企業(yè)營運資金管理中英文對照外文翻譯文獻

中英文對照外文翻譯文獻(文檔含英文原文和中文翻譯)原文：EffectsOfWorkingCapitalManagementOnSmeProfitabilityThecorporatefinanceliteraturehastraditionallyfocusedonthestudyoflong-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.WeobtainedthedatausedinthisstudyfromtheAMADEUSdatabase.ThisdatabasewasdevelopedbyBureauvanDijk,andcontainsfinancialandeconomicdataonEuropeancompanies.Thesamplecomprisessmallandmedium-sizedfirmsfromSpain.TheselectionofSMEswascarriedoutaccordingtotherequirementsestablishedbytheEuropeanCommission’srecommendation96/280/CEof3April,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.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.Consideringthesethreeperiodsjointly,weestimatedthecashconversioncycle(CCC).Thisvariableiscalculatedasthenumberofdaysaccountsreceivableplusthenumberofdaysofinventoryminusthenumberofdaysaccountspayable.Thelongerthecashconversioncycle,thegreaterthenetinvestmentincurrentassets,andhencethegreatertheneedforfinancingofcurrentassets.Togetherwiththesevariables,weintroducedascontrolvariablesthesizeofthefirm,thegrowthinitssales,anditsleverage.Wemeasuredthesize(SIZE)asthelogarithmofassets,thesalesgrowth(SGROW)as(Sales1–Sales0)/Sales0,theleverage(DEBT)astheratioofdebttoliabilities.Dellof(2003)inhisstudyoflargeBelgianfirmsalsoconsideredtheratiooffixedfinancialassetstototalassetsasacontrolvariable.Forsomefirmsinhisstudysuchassetsareasignificantpartoftotalassets.HoweverourstudyfocusesonSMEswhosefixedfinancialassetsarelessimportant.Infact,companiesinoursampleinvestlittleinfixedfinancialassets(ameanof3.92percent,butamedianof0.05percent).Nevertheless,theresultsremainunalteredwhenweincludethisvariable.Furthermore,andsincegoodeconomicconditionstendtobereflectedinafirm’sprofitability,wecontrolledfortheevolutionoftheeconomiccycleusingthevariableGDPGR,whichmeasurestheannualGDPgrowth.Currentassetsandliabilitieshaveaseriesofdistinctcharacteristicsaccordingtothesectorofactivityinwhichthefirmoperates.Thus,TableIreportsthereturnonassetsandnumberofdaysaccountsreceivable,daysofinventory,anddaysaccountspayablebysectorofactivity.Theminingindustryandservicessectorarethetwosectorswiththehighestreturnontheirassets,withavalueof10percent.Firmsthatarededicatedtoagriculture,trade(wholesaleorretail),transportandpublicservices,aresomewaybehindat7percent.Withregardtotheaverageperiodsbysector,wefind,aswewouldexpect,thatthefirmsdedicatedtotheretailtrade,withanaverageperiodof38days,takeleasttimetocollectpaymentsfromtheircustomers.Constructionsectorfirmsgranttheircustomersthelongestperiodinwhichtopay–morethan145days.Next,wefindminingsectorfirms,withanumberofdaysaccountsreceivableof116days.Wealsofindthatinventoryisstoredlongestinagriculture,whilestocksarestoredleastinthetransportandpublicservicessector.Inrelationtothenumberofdaysaccountspayable,retailers(56days)followedbywholesalers(77days)paytheirsuppliersearliest.Firmsaremuchslowerintheconstructionandminingsectors,takingmorethan140daysonaveragetopaytheirsuppliers.However,aswehavementioned,thesefirmsalsogranttheirowncustomersthemosttimetopaythem.Consideringalltheaverageperiodstogether,wenotethatthecashconversioncycleisnegativeinonlyonesector–thatoftransportandpublicservices.Thisisexplainedbytheshortstoragetimeshabitualinthissector.Inthisrespect,agriculturalandmanufacturingfirmstakethelongesttimetogeneratecash(95and96days,respectively),andhenceneedthemostresourcestofinancetheiroperationalfundingrequirements.TableIIoffersdescriptivestatisticsaboutthevariablesusedforthesampleasawhole.Thesearegenerallysmallfirms,withmeanassetsofmorethan€6million;theirreturnonassetsisaround8percent;theirnumberofdaysaccountsreceivableisaround96days;andtheirnumberofdaysaccountspayableisverysimilar:around97days.Togetherwiththis,thesamplefirmshaveseentheirsalesgrowbyalmost13percentannuallyonaverage,and24.74percentoftheirliabilitiesistakenupbydebt.Intheperiodanalyzed(1996-2002)theGDPhasgrownatanaveragerateof3.66percentinSpain.Source:PedroJuanGarcía-TeruelandPedroMartínez-Solano,2006.“EffectsofWorkingCapitalManagementonSMEProfitability”.InternationalJournalofManagerialFinance,vol.3,issue2,April,pages164-167.譯文：營運資金管理對中小企業(yè)的盈利能力的影響公司理財著作歷來把注意力集中在了長期財務(wù)決策研究，研究者詳細的提供了投資決策分析、資本結(jié)構(gòu)、股利分配或公司估值等主題的研究，但是企業(yè)投資形成的短期資產(chǎn)和以一年內(nèi)到期方式使用的資源，表現(xiàn)為公司資產(chǎn)負債表的有關(guān)下昂目的主要部分。實際上，在我們抽樣調(diào)查的中小型西班牙企業(yè)的流動資產(chǎn)占他們總資產(chǎn)的69.48%，同時他們的流動負債同時占到他們的負債總額的52.82%。營運資金管理之所以重要是因為它會影響到公司的收益與風(fēng)險水平以及公司價值（史密斯，1980）。一方面，維持較高的庫存水平可以降低生產(chǎn)過程中的中斷產(chǎn)生的成本的可能性，或減少了企業(yè)因產(chǎn)品的稀缺造成的商業(yè)損失，降低供應(yīng)成本并使價格免受波動影響等優(yōu)勢（布林德和曼克思尼，1991）。另一方面，公司以各種方式授予的商業(yè)信用有利于公司的銷售。信用交易可以充當(dāng)一種有效的降價手段（布倫南，馬科斯毛維克和則遲勒，1988年；彼得森和納簡，1997），在需求緊縮的時期可以激勵客戶增加商品需求（艾莫瑞，1987）。