufano (1998), and to test the competing viewpoints of Lynchand Musto (2002) and Berk and Green (2002), we sort funds on their one-year lagged net returns for most tests in this paper. While other ways of sorting funds are attempted.DataWe merge two major mutual fund databases for our analysis of mutual fund performance. Details on the process of merging these databases is available in Wermers (2000). The first database contains quarterly portfolio holdings for all U.S. equity mutual funds existing at any time between January 1, 1975 and December 31, 1994; these data were purchased from Thomson/CDA of Rockville, Maryland. The CDA dataset lists the equity portion of each fund’s holdings (i.e., the shareholdings of each stock held by that fund) along with a listing of the total net assets under management and the self-declared investment objective at the beginning of each calendar quarter. CDA began collecting investment-objective information on June 30, 1980; we supplement these data with hand-collected investment objective data from January 1, 1975.The second mutual fund database is available from the Center for Research in Security Prices (CRSP) and is used by Carhart (1997). The CRSP database contains monthly data on net returns, as well as annual data on portfolio turnover and expense ratios for all mutual funds existing at any time between January 1, 1962 and December 31, 2000. Further details on the CRSP mutual fund database are available from CRSP.These two databases were merged to provide a complete record of the stockholdings of a given fund, along with the fund’s turnover, expense ratio, net returns, investment objective, and total net assets under management during the entire time that the fund existed during our the period of 1975 to 1994 (inclusive).5 Finally, stock prices and returns were obtained from the CRSP stock files.Performance-Decomposition Methodology In this study, we use several measures that quantify the ability of a mutual fund manager to choose stocks, as well as to generate superior performance at the net return level. These measures, in general, decompose the return of the stocks held by a mutual fund into several components in order to both benchmark the stock portfolio and to provide a performance attribution for the fund. The measures used to decompose fund returns include:1. the portfolio-weighted return on stocks currently held by the fund, in excess of returns (during the same time period) on matched control portfolios having the same style characteristics (selectivity)2. the portfolio-weighted return on control portfolios having the same characteristics as stocks currently held by the fund, in excess of time-series average returns on those control portfolios (style timing)3. the time-series average returns on control portfolios having the same characteristics as stocks currently held (style-based returns)4. the execution costs incurred by the fund5. the expense ratio charged by the fund6. the net returns to investors in the fund, in excess of the returns to an appropriate benchmark portfolio.The first three components of performance, which decompose the return on the stocks held by a given mutual fund before any trading costs or expenses are considered, are briefly described next. We estimate the execution costs of each mutual fund during each quarter by applying recent research on institutional trading costs to our stockholdings data—we also describe this procedure below. Data on expense ratios and net returns are obtained directly from the merged mutual fund database. Finally, we describe the Carhart (1997) regression-based performance measure, which we use to benchmark-adjust net returns.The Ferson-Schadt Measure Ferson and Schadt (FS, 1996) develop a conditional performance measure at the net returns level. In essence, this measure identifies a fund manager as providing value if the manager provides excess net returns that are significantly higher than the fund’s matched factor benchmarks, both unconditional and conditional. The conditional benchmarks control for any predictability of the factor return premia that is due to evolving public information. Managers, therefore, are only labeled as superior if they possess superior private information on stock prices, and not if they change factor loadings over time in response to public information. FS also find that these conditionalbenchmarks help to control for the response of consumer cashflows to mutual funds. For example, when public information indicates that the market return will be unusually high, consumers invest unusually high amounts of cash into mutual funds, which reduces the performance measure, “alpha,” from an unconditional model (such as the Carhart model). This reduction in alpha occurs because the unconditional model does not control for the negative market timing induced by the flows. Edelen (1999) provides further evidence of a negative impact of flows on measured fund performance. Using the FS model mitigates this flow-timing effect. The version of the FS model used in this paper starts with the unconditional Carhart four-factor model and adds a market factor that is conditioned on the five FS economic variables.Decomposing the Persistence in Mutual Fund ReturnsSirri and Tufano (1998) find that consumer flows react about as strongly to one-year lagged net returns as to any other fund characteristic. In addition, the model of Lynch and Musto (2002) predicts that performance repeats among winners (but not losers), while the model of Berk and Green (2002) predicts no persistence (or weak persistence) as consumer flows compete away any managerial talent. Consistent with Sirri and Tufano (1998), and to test the competing viewpoints of Lynch and Musto (2002) and Berk and Green (2002), we sort funds on their one-year lagged net returns for the majority of tests in the remainder ofthis paper. When appropriate, we provide results for other sorting approaches as well.中文译文资金真的是“聪明”吗？关于共同基金流动，经理行为和绩效持续性关系的新证据作者：Russ Wermers此外，基金的复苏在多年期间强烈持续- 这是本文的核心发现。
会计学外文资料翻译营运资本管理
外文资料翻译译文营运资本管理目前，随着我国市场经济的高速增长，以及逐步进行的金融改革，企业对于营运资本管理的重视程度与日俱增。
营运资本管理对于企业的经营发展具有至关重要的作用。
它是财务管理的组成部分，体现出了企业的财务管理和控制的水平，同时被认为是企业生存与发展的重要基础。
其重要性不言而喻。
主要描述了关于营运资本管理的相关理论和实践环境，简要说明了国内国外的在该领域所取得的成就。
而在此之后，正文部分从理论角度出发，首先简要说明了营运资本管理的相关定义。
由于我国在该领域的理论与实践经验不足，所以国内在该领域存在诸多问题，如流动资金缺乏，管理不力，运营效率低等。
本文就国内的现状以及存在的问题进行深入探讨，同时，分析其成因。
为了更具说服力，找到代表性的企业案例进行进一步的分析说明。
最后，提炼出解决企业营运资本管理问题的对策，为企业营运资本管理提供依据方法。
营运资金是企业资金结构中最具活力的部分，营运资金的运转效率很大程度上决定了企业的生存与发展。
从会计角度讲，营运资金是指某时点内企业的流动资产与流动负债的差额，构成要素包括现金、有价证券、应收账款、存货等。
这些要素的周转速度及资金占有余额直接影响着企业经营效益，又制约着企业的生产经营规模。
营运资本主要在研究企业的偿债能力和财务风险时使用。
如果营运资本过量，说明资产利用率不高；如果营运资本过少，说明固定资产投资依赖短期债务融资的程度较高，经营上会受到影响。
因此，营运资本管理是企业财务管理的重要组成部分。
然而，目前很多企业在营运资金管理方面存在很多问题，如资金营运能力较低、资金短缺，这些都严重影响到企业的经营效益。
因此解决好营运资金管理中存在的问题,有利于企业财务管理目标的实现。
我国中小企业从资金角度看，规模普遍较小，从市场抗风险能力看，抵御能力较弱，同时财务制度还不完善，财务管理水平相对落后，在经济市场大环境中，中小企业往往处于破产的风口浪尖上，此时财务管理显得尤为重要。
资金管理-集团企业资金集中管理外文翻译 精品
Ⅲ.外文翻译外文翻译之一The focus of working capital managementin UK small firms（节选）Author：Carole Howorth，Paul WestheadNationality：Nottingham NG8 1BB, UKDerivation: Management Accounting Research NO.14,20XX, PP.94–111 AbstractWorking capital management routines of a large random sample of small panies in the UK are examined. Considerable variability in the take-up of 11 working capital management routines was detected. Principal ponents analysis and cluster a nalysis confirm the identification of four distinct ‘types’ of panies with regard to patterns of working capital management. The first three ‘types’ of panies focused upon cash management, stock or debtors routines respectively, whilst the fourth ‘type’ we re less likely to take-up any working capital management routines. Influences on the amount and focus of working capital management are discussed. Multinomial logistic regression analysis suggests that the selected independent variables successfully discriminated between the four ‘types’ of panies. The results suggest that small panies focus only on areas of working capital management where they expect to improve marginal returns. The difficulties of establishing causality are highlighted and implications for academics, policy-makers and practitioners are reported.Conclusions and implicationsThe aim of this study has been to encourage additional research, rather than to provide an exhaustive review of all the factors associated with the take-up of working capital management routines by small panies. Three theories guided the selection of the independent variables explored in this study. The RBV highlighted that small firms have idiosyncratic bundles of resources associated with the take-up of working capital management routines. Agency theory identified the influence of external stakeholders as well as differences between small and large firms. Transactions costs theory indicated that small firms might invest resources in specific areas of working capital management if they perceive them to offer the highest marginal return.The results consistently highlighted, across a variety of statistical tests, that small firms are not a homogenous group with regard