企业流动资产管理外文文献翻译2015年译文字数3650字
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。
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。
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。
企业集团财务管理研究外文文献翻译2015年中文译文3600字
文献出处:Cohen R, Wright A. The Research of Enterprise Group Financial Management [J]. Journal of Management, 2015, 3(2): 40-55.原文The Research of Enterprise Group Financial ManagementCohen R, Wright AAbstractEconomic globalization, making the information flow, cash flow, logistics, etc are beyond geographical high-speed flow. In this economic environment, the enterprise group's investment and financing, the production and business operation decision as fast and exact, and the decision depends on the quick access to information quickly; Must depend on access to information. In this case, the enterprise group is responsible for internal and external financial information collection; to generate the importance of financial management work is all the more important. Appropriate mode of enterprise group financial management can help enterprise group effectively avoid the financial risk in the process of development, improve the management benefit, improve market competitiveness, thus enabling enterprise groups become bigger and stronger, and keep its healthy and sustainable development.Key words: Enterprise group; financial management; Mode selection1IntroductionAt the beginning of the 20th century, the enterprise group is the important form of the modern economic organization form in European and American some developed industrialized countries. Then this kind of enterprise groups all over the world plays an important role in the economic activities. Some big group and big enterprises with its huge capital strength, advanced technology strength, large organization structure, the first-class management level, and diversified cultural background, have different national, regional and national economic and social life has a great influence. Large, very large, and even multinational enterprise group, play an important role in the world economy. It can be said that a country has the quality and quantity of enterprise group, reflected the country's market economy developmentlevel and the comprehensive competition ability of the enterprise. In order to enhance the management level, improve the competitive ability of enterprises, enterprise group’s calls for a new management mode, and as the management the core of financial management, the eager degree is higher. So, we must explore under the enterprise group financial management mode, study what kind of financial management model can apply to the enterprise group, to meet the rapid development of modern enterprise group.2 Literature reviewAs early as in 1910, the American scholar mead (Meade) published the first studies the financing of a company's financial management work of the company's financial, David (Dewing) in 1938 and Leon (Lyon) published the company's financial policy and the company and its financial problems. These works mainly studies how to raise capital, formed as to research in corporate finance as the center of the traditional financial management theory "school of thought.1929-1933 economic crisis, many companies have realized that the task of financial management and is not only the financing problems, scientific management should also include the funds and the use, only pay attention to the efficient use of funds, keep reasonable capital structure, and strictly control the financial revenues and expenditures, to make the business in an impregnable position.30 s, therefore, the focus of the financial management started from expansionary external finance, the defensive internal control transfer of funds, all kinds of financial goals and budget, debt restructuring, asset appraisal, and maintaining the solvency problems, has become the important content of financial management research during this period. From the stock market appears in the 1950 s, with emphasis on the corporate finance, financial management pattern research, to mature market economy, with emphasis on the cash management, financial management pattern research, to form the system of investment activities, with emphasis on the capital management, financial management pattern research and development to today, with the economic globalization puts forward new requirements of enterprise group financial management mode. From 1958 to 1961, Miller and Modigliani Miller (Modigliani) through a large number of empiricalresearch, puts forward the famous MM theorem, namely in the efficient securities market, the company's capital structure and dividend policy have nothing to do. During this period, in order to study the financial decision-making as the main content of "new financial theory" has been formed, the essence of which is pay attention to the beforehand control of financial management, emphasis will be closely connected with its economic environment, with asset management decisions as the center, the financial management theory to promote a big step-In 1964 and 1965, the famous American financial management experts sharp (William. F.S harped) and linter (J.L inner) in Ma Kiwi done in-depth research, on the basis of the capital asset pricing model is proposed. The emergence of this theory marks another leap forward development of financial management theory. By financial management expert’s sharp capital asset pricing: risk under the condition of market equilibrium theory is considered to form makes a significant contribution to the theory of financial management. After the 70 s, financial tool innovation make the company contact in financial markets is increasingly strengthened. Warrants, financial futures and is widely used in corporate finance and foreign investment activity, promote the developing and perfecting financial management theory. Black (F.B lack) and others created the option pricing model; Ross arbitrage pricing theory is proposed. After the 80 s, the enterprise financial management into a new stage of deepening development, and development in the direction of internationalization, high-precision, computerization and networking. Increasingly along with the economic globalization, international trade and multinational business active unprecedented, foreign exchange risk management, investment analysis, international company financial performance evaluation, etc, become the focus of the financial management, to create a new financial management -- international financial management; With mathematical method, optimization theory and computer and other advanced methods and means in the application of financial management, the company began to develop in the direction of accurate financial analysis.3 Enterprise group financial management objectives and principles3.1 The goal of enterprise group financial managementGoal refers to the behavior or to achieve the desired results. Enterprise group financial management goal is to show the enterprise group to achieve the purpose of through a series of financial activities. For enterprise group, the financial management goal should include two levels, the first level is the enterprise group, the basic goal, auxiliary target at the second level is the enterprise group.Basic target enterprise group and single enterprise financial management goal is consistent, namely with minimal input to obtain the biggest benefit. As more corporate economic association, the enterprise group is to profit as the goal, the financial management goal is associated with enterprise multiple interest groups, is that the interest groups work together and the result of compromise. In a certain time and certain conditions, a certain interest groups may play a leading role, but from the point of enterprise long-term development, not only emphasize particular interest group interests, while ignoring other group's interest. In theory, the goal of the various interest groups is willing to compromise for the long-term stable development of enterprises and enterprise value increasing, the various interest groups to achieve their ultimate goal. So, to the enterprise value maximization as the goal of financial management, than to maximize shareholder wealth as a more scientific financial management target. Enterprise value maximization is reasonable on the enterprise financial management, using the optimal financial policy, gives full consideration to the time value of money and the relationship between risk and reward, on the basis of the guarantee enterprise long-term stable development of the enterprise value maximum.3.2 The principle of enterprise group financial management3.2.1 Integrity principleEnterprise group as a benefit-sharing, risk-sharing legal interests, their financial behavior not only stand in the perspective of member enterprises, and should be based on the interests of the whole enterprise group should be even from the perspective of the whole social stability and healthy development of the economic consideration. Local are subject to the needs of the whole, a single enterprise to obey the needs of the development of enterprise groups, enterprise group are subject to the needs of social development.3.2.2 Non-profit principleEnterprise group as the main body of market economy, the pursuit of economic interests, drive the risk-averse is the eternal law, is the foundation of its existence and development. It contains two meanings: one is the enterprise group in foreign investment or other associated with external yields should consider when financial activities;2 it is enterprise group in the internal financing, borrow money to consider these activities can bring economic benefits to enterprise groups, should be appropriate to introduce the market mechanism.3.2.3 Balance principleEnterprise group members in the size, position, there are differences in such aspects as development stage, so the enterprise group financial management should pay attention to the balance principle, on the one hand, the enterprise group financial management process, should not only to the enterprise group's "sunrise industry", "chatoyant enterprise" areas, and to maintain fairness and justice, to ensure member enterprise responsibility, right and benefit, the combination of