营运资金管理外文文献翻译

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基金管理外文文献翻译

基金管理外文文献翻译(含：英文原文及中文译文)文献出处：英文原文Is Money Really “Smart”? New Evidence on the Relation Between Mutual Fund Flows, Manager Behavior, and Performance PersistenceRuss WermersMutual fund returns strongly persist over multi-year periods—that is the central finding of this paper. Further, consumer and fund manager behavior both play a large role in explaining these longterm continuation patterns—consumers invest heavily in last-year’s winning funds, and managers of these winners invest these inflows in momentum stocks to continue to outperform other funds for at least two years following the ranking year. By contrast, managers of losing funds appear reluctant to sell their losing stocks to finance the purchase of new momentum stocks, perhaps due to a disposition effect. Thus, momentum continues to separate winning from losing managers for a much longer period than indicated by prior studies.Even more surprising is that persistence in winning fund returns is not entirely explained by momentum—we find strong evidence that flow-related buying, especially among growth-oriented funds, pushes up stock prices. Specifically, stocks that winning funds purchase in responseto persistent flows have returns that beat their size, book-to-market, and momentum benchmarks by two to three percent per year over a four-year period. Cross-sectional regressions indicate that these abnormal returns are strongly related to fund inflows, but not to the past performance of the funds—thus, casting some doubt on prior findings of persistent manager talent in picking stocks. Finally, at the style-adjusted net returns level, we find no persistence, consistent with the results of prior studies. On balance, we confirm that money is smart in chasing winning managers, but that a “copycat” s trategy of mimicking winning fund stock trades to take advantage of flow-related returns appears to be the smartest strategy.Eighty-eight million individuals now hold investments in U.S. mutual funds, with over 90 percent of the value of these investments being held in actively managed funds. Further, actively managed equity funds gain the lion’s share of consumer inflows—flows of net new money to equity funds (inflows minus outflows) totalled $309 billion in 2000, pushing the aggregate value of investments held by these funds to almost $4 trillion at year-end 2000. While the majority of individual investors apparently believe in the virtues of active management in general, many appear to hold even stronger beliefs concerning the talents of subgroups of fund managers—they appear to believe that, among the field of active managers, superior managers exist that can “beat the market” for long periods of time. In particular, Morningstar and Lipper compete vigorouslyfor the attention of these true believers by providing regular fund performance rankings, while popular publications such as Money Magazine routinely profile “star” mutual fund managers. In addition, investor dollars, while not very quick to abandon past losing funds, aggressively chase past winners (see, for example, Sirri and Tufano (1998)).Are these “performance-chasers” wasting their money and time, or is money “smart”? Several past papers have attempted to tackle this issue, with somewhat differing results. For example, Grinblatt and Titman (1989a, 1993) find that some mutual fund managers are able to consistently earn positive abnormal returns before fees and expenses, while Brown and Goetzmann (1995; BG) attribute persistence to inferior funds consistently earning negative abnormal returns. Gruber (1996) and Zheng (1999) examine persistence from the viewpoint of consumer money flows to funds, and find that money is “smart”—that is, money flows disproportionately to funds exhibiting superior future returns. However, the exact source of the smart money effect remains a puzzle—does smart money capture manager talent or, perhaps, simply momentum in stock returns?1 More recently, Carhart (1997) examines the persistence in net returns of U.S. mutual funds, controlling for the continuation attributable to priced equity styles (see, for example, Fama and French (1992, 1993, 1996), Jegadeesh and Titman (1993), Daniel andTitman (1997), and Moskowitz and Grinblatt (1999)). Carhart finds little evidence of superior funds that consistently outperform their style benchmarks—specifically, Carhart finds that funds in the highest net return decile (of the CRSP mutual fund database) during one year beat funds in the lowest decile by about 3.5 percent during the following year, almost all due to the one-year momentum effect documented by Jegadeesh and Titman (1993) and to the unexplained poor performance of funds in the lowest prior-year return decile.2 Thus, Carhart (1997) suggests that money is not very smart. Recent studies find somewhat more promising results than Carhart (1997). Chen, Jegadeesh, and Wermers (1999) find that stocks most actively purchased by funds beat those most actively sold by over two percent per year, while Bollen and Busse (2002) find evidence of persistence in quarterly fund performance. Wermers (2000) finds that, although the average style-adjusted net return of the average mutual fund is negative (consistent with Carhart’s study), high-turnover funds exhibit a net return that is significantly higher than low-turnover funds. In addition, these highturnover funds pick stocks well enough to cover their costs, even adjusting for style-based returns. This finding suggests that fund managers who trade more frequently have persistent stockpicking talents. All of these papers provide a more favorable view of the average actively managed fund than prior research, although none focus on the persistence issue with portfolio holdings data.This study examines the mutual fund persistence issue using both portfolio holdings and net returns data, allowing a more complete analysis of the issue than past studies. With these data, we develop measures that allow us to examine the roles of consumer inflows and fund manager behavior in the persistence of fund performance. Specifically, we decompose the returns and costs of each mutual fund into that attributable to (1) manager skills in picking stocks having returns that beat their style-based benchmarks (selectivity), (2) returns that are attributable to the characteristics (or style) of stockholdings, (3) trading costs, (4) expenses, and (5) costs that are associated with the daily liquidity offered by funds to the investing public (as documented by Edelen (1999)). Further, we construct holdings-based measures of momentum-investing behavior by the fund managers. Together, these measures allow an examination of the relation between flows, manager behavior, and performance persistence.In related work, Sirri and Tufano (1998) find that consumer flows react about as strongly to one-year lagged net returns as to any other fund characteristic. In addition, the model of Lynch and Musto (2002) predicts that performance repeats among winners (but not losers), while the model of Berk and Green (2002) predicts no persistence (or weak persistence) as consumer flows compete away any managerial talent. Consistent with Sirri and Tufano (1998), and to test the competing viewpoints of Lynchand Musto (2002) and Berk and Green (2002), we sort funds on their one-year lagged net returns for most tests in this paper. While other ways of sorting funds are attempted.DataWe merge two major mutual fund databases for our analysis of mutual fund performance. Details on the process of merging these databases is available in Wermers (2000). The first database contains quarterly portfolio holdings for all U.S. equity mutual funds existing at any time between January 1, 1975 and December 31, 1994; these data were purchased from Thomson/CDA of Rockville, Maryland. The CDA dataset lists the equity portion of each fund’s holdings (i.e., the shareholdings of each stock held by that fund) along with a listing of the total net assets under management and the self-declared investment objective at the beginning of each calendar quarter. CDA began collecting investment-objective information on June 30, 1980; we supplement these data with hand-collected investment objective data from January 1, 1975.The second mutual fund database is available from the Center for Research in Security Prices (CRSP) and is used by Carhart (1997). The CRSP database contains monthly data on net returns, as well as annual data on portfolio turnover and expense ratios for all mutual funds existing at any time between January 1, 1962 and December 31, 2000. Further details on the CRSP mutual fund database are available from CRSP.These two databases were merged to provide a complete record of the stockholdings of a given fund, along with the fund’s turnover, expense ratio, net returns, investment objective, and total net assets under management during the entire time that the fund existed during our the period of 1975 to 1994 (inclusive).5 Finally, stock prices and returns were obtained from the CRSP stock files.Performance-Decomposition Methodology In this study, we use several measures that quantify the ability of a mutual fund manager to choose stocks, as well as to generate superior performance at the net return level. These measures, in general, decompose the return of the stocks held by a mutual fund into several components in order to both benchmark the stock portfolio and to provide a performance attribution for the fund. The measures used to decompose fund returns include:1. the portfolio-weighted return on stocks currently held by the fund, in excess of returns (during the same time period) on matched control portfolios having the same style characteristics (selectivity)2. the portfolio-weighted return on control portfolios having the same characteristics as stocks currently held by the fund, in excess of time-series average returns on those control portfolios (style timing)3. the time-series average returns on control portfolios having the same characteristics as stocks currently held (style-based returns)4. the execution costs incurred by the fund5. the expense ratio charged by the fund6. the net returns to investors in the fund, in excess of the returns to an appropriate benchmark portfolio.The first three components of performance, which decompose the return on the stocks held by a given mutual fund before any trading costs or expenses are considered, are briefly described next. We estimate the execution costs of each mutual fund during each quarter by applying recent research on institutional trading costs to our stockholdings data—we also describe this procedure below. Data on expense ratios and net returns are obtained directly from the merged mutual fund database. Finally, we describe the Carhart (1997) regression-based performance measure, which we use to benchmark-adjust net returns.The Ferson-Schadt Measure Ferson and Schadt (FS, 1996) develop a conditional performance measure at the net returns level. In essence, this measure identifies a fund manager as providing value if the manager provides excess net returns that are significantly higher than the fund’s matched factor benchmarks, both unconditional and conditional. The conditional benchmarks control for any predictability of the factor return premia that is due to evolving public information. Managers, therefore, are only labeled as superior if they possess superior private information on stock prices, and not if they change factor loadings over time in response to public information. FS also find that these conditionalbenchmarks help to control for the response of consumer cashflows to mutual funds. For example, when public information indicates that the market return will be unusually high, consumers invest unusually high amounts of cash into mutual funds, which reduces the performance measure, “alpha,” from an unconditional model (such as the Carhart model). This reduction in alpha occurs because the unconditional model does not control for the negative market timing induced by the flows. Edelen (1999) provides further evidence of a negative impact of flows on measured fund performance. Using the FS model mitigates this flow-timing effect. The version of the FS model used in this paper starts with the unconditional Carhart four-factor model and adds a market factor that is conditioned on the five FS economic variables.Decomposing the Persistence in Mutual Fund ReturnsSirri and Tufano (1998) find that consumer flows react about as strongly to one-year lagged net returns as to any other fund characteristic. In addition, the model of Lynch and Musto (2002) predicts that performance repeats among winners (but not losers), while the model of Berk and Green (2002) predicts no persistence (or weak persistence) as consumer flows compete away any managerial talent. Consistent with Sirri and Tufano (1998), and to test the competing viewpoints of Lynch and Musto (2002) and Berk and Green (2002), we sort funds on their one-year lagged net returns for the majority of tests in the remainder ofthis paper. When appropriate, we provide results for other sorting approaches as well.中文译文资金真的是“聪明”吗？关于共同基金流动，经理行为和绩效持续性关系的新证据作者：Russ Wermers此外，基金的复苏在多年期间强烈持续- 这是本文的核心发现。

