企业营运资金管理中英文对照外文翻译文献.docx
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企业营运资金管理中英文对照外文翻译文献.docx
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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
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- 企业 营运 资金 管理 中英文 对照 外文 翻译 文献
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