to working capital management routines. Considerable variability was detected in the take-up of 11 working capital management routines by a large random sample of small panies in the UK. Evidence from the PCA and the cluster analysis confirmed the identification of four distinct ‘types’ of panies with reg ard to the take-up of working capital management routines. Moreover, evidence from themultinomial logistic regression analysis suggests that the selected independent variables successfully discriminated between the four ‘types’ of panies. Twelve out of the 18 hypotheses were supported. A further two hypotheses showed the anticipated relationship but were not significant discriminators between the ‘types’ of panies.Evidence that the majority of small panies focus their efforts on one area of working capital management indicates that resources for working capital management are limited. However, a striking finding from the regression analysis was the detection that firms which utilize fewer working capital management routines were not necessarily smaller panies. We can infer here that resource constraints per se may not be the major barrier to the utilization of working capital management routines by smaller panies. Instead, the results provide an indication that the perceived marginal return on mitting resources may be a major influence on the extent and focus of working capital management.However, we acknowledge that a cross-sectional study such as this one cannot establish causality and can only provide an indication of associations that warrant further investigation. Additional studies could usefully explore the stimuli leading to the utilisation of working capital management routines and the barriers to their take-up. The dynamics of working capital management are plex and the links with performance are bidirectional and difficult to unravel. Small panies may invest resources into managing a particular area of working capital where they are performing badly because the returns from controlling the problem area are perceived to be high. If the direction of causality is not understood, an overly simplistic conclusion in this instance could be that investment of more resources into an area leads to worse performance. The plexity of causality makes it difficult to establish the effect of working capital management routines on the performance of the firm. We can infer that firms with a lower propensity to undertake working capital management routines are not significantly associated with increased cash flow problems, nor reduced profitability. There is some indi cation that these may be ‘lifestyle’ firms but additional research is required before firm conclusions can be drawn. Currently, it is not clear whether these laggard working capital firms are underperforming or have untapped potential for growth.In a similar way, the direction of causality is not clear with regard to the link between the take-up of working capital management routines and the level of financial skills in a firm. This study employed a simple proxy measure of financial sophistication. Further research is warranted to investigate the direction and the strength of the links between the take-up of working capital management routines and financial management skills and training, education and prior experience. Additional multivariate statistical studies are also required in a variety of national, cultural and industrial contexts to identify the bination of internal and external environmental factors associated with the take-up of working capital management routines by different employment sizebands of private firms (i.e. micro, small, medium and large).Qualitative studies and longitudinal research will provide fresh insights into the processes and dynamics of working capital management, as well as the plex strands of causality (Scapens, 1990).Policy-makers and practitioners seeking to increase the stock of professionally managed firms, might need to target their assistance towards owners of small firms who face attitudinal, resource and operational barriers to the utilization of working capital management routines. Presented evidence suggests that small panies should not be viewed as a homo generous entity with regard to their working capital management routines.Policy-makers and practitioners need to appreciate this diversity and they may use the presented evidence to tailor assistance to the needs of particular ‘types’ of panies, rather than providing ‘blanket” support to all firms irrespective of aspirations or resources.Policy-makers and practitioners need to appreciate the management time constraint faced by many small firms. Time constraints not only limit the amount of time for working capital management , but also the amount of time available to assess whether changes to current working capital management policy would be worthwhile. Moreover, we might expect improved skills to lead to more efficient use of time but small firm managers will require powerful evidence to convince them of the benefits of investing time in financial skills training. The take-up of routines (and financial skills training) could be increased if it was conclusively confirmed that firms significantly improve their performance after introducing appropriate working capital management routines. Additional longitudinal, qualitative and multivariate statistical evidence is warranted that explores whether the take-up of working capital management routines by small firms is subsequently associated with superior levels of performance. Best business practice evidence, from case studies, could also be utilised by policy-makers and practitioners to convince more owners of small firms of how specific working capital management routines can be used proactively to address constraints on business development. There is clearly a need for a great deal more research in this area before the dynamics of working capital management are well understood.英国小企业运营资金管理重点（节选）作者：Carole Howorth，Paul Westhead国籍：Nottingham NG8 1BB, UK原文出处: Management Accounting Research NO.14,20XX,PP.94–111摘要从英国小公司中大量的随机抽样，并检查它们的运营资金管理模式。
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。
营运资金的管理对上市公司盈利能力的影响【外文翻译】
外文翻译The relationship between working capital management and profitability of listed companiesMaterial Source: Electronic copy available athttp://ss / Author: Ioannis LazaridisAbstractIn this paper we investigate the relationship of corporate profitability and working capital management. We used a sample of 131 companies listed in the Athens Stock Exchange (ASE) for the period of 2001-2004. The purpose of this paper is to establish a relationship that is statistical significant between profitability, the cash conversion cycle and its components for listed firms in the ASE. The results of our research showed that there is statistical significance between profitability, measured through gross operating profit, and the cash conversion cycle. Moreover managers can create profits for their companies by handling correctly the cash conversion cycle and keeping each different component (accounts receivables, accounts payables, inventory) to an optimum level.IntroductionCapital structure and working capital management are two areas widely revisited by academia in order to postulate firms’ profitability. Working capital management have been approached in numerous ways. Other researchers studied the impact of optimum inventory management while other authors studied the management of accounts receivables in an optimum way that leads to profit maximisation1. According to Deloof 2 (2003) the way that working capital is managed has a significant impact on profitability of firms. This result indicates that there is a certain level of working capital requirements which potentially maximises returns.Other work on the field of working capital management focuses on the routines employed by firms. This research showed that firms which focus on cash management were larger, with fewer cash sales, more seasonality and possibly more cash flow problems. While smaller firms focused more on stock management and less profitable firms were focused on credit management routines. It is suggestedthat high growth firms follow a more reluctant credit policy towards their customers, while they tie up more capital in the form of inventory. Meanwhile accounts payables will increase due to better relations of suppliers with financial institutions which divert this advantage of financial cost to their clients.According to Wilner (2000) most firms extensively use trade credit despite its apparent greater cost, and trade credit interest rates commonly exceed 18 percent5. In addition to that he states that in 1993 American firms extended their credit towards customers by 1.5 trillion dollars. Similarly Deloof (2003) found out through statistics from the National Bank of Belgium that in 1997 accounts payable were 13% of their total assets while accounts receivables and inventory accounted for 17% and 10% respectively. Summers and Wilson (2000) report that in the UK corporate sector