营运管理外文文献+中文

AnAnalysisofWorkingCapitalManagementResultsAcrossIndustriesGregFilbeck.SchweserStudyProgramThomas M.Krueger. University ofWisconsin-LaCrosseAbstractFirmsareabletoreducefinancingcostsand/orincreasethefundsavailableforexpansionbyminimizingtheamountoffundstiedupincurrentassets.WeprovideinsightsintotheperformanceofsurveyedfirmsacrosskeycomponentsofworkingcapitalmanagementbyusingtheCFOmagazine’sannualWorkingCapitalManagementSurvey.Wediscoverthatsignificantdifferencesexistbetweenindustriesinworkingcapitalmeasuresacrosstime.Inaddition.wediscoverthatthesemeasuresforworkingcapitalchangesignificantlywithinindustriesacrosstime.IntroductionTheimportanceofefficientworkingcapitalmanagementisindisputable.Workingcapitalisthedifferencebetweenresourcesincashorreadilyconvertibleintocash(CurrentAssets)andorganizationalcommitmentsforwhichcashwillsoonberequired(CurrentLiabilities).Theobjectiveofworkingcapitalmanagementistomaintaintheoptimumbalanceofeachoftheworkingcapitalcomponents.Businessviabilityreliesontheabilitytoeffectivelymanagereceivables.inventory.andpayables.Firmsareabletoreducefinancingcostsand/orincreasethefundsavailableforexpansionbyminimizingtheamountoffundstiedupincurrentassets.Muchmanagerialeffortisexpendedinbringingnon-optimallevelsofcurrentassetsandliabilitiesbacktowardoptimallevels.Anoptimallevelwouldbeoneinwhichabalanceisachievedbetweenriskandefficiency.ArecentexampleofbusinessattemptingtomaximizeworkingcapitalmanagementistherecurrentattentionbeinggiventotheapplicationofSixSigma?methodology.SixSigma?methodologieshelpcompaniesmeasureandensurequalityinallareasoftheenterprise.Whenusedtoidentifyandrectifydiscrepancies.inefficienciesanderroneoustransactionsinthefinancialsupplychain.SixSigma?reducesDaysSalesOutstanding(DSO).acceleratesthepaymentcycle.improvescustomersatisfactionandreducesthenecessaryamountandcostofworkingcapitalneeds.Thereappeartobemanysuccessstories.includingJenniferTowne’s(2002)reportofa15percentdecreaseindaysthatsalesareoutstanding.resultinginanincreasedcashflowofapproximately$2millionatThibodauxRegionalMedicalCenter.Furthermore.baddebtsdeclinedfrom$3.4millionto$600.000.However.Waxer’s(2003)studyofmultiplefirmsemployingSixSigma?findsthatitisreallya“getrichslow”techniquewitharateofreturnhoveringinthe1.2 –4.5percentrange.?EveninabusinessusingSixSigmamethodologyan. “optimallevel ”ofworkingcapitalmanagementneedstobeidentified.EveninabusinessusingSixSigma?methodology.an “optimal ”levelofworkingcapitalmanagementneedstobeidentified.Industryfactorsmayimpactfirmcreditpolicy.inventorymanagement.andbill-payingactivities.Somefirmsmaybebettersuitedtominimizereceivablesandinventory.whileothersmaximizepayables.Anotheraspectof “optimal ”istheextenttowhichpoorfinancialresultscanbetiedtosub-optimalperformance.Fortunately.theseissuesaretestablewithdatapublishedbyCFOmagazine.whichclaimstobethesourceof “toolsandinformationforthefinancialexecutive. ”andarethesubjectofthisresearch.Inadditiontoprovidingmeanandvariancevaluesfortheworkingcapitalmeasuresandtheoverallmetric.twoissueswillbeaddressedinthisresearch.Oneresearchquestionis. “arefirmswithinaparticularindustryclusteredtogetheratconsistentlevelsofworkingcapitalmeasures? ”Forinstance.arefirmsinoneindustryabletoquicklytransfersalesintocash.whilefirmsfromanotherindustrytendtohavehighsaleslevelsfortheparticularlevelofinventory.Theotherresearchquestionis.“doesworkingcapitalmanagementperformanceforfirmswithinagivenindustrychangefromyear-to-year?”Thefollowingsectionpresentsabriefliteraturereview.Next.theresearchmethodisdescribed.includingsomeinformationabouttheannualWorkingCapitalManagementSurveypublishedbyCFOmagazine.Findingsarethenpresentedandconclusionsaredrawn.RelatedLiteratureTheimportanceofworkingcapitalmanagementisnotnewtothefinanceliterature.Overtwentyyearsago.LargayandStickney(1980)reportedthatthethen-recentbankruptcyofW.T.Grant.anationwidechainofdepartmentstores.shouldhavebeenanticipatedbecausethecorporationhadbeenrunningadeficitcashflowfromoperationsforeightofthelasttenyearsofitscorporatelife.AspartofastudyoftheFortune500’sfinancialmanagementpractices.GilbertandReichert(