营运管理外文翻译外文文献英文文献对整个行业中营运资金管理的研究

1、An Analysis of WorkingCapitalManagement Results AcrossIn dustriesGreg Filbeck. Schweser Study P rogramThomas M. Krueger.Un iversity of Wisc onsin-La CrosseAbstractFirms are able to reduce financing costs an d/or in crease the funds available for expansion by mini miz ing the amount of funds tied up

2、in curre nt assets. We p rovide in sights into the p erforma nee of surveyed firms across key components of working capital management by using the CFO magazine sannual Worki ng Cap ital Man ageme nt Survey. We discover that sig nifica nt differe nces exist betwee n in dustries in work ing cap ital

3、measures across time. In additi on. we discover that these measures for work ing cap ital cha nge sig nifica ntly withi n in dustries across time.In troducti onThe imp orta nee of efficie nt work ing cap ital man ageme ntis in dis pu table.Worki ng cap ital is the differe nee betwee n resources in c

4、ash or readily conv ertible into cash (Curre nt Assets) and orga ni zati onal commitme nts for which cash will soon be required (Curre nt Liabilities). The objective of worki ng cap ital man ageme nt is to mai ntai n the op timum bala nee of each of the worki ng cap ital componen ts. Busin ess viabi

5、lity relies on the ability to effectively man age receivables. inven tory. and p ayables. Firms are able to reduce financing costs an d/or in crease the funds available for expansion by mini miz ing the amount of funds tied up in curre nt assets. Much man agerial effort is expen ded in bringing non-

6、op timal levels of curre nt assets and liabilities back toward op timal levels. An op timal level would be one in which a bala nee is achieved betwee n risk and efficie ncy.A rece nt exa mple of bus in ess atte mp ti ng to maximize worki ng cap ital man ageme nt is the recurre nt atte nti on being g

7、ive n to the app licati on of Six Sigma? methodology. Six Sigma? methodologies help companies measure and en sure quality in all areas of the enterp rise. Whe n used to ide ntify and rectify discre pan cies. in efficie ncies and erron eous tran sacti ons in the finan cial supply cha in. Six Sigma? r

8、educes Days Sales Outsta nding (DSO). accelerates the p ayme nt cycle. i mp roves customer satisfacti on and reduces the n ecessary amount and cost of work ing cap ital n eeds. There app ear to be many success stories. including Jennifer Towne epo0tQ2)ar 15 percent decrease indays that sales are out

9、sta nding. result ing in an in creased cash flow of app roximately $2 milli on at Thibodaux Regi onal Medical Cen ter. Furthermore. bad debts decli ned from $3.4 millio n to $600.000. However. Waxer s (2003)study of multiple firms employing Six Sigma? finds that it is really a “ get rich slow ” tech

10、nique with a rate of return hovering in thel152 p erce nt ran ge.Eve n in a bus in ess using Six Sigma ? methodology. an “ op timal ”level of work ing cap ital man ageme nt n eeds to be ide ntified.“ optimal ” level ofEve n in a bus in ess using Six Sigma? methodology. an work ing cap ital man ageme

11、 nt n eeds to be ide ntified. In dustry factors may impact firm credit p olicy .inven tory man ageme nt. and bill-paying activities. Some firms may be better suited to mini mize receivables and inven tory. while others maximize p ayables. Ano ther aspect of“ op timal ” is the exte nt to whichanpoor

12、finan cial results can be tied to sub-op timal p erforma nee. Fort un ately. these issues are testable with data p ublished by CFO magaz ine. which claims to be the source of“ tools and in formati on for the finan cial executive.the subject of this research.In additi on to pro vid ing mean and varia

13、 nee values for the work ing cap ital measures and the overall metric. two issues will be addressed in this research. One research questi on is.“ are firms withi n a p articular in dustry clusteredtogether at con siste nt levels of worki ng cap ital measures?” For in sta nee. arefirms in one in dust

14、ry able to quickly tran sfer sales into cash. while firms from ano ther in dustry tend to have high sales levels for the p articular level of inven tory . The other research questi on is.“ does work ing cap ital man ageme ntp erforma nee for firms within a give n in dustry cha nge from year-to-year?