more than 80% of daily business transactions are on credit terms6.There seems to be a strong relation between the cash conversion cycle of a firm and its profitability. The three different components of cash conversion cycle (accounts payables, accounts receivables and inventory) can be managed in different ways in order to maximise profitability or to enhance the growth of a company. Sometimes trade credit is a vehicle to attract new customers. Many firms are prepared to change their standard credit terms in order to win new customers and to gain large orders.In addition to that credit can stimulate sales because it allows customers to assess product quality before paying8. Therefore it is up to the individual company whether a ‘marketing’ approach should be followed when managing the working capital through credit extension. However the financial department of such a company will face cash flow and liquidity problems since capital will be invested in customers and inventory respectively. In order to have maximum value, equilibrium should be maintained in receivables-payables and inventory. According to Pike & Cheng (2001) credit management seeks to create, safeguard and realise a portfolio of high quality accounts receivable. Given the significant investment in accounts receivable by most large firms, credit management policy choices and practices could have important implications for corporate value9. Successful management of resources will lead to corporate profitability, but how can we measure management success since a period of ‘credit granting’ might lead to increased sales and market share whilst accompanied by decreased profitability or the opposite? Since working capital management is best described by the cash conversion cycle we will try to establish a link between profitability and management of the cash conversion cycle. This simple equationencompasses all three very important aspects of working capital management. It is an indication of how long a firm can carry on if it was to stop its operation or it indicates the time gap between purchase of goods and collection of sales. The optimum level of inventories will have a direct effect on profitability since it will release working capital resources which in turn will be invested in the business cycle, or will increase inventory levels in order to respond to higher product demand. Similarly both credit policy from suppliers and credit period granted to customers will have an impact on profitability. In order to understand the way working capital is managed cash conversion cycle and its components will be statistically analysed. In this paper we investigate the relationship between working capital management and firms’ profitability for 131 listed companies in the Athens Stock Exchange for the period 2001-2004. The purpose of this paper is to establish a relationship that is statistical significant between profitability, the cash conversion cycle and its components for listed firms in the ASE (Athens Stock Exchange). The paper is structured as follows. In the next section we present the variables used as well as the chosen sample of firms. Results of the descriptive statistics accompanied with regression modelling relating profitability (the dependent variable) against other independent variables including components of the cash conversion cycle, in order to test statistical significance. Finally the last section discusses the findings of this paper and comes up with conclusions related with working capital management policies and profitability.2. Data Collection and Variables(i) Data CollectionThe data collected were from listed firms in the Athens Stock Exchange Market. The reason we chose this market is primarily due to the reliability of the financial statements. Companies listed in the stock market have an incentive to present profits if those exist in order to make their shares more attractive. Contrary to listed firms, non listed firms in Greece have less of an incentive to present true operational results and usually their financial statements do not reflect real operational and financial activity. Hiding profits in order to avoid corporate tax is a common tactic for non listed firms in Greece which makes them less of a suitable sample for analysis where one can draw inference, based on financial data, for working capital practices.For the purpose of this research certain industries have been omitted due to their type of activity. We followed the classification of NACE10 industries fromwhich electricity and water, banking and financial institutions, insurance, rental and other services firms have been omitted. The original sample consisted of about 300 firms which narrowed down to 131 companies. The most recent period for which we had complete data was 2001-2004. Some of the firms were not included in the data due to lack of information for the certain period. Finally the financial statements were obtained from the ICAP SA11 database. Our analysis uses stacked data for the period 2001-2004 which results to 524 total observations.(ii) VariablesAs mentioned earlier in the introduction the cash conversion cycle is used as a measure in order to gauge profitability. This measure is described by the following equation:Cash Conversion Cycle = No of Days A/R12 + No of Days Inventory – No of Days A/P13 (1)In turn the components of cash conversion cycle are given below:No of Days A/R = Accounts Receivables/Sales*365 (2)No of Days Inventory = Inventory/Cost of Goods Sold*365 (3)No of Days A/P = Accounts Payables/Cost of Goods Sold*365 (4)Another variable chosen for the model specification is that of company size measured through the natural logarithm of sales. Shares and participation to other firm are considered as fixed financial assets. The variable I we use which is related to financial assets is the following:Fixed Financial Assets Ratio = Fixed Financial Assets/Total Assets (5) This variable is used since for many listed companies financial assets comprise a significant part of their total assets. This variable will be used later on in order to obtain an indication how the relationship and participation of one firm to others affects its profitability. Another variable used in order to perform regression analysis later on, includes financial debt measured through the following equation: Financial Debt Ratio = (Short Term Loans + Long Term Loans)/Total Assets (6) This is used in order to establish relation between the external financing of the firm and its total assets.Finally the dependent variable used is that of gross operating profit. In order to obtain this variable we subtract cost of goods sold from total sales and divide the result with total assets minus financial assets.Gross Operating Profit = (Sales –COGS14)/(Total Assets –Financial Assets(7)The reason for using this variable instead of earnings before interest tax depreciation amortization (EBITDA) or profits before or after taxes is because we wa nt to associate operating ‘success’ or ‘failure’ with an operating ratio and relate this variable with other operating variables (i.e cash conversion cycle). Moreover we want to exclude the participation of any financial activity from operational activity that might affect overall profitability, thus financial assets are subtracted from total assets.3. Descriptive StatisticsThe following table gives the descriptive statistics of the collected variables. The total of observations sums to n = 524. On average 16.8% of total assets are financial assets (including participation to other subsidiaries). Total sales have a mean of 118.9 million euros while the median is 31.9 million. The firms included in our sample had an average of 2.58% net operating profit. The credit period granted to their customers ranged at 148 days on average (median 130 days) while they paid their creditors in 96 days on average (median 73 days). Inventory takes on average 136 days to be sold (median 104 days). Overall the average cash conversion cycle ranged at 188 days (median 165 days).。
企业流动资产管理外文文献翻译2015年译文字数3650字