会计学外文资料翻译营运资本管理

外文资料翻译译文营运资本管理目前，随着我国市场经济的高速增长，以及逐步进行的金融改革，企业对于营运资本管理的重视程度与日俱增。

营运资本管理对于企业的经营发展具有至关重要的作用。

它是财务管理的组成部分，体现出了企业的财务管理和控制的水平，同时被认为是企业生存与发展的重要基础。

其重要性不言而喻。

主要描述了关于营运资本管理的相关理论和实践环境，简要说明了国内国外的在该领域所取得的成就。

而在此之后，正文部分从理论角度出发，首先简要说明了营运资本管理的相关定义。

由于我国在该领域的理论与实践经验不足，所以国内在该领域存在诸多问题，如流动资金缺乏，管理不力，运营效率低等。

本文就国内的现状以及存在的问题进行深入探讨，同时，分析其成因。

为了更具说服力，找到代表性的企业案例进行进一步的分析说明。

最后，提炼出解决企业营运资本管理问题的对策，为企业营运资本管理提供依据方法。

营运资金是企业资金结构中最具活力的部分，营运资金的运转效率很大程度上决定了企业的生存与发展。

从会计角度讲，营运资金是指某时点内企业的流动资产与流动负债的差额，构成要素包括现金、有价证券、应收账款、存货等。

这些要素的周转速度及资金占有余额直接影响着企业经营效益，又制约着企业的生产经营规模。

营运资本主要在研究企业的偿债能力和财务风险时使用。

如果营运资本过量，说明资产利用率不高；如果营运资本过少，说明固定资产投资依赖短期债务融资的程度较高，经营上会受到影响。

因此，营运资本管理是企业财务管理的重要组成部分。

然而，目前很多企业在营运资金管理方面存在很多问题，如资金营运能力较低、资金短缺，这些都严重影响到企业的经营效益。

因此解决好营运资金管理中存在的问题,有利于企业财务管理目标的实现。

我国中小企业从资金角度看，规模普遍较小，从市场抗风险能力看，抵御能力较弱，同时财务制度还不完善，财务管理水平相对落后，在经济市场大环境中，中小企业往往处于破产的风口浪尖上，此时财务管理显得尤为重要。