privileges given to individual companies to prevent, affect the enthusiasm of other members of the enterprise; Enterprise group financial management, on the other hand, both must strictly implement the rules and the relevant financial policies, systems, and flexible according to different conditions to coordinate the relationship between the various stakeholders.3.2.4 Long-term principleEnterprise group established aim is to achieve integration of resources integration synergy effect and management, achieve scale economic benefit, and to establish the group's overall market competitive advantage, which can be in an impregnable position in the market competition, long-term existence and continuous development, so the enterprise group financial management to obey and serve the long-term development strategy of enterprise group, don't care about a moment of gain and loss, short-term financial arrangements are subject to long-term planning.4 The main content of the enterprise group financial management mode4.1 The financial management targetFinancial management goal is to show the enterprise financial management activities can hope to achieve the result of the research on financial management goal, is helpful to optimize the structure of financial management theory and effectively guide the financial management practice; Scientifically set up financial management goal, which is beneficial to optimize the financial behavior, and thereby forms a benign circle of financial management. On enterprise financial goals, at present there are mainly three kinds of different points of view: the profit maximization, stockholder wealth maximization, and maximize the enterprise value. However enterprise group in the economic system and enterprise different development period, the enterprise group with other ownership enterprises in the financial management target is different, enterprise group should be based on the actual itself, establish enterprise group financial management target.4.2 The financial management organizationFinancial management organization structure is the operation of enterprise financial management organization guarantee, is the financial management mode of external performance and visual performance. Group of financial institutions should be according to the different situation of enterprise group and the group's hierarchy to build. Group financial organizations set usually has two forms: one is the development of the enterprise group is a principal company (enterprises) as the core, the development of enterprise group of various functional departments will be attached to the main body on the various functions of the company management department, then the main body enterprise established by the finance department is not only the main body of enterprise, and enterprise group finance department.2 it is enterprise group is made up of different industries or different products multiple enterprise established, group finance department to reset at this moment, how to set up, by the group company according to the specific situation to decide. Generally speaking, in a major enterprises as the core, the subsidiary is less, mutual relations between the production and operation of close group, the main body of enterprise financial. Larger workload, his management quality directly affects the group's financial position and performance, group, then more tend to use the first form. Butwhen enterprise group to large-scale development, subsidiary, more diversified, between the independence of the strong, group is to set up independent strong financial management department.4.3 The financial management systemEnterprise group financial management system is refers to the management of headquarters or parent company of enterprise group financial management of all aspects of Quenelle relations, regulating the subsidiary members of the basic system of enterprise financing behavior as determined, referred to as "financial management system, including the financial organization system, financial decision-making system, financial control system of three main aspects.4.4 The financial strategyEnterprise group is aimed at giving full play to the advantages of resources aggregation, in order to make the resources of the enterprise group can really together and benefit, group headquarters must be of strategic management in the first place, that is, financial management must be to serve the group's business strategy for the purpose to develop their own financial strategy. Financial strategy is the enterprise in order to win in the fierce competition to obtain long-term gains as the guidance, through to the enterprise of the industry environment, their own capabilities and resources to carry on the full analysis, in view of the enterprise financing, investment and financial activities such as the allocation of funds make a set of system, long term action plan. When making enterprise financial strategy must take into consideration of the enterprise group may encounter difficulties. Enterprise financial strategy basically has the following three types: type expansionary financial strategy, tighter financial strategy, the steady financial strategy.5 Enterprise group financial management modesEnterprise group financial management to the market as the guide, to the capital as the link, with modern enterprise system as the guarantee, the rational allocation of enterprise group assets, giving full play to the advantages of group, improve the efficiency of capital operation, according to the group company and between members of the enterprise financial management purview division is different, thedomestic enterprise group financial management mode can be divided into "authoritarian" and "distributed" and "harmony" three kinds of type.5.1 "Authoritarian" financial management modesAdopt the mode of enterprise group, most of the focus on the parent company, financial rights to take strict control and unified management, subsidiary to the parent company in the centralized financial management mode, the rights of the parent company, with its original capital subsidiary will be major financial focus to the parent company, and the infiltration of the parent company financial management rights and extends to the subsidiary. Group the board of directors of the company divided the body of the purse strings is dashing (or manager), general manager, deputy general manager, financial manager (finance department) and the financial functional departments, the four levels are the exercise of the body of the purse strings. Lead to enterprise group financial management centralized principle is: to ensure the consistency of enterprise group internal financial target, reduce the enterprise internal members of the phenomenon of "insider control”; to achieve the maximization of corporate interests; to effectively concentrated resources for the strategic adjustment of investment direction.5.2 "Distributed" financial management modeDistributed mode, financial management is to point to in accordance with the principle of importance for the member enterprises group co., LTD. And appropriate to the division of financial control, management and decision-making, group company just focus on the direction and strategic issues. Adopt the mode of enterprise group, subsidiary has sufficient financial management decision-making power, and the management of the subsidiary to the parent company is given priority to with indirect management. It gives the subsidiary fully financial freedom, play the enthusiasm of the subsidiary, make it adapt to the complex financial environment, the parent company mainly in accordance with the contract specifications such as subsidiary financial behavior.5.3 "Compatibility" type financial management modes"Harmony" is centralized and decentralized financial management financialmanagement. This is mainly due to the above two models appeared more obvious flaws, this model only arises at the historic moment.” Harmony" is refers to the enterprise group financial management according to the product, service, customer or region is divided into business department, autonomy in operation of the large enterprise group headquarters awarded the department, to be able to like independent enterprises operate independently according to the market situation, have the authority of financial decisions. According to the parent company centralized degree is different, this kind of management model and can be divided into two types of relative centralization and relative separation of powers. Relatively centralized model mainly embodies the advantages of centralized, avoided due to power is too concentrated, a subsidiary of a lack of enthusiasm and vitality, but also to carry out effective control subsidiary to the parent company. Relatively decentralized model not only reflects the decentralized advantages, and strengthen the group's internal coordination.译文企业集团财务管理研究Cohen R, Wright A摘要经济全球化，使得信息流、资金流、物流等都在跨越地域高速流动。
企业库存管理中英文对照外文翻译文献
