营运资金的管理对上市公司盈利能力的影响外文翻译（可编辑）

营运资金的管理对上市公司盈利能力的影响外文翻译外文翻译THERELATIONSHIPBETWEENWORKINGCAPITALMANAGEMENTANDPROFITABILITYOFLISTEDCOMPANIESMATERIALSOURCEELECTRONICCOPYAVAILABLE/0RN/AUTHORIOANNISLAZARIDISABSTRACTINTHISPAPERWEINVESTIGATETHERELATIONSHIPOFCORPORATEPROFITABILITYANDWORKINGCAPITALMANAGEMENTWEUSEDASAMPLEOF131COMPANIESLISTEDINTHEATHENSSTOCKEXCHANGEASEFORTHEPERIODOF20012004THEPURPOSEOFTHISPAPERISTOESTABLISHARELATIONSHIPTHATISSTATISTICALSIGNIFICANTBETWEENPROFITABILITY,THECASHCONVERSIONCYCLEANDITSCOMPONENTSFORLISTEDFIRMSINTHEASETHERESULTSOFOURRESEARCHSHOWEDTHATTHEREISSTATISTICALSIGNIFICANCEBETWEENPROFITABILITY,MEASUREDTHROUGHGROSSOPERATINGPROFIT,ANDTHECASHCONVERSIONCYCLEMOREOVERMANAGERSCANCREATEPROFITSFORTHEIRCOMPANIESBYHANDLINGCORRECTLYTHECASHCONVERSIONCYCLEANDKEEPINGEACHDIFFERENTCOMPONENTACCOUNTSRECEIVABLES,ACCOUNTSPAYABLES,INVENTORYTOANOPTIMUMLEVELINTRODUCTIONCAPITALSTRUCTUREANDWORKINGCAPITALMANAGEMENTARETWOAREASWIDELYREVISITEDBYACADEMIAINORDERTOPOSTULATEFIRMSPROFITABILITYWORKINGCAPITALMANAGEMENTHAVEBEENAPPROACHEDINNUMEROUSWAYSOTHERRESEARCHERSSTUDIEDTHEIMPACTOFOPTIMUMINVENTORYMANAGEMENTWHILEOTHERAUTHORSSTUDIEDTHEMANAGEMENTOFACCOUNTSRECEIVABLESINANOPTIMUMWAYTHATLEADSTOPROFITIMISATION1ACCORDINGTODELOOF22003THEWAYTHATWORKINGCAPITALISMANAGEDHASASIGNIFICANTIMPACTONPROFITABILITYOFFIRMSTHISRESULTINDICATESTHATTHEREISACERTAINLEVELOFWORKINGCAPITALREQUIREMENTSWHICHPOTENTIALLYIMISESRETURNSOTHERWORKONTHEFIELDOFWORKINGCAPITALMANAGEMENTFOCUSESONTHEROUTINESEMPLOYEDBYFIRMSTHISRESEARCHSHOWEDTHATFIRMSWHICHFOCUSONCASHMANAGEMENTWERELARGER,WITHFEWERCASHSALES,MORESEASONALITYANDPOSSIBLYMORECASHFLOWPROBLEMSWHILESMALLERFIRMSFOCUSEDMOREONSTOCKMANAGEMENTANDLESSPROFITABLEFIRMSWEREFOCUSEDONCREDITMANAGEMENTROUTINESITISSUGGESTEDTHATHIGHGROWTHFIRMSFOLLOWAMORERELUCTANTCREDITPOLICYTOWARDSTHEIRCUSTOMERS,WHILETHEYTIEUPMORECAPITALINTHEFORMOFINVENTORYMEANWHILEACCOUNTSPAYABLESWILLINCREASEDUETOBETTERRELATIONSOFSUPPLIERSWITHFINANCIALINSTITUTIONSWHICHDIVERTTHISADVANTAGEOFFINANCIALCOSTTOTHEIRCLIENTSACCORDINGTOWILNER2000MOSTFIRMSEXTENSIVELYUSETRADECREDITDESPITEITSAPPARENTGREATERCOST,ANDTRADECREDITINTERESTRATESCOMMONLYEXCEED18PERCENT5INADDITIONTOTHATHESTATESTHATIN1993AMERICANFIRMSEXTENDEDTHEIRCREDITTOWARDSCUSTOMERSBY15TRILLIONDOLLARSSIMILARLYDELOOF2003FOUNDOUTTHROUGHSTATISTICSFROMTHENATIONALBANKOFBELGIUMTHATIN1997ACCOUNTSPAYABLEWERE13OFTHEIRTOTALASSETSWHILEACCOUNTSRECEIVABLESANDINVENTORYACCOUNTEDFOR17AND10RESPECTIVELYSUMMERSANDWILSON2000REPORTTHATINTHEUKCORPORATESECTORMORETHAN80OFDAILYBUSINESSTRANSACTIONSAREONCREDITTERMS6THERESEEMSTOBEASTRONGRELATIONBETWEENTHECASHCONVERSIONCYCLEOFAFIRMANDITSPROFITABILITYTHETHREEDIFFERENTCOMPONENTSOFCASHCONVERSIONCYCLEACCOUNTSPAYABLES,ACCOUNTSRECEIVABLESANDINVENTORYCANBEMANAGEDINDIFFERENTWAYSINORDERTOIMISEPROFITABILITYORTOENHANCETHEGROWTHOFACOMPANYSOMETIMESTRADECREDITISAVEHICLETOATTRACTNEWCUSTOMERSMANYFIRMSAREPREPAREDTOCHANGETHEIRSTANDARDCREDITTERMSINORDERTOWINNEWCUSTOMERSANDTOGAINLARGEORDERSINADDITIONTOTHATCREDITCANSTIMULATESALESBECAUSEITALLOWSCUSTOMERSTOASSESSPRODUCTQUALITYBEFOREPAYING8THEREFOREITISUPTOTHEINDIVIDUALCOMPANYWHETHERAMARKETINGAPPROACHSHOULDBEFOLLOWEDWHENMANAGINGTHEWORKINGCAPITALTHROUGHCREDITEXTENSIONHOWEVERTHEFINANCIALDEPARTMENTOFSUCHACOMPANYWILLFACECASHFLOWANDLIQUIDITYPROBLEMSSINCECAPITALWILLBEINVESTEDINCUSTOMERSANDINVENTORYRESPECTIVELYINORDERTOHAVEIMUMVALUE,EQUILIBRIUMSHOULDBEMAINTAINEDINRECEIVABLESPAYABLESANDINVENTORYACCORDINGTOPIKE而自变量中则包括现金转换周期的几个部分来测试统计的显著性。最后,在结尾的一节里会讨论本篇论文得出的结果,然后作出有关营运资金的管理政策和盈利的结论。数据采集和变量1数据采集收集的数据来自雅典股票交易市场的上市公司。我们之所以选择这个市场主要是由于财务报表的可靠性。公司在股票市场上呈现利润是会列出个人利益,这样是为了使他们的股票更具有吸引力。与上市公式相反的是,在希腊没有上市的公司缺乏激励完成真正运行的措施并且通常这类公司的财务报表反应出他们真实的运转和财政行为。隐藏公司利润对于那些在希腊没有上市的公司来说是一种普遍策略来避免缴纳所得税,这可使他们更少的成为可得出推论的适合分析的样本的个体。为了这个研究的目的,特定公司因为他们的活动种类而被忽略。我们接下来分类在NACE10里面的来之电力和水利,银行机构,租赁,保险工业,并且忽略其他的服务行业公司,原始样本由131家公司组成,最重要的2001年到2004年的数据。许多公司的数据被包含,导致这个时期缺乏很多必要的信息,最后这些财务报表的数据来自ICAPSA11提供的数据,我们的分析运用了来自2001到2004年这个时期收集起来的数据并且得到了524个结果。2变量如前面提到的,在介绍现金转换周期作为措施,来表达盈利能力。这项措施如以下公式计算CASHCONVERSIONCYCLENOOFDAYSA/R12NOOFDAYSINVENTORYNOOFDAYSA/P131反过来,现金转换周期组成部分如下NOOFDAYSA/RACCOUNTSRECEIVABLES/SALES3652NOOFDAYSINVENTORYINVENTORY/COSTOFGOODSSOLD3653NOOFDAYSA/PACCOUNTSPAYABLES/COSTOFGOODSSOLD3654设定公司规模采用自然对数的销售,选择另一个变量的模型选择规格。另一家公司的股票分享和参与固定资产里减去金融资产的方式一样。我们使用与金融资产相关的变量,如下FIXEDFINANCIALASSETSRATIOFIXEDFINANCIALASSETS/TOTALASSETS5这个变量的使用是因为许多上市公司很大一部份的财务资产包括在他们的总资产里。这个变量将稍后被使用来获得一个想法,估计和参与一个公司如何影响别人的利润的关系。使用进行回归分析另一个变量,然后,采用下列公式,包括金融债务FINANCIALDEBTRATIOSHORTTERMLOANSLONGTERMLOANS/TOTALASSETS6这是用在为了建立关系的外部融资公司和它的总资产。最后因变量的使用是总营业利润。为了获得这个变量,我们把总销售额减销售货物的成本,这样的处理与总资产与金融资产的关系是一样的。GROSSOPERATINGPROFITSALESCOGS14/TOTALASSETSFINANCIALASSETS7用这个变量来代替折旧及摊销前的利润EBITDA或者税后利润的原因是因为我们想把成功还是失败的工作系数联合起来,并且用这个变量来和其他运营变量如下现金转换周期联系起来。而且,我们想排除任何财务活动的参与,运算活动可能会影响到总体盈利能力,从而金融资产从总资产中减去。3描述性统计下表给出了所有变量的描述性统计。总观察值N524。金融资产占总资产平均的168包括参与其他子公司。总销售额为1,1890,0000万欧元而平均值为319万元。这些公司,包括在我们的样品集里,平均运行的净利润有258。在信用期间内平均给予他们的顾客148天左右平均130天,而他们支付债权人平均在96天中位数为73天。库存平均销售为136天中位数为104天。总体平均现金转换周期在188天中位数为165天。5VARIABLENMEANMEDIANTRMEANSTDEVSEMEANFIXEDFA5240,168150,098610,147440,184590,00806LNSALES52417,36417,27817,3461,4760,064SALES524118604041319105886117763136241773915