资金管理-集团企业资金集中管理外文翻译精品

Ⅲ.外文翻译外文翻译之一The focus of working capital managementin UK small firms（节选）Author：Carole Howorth，Paul WestheadNationality：Nottingham NG8 1BB, UKDerivation: Management Accounting Research NO.14,20XX, PP.94–111 AbstractWorking capital management routines of a large random sample of small panies in the UK are examined. Considerable variability in the take-up of 11 working capital management routines was detected. Principal ponents analysis and cluster a nalysis confirm the identification of four distinct ‘types’ of panies with regard to patterns of working capital management. The first three ‘types’ of panies focused upon cash management, stock or debtors routines respectively, whilst the fourth ‘type’ we re less likely to take-up any working capital management routines. Influences on the amount and focus of working capital management are discussed. Multinomial logistic regression analysis suggests that the selected independent variables successfully discriminated between the four ‘types’ of panies. The results suggest that small panies focus only on areas of working capital management where they expect to improve marginal returns. The difficulties of establishing causality are highlighted and implications for academics, policy-makers and practitioners are reported.Conclusions and implicationsThe aim of this study has been to encourage additional research, rather than to provide an exhaustive review of all the factors associated with the take-up of working capital management routines by small panies. Three theories guided the selection of the independent variables explored in this study. The RBV highlighted that small firms have idiosyncratic bundles of resources associated with the take-up of working capital management routines. Agency theory identified the influence of external stakeholders as well as differences between small and large firms. Transactions costs theory indicated that small firms might invest resources in specific areas of working capital management if they perceive them to offer the highest marginal return.The results consistently highlighted, across a variety of statistical tests, that small firms are not a homogenous group with regard to working capital management routines. Considerable variability was detected in the take-up of 11 working capital management routines by a large random sample of small panies in the UK. Evidence from the PCA and the cluster analysis confirmed the identification of four distinct ‘types’ of panies with reg ard to the take-up of working capital management routines. Moreover, evidence from themultinomial logistic regression analysis suggests that the selected independent variables successfully discriminated between the four ‘types’ of panies. Twelve out of the 18 hypotheses were supported. A further two hypotheses showed the anticipated relationship but were not significant discriminators between the ‘types’ of panies.Evidence that the majority of small panies focus their efforts on one area of working capital management indicates that resources for working capital management are limited. However, a striking finding from the regression analysis was the detection that firms which utilize fewer working capital management routines were not necessarily smaller panies. We can infer here that resource constraints per se may not be the major barrier to the utilization of working capital management routines by smaller panies. Instead, the results provide an indication that the perceived marginal return on mitting resources may be a major influence on the extent and focus of working capital management.However, we acknowledge that a cross-sectional study such as this one cannot establish causality and can only provide an indication of associations that warrant further investigation. Additional studies could usefully explore the stimuli leading to the utilisation of working capital management routines and the barriers to their take-up. The dynamics of working capital management are plex and the links with performance are bidirectional and difficult to unravel. Small panies may invest resources into managing a particular area of working capital where they are performing badly because the returns from controlling the problem area are perceived to be high. If the direction of causality is not understood, an overly simplistic conclusion in this instance could be that investment of more resources into an area leads to worse performance. The plexity of causality makes it difficult to establish the effect of working capital management routines on the performance of the firm. We can infer that firms with a lower propensity to undertake working capital management routines are not significantly associated with increased cash flow problems, nor reduced profitability. There is some indi cation that these may be ‘lifestyle’ firms but additional research is required before firm conclusions can be drawn. Currently, it is not clear whether these laggard working capital firms are underperforming or have untapped potential for growth.In a similar way, the direction of causality is not clear with regard to the link between the take-up of working capital management routines and the level of financial skills in a firm. This study employed a simple proxy measure of financial sophistication. Further research is warranted to investigate the direction and the strength of the links between the take-up of working capital management routines and financial management skills and training, education and prior experience. Additional multivariate statistical studies are also required in a variety of national, cultural and industrial contexts to identify the bination of internal and external environmental factors associated with the take-up of working capital management routines by different employment sizebands of private firms (i.e. micro, small, medium and large).Qualitative studies and longitudinal research will provide fresh insights into the processes and dynamics of working capital management, as well as the plex strands of causality (Scapens, 1990).Policy-makers and practitioners seeking to increase the stock of professionally managed firms, might need to target their assistance towards owners of small firms who face attitudinal, resource and operational barriers to the utilization of working capital management routines. Presented evidence suggests that small panies should not be viewed as a homo generous entity with regard to their working capital management routines.Policy-makers and practitioners need to appreciate this diversity and they may use the presented evidence to tailor assistance to the needs of particular ‘types’ of panies, rather than providing ‘blanket” support to all firms irrespective of aspirations or resources.Policy-makers and practitioners need to appreciate the management time constraint faced by many small firms. Time constraints not only limit the amount of time for working capital management , but also the amount of time available to assess whether changes to current working capital management policy would be worthwhile. Moreover, we might expect improved skills to lead to more efficient use of time but small firm managers will require powerful evidence to convince them of the benefits of investing time in financial skills training. The take-up of routines (and financial skills training) could be increased if it was conclusively confirmed that firms significantly improve their performance after introducing appropriate working capital management routines. Additional longitudinal, qualitative and multivariate statistical evidence is warranted that explores whether the take-up of working capital management routines by small firms is subsequently associated with superior levels of performance. Best business practice evidence, from case studies, could also be utilised by policy-makers and practitioners to convince more owners of small firms of how specific working capital management routines can be used proactively to address constraints on business development. There is clearly a need for a great deal more research in this area before the dynamics of working capital management are well understood.英国小企业运营资金管理重点（节选）作者：Carole Howorth，Paul Westhead国籍：Nottingham NG8 1BB, UK原文出处: Management Accounting Research NO.14,20XX,PP.94–111摘要从英国小公司中大量的随机抽样，并检查它们的运营资金管理模式。

营运管理外文文献+中文

An Analysis of Working Capital Management Results Across IndustriesGreg Filbeck。

Schweser Study ProgramThomas M. Krueger. University of Wisconsin-La Crosse AbstractFirms are able to reduce financing costs and/or increase the funds available for expansion by minimizing the amount of funds tied up in current assets。

We provide insights into the performance of surveyed firms across key components of working capital management by using the CFO magazine’s annual Working Capital Management Survey。

We discover that significant differences exist between industries in working capital measures across time。

In addition。

we discover that these measures for working capital change significantly within industries across time。

IntroductionThe importance of efficient working capital management is indisputable. Working capital is the difference between resources in cash or readily convertible into cash (Current Assets) and organizational commitments for which cash will soon be required （Current Liabilities）. The objective of working capital management is to maintain the optimum balance of each of the working capital components。