企业库存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)外文：Zero Inventory ApproachManaging optimal inventory in the supply chain is critical for an enterprise. The ability to increase inventory turns and the use of best inventory practices will reduce inventory costs across the supply chain. Moving towards zero inventory will result in effective inventory management in the business process. Inventory Optimization Solutions can be implemented easily using inventory optimization software. With Radio Frequency Identification (RFID) technology, inventory can be updated in real time without product movement, scanning or human involvement. Companies have to adopt best practices to optimize operational processes and lower their cost structure through inventory strategies.Introduction With supply chain planning and latest software, companies are managing their inventory in the best possible manner, keeping inventory holdings to the minimum without sacrificing the customer service needs. The zero inventory concept has been around since the 1980s. It tries to reduce inventory to a minimum and enhances profit margins by reducing the need for warehousing and expenses related to it.The concept of a supply chain is to have items flowing from one stage of supply to the next, both within the business and outside, in a seamless fashion. Any stock in the system is caused by either delay between the processes (demand, distribution, transfer, recording and production) or by the variation in the flow. Eliminating/reducing stock can be achieved by: linking processes, making the same throughput rate on processes, locating processes near each other and coordinating flows. Recent advanced software has made zero inventory strategy executable."Inventory optimization is an emerging practical approach to balancing investment and service-level goals over a very large assortment of Stock-Keeping Units (SKUS). In contrast to traditional ‘one ‘one-at-a--at-a--at-a-time’ time’ marginal stock levelsetting, inventory optimization simultaneously determines all SKU stock levels to fulfill total service and investment constraints or objectives".Inventory optimization techniques provide a new logic to drive the system with information systems. To effectively manage inventory, businesses must also optimize thecosts of buying, holding, producing, moving and selling inventory.The objective of inventory optimization is to sustain minimal levels of inventory while providing the maximum possible levels of service. Supply Chain Design and Optimization (SCDO) is an inventory optimization solution which helps companies satisfy customer demands while balancing limitations on supply and the need for operational efficiency. Inventory optimization focuses on modeling uncertainty and variability and minimizing the risks they impose on the supply chain.Inventory optimization can help resolve total supply chain cost options like:• In-house manufacturing vs. contract manufacturing;• Domestic vs. off shore;• New supplier's cost vs. current suppliers' cost.Companies can benefit from inventory optimization, provided they control their supply chain processes and the complexity of supply chain. In case the supply chain is very complex, besides inventory optimization, network design has to be used to reap the benefits fully. This paper covers various inventory models that are available and then describes the technologies like Radio Frequency Identification (RFID) and networking used for the optimization of inventory. The paper also describes the software solutions available for achieving the same. It concludes by giving a few examples where inventory optimization has been successfully implemented.Inventory ModelsHexagon ModelThe hexagon model was developed due to the need to structure day-to-day work, reduce headcount and other inventory costs and improve customer satisfaction.In the first phase, operation strategies were established in alignment with inte-rnal customers. Later, continuous improvement plans and business continuity pl-ans were added. The five strategies used were:forecasting future consumption,setting financial targets to minimize inventory costs, preparing daily reports to monitor inventory operational performance,studying critical success indicators to track the accomplishments, to form inventory strategic objectives and inventor-y health and operating strategies. The hexagon model is a combination of two triangular structures (Figure 1).The upper triangle focuses on the soft management of human resources, customer orientation and supplier relations; the lower focuses on the execution of inventory plans with their success criteria, continuous improvement methodology and business continuity plans.The inventory indicators are: total inventory value, availability of spares, days of inventory, cost of inventory, cost saving and cash saving output expen-diture and quality improvement. The hexagon model combines the elements of the people involved in managing inventory with operational excellence (Figur2).Managing inventory with operational excellence was achieved by reducing the number of employees in the material department, changing the mix of people skills such as introducing engineering into the department structure and reducing the cost of ownership of the material department to the operation that it supports.Normally, this is implemented with reduction in headcount of material department, having less people with engineering skills in the department. Operation results include, improvement in raw material supply line quality indicators, competitive days of inventory and improved and stabilized spares availability. And the financial results include, increase in cost savings and reduced cost of inventory. It can be established by outsourcing some of the inventory functions as required. The level of efficiency of the inventory managed can be measured to a specific risk level, changing requirements or changes in the environment. Just-In-Time (JIT)Just-in-time (JIT) inventory system is a concept developed by the Japanese, wherein, the suppliers deliver the materials to the factory JIT for their processing, eliminating the need for storage and retrieval. The rate of output and the rate of supply of inputs are synchronized, to manage a zero inventory.The main benefits of JIT are: set up times are significantly reduced in the factory, the flow of goods from warehouse to shelves improves, employees who possess multiple skillsare utilized more efficiently, better consistency of scheduling and consistency of employee work hours, increased emphasis on supplier relationships and continuous round the clock supplies keeping workers productive and businesses focused on turnover.And though a JIT system might even be a necessity, given the inventory demands of certain business types, its many advantages are realized only when some significant risks likedelays in movement of goods over long distances are mitigated.Vendor-Managed Inventory (VMI)Vendor-Managed Inventory (VMI) is a planning and management system in which the vendor is responsible for maintaining the c ustomer’s inventory levels. VMI is defined as a process or mechanism where the supplier creates the purchase orders based on the demand information. VMI is a combination of e-commerce, software and people. It has resulted in the dramatic reduction of inventory across the supply chain. VMI is categorized in the real worldas collaboration, automation and cost transference.The main objectives of VMI are better, cheaper and faster transactions. In order to establish the VMI process,management commitment,data synchronization,setting up agreements,data exchange, ordering, invoice matching and measurement have to be undertaken.The benefits of VMI to an organization are reduction in inventory besides reduction of stock-outs and increase in customer satisfaction. Accurate information which is required for optimizing the supply chain is facilitated by efficient transfer of information. The concept of VMI would be successful only when there is trust between the organization and its suppliers as all the demand information is available to the suppliers which can be revealed to the competitors. VMI optimizes inventory in supply chain and reduces stock-outs by proper planning and centralized forecasting.Consignment ModelConsignment inventory model is an extension of VMI where the vendor places inventory at the customer’s location while retaining ownership of the inventory.The consignment inventory model works best in the case of new and unproven products where there is a high degree of demand uncertainty, highly expensive products and service parts for critical equipment. The types of consignment inventory ownership transfer models are: pay as sold during a pre-defined period, ownership changes after a pre-defined period, and order to order consignment.The issues that the VMI and consignment inventory model encounter are cost of developing VMI system, invoicing problems, cash flow problems, Electronic Data Interchange (EDI) problems and obsolete stock.Enabling PracticesThe decision makers have to make prudent decisions on future course of action of a project relating to the following variables: Forecasting and Inventory Management,Inventory Management practices,Inventory Planning,Optimal purchase, Multichannel Inventory, Moving towards zero inventory.To improve inventory management for better forecasting, the 14 best practices that will most likely benefit business the most are:•Synchronize promotions;•Revamp the organizational structure;•Take a longer view of item planning;•Enforce vendor compliance;•Track key inventory metrics;•Select the right systems;•Master the art of master scheduling;•Adhere to exception reporting;•Identify lost demands;•Plan by assortment;•Track inbound receipts;•Create coverage reports;•Balance under stock/overstock; and•Optimize SKUs.This will leverage the retailer’s ability to buy larger quantities across all channels while buying only what is required for a specified period in order to manage risk in a better way. In most multichannel companies, inventory is the largest asset on the balance sheet, which means that their profitability will be determined to a large degree by the way they plan, forecast, and manage inventory (Curt Barry, 2007). They can follow some steps like creating a strategy,integrating planning and forecasting, equipping with the best-laid plans and building strong vendor relationships and effective liquidation.Moving Towards Zero InventoryAt the fore is the development and widespread adoption of nimble, sophisticated software systems such as Manufacturing Resource Planning (MRP II), Enterprise Resource Planning(ERP), and Advanced Planning and Scheduling (APS) systems, as well as dedicated supply chain management software systems. These systems offer manufacturers greater functionality. To implement ‘Zero Stock’ system, companies need to have a good information system to handle customer orders, sub-contractor orders, product inventory and all issues related to production. If the company has no IT infrastructure, it will need to build it from the scratch.A good information system can help managers to get accurate data and make strategic decisions. IT infrastructure is not a cost, but an investment. A company can use RFID method,network inventory and other software tools for inventory optimization.Radio Frequency Identification (RFID)RFID is an automatic identification method, which relies on storing and remotely retrieving data using devices