文献出处:Alalwan J A. Enterprise content management research: A comprehensive review [J]. Journal of Enterprise Information Management, 2015, 5(2): 441-451.原文The Research of Enterprise current assets managementAlalwan J A.AbstractCurrent assets management mainly includes cash, various deposits, short term investment, receivables and advance payment, inventory management, etc. Current asset allocation is an important part of enterprise financial management, if there is excessive liquidity, will increase the financial burden of the enterprise, thus affect the profitability of the enterprise; On the contrary, the lack of liquidity, the capital turnover is ineffective, affect the operation of the enterprise. Enterprise current assets management problems, however, need to take the corresponding management strategies and measures, in order to promote the healthy and orderly development of enterprises.Keywords: Enterprise management; Current assets management; Problems and strategies1 IntroductionEssential component of current assets is the enterprise assets, refers to the enterprise can be in one year or within an operating cycle longer than a year to liquidate assets or consumed, mainly can be divided into monetary capital and physical capital. Monetary fund mainly include cash, bank deposits, accounts receivable money, pending payment, etc. Physical capital refers to the stock, such as raw materials, semi-finished products, finished goods, etc. Due to its flow is relatively frequent, strong cash ability, current assets are basically with enterprise production process flow from the money form began to change its form in turn: part of the monetary fund as a reserve fund in storage, the other part as fixed capital investment, production into finished products, then change back into monetary form.As is known to all, the ratio of current assets to current liabilities, generally shows that the enterprise to repay the short-term ability strong and the weak, the greater the ratio, shows that the greater the liquidity of enterprise assets, enterprises have enough assets can be sold to repay the debt, in contrast ratio is smaller, the less liquidity, debt paying ability is weaker. But it is not the bigger the ratio, the better, if the enterprise current assets take up too much proportion, will affectthe operating efficiency of capital turnover and profitability.2 Enterprise current assets management problemsIn the process of enterprise investment, because of the lack of necessary, real market research and feasibility study, causing some products can not be marketable; Schedule of some investment projects due to a lack of strength, not put into production, the vast amounts of investment have become a huge burden, not only failed to establish a new economic growth point instead become a heavy burden of enterprises. At present, many enterprises was affected by these reasons of large, poor cash ability of non-performing assets of liquid assets, as well as invalid occupy and backlog, the serious influence the flow of the enterprise capital turnover, increased business costs, and greatly influenced the economic benefits of enterprises. If you want to take the long-term deposited heavy baggage, will weaken the solvency of the enterprise, form a vicious circle, even difficult to maintain normal production and operation. Specifically, the current corporate liquidity management exists some problems as follows:2.1 Repeat construction cause waste of resourcesBecause of the influence of the macro economy to enterprise, some enterprises in the current assets investment process due to the actual demand for liquid assets without careful planning, so will appear the phenomenon of blind investment, repeat construction. Blind investment caused lots of waste materials and reduces the return on equity.2.2 The financial fraud resulting in the loss of liquid assetsMany enterprise operators and financial personnel to the current minority performance and interest on the financial fraud, cause enterprise financial situation serious false, form a lot of hidden loss, make the enterprise have no staying power, facing bankruptcy; A large number of state-owned assets by private occupy, divert, erosion is serious; Some units, use their rights, head with public spending, causing huge loss of enterprise liquid assets.2.3 Daily management is not standardLack of effective management, some enterprise current assets can verify on schedule, without someone who's in charge, a take random phenomenon; Some units for the development of the third industry, placing surplus staff, transferring large amounts of money, equipment, long-term bill is not clear; Still exists the phenomenon of "zombie" companies, due to the non-standard operation in the business, not abide by the credibility, each other is not responsible for, payment ofa come-and-go funds for the enterprise long-term is not clear, which seriously affect the enterprise working capital turnover.2.4 The bad assets are widespreadWhen some of the economic resources can't provide the needed for the enterprise economic benefit, also lost its resources of economic value, can form the bad assets of the enterprise. Bad assets to the enterprise and national bring serious harm and economic loss is the important factors influencing the development and expansion. One is the bad assets in the accounts receivable is a common phenomenon existing in the present enterprise, some payment of accounts receivable long-term unmanned cleaning has been unable to recover, lose the practical significance of the creditor's rights; Second, some companies inventory backlog of lost sales in the value of the products, or because of blind procurement, or switch to cannot use of raw materials, elimination of equipment spare parts, etc., have already lost the value of the cash.3 The strategies and measures of enterprise liquid assets management3.1 Liquidity management strategyIn theory, if can correctly predict, enterprises should hold the exact amount of monetary funds, ready for the payment of necessary productive expenditure; Keep the exact number of inventory, in order to meet the needs of production and sales; Under the condition of the optimal credit investment in accounts receivable, and not as a short-term investment in securities. If we can achieve this goal, the total current assets can be in the lowest level, current assets structure is the most reasonable. As long as the total current assets more than or less than this level, the most reasonable structure of liquid assets will be damaged, corporate profits will drop. But in practice, because of the uncertainty of the future situation, the enterprise may not accurately predict liquid assets of project amount and the total amount of liquid assets, which must make different liquidity management strategy.Cautious strategy. Cautious type liquid assets management strategy refers to the current assets accounted for the proportion of total assets is higher, while maintaining the low level of current liabilities ratio, make the enterprise net working capital levels increase, cash ability improve, make the enterprise insolvency risk and risk of shortage of funds tend to be minimal. That is to say, this strategy not only requires enough total corporate liquidity abundant, the total amount of funds accounted for than major, but also the requirements of current assets and short-term monetary fundsecurities investment also wants to keep sufficient amount, account for larger proportion of the total amount of liquid assets. This strategy is the basic purpose of enterprise’s cash ability remains at a high level, and can be enough to meet all kinds of unexpected circumstances. Cautious type liquid assets management strategy is to reduce the advantages of the enterprise risk, but a disadvantage of low yield. Usually, it is only applicable to enterprise external environment is highly uncertain.Radical strategy. Radical policy requires low current assets accounted for the proportion of total assets, at the same time improve the proportion of current liabilities financing make smaller or even negative net working capital, make the enterprise funds shortage risk and solvency risk tend to be the biggest. This strategy is the basic purpose of trying to cut the liquidity that takes money to improve the yield of enterprises. Enterprises to adopt this kind of radical liquidity management strategy, while it is possible to increase the income of the enterprise, but also increased the risk of the enterprise. So, radical liquidity management strategy is a big risk, high yield management strategy. In general, it is only applicable to enterprise external environment is quite uncertain.3, medium type strategy. Moderate type strategy can be divided into two kinds: one kind is current assets total assets ratio is higher, and maintain a higher level of current liabilities; Another kind is the proportion of current assets to current liabilities of all assets fall at the same time, the proportion of investment in fixed assets and long-term financing proportion increase at the same time, make the enterprise risk center. Because of the risks and benefits is dialectical, although high risk can bring higher yields, but companies must master a degree, so, most companies usually choose between caution and aggressive type of moderate management strategy.3.2 Liquidity management measures3.2.1 Daily cash management measuresPeriodically prepare the cash budget, cash receipts and cash disbursements reasonably, timely reflect cash we situation, is the important content of cash management. The cash budget establishment has a leading role in the cash management, the whole of the enterprise financial management has essential meaning, is the direction of the enterprise cash management. In cash management, is the top priority for the establishment of management measures.