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The relationship between working capital management and profitability of listed companiesMaterial Source: Electronic copy available athttp://ss / Author: Ioannis LazaridisAbstractIn this paper we investigate the relationship of corporate profitability and working capital management. We used a sample of 131 companies listed in the Athens Stock Exchange (ASE) for the period of 2001-2004. The purpose of this paper is to establish a relationship that is statistical significant between profitability, the cash conversion cycle and its components for listed firms in the ASE. The results of our research showed that there is statistical significance between profitability, measured through gross operating profit, and the cash conversion cycle. Moreover managers can create profits for their companies by handling correctly the cash conversion cycle and keeping each different component (accounts receivables, accounts payables, inventory) to an optimum level.IntroductionCapital structure and working capital management are two areas widely revisited by academia in order to postulate firms’ profitability. Working capital management have been approached in numerous ways. Other researchers studied the impact of optimum inventory management while other authors studied the management of accounts receivables in an optimum way that leads to profit maximisation1. According to Deloof 2 (2003) the way that working capital is managed has a significant impact on profitability of firms. This result indicates that there is a certain level of working capital requirements which potentially maximises returns.Other work on the field of working capital management focuses on the routines employed by firms. This research showed that firms which focus on cash management were larger, with fewer cash sales, more seasonality and possibly more cash flow problems. While smaller firms focused more on stock management and less profitable firms were focused on credit management routines. It is suggestedthat high growth firms follow a more reluctant credit policy towards their customers, while they tie up more capital in the form of inventory. Meanwhile accounts payables will increase due to better relations of suppliers with financial institutions which divert this advantage of financial cost to their clients.According to Wilner (2000) most firms extensively use trade credit despite its apparent greater cost, and trade credit interest rates commonly exceed 18 percent5. In addition to that he states that in 1993 American firms extended their credit towards customers by 1.5 trillion dollars. Similarly Deloof (2003) found out through statistics from the National Bank of Belgium that in 1997 accounts payable were 13% of their total assets while accounts receivables and inventory accounted for 17% and 10% respectively. Summers and Wilson (2000) report that in the UK corporate sector more than 80% of daily business transactions are on credit terms6.There seems to be a strong relation between the cash conversion cycle of a firm and its profitability. The three different components of cash conversion cycle (accounts payables, accounts receivables and inventory) can be managed in different ways in order to maximise profitability or to enhance the growth of a company. Sometimes trade credit is a vehicle to attract new customers. Many firms are prepared to change their standard credit terms in order to win new customers and to gain large orders.In addition to that credit can stimulate sales because it allows customers to assess product quality before paying8. Therefore it is up to the individual company whether a ‘marketing’ approach should be followed when managing the working capital through credit extension. However the financial department of such a company will face cash flow and liquidity problems since capital will be invested in customers and inventory respectively. In order to have maximum value, equilibrium should be maintained in receivables-payables and inventory. According to Pike & Cheng (2001) credit management seeks to create, safeguard and realise a portfolio of high quality accounts receivable. Given the significant investment in accounts receivable by most large firms, credit management policy choices and practices could have important implications for corporate value9. Successful management of resources will lead to corporate profitability, but how can we measure management success since a period of ‘credit granting’ might lead to increased sales and market share whilst accompanied by decreased profitability or the opposite? Since working capital management is best described by the cash conversion cycle we will try to establish a link between profitability and management of the cash conversion cycle. This simple equationencompasses all three very important aspects of working capital management. It is an indication of how long a firm can carry on if it was to stop its operation or it indicates the time gap between purchase of goods and collection of sales. The optimum level of inventories will have a direct effect on profitability since it will release working capital resources which in turn will be invested in the business cycle, or will increase inventory levels in order to respond to higher product demand. Similarly both credit policy from suppliers and credit period granted to customers will have an impact on profitability. In order to understand the way working capital is managed cash conversion cycle and its components will be statistically analysed. In this paper we investigate the relationship between working capital management and firms’ profitability for 131 listed companies in the Athens Stock Exchange for the period 2001-2004. The purpose of this paper is to establish a relationship that is statistical significant between profitability, the cash conversion cycle and its components for listed firms in the ASE (Athens Stock Exchange). The paper is structured as follows. In the next section we present the variables used as well as the chosen sample of firms. Results of the descriptive statistics accompanied with regression modelling relating profitability (the dependent variable) against other independent variables including components of the cash conversion cycle, in order to test statistical significance. Finally the last section discusses the findings of this paper and comes up with conclusions related with working capital management policies and profitability.2. Data Collection and Variables(i) Data CollectionThe data collected were from listed firms in the Athens Stock Exchange Market. The reason we chose this market is primarily due to the reliability of the financial statements. Companies listed in the stock market have an incentive to present profits if those exist in order to make their shares more attractive. Contrary to listed firms, non listed firms in Greece have less of an incentive to present true operational results and usually their financial statements do not reflect real operational and financial activity. Hiding profits in order to avoid corporate tax is a common tactic for non listed firms in Greece which makes them less of a suitable sample for analysis where one can draw inference, based on financial data, for working capital practices.For the purpose of this research certain industries have been omitted due to their type of activity. We followed the classification of NACE10 industries fromwhich electricity and water, banking and financial institutions, insurance, rental and other services firms have been omitted. The original sample consisted of about 300 firms which narrowed down to 131 companies. The most recent period for which we had complete data was 2001-2004. Some of the firms were not included in the data due to lack of information for the certain period. Finally the financial statements were obtained from the ICAP SA11 database. Our analysis uses stacked data for the period 2001-2004 which results to 524 total observations.(ii) VariablesAs mentioned earlier in the introduction the cash conversion cycle is used as a measure in order to gauge profitability. This measure is described by the following equation:Cash Conversion Cycle = No of Days A/R12 + No of Days Inventory – No of Days A/P13 (1)In turn the components of cash conversion cycle are given below:No of Days A/R = Accounts Receivables/Sales*365 (2)No of Days Inventory = Inventory/Cost of Goods Sold*365 (3)No of Days A/P = Accounts Payables/Cost of Goods Sold*365 (4)Another variable chosen for the model specification is that of company size measured through the natural logarithm of sales. Shares and participation to other firm are considered as fixed financial assets. The variable I we use which is related to financial assets is the following:Fixed Financial Assets Ratio = Fixed Financial Assets/Total Assets (5) This variable is used since for many listed companies financial assets comprise a significant part of their total assets. This variable will be used later on in order to obtain an indication how the relationship and participation of one firm to others affects its profitability. Another variable used in order to perform regression analysis later on, includes financial debt measured through the following equation: Financial Debt Ratio = (Short Term Loans + Long Term Loans)/Total Assets (6) This is used in order to establish relation between the external financing of the firm and its total assets.Finally the dependent variable used is that of gross operating profit. In order to obtain this variable we subtract cost of goods sold from total sales and divide the result with total assets minus financial assets.Gross Operating Profit = (Sales –COGS14)/(Total Assets –Financial Assets(7)The reason for using this variable instead of earnings before interest tax depreciation amortization (EBITDA) or profits before or after taxes is because we wa nt to associate operating ‘success’ or ‘failure’ with an operating ratio and relate this variable with other operating variables (i.e cash conversion cycle). Moreover we want to exclude the participation of any financial activity from operational activity that might affect overall profitability, thus financial assets are subtracted from total assets.3. Descriptive StatisticsThe following table gives the descriptive statistics of the collected variables. The total of observations sums to n = 524. On average 16.8% of total assets are financial assets (including participation to other subsidiaries). Total sales have a mean of 118.9 million euros while the median is 31.9 million. The firms included in our sample had an average of 2.58% net operating profit. The credit period granted to their customers ranged at 148 days on average (median 130 days) while they paid their creditors in 96 days on average (median 73 days). Inventory takes on average 136 days to be sold (median 104 days). Overall the average cash conversion cycle ranged at 188 days (median 165 days).。

