企业营运资金管理中英文对照外文翻译文献Word下载.docx

企业营运资金管理中英文对照外文翻译文献Word下载.docx

《企业营运资金管理中英文对照外文翻译文献Word下载.docx》由会员分享，可在线阅读，更多相关《企业营运资金管理中英文对照外文翻译文献Word下载.docx（12页珍藏版）》请在冰豆网上搜索。

@#@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：

@#@@#@EffectsOfWorkingCapitalManagementOnSmeProfitability@#@Thecorporatefinanceliteraturehastraditionallyfocusedonthestudyoflong-termfinancialdecisions.Researchershaveparticularlyofferedstudiesanalyzinginvestments,capitalstructure,dividendsorcompanyvaluation,amongothertopics.Buttheinvestmentthatfirmsmakeinshort-termassets,andtheresourcesusedwithmaturitiesofunderoneyear,representthemainshareofitems onafirm’sbalancesheet.Infact,inoursamplethecurrentassetsofsmallandmedium-sizedSpanishfirmsrepresent69.48percentoftheirassets,andatthesametimetheircurrentliabilitiesrepresentmorethan52.82percentoftheirliabilities.@#@Workingcapitalmanagementisimportantbecauseofitseffectsonthefirm’sprofitabilityandrisk,andconsequentlyitsvalue（Smith,1980）.Ontheonehand,maintaininghighinventorylevelsreducesthecostofpossibleinterruptionsintheproductionprocess,oroflossofbusinessduetothescarcityofproducts,reduces@#@supplycosts,andprotectsagainstpricefluctuations,amongotheradvantages（BlinderandManccini,1991）.Ontheother,grantingtradecreditfavorsthefirm’ssalesinvariousways.Tradecreditcanactasaneffectivepricecut（Brennan,MaksimovicandZechner,1988;@#@Petersen andRajan,1997）,incentivizescustomerstoacquiremerchandiseattimesoflowdemand（Emery,1987）,allowscustomerstocheckthatthemerchandisetheyreceiveisasagreed（quantityandquality）andtoensurethattheservicescontractedarecarriedout（Smith,1987）,andhelpsfirmstostrengthenlong-termrelationshipswiththeircustomers（Ng,SmithandSmith,1999）.However,firmsthatinvestheavilyininventoryandtradecreditcansufferreducedprofitability.Thus,thegreatertheinvestmentincurrentassets,thelowertherisk,butalsothelowertheprofitabilityobtained.@#@Ontheotherhand,tradecreditisaspontaneoussourceoffinancingthatreducestheamountrequiredtofinancethesumstiedupintheinventoryandcustomeraccounts.Butweshouldbearinmindthatfinancingfromsupplierscanhaveaveryhighimplicitcostifearlypaymentdiscountsareavailable.Infacttheopportunitycostmayexceed20percent,dependingonthediscountpercentageandthediscountperiodgranted（Wilner,2000;@#@Ng,SmithandSmith,1999）.Inthisrespect,previousstudieshaveanalyzedthehighcostoftradecredit,andfindthatfirmsfinancethemselveswithsellercreditwhentheydonothaveothermoreeconomicsources offinancingavailable（PetersenandRajan,1994and1997）.@#@Decisionsabouthowmuchtoinvestinthecustomerandinventoryaccounts,andhowmuchcredittoacceptfromsuppliers,arereflectedinthefirm’scashconversioncycle,whichrepresentstheaveragenumberofdaysbetweenthedatewhenthefirmmuststartpayingitssuppliersandthedatewhenitbeginstocollectpaymentsfromitscustomers.Somepreviousstudieshaveusedthismeasuretoanalyzewhethershorteningthecashconversioncyclehaspositiveornegativeeffectsonthefirm’sprofitability.Specifically,ShinandSoenen（1998）analyzetherelationbetweenthecashconversioncycleandprofitabilityforasampleoffirmslistedontheUSstockexchangeduringtheperiod1974-1994.Theirresultsshowthatreducingthecashconversioncycletoareasonableextentincreasesfirms’profitability.Morerecently,@#@Deloof（2003）analyzesasampleoflargeBelgianfirmsduringtheperiod1992-1996.HisresultsconfirmthatBelgianfirmscanimprovetheirprofitabilitybyreducingthenumberofdaysaccountsreceivableareoutstandingandreducinginventories.Moreover,hefindsthatlessprofitablefirmswaitlongertopaytheirbills.@#@Thesepreviousstudieshavefocusedtheiranalysisonlargerfirms.However,themanagementofcurrentassetsandliabilitiesisparticularlyimportantinthecaseofsmallandmedium-sizedcompanies.Mostofthesecompanies’assetsareintheformofcurrentassets.Also,currentliabilitiesareoneoftheirmainsourcesofexternalfinanceinviewoftheirdifficultiesinobtainingfundinginthelong-termcapitalmarkets（PetersenandRajan,1997）andthefinancingconstraintsthattheyface（Whited,1992;@#@FazzariandPetersen,1993）.Inthisrespect,ElliehausenandWoken（1993）,PetersenandRajan（1997）andDanielson andScott（2000）showthatsmallandmedium-sizedUSfirmsusevendorfinancingwhentheyhaverunoutofdebt.Thus,efficientworkingcapitalmanagementisparticularlyimportantforsmallercompanies（PeelandWilson,1996）.@#@Inthiscontext,theobjectiveofthecurrentworkistoprovideempiricalevidenceabouttheeffectsofworkingcapitalmanagementonprofitabilityforapanelmadeupof8,872SMEsduringtheperiod1996-2002.Thisworkcontributestotheliteratureintwoways.First,no