(1) the payment as soon as possible. Company payment as soon as possible is not only to expire the accounts receivable to recover as soon as possible, but also these receivables into cash available as soon aspossible. The crux of the cash management is the recovery time. How to shorten the collection time, accelerate the capital turnover is to solve the main problem of cash management. Enterprise to science using the method of "lock box", "focus on banking law", "discounts and receivable hook" to speed up recovery companies such as payment methods, improve the ability of cash management, improve the economic benefits of enterprises.(2) control spending. The crux of the cash management is spending time. In the opposite direction, to stand in the Angle of the payer, the enterprise, of course, the longer spending cash, the better, but the premise is not damage enterprise reputation, increase the "cost" with each other. Therefore, the enterprise cash management focus should be on how to scientifically delay payment on time. The specific methods used are "delayed payment of accounts payable by draft" payment ", "payment by installments" and "outsourcing processing and reduce the curing", etc. In addition, cash is the most liquid assets in the enterprise assets; the security is the top priority of cash management. Although in the past cash security has many effective measures and systems, but there are many management loopholes, as long as there is a little slack, the enterprise will pay a heavy price, teach is more similar. Therefore, enterprises must ensure the safety of the cash one hundred percent.3.2.2 Daily management of receivablesInvestment is the necessity of competition in the market for enterprise receivables, but the risk of accounts receivable is everywhere, we don't have. To strengthen the accounting and management of accounts receivable, in relation to the capital turnover of the enterprise, affect the enterprise's survival. Therefore, the enterprise should stick to it as a long-term and institutionalized work to grasp, strive for the various measures put in place.(1) to strengthen customer credit management, credit policy. Establish special credit management department, credit investigation and analysis, a reasonable credit policy, etc., it is very important to strengthen the management of accounts receivable in the first. Because of the credit policy is the enterprise to accounts receivable for the planning and control of basic strategy and measures. Must be according to their actual management and customer credit conditions for a reasonable credit policy. Reasonable credit policy should be credit standards, credit and collection policy during the period of the three combination, considering the change of the influence of various cost of sales, accounts receivable.(2) the careful analysis of the accounts receivable aging. In general, the longer the customer overdue payments, payment collection difficulty, the greater the chance that a loss ofbecome non-performing loans will be high. Enterprises have to do accounts receivable aging analysis, pay close attention to accounts receivable recovery progress and change. Through the analysis of the aging of accounts receivable, the enterprise financial management department can take the accounts receivable inventory, incremental, and become the information such as the possibility of bad debts. If the aging of accounts receivable aging analysis showed that enterprise has started to extend or proportion of overdue accounts increase gradually, then must take timely measures to adjust the enterprise credit policy, efforts to improve the efficiency of accounts receivable collection. From accounts receivable not expire, also can't loosen supervision, to prevent the new default.(3) establish a responsibility system for the collection of receivables. The responsibility of the enterprise shall implement the internal overdue receivables, accounts receivable and recycle and internal performance evaluation and rewards and punishment from various business units. For the overdue accounts receivable of the business department and related personnel, enterprise should be in inside in the proper way to give warning, accept the supervision of the staff.译文企业流动资产管理研究Alalwan J A.摘要流动资产管理主要包括现金、各种存款、短期投资、应收及预付账款、存货等的管理。
现金流对营运资本管理的影响和资金投资【外文翻译】
外文翻译原文Ｔｈe ＣasｈＦloｗＩmplicａtioｎs ｏｆManagiｎg Workiｎg Capital and ＣａpitａｌInvestmｅntMaｔｅriaｌＳouｒｃe: Jouｒnal ｏf Business & EconｏmiｃＳtｕdies Author：ＲuｓseｌlＰ. ＢoisjolｙINTRODUCTIONInｒecent yeａｒs maｊｏr ｃｏrｐｏratiｏns hａvｅdiscoveｒeｄthat there arｅimpoｒｔａnt cａsh flｏw streaｍｓａｖailａbｌｅto them ｉf thｅy aｇgressivｅly manaｇe thｅiｒwｏrkｉｎg capｉtａl acｃouｎts (ａccounts recｅivablｅ, ｉnvｅntｏry，acｃｏｕnts pａyabｌｅ,and aｄv ａncｅpaymeｎts)。
Whilｅsoｍe hａvｅarｇｕeｄｔhat cａsｈfｌows g ｅnerated throuｇh workiｎｇcａpitaｌｍanagemenｔ(improvingｉnvｅｎtoｒy turnoｖeｒ, aggreｓsiｖｅaｃｃoｕnｔs receivａble colｌecｔｉon ｐolｉcies oｒｓuｐplieｒmaｎagｅｍｅnt progrａmｓ, ｌｅｎgtｈｅniｎg accounts payａbｌe payment pｅriｏds，etc。
）ａre ｔransｉｔｏry ａnd, ｔhereｆoｒe,aｒe not indicａtive ｏf a funｄaｍenｔal impｒoｖemｅnｔin thｅinternal value crｅaｔｉoｎprｏcｅsｓ(businｅss ｍodel)，there iｓｌｉmｉtｅd ｅmpirical eｖiｄｅｎｃｅon ｗhether ｔhese practiｃes(ａ) ｈave chaｎged the unｄerｌyｉng prｏbabｉlity disｔributｉons of tｈe ｒelated financiａl rａtiｏs，(b)persisｔed oveｒseveｒal yeａrs ratｈeｒtｈan jｕsｔ2or ３yeaｒs aｓｉmplｉed byＭulford anｄＥly who pｕrport that chａnges arｅtransｉｔory or tｅmporary, (c）wheｔher these chanｇes in working caｐｉtal mａｎａgemｅnt polｉｃies hａve impacted markｅｔva ｌｕes pｏsｉtivｅly （or ｎeｇａｔiveｌy）or （d) whetｈｅｒwｅun ｄerstand tｈe moｄel foｒcash fｌｏws thrｏugh thｅfiｒm aｄｅｑuately to propeｒly coｎdｕcｔempiriｃaｌtests or fｏｒecasｔｃaｓh flows. In additionｔo manaｇerial policieｓ,one shoulｄprobably cｏnsideｒｃhan ｇes in teｃhnologｙａnd ｃhangｅs ｉn the financiaｌeｎviroｎmenｔ。
公司资金管理[文献翻译]
![公司资金管理[文献翻译]](https://img.taocdn.com/s3/m/0234cac6cc22bcd127ff0c22.png)
公司资金管理[文献翻译]原文：The company funds managementMoney is a company engaged in the economic activities of the basic elements, the company is developing the necessary elements.Money is a company engaged in the economic activities of the basic elements, the company is developing the necessary elements. The company's finances both showed that company of resource allocation, quantity and quality, and also reflects the company's capital structure and property right relations. Company's production and management, financing investment and profit distribution are based on capital as the link, from start to finish, throughout the whole process of company business activities. Fund flow index has become the company credit evaluation and development potential, value evaluation is an important index, in some places, Banks have started the company cash flow situation as whether to give the company to provide credit is an important basis, some even to the company's future cash flow as reimbursement guarantees. Thus, strengthen financial management, improving capital operation benefit is the company in competition invincible and keep sustainable development important guarantee.How to strengthen the cash management? From the following three aspects: First, the comprehensive budget managementThe budget is a kind of control mechanism and institutionalized procedures and implementing the centralized fund management is the effective guarantee, company production and operating activities orderly, is the important guarantee of the company shall supervise and control, audit, examine the basic basis. The company is the comprehensive budget management in the production and business operation each link implementation budget preparation, analysis, evaluation, the company production and operating activities of all the capital expenditures are subject to strict budget management in. The company's budget should with assets as a link, practises graded budget, the parent company should lay particular emphasis on improve investment, finance the budget to capitalmanagement budget is given priority to, the unified planning fund executes, centralized management, Subsidiary criterion with production management budget and reinforce the cost and flow of fund budget. The company's budget once determined, must become company organization of production and operating activities legal basis, do not get optional change. And the company capital budget is the core of company overall budget, including annual and monthly budget. The annual budget is calculate inside year company inflows and outflows scale. According to the scale of the company may determine the financing and investment policy. And monthly budget is more close to reality, can accurately reflect the monthly cash flow, accordingly can also specific adjustment, financing and investment plan. Additional funds in accordance with the purposes, still can commit divided into the following three aspects: the budget of budget:1、and operating activities cash flow budget: mainly includes business income and operating expenditures budget. Business income is that a company selling products, providing labor services and rent assets obtained cash inflow, annual operating revenue reflects the annual company to receive the capital size. Is the company's various expenditures budget guarantee. Monthly income budget is able to reflect relatively clear capital inflows roughly time for the company's capital operation and provide a relatively accurate basis; Operating expenditures budget consists of company business activities all capital expenditures budget, and the difference of income is mirrorring company in investment can provide the self-capital scale, the company is investment, financing policies selected, and the important basis of monthly operating expenditure budget and the difference of income criterion can accurately provide company's financing and investment plan basis, increase the company's capital operation efficiency, reduce the financial expenses.2、the investment activities of cash flow budget: company in order to obtain more profits, expand the size of the company must conduct effective investment. It is divided into two kinds: it is a long-term investment, must use NPV etc tojudge the feasibility of investment projects, belong to investment return period long capital expenditures, but also increase the company development potential of powerful guarantees, long-term investment funds life are longer, capital using forehead is larger also, therefore, ask according to the annual self-owned financing volume and low cost of financing to determine the annual investment capital expenditures budget. 