企业流动资产管理外文文献翻译2015年译文字数3650字

文献出处:Alalwan J A. Enterprise content management research: A comprehensive review [J]. Journal of Enterprise Information Management, 2015, 5(2): 441-451.原文The Research of Enterprise current assets managementAlalwan J A.AbstractCurrent assets management mainly includes cash, various deposits, short term investment, receivables and advance payment, inventory management, etc. Current asset allocation is an important part of enterprise financial management, if there is excessive liquidity, will increase the financial burden of the enterprise, thus affect the profitability of the enterprise; On the contrary, the lack of liquidity, the capital turnover is ineffective, affect the operation of the enterprise. Enterprise current assets management problems, however, need to take the corresponding management strategies and measures, in order to promote the healthy and orderly development of enterprises.Keywords: Enterprise management; Current assets management; Problems and strategies1 IntroductionEssential component of current assets is the enterprise assets, refers to the enterprise can be in one year or within an operating cycle longer than a year to liquidate assets or consumed, mainly can be divided into monetary capital and physical capital. Monetary fund mainly include cash, bank deposits, accounts receivable money, pending payment, etc. Physical capital refers to the stock, such as raw materials, semi-finished products, finished goods, etc. Due to its flow is relatively frequent, strong cash ability, current assets are basically with enterprise production process flow from the money form began to change its form in turn: part of the monetary fund as a reserve fund in storage, the other part as fixed capital investment, production into finished products, then change back into monetary form.As is known to all, the ratio of current assets to current liabilities, generally shows that the enterprise to repay the short-term ability strong and the weak, the greater the ratio, shows that the greater the liquidity of enterprise assets, enterprises have enough assets can be sold to repay the debt, in contrast ratio is smaller, the less liquidity, debt paying ability is weaker. But it is not the bigger the ratio, the better, if the enterprise current assets take up too much proportion, will affectthe operating efficiency of capital turnover and profitability.2 Enterprise current assets management problemsIn the process of enterprise investment, because of the lack of necessary, real market research and feasibility study, causing some products can not be marketable; Schedule of some investment projects due to a lack of strength, not put into production, the vast amounts of investment have become a huge burden, not only failed to establish a new economic growth point instead become a heavy burden of enterprises. At present, many enterprises was affected by these reasons of large, poor cash ability of non-performing assets of liquid assets, as well as invalid occupy and backlog, the serious influence the flow of the enterprise capital turnover, increased business costs, and greatly influenced the economic benefits of enterprises. If you want to take the long-term deposited heavy baggage, will weaken the solvency of the enterprise, form a vicious circle, even difficult to maintain normal production and operation. Specifically, the current corporate liquidity management exists some problems as follows:2.1 Repeat construction cause waste of resourcesBecause of the influence of the macro economy to enterprise, some enterprises in the current assets investment process due to the actual demand for liquid assets without careful planning, so will appear the phenomenon of blind investment, repeat construction. Blind investment caused lots of waste materials and reduces the return on equity.2.2 The financial fraud resulting in the loss of liquid assetsMany enterprise operators and financial personnel to the current minority performance and interest on the financial fraud, cause enterprise financial situation serious false, form a lot of hidden loss, make the enterprise have no staying power, facing bankruptcy; A large number of state-owned assets by private occupy, divert, erosion is serious; Some units, use their rights, head with public spending, causing huge loss of enterprise liquid assets.2.3 Daily management is not standardLack of effective management, some enterprise current assets can verify on schedule, without someone who's in charge, a take random phenomenon; Some units for the development of the third industry, placing surplus staff, transferring large amounts of money, equipment, long-term bill is not clear; Still exists the phenomenon of "zombie" companies, due to the non-standard operation in the business, not abide by the credibility, each other is not responsible for, payment ofa come-and-go funds for the enterprise long-term is not clear, which seriously affect the enterprise working capital turnover.2.4 The bad assets are widespreadWhen some of the economic resources can't provide the needed for the enterprise economic benefit, also lost its resources of economic value, can form the bad assets of the enterprise. Bad assets to the enterprise and national bring serious harm and economic loss is the important factors influencing the development and expansion. One is the bad assets in the accounts receivable is a common phenomenon existing in the present enterprise, some payment of accounts receivable long-term unmanned cleaning has been unable to recover, lose the practical significance of the creditor's rights; Second, some companies inventory backlog of lost sales in the value of the products, or because of blind procurement, or switch to cannot use of raw materials, elimination of equipment spare parts, etc., have already lost the value of the cash.3 The strategies and measures of enterprise liquid assets management3.1 Liquidity management strategyIn theory, if can correctly predict, enterprises should hold the exact amount of monetary funds, ready for the payment of necessary productive expenditure; Keep the exact number of inventory, in order to meet the needs of production and sales; Under the condition of the optimal credit investment in accounts receivable, and not as a short-term investment in securities. If we can achieve this goal, the total current assets can be in the lowest level, current assets structure is the most reasonable. As long as the total current assets more than or less than this level, the most reasonable structure of liquid assets will be damaged, corporate profits will drop. But in practice, because of the uncertainty of the future situation, the enterprise may not accurately predict liquid assets of project amount and the total amount of liquid assets, which must make different liquidity management strategy.Cautious strategy. Cautious type liquid assets management strategy refers to the current assets accounted for the proportion of total assets is higher, while maintaining the low level of current liabilities ratio, make the enterprise net working capital levels