15、 ”The followi ng secti on p rese nts a brief literature review. Next. the research method is described. in cludi ng some in formati on about the annual Work ing Cap ital Man ageme nt Survey p ublished by CFO magaz ine. Findings are the n p rese nted and con clusi ons are draw n.Related LiteratureThe

16、 importance of worki ng cap ital man ageme nt is n ot new to the finance literature. Over twenty years ago. Largay and Stick ney (1980) rep orted that the the n-rece nt bankruptcy of W.T. Grant. a n ati on wide cha in of dep artme nt stores. should have bee n an tici pated because the corpo rati on

17、had bee n running a deficit cash flow from op erati ons for eight of the last ten years of its corporate life. As part of a study of the Fortune 500 s financial managementp ractices. Gilbert and Reichert (1995) find that acco unts receivable man ageme nt models are used in 59 p erce nt of these firm

18、s to imp rove worki ng cap ital p rojects. while inven tory man ageme nt models were used in 60 p erce nt of the compani es. More rece ntly. Farragher. Kleima n and Sahu (1999) find that 55 p erce nt of firms in the S&P In dustrial in dex compi ete some form of a cash flow assessme nt. but did not p

19、 rese nt in sights regard ing acco unts receivable and inven tory man ageme nt. or the variatio ns of any curre nt asset acco unts or liability acco unts across in dustries. Thus. mixed evide nee exists concerning the use of work ing cap ital man ageme nt tech niq ues.Theoretical determ in ati on of

20、 op timal trade credit limits are the subject of many articles over the years (e.g. Schwartz 1974; Scherr 1996). with sea nt atte nti on p aid to actual acco unts receivable man ageme nt. Across a limitedsamp le. Wein raub and Visscher (1998) observe a tendency of firms with low levels of curre nt r

21、atios to also have low levels of curre nt liabilities.Simulta neously inv estigati ng acco unts receivable and p ayable issues. Hill. Sartoris. and Fergus on (1984) find differe nces in the way p ayme nt dates are defi ned. Payees defi ne the date of p ayme nt as the date p ayme nt is received. whil

22、e p ayors view p ayme nt as the po stmark date. Additi onal WCM in sight across firms. in dustries. and time can add to this body of research.Man ess and Zietlow (2002. 51.496) prese nts two models of value creati on that incorpo rate effective short-term finan cial man ageme nt activities. However.

23、 these models are gen eric models and do not con sider unique firm or in dustry in flue nces. Man ess and Zietlow discuss in dustry in flue nces in a short p aragra ph that in cludes the observati on that.“ An in dustry a company islocated in may have more in flue nee on that companyesthafoctorallGN

24、P (2002. 507). In fact. a careful review of this 627 -p age textbook finds on ly spo radic in formatio n on actual firm levels of WCM dime nsions. virtually nothing on in dustry factors exce pt for some boxed items with titles such as.“Should Retailer Offer an In- House Credit Card ” (128) and nothi

25、ng on WCM stability over time. This research will atte mpt to fill this void by in vestigat ing p atter ns related to worki ng cap ital measures within in dustries and illustrate differe nces betwee n in dustries across time.An exte nsive survey of library and Internet resources pro vided very few r

26、ece nt rep orts about work ing cap ital man ageme nt. The most releva nt set of articles was Weisel and Bradley s (2003) article on cash flow management andone of inven tory con trol as a result of effective supply cha in man ageme nt by Hadley (2004).Research MethodThe CFO Ra nki ngsThe first annua

27、l CFO Worki ng Cap ital Survey. a joi nt p roject with REL Con sulta ncy Grou p. was p ublished in the June 1997 issue of CFO (Mi ntz and Lezere 1997). REL is a London. En gla nd-based man ageme nt con sult ing firm sp ecializ ing in work ing cap ital issues for its global list of clie nts. The orig