called RFID tags or transponders.RFID use in enterprise supply chain management increases the efficiency of inventory tracking and management. RFID application develops asset utilization by tracking reusable assets and provides visibility, improves quality control by tagging raw material, work-in-progress, and finished goods inventory, improves production execution and supply chain performance by providing accurate, timely and detailed information to enterprise resource planning and manufacturing execution system.The status of inventory can be obtained automatically by using RFID. There are many benefits of using RFID such as reduced inventory, reduced time, reduced errors, accessibility increase, high security, etc.Network InventoryA Network Inventory Management System (NIMS) tracks movement of items across the system and thus can locate malfunctioning equipment/process and provide information required to diagnose and correct problem areas. It also determines where capacity is to be added, calculates impact of market conditions, assesses impact of new products and the impactof a new customer. NIMS is very important when the complexity of a supply chain is high. It determines the manufacturing and distribution strategies for the future. It should take into consideration production, location, inventory and transportation.The NIMS software, including asset configuration information and change management,is an essential component of robust network management architecture.NIMS provideinformation that administrators can use to improve network management performance and help develop effective network asset control processes.A network inventory solution manages network resource information for multiple network technologies as well as multiple vendors in one common accurate database. It is an extremely useful tool for improving several operation processes, such as resource trouble management, service assurance, network planning and provisioning, field maintenance and spare parts management.The NIMS software, including asset configuration information and change management, is an essential component of strong network management architecture. In addition, software tools that provide planning, design and life cycle management for network assets should prominently appear on enterprise radar screens.Inventory Optimization Softwarei2 Inventory Optimizationi2 solutions enable customers to realize top and bottom-line benefits through the use of superior inventory management practices. i2 Inventory Optimization can help companies monitor, manage, and optimize strategies to decide—what to make, what to buy and from whom, what inventories to carry, where, in what form and how much—across the supply chain. It enables customers to learn and continuously improve inventory management policies and processes, strategic analysis and optimization.Product-oriented industry can install i2 Inventory Optimization and develop supply chain. Through this, the company can reduce inventory levels and overall logistics costs. It can also get higher service level performance, greater customer satisfaction, improved asset utilization, accelerated inventory turns, better product availability, reduced risk, and more precise and comprehensive supply chain visibility.Oracle Inventory OptimizationOracle Inventory Optimization considers the demand, supply, constraints and variability in extended supply chain to optimize strategic inventory investment decisions. It allows retailers to provide higher service levels to customers at a lower total cost. Oracle Inventory Optimization is part of the Oracle e-Business Suite, an integrated set of applications that are engineered to work together.Oracle Inventory Optimization provides solutions when demandand supply are in ambiguity. It provides graphic representation of the plan. It calculates cost and risk.MRO SoftwareMRO Software (now a part of IBM's Tivoli software business) announced a marketing alliance with inventory optimization specialists Xtivity to enhance the service offering of inventory management solutions for MRO Software customers. MRO offers Xtivity's Inventory Optimizer (XIO) service as an extension of its asset and service managementsolutions.Structured Query Language (SQL)Successful implementation of an inventory optimization solution requires significant effort and can pose certain risks to companies implementing such solutions. Structured Query Language (SQL) can be used on a common ERP platform. An optimal inventory policy can be determined by using it. Along with it, other metrics such as projected inventory levels, projected backlogs and their confidence bands can also be calculated. The only drawback of this method is that it may not be possible to obtain quick real-time results because of architectural and algorithmic complexity. However, potential scenarios can be analyzed in anticipation of results stored prior to user requests.Some ExamplesToyota’s Practice in IndiaToyota, a quality conscious company working towards zero inventory has selected Mitsui and Transport Corporation of India Ltd. (TCI) for their entire logistic solutions encompassing planning, transportation, warehousing, distribution and MIS and related documentation. Infrastructure is a bottleneck that continues to dog economic growth in India. Transystem renders services like procurement, consolidation and transportation of original equipment manufacturer's parts, through milk run operations from various suppliers all over India on a JIT basis, transportation of Complete Built-up Units (CBU) from plant to all dealers in the country and operation of CBU yards, coordination and transportation of Knock Down (KD) parts from port of entry to manufacturing plant, transportation of aftermarket parts to dealers by road and air to Toyota Kirloskar Motors Pvt. Ltd.Wal-MartWal-Mart is the largest retailer in the United States, with an estimated 20% of the retail grocery and consumables business, as well as the largest toy seller in the US, with an estimated 22% share of the toy market. Wal-Mart also operates in Argentina, Brazil, Canada, Japan, Mexico, Puerto Rico and UK.Wal-Mart keeps close track of the inventories by extensively adopting vendor-managed inventory to streamline the flow of goods from manufacturer to the store shelf. This results in more turns and therefore fewer inventories.Wal-Mart is an early adopter of RFID to monitor the movement of stocks in different stages of supply chain. The company keeps tabs on all of its merchandize by outfitting its products with RFID.Wal-Mart has indicated recently that it is moving towards the aggressive theoretical zero inventory model.Chordus Inc.Chordus Inc. has the largest division of office furniture in USA. It has advanced logistics and a model of zero inventory. It has Internet-based system for distribution network with real-time updates and low costs. Chordus determined that only SAP R/3 could accommodate this cutting-edge operational model for its network of 150 dealer-owned franchises in 44 states supported by five nationwide Distribution Centers (DCs) and a fleet of 65 delivery trucks. Small Scale Cycle Industry Around LudhianaIn and around Ludhiana, there are many small bicycle units, which are not organized.They have a sharp focus on financial and raw material management enjoying a low employee turnover. They have been practicing zero inventory models which became popularin Japan only much later. Raw material is brought into the unit in the morning, processed during the day and by evening the finished product is passed on to the next unit. Thus, the chain continues till the ultimate finished product is manufactured. In this way, the bicyclesused to be produced in Ludhiana at half the production cost of TI Cycles. Even the large manufacturers of cycles, like Hero cycles, Atlas cycles and Avon cycles are reported to maintain only one week's inventory.ConclusionInventory managers are faced with high service-level requirements and many SKUsappreciate the complexity of inventory optimization, as well as the explicit control that is needed over total investment in warehousing, moving and logistics. Inventory optimization can provide both an enormous performance improvement for the supply chain and ongoing continuous improvements over competitors. The company achieves the stability needed to have enough stock to meet unpredictable demands without wasteful allocation of capital. Having the right amount of stock in the right place at the right time improves customer satisfaction, market share and bottom line. Certainly, the organizations that are able to takeinventory optimization to the enterprise level will reap greater benefits. Zero inventory may be wishful thinking, but embracing new technologies and processes to manage one's inventory more efficiently could move one much closer to that ideal.译文：零库存方法对于一个企业来说，在供应链中优化库存管理是至关重要的。
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.。
连锁企业物流管理中英文对照外文翻译文献