increase, cash ability improve, make the enterprise insolvency risk and risk of shortage of funds tend to be minimal. That is to say, this strategy not only requires enough total corporate liquidity abundant, the total amount of funds accounted for than major, but also the requirements of current assets and short-term monetary fundsecurities investment also wants to keep sufficient amount, account for larger proportion of the total amount of liquid assets. This strategy is the basic purpose of enterprise’s cash ability remains at a high level, and can be enough to meet all kinds of unexpected circumstances. Cautious type liquid assets management strategy is to reduce the advantages of the enterprise risk, but a disadvantage of low yield. Usually, it is only applicable to enterprise external environment is highly uncertain.Radical strategy. Radical policy requires low current assets accounted for the proportion of total assets, at the same time improve the proportion of current liabilities financing make smaller or even negative net working capital, make the enterprise funds shortage risk and solvency risk tend to be the biggest. This strategy is the basic purpose of trying to cut the liquidity that takes money to improve the yield of enterprises. Enterprises to adopt this kind of radical liquidity management strategy, while it is possible to increase the income of the enterprise, but also increased the risk of the enterprise. So, radical liquidity management strategy is a big risk, high yield management strategy. In general, it is only applicable to enterprise external environment is quite uncertain.3, medium type strategy. Moderate type strategy can be divided into two kinds: one kind is current assets total assets ratio is higher, and maintain a higher level of current liabilities; Another kind is the proportion of current assets to current liabilities of all assets fall at the same time, the proportion of investment in fixed assets and long-term financing proportion increase at the same time, make the enterprise risk center. Because of the risks and benefits is dialectical, although high risk can bring higher yields, but companies must master a degree, so, most companies usually choose between caution and aggressive type of moderate management strategy.3.2 Liquidity management measures3.2.1 Daily cash management measuresPeriodically prepare the cash budget, cash receipts and cash disbursements reasonably, timely reflect cash we situation, is the important content of cash management. The cash budget establishment has a leading role in the cash management, the whole of the enterprise financial management has essential meaning, is the direction of the enterprise cash management. In cash management, is the top priority for the establishment of management measures.(1) the payment as soon as possible. Company payment as soon as possible is not only to expire the accounts receivable to recover as soon as possible, but also these receivables into cash available as soon aspossible. The crux of the cash management is the recovery time. How to shorten the collection time, accelerate the capital turnover is to solve the main problem of cash management. Enterprise to science using the method of "lock box", "focus on banking law", "discounts and receivable hook" to speed up recovery companies such as payment methods, improve the ability of cash management, improve the economic benefits of enterprises.(2) control spending. The crux of the cash management is spending time. In the opposite direction, to stand in the Angle of the payer, the enterprise, of course, the longer spending cash, the better, but the premise is not damage enterprise reputation, increase the "cost" with each other. Therefore, the enterprise cash management focus should be on how to scientifically delay payment on time. The specific methods used are "delayed payment of accounts payable by draft" payment ", "payment by installments" and "outsourcing processing and reduce the curing", etc. In addition, cash is the most liquid assets in the enterprise assets; the security is the top priority of cash management. Although in the past cash security has many effective measures and systems, but there are many management loopholes, as long as there is a little slack, the enterprise will pay a heavy price, teach is more similar. Therefore, enterprises must ensure the safety of the cash one hundred percent.3.2.2 Daily management of receivablesInvestment is the necessity of competition in the market for enterprise receivables, but the risk of accounts receivable is everywhere, we don't have. To strengthen the accounting and management of accounts receivable, in relation to the capital turnover of the enterprise, affect the enterprise's survival. Therefore, the enterprise should stick to it as a long-term and institutionalized work to grasp, strive for the various measures put in place.(1) to strengthen customer credit management, credit policy. Establish special credit management department, credit investigation and analysis, a reasonable credit policy, etc., it is very important to strengthen the management of accounts receivable in the first. Because of the credit policy is the enterprise to accounts receivable for the planning and control of basic strategy and measures. Must be according to their actual management and customer credit conditions for a reasonable credit policy. Reasonable credit policy should be credit standards, credit and collection policy during the period of the three combination, considering the change of the influence of various cost of sales, accounts receivable.(2) the careful analysis of the accounts receivable aging. In general, the longer the customer overdue payments, payment collection difficulty, the greater the chance that a loss ofbecome non-performing loans will be high. Enterprises have to do accounts receivable aging analysis, pay close attention to accounts receivable recovery progress and change. Through the analysis of the aging of accounts receivable, the enterprise financial management department can take the accounts receivable inventory, incremental, and become the information such as the possibility of bad debts. If the aging of accounts receivable aging analysis showed that enterprise has started to extend or proportion of overdue accounts increase gradually, then must take timely measures to adjust the enterprise credit policy, efforts to improve the efficiency of accounts receivable collection. From accounts receivable not expire, also can't loosen supervision, to prevent the new default.(3) establish a responsibility system for the collection of receivables. The responsibility of the enterprise shall implement the internal overdue receivables, accounts receivable and recycle and internal performance evaluation and rewards and punishment from various business units. For the overdue accounts receivable of the business department and related personnel, enterprise should be in inside in the proper way to give warning, accept the supervision of the staff.译文企业流动资产管理研究Alalwan J A.摘要流动资产管理主要包括现金、各种存款、短期投资、应收及预付账款、存货等的管理。