2 it is short-term investments, which emphasizes the short-term cash liquidity, is a kind of long-term scale established under the situation of short-term assets stock returns problem, it is to point to in no selected effectie long-term investment plan, choose low-risk, high benefit of investment decisions, the company's stock fund revitalize the rise, obtain better income.3、and financing activities cash flow budget: financing budget refers to the chosen optimization of investment projects, remove self-owned funds, choose low financing solutions financing budget. And effective finance policy also requires from internal maturity structure of debt capital fund management up strengthen the company level. It stressed form long-term assets and long-term liabilities, current assets and liabilities correspondence between the structure of financing strategy and correlation.Second, strengthen centralized management of fundsCentralized fund accounting is financial companies as the carrier of the centralized fund management mode, the group's parent company with subordinates centralized fund management company independent management group, the combination of fund settlement and financial subordinate unit company financial function combination, capital effectively balance and the optimization of capital structure combination, nbre goals and process management combination, foreign efficient utilization and risk management, capital of combining information management and business process reengineering combination. This fund management mode can be "four reunification" to describe, namely:1、unified bank account management, ensure monetary fund safety. Money is the most liquid assets, is the internal control of the key link. For the purpose of strengthening the monetary fund of beforehand control of monetary fund, perfecting the system of basic internal dragged on the basis of internal units, cancel in social financial institutions and keep the redundant account using only basic payment account and multiple cross capital account and realizing capital expenditure two lines. That all subsidiary need money all by the parent company daily transfer, all income funds are prescribed way to parent company's daily cross inside account, so as to ensure group company of capital receipts and unified centralized management. Another subsidiary in group of financial receipts and account within the company, with open for group company internal unit between products services to provide support and play settlement financial company's financial function to internal transactions settlement instead of monetary fund settlement, realized the internal group without monetary fund turnover.2、unified dispatching, strengthen capital fund operation regulation. To meet the needs of production and business operation and construction, unified dispatching right, especially significant capital investment scale of overall planning, control, direct investment funds to a high return low risk areas, and also gives subsidiary daily money management authority, realize group to subordinate unit funds operating effectively monitor and guard against financial settlement risk. Group company according to the annual budget scheduled subsidiaries, affiliates of using the capital scale according to the annual budget request subsidiary prepare monthly budget, and will use fund quota decomposition to every day, the group company hereby transfer funds. The subsidiary is through all money flows into account in accordance with the prescribed collection path delimit to group company account, the group company unified redeployment and ensure the group company for all of the funds of effective control, reducing capital outflow and precipitation risk. Accordingly group company can also planning to use fund, the surplus fund toadopt effective operation mode, has achieved good returns.3、unified capital credit management, ensure financing efficiency and safety. Is unified internal credit management, through group financial company focused on the member unit executes internal loan system, properly regulate internal capital flows, optimize capital structure, internal credit for providing high quality loan support. 2 it is unified foreign financing function, according to the group fund structure optimization and the needs of the development of various units, unified from commercial Banks loan to raise money, as the credit management outspread, emphasize the parent company shall, without the approval of guaranty, each unit of member of group had voluntarily to external guarantee to reduce financing cost and reduce the contingent liabilities, prevent the occurrence of security risk and ensure financing efficiency and safety.4、unified funds of process control, use fund efficiently. In the capital goals on control each year, prepare its annual budget index, funds tied up with economic responsibility system evaluation indexes hooks. Through the tracking examination of budget funds from material purchase, stock, inventory and disposal, products sales efc.so implement process control and management. Strengthen the process of management, using foreign capital in introducing foreign investment in domestic and foreign relevant when strengthening lending policies and interest rates and trends of research, a good grasp of the utilization of foreign capital project decision-making shut, reasonably determine the loan to effectively use scheme. Pay attention to foreign investment risk prevention and management, the use of money DiaoQi, interest rates DiaoQi, prepayment, future foreign exchange trading a variety of forms such as dissolve debt risk.Third, the implementation of the internal audit systemCash flow control refers to all company cash inflow and outflow means of control, it need a strong department according to effective system to control. The finance department of the company just one aspect of the implementation and still have audit departments for checks. Mainly includes:1、organization guarantee. Should center around the financial control to establish effective organization guarantee, Organize and implement daily financial control shall establish corresponding supervision and coordination, arbitration, the examination institutions, will these institutions of functions merge to the company's standing body. Shall establish various execution budget responsibility center, make each responsibility center on the decomposition of the budget target can control and can assume complete responsibility.2、system guarantee. The internal control system including the organization's design and internal company take all the coordination between methods and measures. These methods and measures to protect the property of the company, check the accuracy of accounting information, improve operation efficiency, make relevant personnel follow established management policy.3、information feedback guaranteed. Financial control is a dynamic control process, to ensure the financial budget implementation, must to each responsibility center of budget implementation situation to carry on the track, constantly adjust deviation, budget more reasonable, execute more effective.The specific practices are:1、ruled over all the funds, unified redeployment funds to strengthen the management of the company cash. To prevent capital of extracorporeal circulation, strengthening the management of funds, many companies have adopted a series of measures to strengthen the cash management. Can use of cash management system includes: on his company shall carry out strict management of the budget, Of the various departments to implement spare gold, Strict branch open a bank account management: "balance two lines", all income unified over company headquarters unified transfer, branch the funds needed by the company headquarters unified audit and arrangement.2、strengthen money exchanges and inventory management, speed up the capital turnover. The company shall be the following measures, reduced cash outflows, increase cash inflows, reducing capital tie up time: strengthen the account receivable and accounts payable management; Strengthen the otherreceivables and other payable management; Strengthen advance receivable, prepaid receivable management; Strengthen the inventory management; Strict company collection, accelerate cash backflow responsibility system, reduce and control of bad debt rate. As possible by using commercial credit, reasonable utilization of their clients' money.Cash flow and rivers like water, can be done, also cannot overflow, should keep a certain balance, want to hold, how's strength, go and do the size of the things, otherwise it'll take cash flow to break, the company to maintain hard. But within the company, must establish strictly observe the rules and regulations of the atmosphere, the system is the outline, all must act according to the system operation, to ensure the safe and efficient funds. Outside the company, the company must also and banking financial institutions, such as closely and adopt high income, low cost, low risk of financing, investment policy, ensure enterprises of the cash flows of unblocked.Source: Lough, The Company's Financial Management, Harvard business magazine. 