连锁企业物流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 internet-based logistics management system forenterprise chains.Developing the internet-based application toolWeb services offer new opportunities in business landscape, facilitating a global marketplace where business rapidly create innovative products and serve customers better. Whatever that business needs is, Web services have the flexibility to meet the demand and allow to accelerate outsourcing. In turn, the developer can focus on building core competencies to create customer and shareholder value. Application development is also more efficient because existing Web services, regardless of where they were developed, can easily be reused.Many of the technology requirements for Web services exist today, such as open standards for business to-business applications, mission-critical transaction platforms and secure integration and messaging products. However, to enable robust and dynamic integration of applications, the industry standards and tools that extend the capabilities of to days business-to-business interoperability are required. The key to taking full advantage of Web services is to understand what Web services are and how the market is likely to evolve. One needs to be able to invest inplatforms and applications today that will enable the developer to quickly and effectively realize these benefits as well as to be able to meet the specific needs and increase business productivity.Typically, there are two basic technologies to be implemented when dealing with internet-based applications; namely server-based and client-based. Both technologieshave their strong points regarding development of the code and the facilities they provide. Server-based applications involve the development of dynamically created web pages. These pages are transmitted to the web browser of the client and contain code in the form of HTML and JA V ASCRIPT language. The HTML part is the static part of the page that contains forms and controls for user needs and the JA V ASCRIPT part is the dynamic part of the page. Typically, the structure of the code can be completely changed through the intervention of web server mechanisms added on thetransmission part and implemented by server-based languages such as ASP, JSP, PHP, etc. This comes to the development of an integrated dynamic page application where user desire regarding problem peculiarities (calculating shortest paths, execute routing algorithms, transact with the database, etc.) is implemented by appropriately invoking different parts of the dynamic content of such pages. In server-based applications allcalculations are executed on the server. In client-based applications, JA V A applets prevail. Communication of the user is guaranteed by the well-known JA V A mechanism that acts as the medium between the user and code.Everything is executed on the client side. Data in this case have to be retrieved, once and this might be the time-consuming part of the transaction.In server-based applications, server resources are used for all calculations and this requires powerful server facilities with respect to hardware and software. Client-based applications are burdened with data transmission (chiefly related to road network data). There is a remedy to that; namely caching. Once loaded, they are left in the cache archives of the web browser to be instantly recalled when needed.In our case, a client-based application was developed. The main reason was the demand from the users point of view for personal data discretion regarding their clients. In fact, this information was kept secret in our system even from the server side involved.Data management plays major role in the good function of our system. This role becomes more substantial when the distribution takes place within a large and detailed road network like this of a major complex city. More specifically, in order to produce the proposed the routing plan, the system uses information about:●the locations of the depot and the customers within the road networkof the city (their co-ordinates attached in the map of the city),●the demand of the customers serviced,●the capacity of the vehicles used,●the spatial characteristics of road segments of the net work examined, ●the topography of the road network,●the speed of the vehicle, considering the spatial characteristics of theroad and the area within of which is moved,●the synthesis of the company fleet of vehicles.Consequently, the system combines, in real time, the available spatial characteristics with all other information mentioned above, and tools for modelling, spatial, non-spatial, and statistical analysis, image processing forming a scalable, extensible and interoperable application environment. The validation and verification of addresses of customers ensure the accurate estimation of travel times and distances travelled. In the case of boundary in the total route duration, underestimates of travel time may lead to failure of the programmed routing plan whereas overestimates can lower the utilization of drivers andvehicles, and create unproductive wait times as well (Assad, 1991). The data corresponding to the area of interest involved two different details. A more detailed network, appropriately for geocoding (approximately250,000 links) and a less detailed for routing (about 10,000 links). The two networks overlapped exactly. The tool that provides solutions to problems of effectively determining the shortest path, expressed in terms of travel time or distance travelled, within a specific road network, using the D ijkstra’s algorithm(Winston,1993). In particular, the Dijkstra’s algorithm is used in two cases during the process of developing the routing plan. In the first case, it calculates the travel times between all possible pairs of depot and customers so that the optimizer would generate the vehicle routes connecting them and in the second case it determines the shortest path between two involved nodes (depot or customer) in the routing plan, as this was determined by the algorithm previously. Due to the fact, that U-turn and left-,right-turn restrictions were taken into consideration for network junctions, an arc-based variant of the algorithm was taken into consideration (Jiang, Han, & Chen, 2002).The system uses the optimization algorithms mentioned in the following part in order to automatically generate the set of vehicle routes (which vehicles should deliver to which customers and in which order) minimizing simultaneously the vehicle costs and the total distance travelled by the vehicles This process involves activities that tend to be more strategic and less structured than operational procedures. The system helpsplanners and managers to view information in new way and examine issues such as:●the average cost per vehicle, and route,●the vehicle and capacity utilization,●the service level and cost,●the modification of the existing routing scenario by adding orsubtracting customers.In order to support the above activities, the interface of the proposed system provides a variety of analyzed geographic and tabulated data capabilities. Moreover, the system can graphically represent each vehicle route separately, cutting it o? from the final routing plan and offering the user the capability for perceiving the road network and the locations of depot and customers with all details.一个基于互联网的连锁企业的物流管理系统发展基于互联网的应用工具Web服务提供的商业景观的新机会，促进全球市场在业务快速推出创新的产品和客户提供更好的服务。
会计 管理 外文翻译 外文文献 英文文献 企业应收账款管理存在的问题
外文原文Enterprise receivables management analysedFenXi mining chemical company XX【abstract 】in order to meet the expanding sales and increase the competitiveness of the enterprises, reduce inventory, reduce inventory risk and management expenses need, the business activities in El often created accounts receivable. Accounts receivable is the enterprise is an important, the risk is bigger liquid assets, its quality is good or bad for a business often has had a significant impact. Because of the important account receivable, according to some accounts receivable management and accounting, points out the existing problems in the disadvantages of account receivable mismanagement, and puts forward some to strengthen the management of accounts receivable practices.【keywords 】receivables; The provision for; Management riskAccounts receivable is the enterprise is an important, the risk is bigger liquid assets, its quality is good or bad for a business often has had a significant impact. These long-term difficult to recover the accounts receivable existence, seriously affected the enterprise. The normal production and business enterprise management costs, increased to different extent some enterprise into a financial crisis.The role of account receivable. Expand sales, increase the competitiveness of the enterprises in the fierce market competition situation, is to promote the sales of credit is an important way. Enterprise credit is actually to provide customers with the two transactions, to customer selling products, and in a limited period introverted customers funds. In credit-tightening, market weakness, lack of money, the promotion with obvious credit for enterprise sales role. New products and explore new market is more important significance.Reduce inventory, reduce inventory risk and management costs. To the enterprise to hold finished goods inventory additional fee, warehousing costs and insurance expenses; Instead, the enterprise to hold accounts receivable, you do not need the spending. Therefore, when the enterprise products inventory more for long time, generally can use more favorable credit conditions, the inventory into pipes receivable and reduce finished goods in stock, save related expenses.Accounts receivable in the management of the existing problemsAccounts receivable is broad, fixed number of year long. AmountsEnterprise to accounts receivable accounting is not standard. According to the provisions of the state financial and accounting systems. Accounts receivable is accounting enterprise for selling goods or services to happen to purchase unit shall be recovered or accept labor unit payments. But the enterprise did not strictly according to the provisions of the accounting enterprise receivables. Cause some should not be in the project accounting money also included in the project, cause accounts receivable accounting has no reality.The account receivable NPLS not timely, to the enterprise confirmed the appearance of virtually increased asset caused. Because enterprise to accounts receivable slackened management, especially some enterprise also to accounts receivable as means of adjusting profit. So on the account receivable SiZhang confirmation on staying there ~ some problems. Is mainly to stay SiZhang has already formed the receivables confirm fast enough, for many years in the accounts receivable formed account long-term, eased some already can't withdraw, this provision for the provision for no provision of virtual enterprise assets, causing thickening.Because some of the managers and operators enterprise financial management consciousness and lack of management concept. To accounts receivable is lack of effective management and collect investigation the author feel. In Shanxi Province in the part of the province tube enterprise still exist serious planned economy of ideas, these people to the market economy can't say don't understand, also cannot say don't understand, the main thing is not starts from oneself, and in practical work is often said the much, do less. Thought is drunk on the production