现金流对营运资本管理的影响和资金投资【外文翻译】

外文翻译原文Ｔｈe ＣasｈＦloｗＩmplicａtioｎs ｏｆManagiｎg Workiｎg Capital and ＣａpitａｌInvestmｅntMaｔｅriaｌＳouｒｃe: Jouｒnal ｏf Business & EconｏmiｃＳtｕdies Author：ＲuｓseｌlＰ. ＢoisjolｙINTRODUCTIONInｒecent yeａｒs maｊｏr ｃｏrｐｏratiｏns hａvｅdiscoveｒeｄthat there arｅimpoｒｔａnt cａsh flｏw streaｍｓａｖailａbｌｅto them ｉf thｅy aｇgressivｅly manaｇe thｅiｒwｏrkｉｎg capｉtａl acｃouｎts (ａccounts recｅivablｅ, ｉnvｅntｏry，acｃｏｕnts pａyabｌｅ,and aｄv ａncｅpaymeｎts)。

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公司资金管理[文献翻译]

公司资金管理[文献翻译]原文：The company funds managementMoney is a company engaged in the economic activities of the basic elements, the company is developing the necessary elements.Money is a company engaged in the economic activities of the basic elements, the company is developing the necessary elements. The company's finances both showed that company of resource allocation, quantity and quality, and also reflects the company's capital structure and property right relations. Company's production and management, financing investment and profit distribution are based on capital as the link, from start to finish, throughout the whole process of company business activities. Fund flow index has become the company credit evaluation and development potential, value evaluation is an important index, in some places, Banks have started the company cash flow situation as whether to give the company to provide credit is an important basis, some even to the company's future cash flow as reimbursement guarantees. Thus, strengthen financial management, improving capital operation benefit is the company in competition invincible and keep sustainable development important guarantee.How to strengthen the cash management? From the following three aspects: First, the comprehensive budget managementThe budget is a kind of control mechanism and institutionalized procedures and implementing the centralized fund management is the effective guarantee, company production and operating activities orderly, is the important guarantee of the company shall supervise and control, audit, examine the basic basis. The company is the comprehensive budget management in the production and business operation each link implementation budget preparation, analysis, evaluation, the company production and operating activities of all the capital expenditures are subject to strict budget management in. The company's budget should with assets as a link, practises graded budget, the parent company should lay particular emphasis on improve investment, finance the budget to capitalmanagement budget is given priority to, the unified planning fund executes, centralized management, Subsidiary criterion with production management budget and reinforce the cost and flow of fund budget. The company's budget once determined, must become company organization of production and operating activities legal basis, do not get optional change. And the company capital budget is the core of company overall budget, including annual and monthly budget. The annual budget is calculate inside year company inflows and outflows scale. According to the scale of the company may determine the financing and investment policy. And monthly budget is more close to reality, can accurately reflect the monthly cash flow, accordingly can also specific adjustment, financing and investment plan. Additional funds in accordance with the purposes, still can commit divided into the following three aspects: the budget of budget:1、and operating activities cash flow budget: mainly includes business income and operating expenditures budget. Business income is that a company selling products, providing labor services and rent assets obtained cash inflow, annual operating revenue reflects the annual company to receive the capital size. Is the company's various expenditures budget guarantee. Monthly income budget is able to reflect relatively clear capital inflows roughly time for the company's capital operation and provide a relatively accurate basis; Operating expenditures budget consists of company business activities all capital expenditures budget, and the difference of income is mirrorring company in investment can provide the self-capital scale, the company is investment, financing policies selected, and the important basis of monthly operating expenditure budget and the difference of income criterion can accurately provide company's financing and investment plan basis, increase the company's capital operation efficiency, reduce the financial expenses.2、the investment activities of cash flow budget: company in order to obtain more profits, expand the size of the company must conduct effective investment. It is divided into two kinds: it is a long-term investment, must use NPV etc tojudge the feasibility of investment projects, belong to investment return period long capital expenditures, but also increase the company development potential of powerful guarantees, long-term investment funds life are longer, capital using forehead is larger also, therefore, ask according to the annual self-owned financing volume and low cost of financing to determine the annual investment capital expenditures budget. 2 it is short-term investments, which emphasizes the short-term cash liquidity, is a kind of long-term scale established under the situation of short-term assets stock returns problem, it is to point to in no selected effectie long-term investment plan, choose low-risk, high benefit of investment decisions, the company's stock fund revitalize the rise, obtain better income.3、and financing activities cash flow budget: financing budget refers to the chosen optimization of investment projects, remove self-owned funds, choose low financing solutions financing budget. And effective finance policy also requires from internal maturity structure of debt capital fund management up strengthen the company level. It stressed form long-term assets and long-term liabilities, current assets and liabilities correspondence between the structure of financing strategy and correlation.Second, strengthen centralized management of fundsCentralized fund accounting is financial companies as the carrier of the centralized fund management mode, the group's parent company with subordinates centralized fund management company independent management group, the combination of fund settlement and financial subordinate unit company financial function combination, capital effectively balance and the optimization of capital structure combination, nbre goals and process management combination, foreign efficient utilization and risk management, capital of combining information management and business process reengineering combination. This fund management mode can be "four reunification" to describe, namely:1、unified bank account management, ensure monetary fund safety. Money is the most liquid assets, is the internal control of the key link. For the purpose of strengthening the monetary fund of beforehand control of monetary fund, perfecting the system of basic internal dragged on the basis of internal units, cancel in social financial institutions and keep the redundant account using only basic payment account and multiple cross capital account and realizing capital expenditure two lines. That all subsidiary need money all by the parent company daily transfer, all income funds are prescribed way to parent company's daily cross inside account, so as to ensure group company of capital receipts and unified centralized management. Another subsidiary in group of financial receipts and account within the company, with open for group company internal unit between products services to provide support and play settlement financial company's financial function to internal transactions settlement instead of monetary fund settlement, realized the internal group without monetary fund turnover.2、unified dispatching, strengthen capital fund operation regulation. To meet the needs of production and business operation and construction, unified dispatching right, especially significant capital investment scale of overall planning, control, direct investment funds to a high return low risk areas, and also gives subsidiary daily money management authority, realize group to subordinate unit funds operating effectively monitor and guard against financial settlement risk. Group company according to the annual budget scheduled subsidiaries, affiliates of using the capital scale according to the annual budget request subsidiary prepare monthly budget, and will use fund quota decomposition to every day, the group company hereby transfer funds. The subsidiary is through all money flows into account in accordance with the prescribed collection path delimit to group company account, the group company unified redeployment and ensure the group company for all of the funds of effective control, reducing capital outflow and precipitation risk. Accordingly group company can also planning to use fund, the surplus fund toadopt effective operation mode, has achieved good returns.3、unified capital credit management, ensure financing efficiency and safety. Is unified internal credit management, through group financial company focused on the member unit executes internal loan system, properly regulate internal capital flows, optimize capital structure, internal credit for providing high quality loan support. 2 it is unified foreign financing function, according to the group fund structure optimization and the needs of the development of various units, unified from commercial Banks loan to raise money, as the credit management outspread, emphasize the parent company shall, without the approval of guaranty, each unit of member of group had voluntarily to external guarantee to reduce financing cost and reduce the contingent liabilities, prevent the occurrence of security risk and ensure financing efficiency and safety.4、unified funds of process control, use fund efficiently. In the capital goals on control each year, prepare its annual budget index, funds tied up with economic responsibility system evaluation indexes hooks. Through the tracking examination of budget funds from material purchase, stock, inventory and disposal, products sales efc.so implement process control and management. Strengthen the process of management, using foreign capital in introducing foreign investment in domestic and foreign relevant when strengthening lending policies and interest rates and trends of research, a good grasp of the utilization of foreign capital project decision-making shut, reasonably determine the loan to effectively use scheme. Pay attention to foreign investment risk prevention and management, the use of money DiaoQi, interest rates DiaoQi, prepayment, future foreign exchange trading a variety of forms such as dissolve debt risk.Third, the implementation of the internal audit systemCash flow control refers to all company cash inflow and outflow means of control, it need a strong department according to effective system to control. The finance department of the company just one aspect of the implementation and still have audit departments for checks. Mainly includes:1、organization guarantee. Should center around the financial control to establish effective organization guarantee, Organize and implement daily financial control shall establish corresponding supervision and coordination, arbitration, the examination institutions, will these institutions of functions merge to the company's standing body. Shall establish various execution budget responsibility center, make each responsibility center on the decomposition of the budget target can control and can assume complete responsibility.2、system guarantee. The internal control system including the organization's design and internal company take all the coordination between methods and measures. These methods and measures to protect the property of the company, check the accuracy of accounting information, improve operation efficiency, make relevant personnel follow established management policy.3、information feedback guaranteed. Financial control is a dynamic control process, to ensure the financial budget implementation, must to each responsibility center of budget implementation situation to carry on the track, constantly adjust deviation, budget more reasonable, execute more effective.The specific practices are:1、ruled over all the funds, unified redeployment funds to strengthen the management of the company cash. To prevent capital of extracorporeal circulation, strengthening the management of funds, many companies have adopted a series of measures to strengthen the cash management. Can use of cash management system includes: on his company shall carry out strict management of the budget, Of the various departments to implement spare gold, Strict branch open a bank account management: "balance two lines", all income unified over company headquarters unified transfer, branch the funds needed by the company headquarters unified audit and arrangement.2、strengthen money exchanges and inventory management, speed up the capital turnover. The company shall be the following measures, reduced cash outflows, increase cash inflows, reducing capital tie up time: strengthen the account receivable and accounts payable management; Strengthen the otherreceivables and other payable management; Strengthen advance receivable, prepaid receivable management; Strengthen the inventory management; Strict company collection, accelerate cash backflow responsibility system, reduce and control of bad debt rate. As possible by using commercial credit, reasonable utilization of their clients' money.Cash flow and rivers like water, can be done, also cannot overflow, should keep a certain balance, want to hold, how's strength, go and do the size of the things, otherwise it'll take cash flow to break, the company to maintain hard. But within the company, must establish strictly observe the rules and regulations of the atmosphere, the system is the outline, all must act according to the system operation, to ensure the safe and efficient funds. Outside the company, the company must also and banking financial institutions, such as closely and adopt high income, low cost, low risk of financing, investment policy, ensure enterprises of the cash flows of unblocked.Source: Lough, The Company's Financial Management, Harvard business magazine. 2007 (6) : P 199-214.译文：公司资金管理资金是公司从事各项经济活动的基本要素，是公司发展的必备要素。