允許客戶檢查他們收到的商品是否符合約定數(shù)量和質(zhì)量，并確保服務(wù)合同有效執(zhí)行（史密斯，1987），并幫助企業(yè)加強了與他們的客戶之間的長期合作關(guān)系（史密斯，1999）。然而,大力投資于公司庫存及貿(mào)易信貸可能會減少利潤?？梢赃@樣說，投資于流動資產(chǎn)越多，企業(yè)面臨的風(fēng)險越低，而企業(yè)所獲得的利潤也就越低。另一方面，商業(yè)信用是一種自發(fā)性的資金來源，降低了所需的經(jīng)費綁定在存貨和客戶帳戶的款項。不過，我們應(yīng)該認識到如果提前付款可享受折扣，從供應(yīng)商的獲得融資其隱性成本非常高。事實上機會成本可能超過20%,這取決于折扣比例和折扣期限（維爾納和史密斯，1999)。在這方面，過去的研究已經(jīng)分析了貿(mào)易信貸成本高，發(fā)現(xiàn)只有當(dāng)他們自己沒有其他可提供更多的資金來源融資渠道時公司才會與賣方信貸融資（彼得森和納簡，1994年和1997年）。決定投資多少在存貨和客戶帳戶，接受多少來自于供應(yīng)商的信貸，已反映在公司的現(xiàn)金轉(zhuǎn)換周期上，它表示從公司必須開始支付其供應(yīng)商的日期開始時到收到客戶的款項之間的平均天數(shù)。以前的一些研究已經(jīng)采用這種方式分析縮短現(xiàn)金轉(zhuǎn)換周期對公司的盈利能力的積極或消極的影響。具體來說，施尼和索能(1998)分析了1974年至1994年期間在美國證券交易所上市股票的樣本的現(xiàn)金轉(zhuǎn)換周期和盈利能力，他們的研究結(jié)果顯示，在合理范圍內(nèi)減少現(xiàn)金轉(zhuǎn)換周期可以增加企業(yè)的盈利能力。最近，迪羅夫（2003）分析了1992-1996年期間的一些比利時的大公司，他的研究結(jié)果證實，比利時企業(yè)通過減少應(yīng)收賬款的天數(shù)使他們的盈利能力非常優(yōu)秀并且減少了庫存。此外，他發(fā)現(xiàn)利潤較少的企業(yè)需要更長的時間來支付款項。這些以前的研究都集中在大型企業(yè)的分析，然而，目前的流動資產(chǎn)和負債管理對小型和中型公司而言也是十分重要的。這些公司的資產(chǎn)大多以流動性資產(chǎn)的形式存在。另外，考慮到他們在長期資本市場上籌資的困難（彼得森和瑞簡，1997）以及他們所面臨的融資約束(懷特德，1992；法然瑞和彼得森，1993)，流動負債成為他們主要的資金來源。在這方面，艾利豪森和沃肯（1993），彼得森和納簡（1997）和丹尼爾森和斯科特（2000）表示，美國小型和中型公司當(dāng)他們已經(jīng)還清債還清債務(wù)時會利用賣方進行融資。因此，高效的營運資金管理對規(guī)模較小的公司特別重要（皮爾和威爾森，1996）。在此背景下，當(dāng)前工作的目標(biāo)是通過對1996年到2002期間的8872家中小型企業(yè)營運資金管理對其盈利能力的影響的研究得出實證性證據(jù)，這項工作有兩個方面的貢獻。首先，以前沒有這樣的證據(jù)存在于中小企業(yè)的案件分析中。我們使用的西班牙中小企業(yè)的樣本，他們的經(jīng)營采用的是所謂的以欠發(fā)達的資本市場為特點的歐洲模式（拉頗特，洛佩茲德賽南斯,施萊弗和威施尼，1997），并且事實上大多數(shù)籌資來源于金融中介機構(gòu)（帕姆皮隆，2000）。這些都表明西班牙中小企業(yè)的可選擇的外部有效地融資渠道很少，這使得他們更多的依賴短期融資，特別是商業(yè)信用。正如德米庫克·昆特和馬科斯毛維克（2002）所說的，企業(yè)在有著比較發(fā)達的銀行系統(tǒng)的國家經(jīng)營會給予更多的商業(yè)信用給他們的客戶，并且與此同時，他們從他們自己的供應(yīng)商那里獲得更多的資金。第二個貢獻是，不同于施尼和索能（1998）和迪羅夫（2003）以往的研究，當(dāng)前的工作我們已經(jīng)測試出了可能存在的內(nèi)生性問題，其目的是確保在分析中發(fā)現(xiàn)是因為現(xiàn)金轉(zhuǎn)換周期影響公司盈利能力而不是反過來。我們的研究結(jié)果表明，管理者可以通過減少其公司的應(yīng)收賬款和庫存的周轉(zhuǎn)天數(shù)可以為公司創(chuàng)造價值。同樣，縮短資金周轉(zhuǎn)周期也可以提高公司的盈利能力。我們從AMADEUS數(shù)據(jù)庫中得到了這項研究所需要的數(shù)據(jù)，這個數(shù)據(jù)庫由布魯范迪克進行了升級，包含了歐洲公司的財務(wù)和經(jīng)濟數(shù)據(jù)。樣本包括來自西班牙的小型和中型公司，中小企業(yè)的選擇主要是根據(jù)歐盟委員會在1996年4月3日依據(jù)96/280/CE的規(guī)定對小型和中型公司的定義。具體來說，我們選擇了的公司至少三年應(yīng)符合下列條件：第一，少于250名員工；第二，營業(yè)額少于40萬歐元；第三，總資產(chǎn)不少于27萬歐元。除了這些選擇標(biāo)準(zhǔn)的應(yīng)用，我們還設(shè)置了一系列的過濾條件。因此，我們剔除了他們的帳戶的異?，F(xiàn)象，如負異常值的資產(chǎn)、流動資產(chǎn)、固定資產(chǎn)、負債、流動負債、資本、折舊或利息支付。我們會剔除一些會直接導(dǎo)致資產(chǎn)負債表和損益表表現(xiàn)出的與合