and business operation this center, not how to do well management finance the primacy, failed to do the business management financial management as the center. Financial management to fund management as the center. The management of funds and use only paying attention to how to borrow and spend money, not for existing resources and capital for effective configuration and mobilize. Cause enterprise produced a considerable amount of receivables, also do not actively from the Angle of strengthening management, so lots of money to clean up the long-term retention outside. Affected the enterprise normal production and operation activities and the efficient use of the funds.The drawbacks of the receivable mismanagementReduce enterprise funds use efficiency, make enterprise profits down because of enterprise logistics and cash flow not consistent, merchandise shipped, prescribing sales invoices. Payment is not keeping pace recovery, and sales have established, this not up recovery entry sales. Certainly will cause no cash inflow generated sales tax on profits and losses, and sales income paid and years be paid in advance. If involves span more than to sales revenue account receivable. Then can produce enterprise by current assets paid annual shareholders dividend. Enterprise for such pursuit arising from the pad surface benefits and tax payment paid shareholders take up a lot of liquidity, as time passes will influence enterprise capital turnover. Which led to the enterprise actual operation situation veiled. Influence enterprise production plan and sales plan, etc, can't realize the set benefit goal.Exaggerated enterprise operating results. Because our country enterprise executes accounting foundation is the accrual (receivable meet system). The current credit happened all to write down current income. Therefore, the enterprise account profit increase does not mean that can meet the schedule of realizing cash inflows. Accounting system requires the enterprise in accordance with the percentage of account receivable balance to extract the provision for, the provision for a 5% rates generally for 3% (special enterprise except). If the actual loss of bad happened more than extract the provision for, will give enterprise to bring the great loss. Therefore, the enterprise of account receivable existence. On the TAB virtually increased sales income. In oerstate enterprise operation results. Increased risks of an enterprise cost.Speeding up the enterprise's cash outflows. Sell on credit although can make the enterprise produces more profits, but did not make enterprise cash inflows increase, on the contrary make enterprise had to use limited liquidity to various taxes and fees paid, accelerate the enterprise's cash outflows, main performance for:Enterprise tax payments. Accounts receivable bring sales income. Not actually receive cash, turnover is computational basis with sales, the enterprise must on time pay by cash. Enterprise pay tax as value added tax, business tax, consumption tax, resources tax and urban construction tax, inevitable meeting with sales revenue increases.Income tax payments. Accounts receivable generate revenue, but not in cash income tax, and realizing cash payment must on time.Cash the distribution of the profits. Also exist such problems. In addition, thecost of the management of accounts receivable and accounts receivable recycling costs will accelerate enterprise cash outflows.The business cycle has influence on enterprise. Operating cycle from obtain inventory to the sales that inventory and withdraw cash this time so far. Operating cycle depends on inventory turnover days and accounts receivable turnover days, the business cycle is combined. From that. Unreasonable accounts receivable existence, make business cycle extended, affected the enterprise capital circulation, make a lot of liquidity precipitation in non-productive link. Cause enterprise cash shortage, influence salaries and raw material purchasing, serious impact on the enterprise normal production and operation.Increased receivables management process. Error probability, brings to the enterprise enterprise to face the additional loss accounts receivable account, possibly to the timely discovery, accounting errors can prompt understanding and other receivables accounts receivable dynamic enterprise details. Cause responsibility unclear. Accounts receivable contract, Taiwan about, commitments, the formalities of examination and approval of such material scattered, lost may make the enterprise has happened on the account receivable unable to receive the full recovery of repayment, the only partially withdraw through legal means. Can recover, but due to material not whole and cannot be recovered, until eventually form the enterprise assets loss.To strengthen the management of accounts receivable methodComprehensive comb, and establish material parameter. For enterprise all kinds of receivables launch a comprehensive system of comb, queuing, check the work. Because in past economic activity business minority, inefficient pattern. Hard to adapt to the market economy requirement, the law of development in the increasingly fierce market competition gradually be eliminated, the enterprise is in production, BanTingChan, failed state, has formed a widespread accounts receivable account for a long (most age 3 years), former party leave the state of operation and the debtor changes etc. Phenomenon, to clear a check increase the difficulty. Workers should browse a large number of original documents, traced back to carefully each individual accounts receivable from the nature, time, happened contents, amount. According to zhang age, systems, area and the possibility of recovery of accounts receivable are classified. Carefully analyzed collection verify each sum of money and amount. And this system, more likely way back near the door check account receivable; Way to outside the system, and is unlikely to far back of receivables through telephoneenquiries, enterprise sent a letter, lawyers sent a letter way to undertake checking: some not so clear accounts receivable multilateral bug verification. Please go back to the original sales personnel, agent help check to ensure that the data obtained by the accurate, reliable and accurate data collected in the visiting for the future of written-off receivables smoothly provide effective legal evidence. More importantly, with the debtor written-off receivables personnel and check accounts concerning the debtor family residence, operation sites, property status, income level made a comprehensive and detailed understanding, and according to the command of the debtor to evaluate solvency debt-repaying possibility. Judge, lock key goals for the next great written-off receivables smoothly and lay the foundation.Multi-pronged approach.we great effort, increase. After the preparation work or do. Accounts receivable written-off receivables entered the substantial "punish collect" crucial stage. In actual work, in order to give attention to collect the magnificence of the enterprise with benefit, one of the debtor to classify, different properties analysis of the debtor to adopt targeted collect method, in order to make the whole written-off receivables achieved good effect. The debtor to business clients. To possess management qualification, sound system, assets in good condition of customers, after consultations communication with the other, try to take groovy gathering way, so that both the collect keep good business cooperation relations; But for malicious long-term default behavior, used first lawyer in demand for collection, correspondence is invalid cases, still choose be representative of the debtor to court, apply for a court for compulsory execution. In the majesty of the law, the other group of a deterrent to repay the debtor will repay arrears, self-consciously plays to the whole written-off receivables to point the impetus with. On the system internal worker arrears. For system inside worker due to illness, life difficult, and many other reason formed non-business temporary loan, first of all, issued a document, clearly stipulates that deadline repossessed; Secondly, a large amount of arrears. Indeed, in a difficult to pay off after consultation with staff. Payment agreement signed. Divide second month in salary charged or deduct; Finally, the internal to laid-off employees and have extra-large disease worker, its economy is really difficult to repay embarrassment. In a humane treatment, offer certain debt relief. Such already make whole written-off receivables reach the expected effect, also can let laid-off workers to their real challenges organization care. Adopting property preservation measures. In the actual collect process. Often encountered some have the repayment ability but reimbursement conditions or timing immature the obligor, collect personnel cancooperate actively court on the debtor's property implement preservation, making cdo in court, under the help of the relevant accounting units and individuals to impose preservation of property. For property preservation at the same time. Appoint our wealth pipe center visit regularly the obligor, closely watching the debtor whereabouts, understand their property status. Once found the debtor reimbursement conditions mature, immediately notify the court, suspend the property preservation, reactivated cases. Applied to the court for compulsory execution withdraw arrears.Establish customer credit system. Strict credit business formalities for examination and approval from years of written-off receivables accounts receivable see. A few enterprises in experience increased sales push credit sales policy. Did not establish a complete customer credit system, to the customer assets status, reimbursement ability, financial situation, the credit rating don't know much. Even after receivable formation. Find the debtor to punish frequently occurred. There are a few enterprise to the customer credit conditions are too broad. Credit approval rights too scattered, sometimes a sales personnel can decided to sell on credit business formation. Cause some credit rating is low customers easily get credit, increasing the risk of bad loans.Earnestly implement post responsibility system, strict appraisal, rewards and punishments and trenchantSome enterprise although also established a comparatively perfect accounts receivable credit sales, management, a great responsibility and internal control system, but in actual work but become a mere formality, non-existing. Cause the enterprise internal responsibility unclear, the reward is unknown situation. To a certain extent, encourages the formation of large receivables, increasing the operating risk of an enterprise. So only with a good set of system doesn't solve all the problems in the practical work, the key still need to implement these system will reach the designated position, achieves truly in the bud.Foreign source ：Friends of the accounting, in 2009 (30) 84 85外文译文企业应收账款管理存在的问题及对策XX【摘要】公司为了满足扩大销售、增加企业的竞争力、减少库存、降低存货风险和管理开支等的需要，在El常的经营活动中产生了应收账款。