28、 inal survey rep orts several work ing cap ital ben chmarks for p ublic companies using data for 1996. Each company is ran ked aga inst its p eers and also aga inst the en tire field of 1.000 compani es. REL con ti nues to up date the orig inal in formatio n on an annual basis.REL uses the “ cash fl

29、ow from operations” value located on firm cash flowstateme nts to estimate cash con versi on efficie ncy (CCE). This value in dicates how well a company tran sforms reve nues into cash flow. A“ days of work ingcap ital ” (DWC) value is based on the dollar amount in each of the aggregate. equally-wei

30、ghted receivables. inven tory. and p ayables ac coun ts. The “ days of work ing cap ital ” (DNC) rep rese nts the time p eriod betwee n pu rchase of inven tory on accco unt from ven dor un til the sale to the customer. the collecti on of the receivables. and p ayme nt rece ipt. Thus. it reflects the

31、 company s ability tofinance its core op eratio ns with ven dor credit. A detailed in vestigati on of WCM is p ossible because CFO also pro vides firm and in dustry values for days sales outsta nding (A/R). i nven tory turno ver. and days p ayables outsta nding (A/P).Research FindingsAverage and Ann

32、ual Worki ng Cap ital Man ageme nt P erforma neeWork ing cap ital man ageme nt component defi niti ons and average values for the en tire 1996- 2000 period . Across the nearly 1.000 firms in the survey.cash flow from op eratio ns. defi ned as cash flow from op erati ons divided by sales and referred

33、 to as“ cash con vers ion efficie ncy” (CCE). averages 9.0p erce nt. Incorpo rati ng a 95 p erce nt con fide nee in terval. CCE ran ges from 5.6 p erce nt to 12.4 p erce nt. The days work ing cap ital (DWC). defi ned as the sum of receivables and inven tories less p ayables divided by daily sales. a

34、verages 51.8 days and is very similar to the days that sales are outsta nding (50.6). because the inven tory turno ver rate (once every 32.0 days) is similar to the nu mber of days that p ayables are outsta nding (32.4 days). I n all in sta nces. the sta ndard deviati on is relatively small. suggest

35、 ing that these work ing cap ital man ageme nt variables are con siste nt across CFO rep orts. In dustry Rankings on Overall Worki ng Cap ital Man ageme nt P erforma neeCFO magaz ine pro vides an overall work ing cap ital ranking for firms in its survey. using the follow ing equatio n:l ndustry-base

36、d differe nces in overall work ing cap ital man ageme nt are p rese ntedfor the twen ty-six in dustries thathad at least eight companies in cluded in the rankings each year. I n the typi cal year. CFO magaz ine ranks 970 companies duri ng this p eriod. In dustries are listed in order of the mea n ov

37、erall CFO ranking of worki ng cap ital p erforma nee. Si nee the best average ranking p ossible for an eight-co mpany in dustry is 4.5 (this assumes that the eight companies are ran ked one through eight for the en tire survey). it is quite obvious that all firms in the p etroleum in dustry must hav

38、e bee n recei ving very high overall work ing cap ital man ageme nt rankin gs. In fact. the p etroleum in dustry is ran ked first in CCE and third in DWC (as illustrated in Table 5 and discussed later in this pap er). Furthermore. the p etroleum in dustry had the lowest sta ndard deviati on of work

39、ing cap ital rankings and range of work ing cap ital rankin gs. The only other in dustry with a mea n overall ranking less tha n 100 was the Electric & Gas Utility in dustry. which ran ked sec ond in CCE and fourth in DWC. The two in dustries with the worst work ing cap ital rankings were Textiles a

40、nd App arel. Textiles rank twen ty-sec ond in CCE and twen ty-sixth in DWC. The app arel in dustry ranks twen ty-third and twen ty-fourth in the two worki ng cap ital measuresCon clusi onsThe research p rese nted here is based on the annual rat ings of work ing cap ital man ageme nt p ublished in CF