1995)findthataccountsreceivablemanagementmodelsareusedin59percentofthesefirmstoimproveworkingcapitalprojects.whileinventorymanagementmodelswereusedin60percentofthecompanies.Morerecently.Farragher.KleimanandSahu(1999)findthat55percentoffirmsintheS&PIndustrialindexcompletesomeformofacashflowassessment.butdidnotpresentinsightsregardingaccountsreceivableandinventorymanagement.orthevariationsofanycurrentassetaccountsorliabilityaccountsacrossindustries.Thus.mixedevidenceexistsconcerningtheuseofworkingcapitalmanagementtechniques.Theoreticaldeterminationofoptimaltradecreditlimitsarethesubjectofmanyarticlesovertheyears(e.g..Schwartz1974;Scherr1996).withscantattentionpaidtoactualaccountsreceivablemanagement.Acrossalimitedsample.WeinraubandVisscher(1998)observeatendencyoffirmswithlowlevelsofcurrentratiostoalsohavelowlevelsofcurrentliabilities.Simultaneouslyinvestigatingaccountsreceivableandpayableissues.Hill.Sartoris.andFerguson(1984)finddifferencesinthewaypaymentdatesaredefined.Payeesdefinethedateofpaymentasthedatepaymentisreceived.whilepayorsviewpaymentasthepostmarkdate.AdditionalWCMinsightacrossfirms.industries.andtimecanaddtothisbodyofresearch.1ManessandZietlow(2002.51.496)presentstwomodelsofvaluecreationthatincorporateeffectiveshort-termfinancialmanagementactivities.However.thesemodelsaregenericmodelsanddonotconsideruniquefirmorindustryinfluences.ManessandZietlowdiscussindustryinfluencesinashortparagraphthatincludestheobservationthat.“Anindustryacompanyislocatedinmayhavemoreinfluenceonthatcompany’sfortunesthanoverallGNP ”(2002.507).Infact.acarefulreviewofthis627textbookfindsonlysporadicinformationonactualfirmlevelsofWCMdimensions.virtuallynothingonindustryfactorsexceptforsomeboxeditemswithtitlessuchas.“ShouldaRetailerOfferanIn-HouseCreditCard ”(128)andnothingonWCMstabilityovertime.Thisresearchwillattempttofillthisvoidbyinvestigatingpatternsrelatedtoworkingcapitalmeasureswithinindustriesandillustratedifferencesbetweenindustriesacrosstime.AnextensivesurveyoflibraryandInternetresourcesprovidedveryfewrecentreportsaboutworkingcapitalmanagement.ThemostrelevantsetofarticleswasWeiselandBradley’s(2003)articleoncashflowmanagementandoneofinventorycontrolasaresultofeffectivesupplychainmanagementbyHadley(2004).ResearchMethodTheCFORankingsThefirstannualCFOWorkingCapitalSurvey.ajointprojectwithRELConsultancyGroup.waspublishedintheJune1997issueofCFO(MintzandLezere1997).RELisaLondon.England-basedmanagementconsultingfirmspecializinginworkingcapitalissuesforitsgloballistofclients.Theoriginalsurveyreportsseveralworkingcapitalbenchmarksforpubliccompaniesusingdatafor1996.Eachcompanyisrankedagainstitspeersandalsoagainsttheentirefieldof1.000companies.RELcontinuestoupdatetheoriginalinformationonanannualbasis.RELusesthe“cashflowfromoperations ”valuelocatedonfirmcashflowstatementstoestimatecashconversionefficiency(CCE).Thisvalueindicateshowwellacompanytransformsrevenuesintocashflow.A“daysofworkingcapital”(DWC)valueisbasedonthedollaramountineachoftheaggregate.equally-weightedreceivables.inventory.andpayablesaccounts.The “daysofworkingcapital”(DNC)representsthetimeperiodbetweenpurchaseofinventoryonacccountfromvendoruntilthesaletothecustomer.thecollectionofthereceivables.andpaymentreceipt.Thus.itreflectsthecompany’sabilitytofinanceitscoreoperationswithvendorcredit.AdetailedinvestigationofWCMispossiblebecauseCFOalsoprovidesfirmandindustryvaluesfordayssalesoutstanding(A/R).inventoryturnover.anddayspayablesoutstanding(A/P).ResearchFindingsAverageandAnnualWorkingCapitalManagementPerformanceWorkingcapitalmanagementcomponentdefinitionsandaveragevaluesfortheentire1996–2000period.Acrossthenearly1.000firmsinthesurvey.cashflowfromoperations.definedascashflowfromoperationsdividedbysalesandreferredtoas“cashconversionefficiency”(CCE).averages9.0percent.Incorporatinga95percentconfidenceinterval.CCErangesfrom5.6percentto12.4percent.Thedaysworkingcapital(DWC).definedasthesumofreceivablesandinventoriesless2payablesdividedbydailysales.averages51.8daysandisverysimilartothedaysthatsalesareoutstanding(50.6).becausetheinventoryturnoverrate(onceevery32.0days)issimilartothenumberofdaysthatpayablesareoutstanding(32.4days).Inallinstances.thestandarddeviationisrelativelysmall.suggestingthattheseworkingcapitalmanagementvariablesareconsistentacrossCFOreports.IndustryRankingsonOverallWorkingCapitalManagementPerformanceCFOmagazineprovidesanoverallworkingcapitalrankingforfirmsinitssurvey.usingthefollowingequation:Industry-baseddifferencesinoverallworkingcapitalmanagementarepresentedforthetwenty-sixindustriesthathadatleasteightcompaniesincludedintherankingseachyear.Inthetypicalyear.CFOmagazineranks970companiesduringthisperiod.IndustriesarelistedinorderofthemeanoverallCFOrankingofworkingcapitalperformance.Sincethebestaveragerankingpossibleforaneight-companyindustryis4.5(thisassumesthattheeightcompaniesarerankedonethrougheightfortheentiresurvey).itisquiteobviousthatallfirmsinthepetroleumindustrymusthavebeenreceivingveryhighoverallworkingcapitalmanagementrankings.Infact.thepetroleumindustryisrankedfirstinCCEandthirdinDWC(asillustratedinTable5anddiscussedlaterinthispaper).Furthermore.thepetroleumindustryhadtheloweststandarddeviationofworkingcapitalrankingsandrangeofworkingcapitalrankings.Theonlyotherindustrywithameanoverallrankinglessthan100wastheElectric&GasUtilityindustry.whichrankedsecondinCCEandfourthinDWC.ThetwoindustrieswiththeworstworkingcapitalrankingswereTextilesandApparel.Textilesranktwenty-secondinCCEandtwenty-sixthinDWC.Theapparelindustryrankstwenty-thirdandtwenty-fourthinthetwoworkingcapitalmeasuresConclusionsTheresearchpresentedhereisbasedontheannualratingsofworkingcapitalmanagementpublishedinCFOmagazine.Ourfindingsindicateaconsistencyinhowindustries“stackup”againsteachotherovertimewithrespecttotheworkingcapitalmeasures.However.theworkingcapitalmeasuresthemselvesarenotstatic(i.e..averagesofworkingcapitalmeasuresacrossallfirmschangeannually);ourresultsindicatesignificantmovementsacrossourentiresampleovertime.Ourfindingsareimportantbecausetheyprovideinsighttoworkingcapitalperformanceacrosstime.andonworkingcapitalmanagementacrossindustries.Thesechangesmaybeinexplainedinpartbymacroeconomicfactors.Changesininterestrates.rateofinnovation.andcompetitionarelikelytoimpactworkingcapitalmanagement.Asinterestratesrise.therewouldbelessdesiretomakepaymentsearly.whichwouldstretchaccountspayable.accountsreceivable.andcashaccounts.TheramificationsofthisstudyincludethefindingofdistinctlevelsofWCMmeasuresfordifferentindustries.whichtendtobestableovertime.Manyfactorshelptoexplainthisdiscovery.Theimprovingeconomyduringtheperiodofthestudymayhaveresultedinimprovedturnoverinsomeindustries.whileslowingturnovermayhavebeenasignaloftroublesahead.Ourresultsshouldbeinterpretedcautiously.Ourstudytakesplacesoverashorttimeframeduringagenerallyimprovingmarket.Inaddition.thesurveysuffersfromsurvivorshipbias–onlythetopfirmswithineach3industryarerankedeachyearandthecompositionofthosefirmswithintheindustrycanchangeannually.Furtherresearchmaytakeoneoftwolines.First.therecouldbeastudyofwhetherstockpricesrespondtoCFOmagazine’spublicationofworkingcapitalmanagementratings.Second.therecouldbeastudyofwhich.ifany.oftheworkingcapitalmanagementcomponentsrelatetosharepriceperformance.Givenourresults.thesestudiesneedtotakeindustrymembershipintoconsiderationwhenestimatingstockpricereactiontoworkingcapitalmanagementperformance.4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，调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。导言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）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，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“缓慢致富”技术与回报率悬停在 1.2%-4.5%的范围。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、库存管理和账单支付活动。一些公5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。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6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。 与REL顾问组的联合项目， 发表在1997年6月首席财务官杂志上。REL是英国伦敦为基础的管理咨询公司，专门从事于流动资金问题的服务，面向全球的客户。原来的调查报告的营运资金运用数据的上市公司的标准为1996年。每家公司对其同行的排名是针对整个领域的1000家公司.REL继续更新以前年度基础上的原始资料。REL使用的业务“现金流”的价值是对企业现金流量表作用于估计现金转换效率（CCE）的。此值表示公司如何转化现金流收入，一个“天的营运资金”价值是基于金额之和，即每个应收账款、库存、应付帐款帐户之和。“日营运资金”代表一个时期购买存货从供应商到销售给客户之间收集的应收账款、付款收据。因此，它反映了公司的核心融资业务能力与供应商