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。
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。
中小企业财务管理 外文文献翻译
文献出处：Kilonzo JM, Ouma D. Financial Management Practices on growth of Small and Medium Enterprises: A case of Manufacturing Enterprises in Nairobi County, Kenya[J]. IOSR Journal of Business and Management, 2015, 17(8): 65-71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。
中小企业财务管理实践：肯尼亚内罗毕县制造业企业案例摘要：中小企业对国内经济社会发展做出了重要贡献。
本研究的目的是确定中小企业采用的财务管理做法及其对增长的影响程度。
本研究的具体目标是确定营运资金管理实践，投资实践，财务计划实践，会计信息系统，财务报告和分析实践对中小企业增长的影响。
内罗毕县记录显示，该县有五万多家小微企业。
肯尼亚制造业协会1999年的基线研究报告（KAM 2009）在肯尼亚记录了745家活跃的制造业中小企业，在内罗毕县有410人。
使用向中小型企业的业主/经理管理的问卷调查，从41家中小企业收集了主要数据。
使用简单的随机抽样技术来选择中小企业。
使用描述性和推论统计分析数据。
研究确定，75％的中小企业出售其产品现金，82％保持现金限额，92％有手动库存登记，35％的企业投资长期资产，45％的企业用内部资金进行商业融资。
55％没有正式的会计制度，74％的会计师没有合格的会计师准备财务报表。
在财务管理实践中，工业化部应引入中小企业能力建设方案。
关键词：中小企业（SME），财务管理实务，内罗毕县中小企业为任何国家的经济和社会发展做出重要贡献。
据国际劳工组织（2008年），日本约有80％的劳动力和德国的50％的工人在中小企业工作。
对于发展中国家，中小企业对乌干达（20％），肯尼亚（19.5％）和尼日利亚（24.5％）的国内生产总值做出了重大贡献。
企业管理外文文献及翻译
LNTU---Acc附录A论企业经营业绩评价系统的构建企业作为盈利性组织，其目标是追求经济效益，企业的经济效益集中体现在经营业绩上。
业绩，也称为效绩，绩效、成效等，反映的是人们从事某一活动所取得的成绩或成果，经营业绩是企业在一定时期内利用其有限的资源从事经营活动取得的成果，表现为企业经营效益和经营者业绩两方面。
《辞海》中对“评价”的解释是：“评定货物的价格、还价。
今也指衡量人物或事物的价值。
”价格是价值的货币表现，评价实际上是一个判定价值的过程，就如《现代汉语词典》中的解释：“评价”是“评定价值高低、评定的价值”，管理活动中的评价是指根据确定的目标来测定对象系统的属性，并将这种属性变为客观定量的价值或者主观效用的行为。
评价作为判定人或事物价值的一种观念性活动，包括确定评价目的、选定评价标准(或评价参照系统)，获取评价信息，形成价值判断四个环节。
企业经营业绩评价是指运用科学，规范的评价方法，采用特定的指标体系，对照统一的评价标准，按照一定的程序，进行定量及定性分析，对企业一定经营期间的经营效益和经营者业绩作出真实、客观、公正的综合评判。
它是评价理论方法在经济领域的具体应用，它是在会计学和财务管理的基础上，运用计量经济学原理和现代分析技术而建立起来的剖析企业经营过程，真实反映企业现实经济状况，预测企业未来发展前景的一门科学。
建立和推行企业经营业绩评价制度，科学的评判企业经营成果，有助于正确引导企业经营行为，帮助企业寻找经营差距及产生的原因，提高经济效益。
同时，也为各有关部门对企业实施间接管理，加强宏观调控、制定经济政策和考核企业经营管理者业绩提供依据。
企业经营业绩评价系统的构建与实施必须建立在一定的理论基础之上，符合一定的原则，才能发挥其良好的功能，从而使业绩评价“客观”、“公平”、“合理”。
1企业经营业绩评价系统的理论基础(1) 资本保全理论在市场经济条件下，企业是出资者的企业，是一个资本集合体，所有者是惟一的剩余风险承担者和剩余权益享受者，出资者利益是企业最高利益。
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/1a729dcaa0c7aa00b52acfc789eb172ded639942.png)
公司资金管理[文献翻译]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 capital management budget is given priority to, the unifiedplanning 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 to judge 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 largeralso, 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 to adopt 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 other receivables 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 thesafe 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：公司资金治理资金是公司从事各项经济活动的差不多要素，是公司进展的必备要素。
营运管理 外文翻译 外文文献 英文文献 对整个行业中营运资金管理的研究
An Analysis of Working Capital Management Results Across IndustriesGreg Filbeck. Schweser Study ProgramThomas M. Krueger. University of Wisconsin-La Crosse AbstractFirms are able to reduce financing costs and/or increase the funds available for expansion by minimizing the amount of funds tied up in current assets. We provide insights into the performance of surveyed firms across key components of working capital management by using the CFO magazine’s annual Working Capital Management Survey. We discover that significant differences exist between industries in working capital measures across time. In addition. we discover that these measures for working capital change significantly within industries across time.IntroductionThe importance of efficient working capital management is indisputable. Working capital is the difference between resources in cash or readily convertible into cash (Current Assets) and organizational commitments for which cash will soon be required (Current Liabilities). The objective of working capital management is to maintain the optimum balance of each of the working capital components. Business viability relies on the ability to effectively manage receivables. inventory. and payables. Firms are able to reduce financing costs and/or increase the funds available for expansion by minimizing the amount of funds tied up in current assets. Much managerial effort is expended in bringing non-optimal levels of current assets and liabilities back toward optimal levels. An optimal level would be one in which a balance is achieved between risk and efficiency.A recent example of business attempting to maximize working capital management is the recurrent attention being given to the application of Six Sigma® methodology. Six Sigma® methodologies help companies measure and ensure quality in all areas of the enterprise. When used to identify and rectify discrepancies. inefficiencies and erroneous transactions in the financial supply chain. Six Sigma® reduces Days Sales Outstanding (DSO). accelerates the payment cycle. improves customer satisfaction and reduces the necessary amount and cost of working capital needs. There appear to be many success stories. including Jennifer Towne’s (2002) r eport of a 15 percent decrease in days that sales are outstanding. resulting in an increased cash flow of approximately $2 million at Thibodaux Regional Medical Center. Furthermore. bad debts declined from $3.4 million to $600.000. However. Waxer’s (2003) study of multiple firms employing Six Sigma® finds that it is really a “get rich slow” technique with a rate of return hovering in the 1.2 – 4.5 percent range.Even in a business using Six Sigma® methodology. an “optimal” level of working capital management needs to be identified.Even in a business using Six Sigma® methodology. an “optimal” level of working capital management needs to be identified. Industry factors may impact firm credit policy. inventory management. and bill-paying activities. Some firms may be better suited to minimize receivables and inventory. while others maximize payables. Another aspect of “optimal” is the extent to which poor financial results can be tied to sub-optimal performance. Fortunately. these issues are testable with data published by CFO magazine. which claims to be the source of “tools and information for the financial executive.” and are the subject of this research.In addition to providing mean and variance values for the working capital measures and the overall metric. two issues will be addressed in this research. One research question is. “are firms within a particular industry clustered together at consistent levels of working capital measures?” For instance. are firms in one industry able to quickly transfer sales into cash. while firms from another industry tend to have high sales levels for the particular level of inventory . The other research question is. “does working capital management performance for firms within a given industry change from year-to-year?”The following section presents a brief literature review. Next. the research method is described. including some information about the annual Working Capital Management Survey published by CFO magazine. Findings are then presented and conclusions are drawn.Related LiteratureThe importance of working capital management is not new to the finance literature. Over twenty years ago. Largay and Stickney (1980) reported that the then-recent bankruptcy of W.T. Grant. a nationwide chain of department stores. should have been anticipated because the corporation had been running a deficit cash flow from operations for eight of the last ten years of its corporate life. As part of a study of the Fortune 500’s financial management practices. Gilbert and Reichert (1995) find that accounts receivable management models are used in 59 percent of these firms to improve working capital projects. while inventory management models were used in 60 percent of the companies. More recently. Farragher. Kleiman and Sahu (1999) find that 55 percent of firms in the S&P Industrial index complete some form of a cash flow assessment. but did not present insights regarding accounts receivable and inventory management. or the variations of any current asset accounts or liability accounts across industries. Thus. mixed evidence exists concerning the use of working capital management techniques.Theoretical determination of optimal trade credit limits are the subject of many articles over the years (e.g.. Schwartz 1974; Scherr 1996). with scant attention paid to actual accounts receivable management. Across a limitedsample. Weinraub and Visscher (1998) observe a tendency of firms with low levels of current ratios to also have low levels of current liabilities. Simultaneously investigating accounts receivable and payable issues. Hill. Sartoris. and Ferguson (1984) find differences in the way payment dates are defined. Payees define the date of payment as the date payment is received. while payors view payment as the postmark date. Additional WCM insight across firms. industries. and time can add to this body of research.Maness and Zietlow (2002. 51. 496) presents two models of value creation that incorporate effective short-term financial management activities. However. these models are generic models and do not consider unique firm or industry influences. Maness and Zietlow discuss industry influences in a short paragraph that includes the observation that. “An industry a company is located in may have more influence on that company’s fortun es than overall GNP” (2002. 