企业营运资金管理中英文对照外文翻译文献

中英文对照外文翻译文献(文档含英文原文和中文翻译)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.译文：营运资金管理对中小企业的盈利能力的影响公司理财著作历来把注意力集中在了长期财务决策研究，研究者详细的提供了投资决策分析、资本结构、股利分配或公司估值等主题的研究，但是企业投资形成的短期资产和以一年内到期方式使用的资源，表现为公司资产负债表的有关下昂目的主要部分。实际上，在我们抽样调查的中小型西班牙企业的流动资产占他们总资产的69.48%，同时他们的流动负债同时占到他们的负债总额的52.82%。营运资金管理之所以重要是因为它会影响到公司的收益与风险水平以及公司价值（史密斯，1980）。一方面，维持较高的库存水平可以降低生产过程中的中断产生的成本的可能性，或减少了企业因产品的稀缺造成的商业损失，降低供应成本并使价格免受波动影响等优势（布林德和曼克思尼，1991）。另一方面，公司以各种方式授予的商业信用有利于公司的销售。信用交易可以充当一种有效的降价手段（布伦南，马科斯毛维克和则迟勒，1988年；彼得森和纳简，1997），在需求紧缩的时期可以激励客户增加商品需求（艾莫瑞，1987）。允许客户检查他们收到的商品是否符合约定数量和质量，并确保服务合同有效执行（史密斯，1987），并帮助企业加强了与他们的客户之间的长期合作关系（史密斯，1999）。然而,大力投资于公司库存及贸易信贷可能会减少利润。可以这样说，投资于流动资产越多，企业面临的风险越低，而企业所获得的利润也就越低。另一方面，商业信用是一种自发性的资金来源，降低了所需的经费绑定在存货和客户帐户的款项。不过，我们应该认识到如果提前付款可享受折扣，从供应商的获得融资其隐性成本非常高。事实上机会成本可能超过20%,这取决于折扣比例和折扣期限（维尔纳和史密斯，1999)。在这方面，过去的研究已经分析了贸易信贷成本高，发现只有当他们自己没有其他可提供更多的资金来源融资渠道时公司才会与卖方信贷融资（彼得森和纳简，1994年和1997年）。决定投资多少在存货和客户帐户，接受多少来自于供应商的信贷，已反映在公司的现金转换周期上，它表示从公司必须开始支付其供应商的日期开始时到收到客户的款项之间的平均天数。以前的一些研究已经采用这种方式分析缩短现金转换周期对公司的盈利能力的积极或消极的影响。具体来说，施尼和索能(1998)分析了1974年至1994年期间在美国证券交易所上市股票的样本的现金转换周期和盈利能力，他们的研究结果显示，在合理范围内减少现金转换周期可以增加企业的盈利能力。最近，迪罗夫（2003）分析了1992-1996年期间的一些比利时的大公司，他的研究结果证实，比利时企业通过减少应收账款的天数使他们的盈利能力非常优秀并且减少了库存。此外，他发现利润较少的企业需要更长的时间来支付款项。这些以前的研究都集中在大型企业的分析，然而，目前的流动资产和负债管理对小型和中型公司而言也是十分重要的。这些公司的资产大多以流动性资产的形式存在。另外，考虑到他们在长期资本市场上筹资的困难（彼得森和瑞简，1997）以及他们所面临的融资约束(怀特德，1992；法然瑞和彼得森，1993)，流动负债成为他们主要的资金来源。在这方面，艾利豪森和沃肯（1993），彼得森和纳简（1997）和丹尼尔森和斯科特（2000）表示，美国小型和中型公司当他们已经还清债还清债务时会利用卖方进行融资。因此，高效的营运资金管理对规模较小的公司特别重要（皮尔和威尔森，1996）。在此背景下，当前工作的目标是通过对1996年到2002期间的8872家中小型企业营运资金管理对其盈利能力的影响的研究得出实证性证据，这项工作有两个方面的贡献。首先，以前没有这样的证据存在于中小企业的案件分析中。我们使用的西班牙中小企业的样本，他们的经营采用的是所谓的以欠发达的资本市场为特点的欧洲模式（拉颇特，洛佩兹德赛南斯,施莱弗和威施尼，1997），并且事实上大多数筹资来源于金融中介机构（帕姆皮隆，2000）。这些都表明西班牙中小企业的可选择的外部有效地融资渠道很少，这使得他们更多的依赖短期融资，特别是商业信用。正如德米库克·昆特和马科斯毛维克（2002）所说的，企业在有着比较发达的银行系统的国家经营会给予更多的商业信用给他们的客户，并且与此同时，他们从他们自己的供应商那里获得更多的资金。第二个贡献是，不同于施尼和索能（1998）和迪罗夫（2003）以往的研究，当前的工作我们已经测试出了可能存在的内生性问题，其目的是确保在分析中发现是因为现金转换周期影响公司盈利能力而不是反过来。我们的研究结果表明，管理者可以通过减少其公司的应收账款和库存的周转天数可以为公司创造价值。同样，缩短资金周转周期也可以提高公司的盈利能力。我们从AMADEUS数据库中得到了这项研究所需要的数据，这个数据库由布鲁范迪克进行了升级，包含了欧洲公司的财务和经济数据。样本包括来自西班牙的小型和中型公司，中小企业的选择主要是根据欧盟委员会在1996年4月3日依据96/280/CE的规定对小型和中型公司的定义。具体来说，我们选择了的公司至少三年应符合下列条件：第一，少于250名员工；第二，营业额少于40万欧元；第三，总资产不少于27万欧元。除了这些选择标准的应用，我们还设置了一系列的过滤条件。因此，我们剔除了他们的帐户的异常现象，如负异常值的资产、流动资产、固定资产、负债、流动负债、资本、折旧或利息支付。我们会剔除一些会直接导致资产负债表和损益表表现出的与合