2007 (6) : P 199-214.译文：公司资金管理资金是公司从事各项经济活动的基本要素，是公司发展的必备要素。
英文文献企业流动资产管理
Enterprise current assets management methodsAssets is the foundation of enterprise survival and development, is the soul of enterprise existence, is the enterprise to realize the essential condition of financial self-sufficiency, participate in market competition. Current assets, in particular, it is the economic lifeline of the enterprise, enterprise liquidity shortage will affect the normal business operation. So, how to strengthen the management of current assets, improve the enterprise economic benefit, is the enterprise is very concerned about the problem. This article mainly from the current assets management method is effective and reasonable aspects are discussed in this paper.Cash shortage will affect the progress of the business, severe cases can lead to the financial crisis or even bankruptcy of the enterprise. For cash management, the enterprise can adopt the following methods of cash management: 1 to cash flow synchronization synchronization refers to the cash flow between the improvement of the company for cash flow prediction technology, make the cash inflow and outflow occurs at the same time, and can maintain lower trade balance. 2 the use of cash floating Bill-to people receive from enterprise checks, and deposited in the bank, to will draw money in bank corporate accounts, middle over a period of time. Cash in this period of time is called phytoplankton. During this time, although the enterprise on the check, still can use the money on the current account. 3 good control of cash holdings Firms cantake advantage of the cost analysis model as the opportunity cost of cash, management cost and shortage cost at least when the sum of the cash holdings of cash holdings; As well as in the case of cash demand is unpredictable, random model is used to determine the appropriate cash holdings. Accounts receivable is the enterprise for selling goods, providing labor services and other business activities of creditor's rights,. With the market economy gradually establish and perfect as well as the increasingly intense competition in the market, in order to expand sales, reduce inventory, forced most of enterprises to provide business credit for each other, in the form of credit and other preferential way to sell goods, must have the necessary accounts receivable. To strengthen the accounting and management of accounts receivable is related to the capital turnover of the enterprise, also is so intertwined with the economic benefits of enterprises. First of all, we should strengthen the customer credit management, establish special credit management department, analysis of customer credit investigation. Secondly, the establishment of responsibility system for the collection of receivables. Clear the responsibility of the relevant personnel, recycling and accounts receivable internal performance evaluation and rewards and punishment, from various business units actively collect accounts receivable. In addition, enterprises should prepare a list of the aging analysis, careful analysis of the accounts receivable aging, master in the inventory of accountsreceivable, incremental, and become the information such as the possibility of bad debts. The goal of inventory management will try our best to the trade-off between inventory costs and inventory benefits, achieve the best combination of both. First, strengthen the management of inventory purchase. Secondly, classifying inventory management. Pay special attention to the inventory management in the process of production and sales. Strengthening the management of inventory in the production process, should strengthen the management of semi-finished products, the products of physical and field management, strictly control the product usage of funds, in order to reduce the money in the product footprint.The following columns from the case further analysis enterprise management methods importance of liquid assets. Shenzhen huaqiang group is a comprehensive development of large state-owned enterprise group, was founded in 1979, huaqiang group, the national total investment of 6.42 million yuan. Around 1992, as asset management out of control and ultimately lead to business failure. Since then, the enterprise to set up new asset management mode: the first is the cash management, financial settlement center to unified adjust the group's overall cash and planning, determine the best cash balance, adjust after and decided to exceed the optimum cash balance of cash. Followed by accounts receivable management, main measures three aspects, first is tocontrol the total amount of accounts receivable, in "on prevent and reduce the hidden loss enterprise management stipulation", defined the member enterprise accounts receivable accounts for the proportion of liquid assets shall not exceed 35%, followed by the financial department monthly aging analysis table, will inform the sales department, payment collection collection measures in a timely manner; The last is to establish a responsibility system for accounts receivable collection, payment is linked to sales staff bonuses to the cage. The implementation of this system has obvious effect, such as accounts receivable, blue ribbon beer from 230 million yuan in 1997 down to $1998 in 120 million, a drop of 50%. Again about inventory management, the group shall practise a system of purchasing merchandise. In order to ensure the execution of this system, the group established material procurement for the record selectiving examination system, the enterprise each season will be the number of main raw materials, prices, suppliers and other data submitted to group for the record, group carries out spot check on a regular basis, not on a regular basis, found that excess purchasing, the high price blindly purchasing behavior, the enterprise manager timely treatment, and is responsible for procurement staff. Inventory time can reflect the extent of the backlog of inventory, such as inventory time one to two years of product, that backlog degree was 50%, more than three years backlog degree is 80%; V alue analysis, mainly through the lower of cost andmarket, measuring the cash loss, provide the basis for preventing and reducing the hidden loss. In 1998, through strict inventory management method, the group's stock dropped from 1.08 billion yuan to 1.08 billion yuan. By the above measures as you can see, the group adopted a reasonable policy, make the enterprise keep in current assets under the premise of certain liquidity, greatly reduces the liquidity of capital takes up, save a lot of money. Improve the management level. Conclusion: for liquidity management methods, we have learned from the enterprise in the front of the aspects of cash, accounts receivable and inventory management, as a business manager, need to keep the integrated use of the flexible methods of management, in the process of enterprise's growing, combines the condition of different enterprise environment, to find the most appropriate way of management. In short, the enterprise in order to meet the requirement of market economy and their own development needs, the need to constantly strengthen the understanding of current asset management, we will improve the mechanism of liquid assets management strictly, pay special attention to the cooperation with various departments, various units in a timely manner to carry on the scientific and effective management, will create limitless possibilities, and limited liquidity, in turn, promote the economic efficiency of enterprises continuously improve, long-term in an impregnable position in the market economy.。
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.