41、O magaz ine. Our findings in dicate a con siste ncy in how in dustries“ stack up ” aga inst each other over time withrespect to the worki ng cap ital measures. However. the worki ng cap italmeasures themselves are not static (i.e. averages of worki ng cap ital measures across all firms cha nge annu

42、ally); our results in dicate sig nifica nt moveme nts across our en tire sample over time. Our findings are imp orta nt because they pro vide in sight to work ing cap ital p erforma nee across time. and on work ing cap ital man ageme nt across in dustries. These cha nges may be in explained in part

43、by macroec ono mic factors. Chan ges in in terest rates. rate of inno vati on. and comp etiti on are likely to impact worki ng cap ital man ageme nt. As in terest rates rise. there would be less desire to make p ayme nts early. which would stretch acco unts p ayable. acco unts receivable. and cash a

44、cco un ts.The ramificatio ns of this study in clude the finding of disti net levels of WCM measures for differe nt in dustries. which tend to be stable over time. Many factors hel p to explain this discovery. The imp rovi ng economy duri ng the p eriod of the study may have resulted in impro ved tur

45、no ver in some in dustries. while slow ing turno ver may have bee n a sig nal of troubles ahead. Our results should be interp reted cautiously. Our study takes p laces over a short time frame duri ng a gen erally improving market. In additi on. the survey suffers from survivorsh ip bias- only the to

46、p firms within each in dustry areran ked each year and the compo siti on of those firms within the in dustry can cha nge annu ally.Further research may take one of two lin es. First. there could be a study of whether stock p rices res pond to CFO magaz ine s p ublicatio n ofwork ing cap ital man age

47、me nt rati ngs. Second. there could be a study of which. if any. of the work ing cap ital man ageme nt components relate to share p rice p erforma nee. Give n our results. these studies n eed to take in dustry membershi p into con sideratio n whe n estimati ng stock p rice reacti on to worki ng cap

48、ital man ageme nt p erforma nee.7外文翻译：对整个行业中营运资金管理的研究格雷格Filbeck.Schweser学习计划托马斯M克鲁格.威斯康星大学拉克罗斯摘要：企业能够降低融资成本或者尽量减少绑定在流动资产上的成立基金数额来 用于扩大现有的资金。我们提供了在调查公司时出具报告中的关键组成部分， 查公司营运资金管理的报告是运用首席财务官杂志的年度资金管理的调查报告。 我们发现，行业间的明显差异存在于跨时资金的工作措施上。 此外，这些措施在 企业营运资金管理中实施后有了显著改变。高效率的营运资金管理的重要性是不容置疑的。营运资金是资源或随时兑换 成现金（流动资产）

49、和即将的现金需要（流动负债）之间的差额。营运资金管理 的目标是维持周转的流动资产和流动负债都达到最佳平衡。商业可行性的能力依赖于有效的应收账款、库存和应付帐款的管理。企业能够降低融资成本或增加通 过最小化绑定在流动资产上的成立基金数额的资金用于扩大现有。太多的管理工作是消耗在带动流动资产和负债水平回到最佳水平。 最理想的水平是达到在风险 和效率之间的平衡。一个最近企业的例子是其试图最大限度地运用营运资金管理。这就是经常受到重视的六西格玛方法的应用。六西格玛方法适用于企业涉及所有范围， 能帮助 公司测量和保证质量。当前这个方法用来识别和纠正错误的交易效率差异及财务 供应链。六西格玛方法减少每天天

50、销售最杰出，以达到加速支付周期、提高顾客满意度、降低成本的数量和流动资金的需求。似乎有许多成功的事例，包括珍妮 汤的（2002 ）的关于销售天数减少了百分之十五的优秀的销售报告。造成的结 果是在蒂博多万区域医疗中心产生的现金流量增加了大约200万美元。此外，缓慢致富”技术与回报率悬停在1.2%-4.5%的范围。坏帐从340万美元下降到60万美元。然而，外克瑟的（2003）研究多个公司雇用 六西格玛发现它确实是一个即使在一个业务中使用.六西格玛方法论的 最佳”的营运资金管理需要被确即使在一个业务中使用,六西格玛方法论的 最佳”的营运资金管理需要被确 认。行业因素可能会影响企业的信贷政策、库存管理

