营运资金管理对中小企业盈利能力的影响外文翻译.docx
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营运资金管理对中小企业盈利能力的影响外文翻译.docx
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营运资金管理对中小企业盈利能力的影响外文翻译
本科毕业论文(设计)
外文翻译
原文:
EffectsofworkingcapitalmanagementonSMEprofitability
Abstract
Theobjectiveoftheresearchpresentedhereistoprovideempiricalevidenceabouttheeffectsofworkingcapitalmanagementontheprofitabilityofasampleofsmallandmedium-sizedSpanishfirms.Withthisinmind,wecollectedapanelof8,872SMEscoveringtheperiod1996-2002.Theresults,whicharerobusttothepresenceofendogeneity,demonstratethatmanagerscancreatevaluebyreducingtheirfirm’snumberofdaysaccountsreceivableandinventories.Equally,shorteningthecashconversioncyclealsoimprovesthefirm’sprofitability.
Introduction
Thecorporatefinanceliteraturehastraditionallyfocusedonthestudyoflong-termfinancialdecisions.Researchershaveparticularlyofferedstudiesanalyzinginvestments,capitalstructure,dividendsorcompanyvaluation,amongothertopics.Buttheinvestmentthatfirmsmakeinshort-termassets,andtheresourcesusedwithmaturitiesofunderoneyear,representthemainshareofitemsonafirm’sbalancesheet.Infact,inoursamplethecurrentassetsofsmallandmedium-sizedSpanishfirmsrepresent69.48percentoftheirassets,andatthesametimetheircurrentliabilitiesrepresentmorethan52.82percentoftheirliabilities.
Workingcapitalmanagementisimportantbecauseofitseffectsonthefirm’sprofitabilityandrisk,andconsequentlyitsvalue(Smith,1980).Ontheonehand,maintaininghighinventorylevelsreducesthecostofpossibleinterruptionsintheproductionprocess,oroflossofbusinessduetothescarcityofproducts,reducessupplycosts,andprotectsagainstpricefluctuations,amongotheradvantages(BlinderandManccini,1991).Ontheother,grantingtradecreditfavorsthefirm’ssalesinvariousways.Tradecreditcanactasaneffectivepricecut(Brennan,MaksimovicandZechner,1988;PetersenandRajan,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,andfindthatfirmsfinancethemselveswithsellercreditwhentheydonothaveothermoreeconomicsourcesoffinancingavailable(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)andDanielsonandScott(2000)showthatsmallandmedium-sizedUSfirmsusevendorfinancingwhentheyhaverunoutofdebt.Thus,efficientworkingcapitalmanagementisparticularlyimportantforsmallercompanies(PeelandWilson,1996).
Inthiscontext,theobjectiveofthecurrentworkistoprovideempiricalevidenceabouttheeffectsofworkingcapitalmanagementonprofitabilityforapanelmadeupof8,872SMEsduringtheperiod1996-2002.Thisworkcontributestotheliteratureintwoways.First,noprevioussuchevidenceexistsforthecaseofSMEs.WeuseasampleofSpanishSMEsthatoperatewithintheso-calledcontinentalmodel,whichischaracterizedbyitslessdevelopedcapitalmarkets(LaPorta,López-de-Silanes,Shleifer,andVishny,1997),andbythefactthatmostresourcesarechanneledthroughfinancialintermediaries(Pampillón,2000).AllthissuggeststhatSpanishSMEshavefeweralternativesourcesofexternalfinanceavailable,whichmakesthemmoredependentonshort-termfinanceingeneral,andontradecreditinparticular.AsDemirguc-KuntandMaksimovic(2002)suggest,firmsoperatingincountrieswithmoredevelopedbankingsystemsgrantmoretradecredittotheircustomers,andatthesametimetheyreceivemorefinancefromtheirownsuppliers.Thesecondcontributionisthat,unlikethepreviousstudiesbyShinandSoenen(1998)andDeloof(2003),inthecurrentworkwehaveconductedtestsrobusttothepossiblepresenceofendogeneityproblems.Theaimistoensurethattherelationshipsfoundintheanalysiscarriedoutareduetotheeffectsofthecashconversioncycleoncorporateprofitabilityandnotviceversa.
Ourfindingssuggestthatmanagerscancreatevaluebyreducingtheirfirm’snumberofdaysaccountsreceivableandinventories.Similarly,shorteningthecashconversioncyclealsoimprovesthefirm’sprofitability.
Fromthispoint,theworkisstructuredasfollows:
inSection2,wedescribethesampleandvariablesused;inthethirdsection,wepresenttheanalysescarriedoutandourfindings;finally,weendbydiscussingourmainconclusions.
DataandVariables
i.Data
WeobtainedthedatausedinthisstudyfromtheAMADEUSdatabase.ThisdatabasewasdevelopedbyBureauvanDijk,andcontainsfinancialandeconomicdataonEuropeancompanies.
Thesamplecomprisessmallandmedium-sizedfirmsfromSpain.TheselectionofSMEswascarriedoutaccordingtotherequirementsestablishedbytheEuropeanCommission’srecommendation96/280/CEof3rdApril,1996,onthedefinitionofsmallandmedium-sizedfirms.Specifically,weselectedthosefirmsmeetingthefollowingcriteriaforatleastthreeyears:
a)havefewerthan250employees;b)turnoverlessthan€40million;andc)possesslessthan€27millionoftotalassets.
Inadditiontotheapplicationofthoseselectioncriteria,weappliedaseriesoffilters.Thus,weeliminatedtheobservationsoffirmswithanomaliesintheiraccounts,suchasnegativevaluesintheirassets,currentassets,fixedassets,liabilities,currentliabilities,capital,depreciation,orinterestpaid.Weremovedobservationsofentryitemsfromthebalancesheetandprofitandlossaccountexhibitingsignsthatwerecontrarytoreasonableexpectations.Finally,weeliminated1percentoftheextremevaluespresentedbyseveralvariables.Asaresultofapplyingthesefilters,weendedupwithasampleof38,464observations.
Inordertointroducetheeffectoftheeconomiccycleonthelevelsinvestedinworkingcapital,weobtainedinformationabouttheannualGDPgrowthinSpainfromEurostat.
ii.Variables
Inordertoanalyzetheeffectsofworkingcapitalmanagementonthefirm’sprofitability,weusedthereturnonassets(ROA)asthedependentvariable.Wedefinedthisvariableastheratioofearningsbeforeinterestandtaxtoassets.
Withregardstotheindependentvariables,wemeasuredworkingcapitalmanagementbyusingthenumberofdaysaccountsreceivable,numberofdaysofinventoryandnumberofdaysaccountspayable.Inthisrespect,numberofdaysaccountsreceivable(AR)iscalculatedas365×[accountsreceivable/sales].Thisvariablerepresentstheaveragenumberofdaysthatthefirmtakestocollectpaymentsfromitscustomers.Thehigherthevalue,thehigheritsinvestmentinaccountsreceivable.
Wecalculatedthenumberofdaysofinventory(INV)as365×[inventories/purchases].Thisvariablereflectstheaveragenumberofdaysofstockheldbythefirm.Longerstoragetimesrepresentagreaterinvestmentininventoryforaparticularlevelofoperations.
Thenumberofdaysaccountspayable(AP)reflectstheaveragetimeittakesfirmstopaytheirsuppliers.Wecalculatedthisas365×[accountspayable/purchases].Thehigherthevalue,thelongerfirmstaketosettletheirpaymentcommitmentstotheirsuppliers.
Consideringthesethreeper
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- 营运 资金 管理 中小企业 盈利 能力 影响 外文 翻译