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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）。
企业资金管理中英文对照外文翻译文献
企业资金管理中英文对照外文翻译文献(文档含英文原文和中文翻译)An Analysis of Working Capital Management Results Across IndustriesAbstractFirms are able to reduce financing costs and/or increase the fund s available for expansion by minimizing the amount of funds tied upin current assets. We provide insights into the performance of surv eyed firms across key components of working capital management by usi ng the CFO magazine’s annual Working CapitalManagement Survey. We discover that significant differences exist b etween industries in working capital measures across time.In addition.w e discover that these measures for working capital change significantl y within industries across time.IntroductionThe importance of efficient working capital management is indisputa ble. Working capital is the difference between resources in cash or readily convertible into cash (Current Assets) and organizational commi tments for which cash will soon be required (Current Liabilities). Th e objective of working capital management is to maintain the optimum balance of each of the working capital components. Business viabilit y relies on the ability to effectively manage receivables. inventory.a nd 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 b ringing non-optimal levels of current assets and liabilities back towa rd 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 capita l management is the recurrent attention being given to the applicatio n of Six Sigma®methodology. Six S igma®methodologies help companies measure and ensure quality in all areas of the enterprise. When used to identify and rectify discrepancies.inefficiencies and erroneous tra nsactions in the financial supply chain. Six Sigma®reduces Days Sale s Outstanding (DSO).accelerates the payment cycle.improves customer sati sfaction and reduces the necessary amount and cost of working capital needs. There appear to be many success stories including Jennifertwon’s(2002) report of a 15percent decrease in days that sales are outstanding.resulting in an increased cash flow of approximately $2 million at Thibodaux Regional Medical Cenrer.Furthermore bad debts declined from 3.4millin to $6000000.However.Waxer’s(2003)study of multiple firms employing Six Sig ma®finds that it is really a “get rich slow”technique with a r ate 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 impa ct firm credit policy.inventory management.and bill-paying activities. S ome 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 pe rformance.Fortunately.these issues are testable with data published by CFO magazine. which claims to be the source of “tools and informati on for the financial executive.”and are the subject of this resear ch.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 p articular industry clustered together at consistent levels of working capital measures?For instance.are firms in one industry able to quickl y 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 perform ance for firms within a given industry change from year-to-year?”The following section presents a brief literature review.Next.the r esearch 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 f inance 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 co rporation had been running a deficit cash flow from operations for e ight of the last ten years of its corporate life.As part of a stud y of the Fortune 500s financial management practices. Gilbert and Rei chert (1995) find that accounts receivable management models are used in 59 percent of these firms to improve working capital projects.wh ile inventory management models were used in 60 percent of the compa nies.More recently. Farragher. Kleiman and Sahu (1999) find that 55 p ercent of firms in the S&P Industrial index complete some form of a cash flow assessment. but did not present insights regarding account s receivable and inventory management. or the variations of any curre nt asset accounts or liability accounts across industries.Thus.mixed ev idence exists concerning the use of working capital management techniq ues.Theoretical determination of optimal trade credit limits are the s ubject of many articles over the years (e.g. Schwartz 1974; Scherr 1 996).with scant attention paid to actual accounts receivable management.Across a limited sample. Weinraub and Visscher (1998) observe a tend ency of firms with low levels of current ratios to also have low l evels of current liabilities. Simultaneously investigating accounts rece ivable and payable issues.Hill. Sartoris.and Ferguson (1984) find diffe rences in the way payment dates are defined. Payees define the date of payment as the date payment is received.while payors view paymen t as the postmark date.Additional WCM insight across firms.industries.a nd 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 acti vities.However.these models are generic models and do not consider uni que 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 th at company’s fortunes than overall GNP”(2002. 507).In fact. a car eful review of this 627-page textbook finds only sporadic information on actual firm levels of WCM dimensions.virtually nothing on industr y factors except for some boxed items with titles such as. “Should a Retailer Offer an In-House Credit Card”(128) and nothing on WC M 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 ver y few recent reports about working capital management. The most relev ant set of articles was Weisel and Bradley’s (2003) article on cash flow management and one of inventory control as a result of effect ive supply chain management by Hadley (2004).Research Method The 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 co nsulting firm specializing in working capital issues for its global l ist of clients. The original survey reports several working capital b enchmarks 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 a nnual basis.REL uses the “cash flow from operations”value located on firm cash flow statements to estimate cash conversion efficiency (CCE). T his value indicates how well a company transforms revenues into cash flow. A “days of working capital”(DWC) value is based on the d ollar amount in each of the aggregate.equally-weighted receivables.inven tory.and payables accounts. The “days of working capital”(DNC) repr esents the time period between purchase of inventory on acccount fromvendor until the sale to the customer.the collection of the receiva bles. and payment receipt.Thus.it reflects the companys ability to fin ance its core operations with vendor credit. A detailed investigation of WCM is possible because CFO also provides firm and industry val ues for days sales outstanding (A/R).inventory turnover.and days payabl es 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 ef ficiency”(CCE).averages 9.0 percent.Incorporating a 95 percent confide nce interval. CCE ranges from 5.6 percent to 12.4 percent. The days working capital (DWC). defined as the sum of receivables and invent ories 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 ins tances.the standard deviation is relatively small.suggesting that these working capital management variables are consistent across CFO report s.Industry Rankings on Overall Working Capital Management Perfo rmanceCFO magazine provides an overall working capital ranking for firms in its ing the following equation:Industry-based differences in overall working capital management are presented for the twenty-s ix industries that had at least eight companies included in the rank ings each year.In the typical year. CFO magazine ranks 970 companies during this period. Industries are listed in order of the mean ove rall CFO ranking of working capital performance. Since the best avera ge ranking possible for an eight-company industry is 4.5 (this assume s that the eight companies are ranked one through eight for the ent ire survey). it is quite obvious that all firms in the petroleum in dustry must have been receiving very high overall working capital man agement rankings.In fact.the petroleum industry is ranked first in CCE and third in DWC (as illustrated in Table 5 and discussed later i n this paper).Furthermore.the petroleum industry had the lowest standar d 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 secon d in CCE and fourth in DWC. The two industries with the worst work ing capital rankings were Textiles and Apparel. Textiles rank twenty-s econd in CCE and twenty-sixth in DWC. The apparel industry ranks twenty-third and twenty-fourth in the two working capital measures ConclusionsThe research presented here is based on the annual ratings of wo rking capital management published in CFO magazine. Our findings indic ate a consistency in how industries “stack up”against each other over time with respect to the working capital measures.However.the wor king capital measures themselves are not static (i.e.. averages of wo rking capital measures across all firms change annually); our results indicate significant movements across our entire sample over time. O ur findings are important because they provide insight to working cap ital performance across time. and on working capital management across industries. These changes may be in explained in part by macroecono mic factors Changes in interest rates.rate of innovation.and competitio n 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 ra mifications of this study include the finding of distinct levels of WCM measures for different industries.which tend to be stable over ti me. Many factors help to explain this discovery. The improving econom y during the period of the study may have resulted in improved turn over 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 impr oving 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 annua lly.Further research may take one of two lines.First.there could bea study of whether stock prices respond to CFO magazine’s publication of working capital management rating.Second,there could be a study of which if any of the working capital management components relate to share price performance.Given our results,there studies need to take industry membership into consideration when estimating stock price reaction to working capital management performance.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。
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。
营运资金管理对中小企业的盈利能力的影响[外文翻译]
![营运资金管理对中小企业的盈利能力的影响[外文翻译]](https://img.taocdn.com/s3/m/a0b7820f0a4c2e3f5727a5e9856a561252d321b0.png)
营运资金管理对中小企业的盈利能力的影响[外文翻译]本科毕业论文（设计）外文翻译工作资本管理对中小企业盈利能力的影响》传统上，企业财务文献的研究主要集中在长期财务决策方面。
研究人员特别关注分析投资、资本结构、股息或公司估值等主题。
但是，企业对短期资产的投资和使用期限不到一年的资源，占据了企业资产负债表的主要份额。
事实上，在我们的样本中，西班牙中小型企业的流动资产占其资产的69.48％，而同时，其流动负债占负债的52.82％以上。
因此，工作资本管理对企业的盈利能力具有重要影响。
Effective working capital management is ___。
risk。
and overall value (Smith。
1980)。
On one hand。
maintaining high inventory levels can ce the cost of potential n ns。
prevent loss of business due to product scarcity。
ce supply costs。
and protect against price ns。
among other benefits (Blinder and Manccini。
1991)。
On the other hand。
offering trade credit can boost sales in us ways。
Trade credit can serve as an effective price n (Brennan。
Maksimovic and Zechner。
1988.Petersen and Rajan。
1997)。
___ during low-demand ds (Emery。
1987)。
___ to verify the quality and quantity of goods received。
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。
营运资金管理对公司财务绩效的影响-外文翻译
营运资金管理对公司财务绩效的影响-外文翻译nThe study aims to determine the impact of working capital management on the financial performance of water processingfirms in Puntland。
The research d spans from 2011 to 2015.with several financial quarters identified。
and both working capital and financial performance variables XXX related to cash management。
inventory management。
accounts receivable management。
and accounts payable management and their impact on the financial performance of water processing XXX。
n cost theory。
and the working capital management cycle theory。
The sample consists of four XXX independent variables are used。
including the turnovers of funds。
inventory。
accounts receivable。
XXX due to thehigh coefficient of n for each variable。
From the inferential statistics。
the study found that the XXX impact on the asset return rate of the Galowe Water Works Company。
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。
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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。