51、和账单支付活动。一些公司 可能会更适合尽量减少应收账款和存货，而其他则适应应付款最大化。 最优” 的另一个方面是槽糕的财务成果却是使用了最优性能。 幸运的是，这些问题是可 测试的并被首席财务官杂志所发表。这声称是工具的来源和财务主管信息”即是 本研究的主题。除了提供均值和营运资金的措施和整体度量。这两个问题将在本研究处其理 差异值。一个研究问题是： 在特殊产业内的企业一起采用同样的的营运资金管 理措施就能使其的水平一致吗？ ”例如，在同一行业的企业能够迅速转化为现金 销售（即有占应收水平低）。而来自其他行业的企业往往有较高的销售水平。特 别是库存水平（即存货周转率高）。另一个研究问题是，企业营

52、运资金管理能否对企业绩效在行业内逐年改变起做作用？ ”以下部分提供了一个简短的文献回顾。 对下一步研究方法进行了介绍，包括 一些有关这个一年一度的营运资金管理及财务官杂志公布的调查。 调查是再提出 和结论。相关文献营运资金管理的重要性在于它并不是新的金融文学。20多年前，斯蒂克尼（1980）报告说。当时的小波格兰特的全国连锁百货公司相继破产，应该是因 为公司经营了最后10年里经营里有8年的经营赤字，这早就作为一个世界 500 强的财务管理实践研究的一部分。吉尔伯特和锐彻（1995）发现应收账款的管理模 式在使用后，有百分之五十九的公司提高营运资金项目， 而库存管理模型应用于 百分之六十的公司。

53、最近，法瑞芬.克莱曼和萨胡（1999年）发现百分之五十五 的公司中，标准普尔工业指数完成是某种形式的现金流量的评估，但并未提出关 于应收账款和存货管理的见解，或任何流动资产的变化帐户或各行业现有资产负 债账户的变化。因此，混合证据表明有关营运资金管理技术的使用。优化贸易信贷限额理论是多年来自许多文章的主题（例如，施瓦茨1974年,谢尔1996年）注重实际的应收账款的管理。通过有限的样本，温劳布和菲斯海 尔（1998）观察到的趋势是目前比率低的公司也有低水平的流动负债。同时调查应收账款和应付账款的问题。希尔 萨尔托里斯和弗格森（1984年）发现方式付款 日期的不同的定义。收款人定义付款日期为收到

54、货款的日期， 而付款人查看付款 日期的邮戳，额外的协作平台了解各企业、行业和时间能够增加这方面的研究机 构。玛尼思和泽特罗（2002年）提供了两个价值创造的模式。纳入有效的短期 的财务管理活动。但是，这些模型都是通用的模型并没有考虑独特的企业或行业 的影响。玛尼思和泽特罗谈论一小段产业影响包括那些一个工业公司可能有更多的财富”公司可能影响整体国民生产总值。事实上，发现只有在实际的层面的 营运资金管理的公司有各级零星资料。几乎任何事物除了一些游戏项目，如盒装 行业因素。如果商家提供了一个内部的信用卡”。随着时间的推移，没有什么能 影响营运资金管理稳定性。这项研究将试图完善调查有关工作措施以填补行业内 资金模式这一空白，并说明说明行业间的跨时差异。一个对图书馆和网络资源进行广泛的调查得到了很少的最新报告是关于营运资金管理。最相关的文章是卫瑟和布拉德利的（2003）现金流量管理和库存管理 作为一种有效的供应链管理的途径（2004）。研究方法第一次年度首席财务官营运资金管理的调查