507). In fact. a careful review of this 627-page textbook finds only sporadic information on actual firm levels of WCM dimensions. virtually nothing on industry factors except for some boxed items with titles such as. “Should a Retailer Offer an In-House Credit Card” (128) and nothing on WCM stability over time. This research will attempt to fill this void by investigating patterns related to working capital measures within industries and illustrate differences between industries across time.An extensive survey of library and Internet resources provided very few recent reports about working capital management. The most relevant set of articles was Weisel and Bradley’s (2003) article on cash flow management and one of inventory control as a result of effective supply chain management by Hadley (2004).Research MethodThe CFO RankingsThe first annual CFO Working Capital Survey. a joint project with REL Consultancy Group. was published in the June 1997 issue of CFO (Mintz and Lezere 1997). REL is a London. England-based management consulting firm specializing in working capital issues for its global list of clients. The original survey reports several working capital benchmarks for public companies using data for 1996. Each company is ranked against its peers and also against the entire field of 1.000 companies. REL continues to update the original information on an annual basis.REL uses the “cash flow from operations” value located on firm cash flow statements to estimate cash conversion efficiency (CCE). This value indicates how well a company transforms revenues into cash flow. A “days of working capital” (DWC) value is based on the dollar amount in each of the aggregate. equally-weighted receivables. inventory. and payables ac counts. The “days of working capital” (DNC) represents the time period between purchase of inventory on acccount from vendor until the sale to the customer. the collection of the receivables. and payment receipt. Thus. it reflects the company’s ability to finance its core operations with vendor credit. A detailedinvestigation of WCM is possible because CFO also provides firm and industry values for days sales outstanding (A/R). inventory turnover. and days payables outstanding (A/P).Research FindingsAverage and Annual Working Capital Management Performance Working capital management component definitions and average values for the entire 1996 – 2000 period . Across the nearly 1.000 firms in the survey. cash flow from operations. defined as cash flow from operations divided by sales and referred to as “cash conversion efficiency” (CCE). averages 9.0 percent. Incorporating a 95 percent confidence interval. CCE ranges from 5.6 percent to 12.4 percent. The days working capital (DWC). defined as the sum of receivables and inventories less payables divided by daily sales. averages 51.8 days and is very similar to the days that sales are outstanding (50.6). because the inventory turnover rate (once every 32.0 days) is similar to the number of days that payables are outstanding (32.4 days). In all instances. the standard deviation is relatively small. suggesting that these working capital management variables are consistent across CFO reports.Industry Rankings on Overall Working Capital Management PerformanceCFO magazine provides an overall working capital ranking for firms in its survey. using the following equation:Industry-based differences in overall working capital management are presented for the twenty-six industries that had at least eight companies included in the rankings each year. In the typical year. CFO magazine ranks 970 companies during this period. Industries are listed in order of the mean overall CFO ranking of working capital performance. Since the best average ranking possible for an eight-company industry is 4.5 (this assumes that the eight companies are ranked one through eight for the entire survey). it is quite obvious that all firms in the petroleum industry must have been receiving very high overall working capital management rankings. In fact. the petroleum industry is ranked first in CCE and third in DWC (as illustrated in Table 5 and discussed later in this paper). Furthermore. the petroleum industry had the lowest standard deviation of working capital rankings and range of working capital rankings. The only other industry with a mean overall ranking less than 100 was the Electric & Gas Utility industry. which ranked second in CCE and fourth in DWC. The two industries with the worst working capital rankings were Textiles and Apparel. Textiles rank twenty-second in CCE and twenty-sixth in DWC. The apparel industry ranks twenty-third and twenty-fourth in the two working capital measuresConclusionsThe research presented here is based on the annual ratings of working capital management published in CFO magazine. Our findings indicate a consistency in how industries “stack up” against each other over time with respect to the working capital measures. However. the working capitalmeasures themselves are not static (i.e.. averages of working capital measures across all firms change annually); our results indicate significant movements across our entire sample over time. Our findings are important because they provide insight to working capital performance across time. and on working capital management across industries. These changes may be in explained in part by macroeconomic factors. Changes in interest rates. rate of innovation. and competition are likely to impact working capital management. As interest rates rise. there would be less desire to make payments early. which would stretch accounts payable. accounts receivable. and cash accounts.The ramifications of this study include the finding of distinct levels of WCM measures for different industries. which tend to be stable over time. Many factors help to explain this discovery. The improving economy during the period of the study may have resulted in improved turnover in some industries. while slowing turnover may have been a signal of troubles ahead. Our results should be interpreted cautiously. Our study takes places over a short time frame during a generally improving market. In addition. the survey suffers from survivorship bias – only the top firms within each industry are ranked each year and the composition of those firms within the industry can change annually.Further research may take one of two lines. First. there could be a study of whether stock prices respond to CFO magazine’s publication of working capital management ratings. Second. there could be a study of which. if any. of the working capital management components relate to share price performance. Given our results. these studies need to take industry membership into consideration when estimating stock price reaction to working capital management performance.外文翻译:对整个行业中营运资金管理的研究格雷格Filbeck.Schweser学习计划托马斯M克鲁格.威斯康星大学拉克罗斯摘要:企业能够降低融资成本或者尽量减少绑定在流动资产上的成立基金数额来用于扩大现有的资金。
会计学营运资金管理中英文对照外文翻译文献
中英文对照外文翻译文献(文档含英文原文和中文翻译)译文：跨行业的营运资金管理问题研究摘要企业可以通过降低融资成本或者减少资金在流动资产上的占用等方式来扩大自身现有的资金。
我们在调查过程中，通过运用《首席财务官》杂志的年度营运资金调查报告提供了此报告中的关键组成部分。
我们发现，行业间的跨时资金措施存在着明显的差异。
此外，这些措施在企业营运资金管理中实施后有了显著改变。
引言高效率的营运资金管理的重要性是不容置疑的。
营运资金是现金或者是随时可以兑换为现金（流动资产）的资产和即将成为现金需要的负债（流动负债）之间的差额。
营运资金管理的目标是维持流动资产与流动负债周转的最佳平衡。
商业可行性依赖于应收账款、存货、应付账款的有效管理。
企业可以通过降低融资成本，减少资金占用，以此来增加自有对外资金。
在日常工作中，管理人员将太多的管理精力都放在把当前的资产和负债的周转由非最佳水平成长为最佳水平上。
即实现效率和风险之间的平衡。
最近的一个实例是企业运用六西格玛方法试图最大限度地加强营运资金管理。
六西格玛方法涉及企业所有经营范围，能帮助企业衡量和确保自身在各个领域中的质量。
当前这个方法的运用是用来识别和纠正错误的交易效率差异及低效的财务供应链。
六西格玛方法的运用原理是通过降低销售回款周期、加速支付周期来降低成本、减少流动资金需求、提高顾客满意度。
似乎有许多成功的案例，包括珍妮弗（2002）的关于销售天数减少了百分之十五的优秀的销售报告。
从而使蒂博多万区域医疗中心产生的现金流量增加了大约200万美元。
同时，坏帐从340万美元下降到60万美元。
但六西格玛方法并不是十分完美的，外克瑟(2003)调查多个公司运用六西格玛方法的有效性，研究显示：六西格玛方法确实是一个“缓慢致富”的技术，其回报率一直徘徊在1.2%-4.5%的范围内。
即使在使用六西格玛方法的业务中，也需要对营运资金管理的“最佳”水平进行识别和确认。
行业因素可能会影响企业的信贷政策、库存管理和账单支付活动。
资金运营管理的外文文献
资金运营管理的外文文献引言资金运营管理在现代企业中起着至关重要的作用。
随着全球化进程的加快和市场竞争的激烈，有效的资金运营管理对企业的生存和发展至关重要。
本文主要通过对外文文献的研究和总结，探讨资金运营管理的相关理论和实践。
资金运营管理的定义资金运营管理是指企业运用各种工具和技术来管理其资金流动和运作的过程。
它包括资金筹集、资金配置、资金使用和资金监控等方面的工作。
资金运营管理的目标是最大程度地提高企业的资金利用效率，确保企业能够持续经营和发展。
资金运营管理的原则资金运营管理遵循一些重要的原则，下面我们将介绍其中的几个：1. 风险控制资金运营管理需要保持对风险的敏感性，及时识别和评估风险，并采取适当的措施进行控制。
企业应该建立健全的风险管理体系，包括风险评估、风险监控和风险应对等措施，以降低风险对资金运营的不利影响。
2. 流动性管理资金运营管理需要注意保持充足的流动性。
企业应保持适度的现金储备，以应对突发事件和营运需要。
同时，企业应合理安排运营资金的流动，避免资金过度紧张或过度闲置。
3. 盈利能力提升资金运营管理需要不断提升企业的盈利能力。
这包括通过优化资金结构、降低资金成本、提高资金回报率等手段，使企业获得更多的盈利。
4. 信息透明资金运营管理需要保持信息的透明度。
企业应及时公开与资金运营相关的信息，包括财务报告、风险评估报告等，以提高投资者和其他利益相关方的信任度。
资金运营管理的实践资金运营管理在实践中采用了多种方法和技术。
下面介绍几种常见的实践方法：1. 现金流量管理现金流量管理是资金运营管理的核心内容之一。
企业通过合理安排现金的收入和支出，确保资金运转的稳定性和良好的资金流动。
2. 资金筹集与投资资金运营管理需要合理筹集资金，并将其用于高效的投资项目。
企业可以通过发行债券、股票融资等方式筹集资金，然后将资金投入到具有良好回报的项目中。
3. 风险管理资金运营管理需要积极进行风险管理，包括对市场风险、信用风险等进行有效的监控和控制。
企业流动资产管理
企业流动资产管理 Ting Bao was revised on January 6, 20021毕业论文（设计）题目企业流动资产管理研究以“雅戈尔股份有限公司”为例院系胜祥商学院会计系专业会计专业学号学生姓名指导教师及职称吴建刚/讲师2013年 4 月 22 日定稿上海杉达学院学位论文原创性声明本人郑重声明：一、本论文由我个人亲自撰写，在写作过程中，我未使用任何在本论文中没有说明出处的资料，亦未接受任何不恰当或在本论文中没有说明来源的协助。
二、我从未以任何方式将本论文提交任何国内或国外的其它机构，用于申请学术学位。
签字：日期：目录摘要流动资产在企业资产中属于必不可少的重要组成部分，而对现金、应收账款、存货等流动性较强的资产进行科学有效地管理直接关系到企业的盈利能力和未来发展。
虽说我国企业已经开始注重对流动资产的管理，但是当今许多企业在流动资产的管理方面仍然存在着很多问题，尤其是服装行业企业的流动资产管理问题更为普遍严重，如何去强化企业流动资产的管理就显得意义重大。
本文将阐述从现金、应收账款和存货等方面来加强流动资产管理的目标及意义，并找出在流动资产管理中存在的一些问题及产生这些问题的原因，进而提出一些能够解决这些问题的改进措施，使得我国企业能够做好流动资产的管理且得到良好迅速的发展。
关键字：流动资产，流动资产管理，现金，应收账款，存货ABSTRACTCurrent assets in the corporate assets are essential for an important part of the scientific and effective management of the enterprise is directly related to the profitability and future development of cash, accounts receivable, inventory, and other highly liquid assets. Although China's enterprises have begun to focus on the management of current assets, but many of today's enterprises in the management of current assets stillexist many problems, especially the management of current assets in the apparel industry enterprises is more common and serious，how to strengthen the management of enterprise-current assets is of great significance. This article will explain the objectives and significance of strengthening the management of current assets from cash, accounts receivable and inventory, and to identify some of the problems existing in the management of current assets and generate reasons for these problems, and then put forward to solve these problems improvement measures, so that Chinese enterprises can be better management of current assets and a good and rapid development.KEY WORDS:current assets，management of current assets，cash，accounts receivable，inventory第一章绪论1.1研究的背景及意义流动资产是所有企业在进行日常经营活动和财务管理中都要涉及到的一个最为频繁也是最为重要的领域。
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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。