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文献出处:Enqvist, Julius, Michael Graham, and Jussi Nikkinen. "The impact of working capital management on firm profitability in different business cycles: evidence from Finland." Research in International Business and Finance 32 (2014): 36-49.原文The impact of working capital management on firm profitability in different business cycles: Evidence from Finland1. IntroductionThis paper investigates the effect of the business cycle on the link between working capital, the difference between current assets and current liabilities, and corporate performance. Efficient working capital management is recognized as an important aspect of financial management practices in all organizational forms. In acknowledgement of this importance, the CFO Magazine publishes an annual study of corporate working capital management performance in many countries. The extensive literature indicates that it impacts directly on corporate liquidity ( Kim et al., 1998 and Opler et al., 1999), profitability (e.g., Shin and Soenen, 1998, Deloof, 2003, Lazaridis and Tryfonidis, 2006 and Ukaegbu, 2014), and solvency (e.g.,Berryman, 1983 and Peel and Wilson, 1994).It is reasonable to assume that economy-wide fluctuations exogenous to the operations of the firm play an important role in the demand for firms’ products and any financing decision. Korajczyk and Levy (2003), for instance, suggest that firms time debt issuance based on economic conditions. Also, given that retained earnings are a significant component of working capital, business cycles can be said to affect all enterprises financing source through its effect on economic growth and sales. For example, when company sales weaken it engenders earning declines, thereby, affecting an important source of working capital. The recent global economic downturn with crimping consumer demand is an excellent example of this. The crisis,characterized by plummeting sales, put a squeeze on corporate revenues and profit margins, and subsequently, working capital requirements. This has brought renewed focus on working capital management at companies all over the world.The literature on working capital, however, only includes a handful of studies examining the impact of the business cycle on working capital. An early study by Merville and Tavis (1973) examined the relationship between firm working capital policies and business cycle. More recent studies have investigated the degree to which firms’ reliance on bank borrowing to finance working capital is cyclical (Einarsson and Marquis, 2001), the significance of firms’ external dependence for financing needs on the link between industry growth and business the cycle in the short term (Braun and Larrain, 2005), and the influence of business indicators on the determinants of working capital management (Chiou et al., 2006). These studies have independently linked working capital to corporate profitability and the business cycle. No study, to the best of our knowledge, has examined the simultaneous working capital–profitability and business cycle effects. There is therefore a substantial gap in the literature which this paper seeks to fill. Firms may have an optimal level of working capital that maximizes their value. However, optimal levels may change to reflect business conditions. Consequently, we contribute to the literature by re-examining the relationship between working capital management and corporate profitability by investigating the role business cycle plays in this relationship.We investigate this important relationship using a sample of firms listed on the Helsinki Stock Exchange and an extended study period of 18 years, between 1990 and 2008. Finnish firms tend to react strongly to changes in the business cycle, a characteristic that can be observed from the volatility of the Nasdaq OMX Helsinki stock index. The index usually declines quickly in poor economic states, but also makes fast recoveries. Finland, therefore, presents an excellent representative example of how the working capital–profitability relationship may change in different economic states. The choice of Finland is also significant as it also offers a representative Nordic perspective of this important working capital–profitability relationship. Hitherto no academic study has examined the workingcapital–profitability relationship in the Nordic region, to the best of our knowledge. Surveys on working capital management in the Nordic region carried out by Danske Bank and Ernst & Young in 2009 show, however, that many companies rated their working capital management performance as average, with a growing focus on optimizing working capital in the future. The surveys are, however, silent on how this average performance affected profitability. This gives further impetus for our study.Our results point to a number of interesting findings. First, we find that firms can enhance their profitability by increasing working capital efficiency. This is a significant result because many Nordic firms find it hard to turn good policy intentions on working capital management into reality (Ernst and Young, 2009). Economically, firms may gain by paying increasing attention to efficient working capital practices. Our empirical finding, therefore, should motivate firms to implement new work processes as a matter of necessity. We also found that working capital management is relatively more important in low economic states than in the economic boom state, implying working capital management should be included in firms’ financial planning. This finding corroborates evidence from the survey results in the Nordic region. Specifically, the survey results by Ernst and Young (2009) indicate that the largest potential for improvement in working capital could be found within the optimization of internal processes. This suggests that this area is not prioritized in times of business growth which is typical of the general economic expansion periods and is exposed in economic downturns.The remainder of this paper is organized as follows: Section 2 presents a brief review of the literature presents the hypotheses for empirical testing. Sections 3 and 4 discuss data and models to be estimated. The empirical results are presented in Section 5 and Section 6 concludes.2. Related literature and hypotheses2.1. Literature reviewMany firms have invested significant amounts in working capital and a number of studies have examined the determinants of this investment. For example Kim et al. (1998) and Opler et al. (1999), Chiou et al. (2006) and D’Mello et al. (2008) find thatthe availability of external financing is a determinant of liquidity. Thus restricted access to capital markets requires firms to hold larger cash reserves. Other studies show that firms with weaker corporate governance structures hold smaller cash reserves (Harford et al., 2008). Furthermore firms with excess cash holding as well as weak shareholder rights undertake more acquisitions. However there is a higher likelihood of value-decreasing acquisitions (Harford, 1999). Kieschnick and Laplante (2012) provide evidence linking working capital management to shareholder wealth. They find that the incremental dollar invested in net operating capital is less valuable than the incremental dollar held in cash for the average firm. The findings reported in the paper further suggest that the valuation of the incremental dollar invested in net operating working is significantly influenced by a firm's future sales expectations, its debt load, its financial constraints, and its bankruptcy risk. Further the value of the incremental dollar extended in credit to one's customers has a greater effect on shareholder wealth than the incremental dollar invested in inventories for the average firm. Taken together the results indicate the significance of working capital management to the firm's residual claimants, and how financing impacts these effects.A thin thread of the literature links business cycles to working capital. In a theoretical model, Merville and Tavis (1973) posit that investment and financing decisions relating to working capital should be made in chorus as components of each impact on the optimal policies of the others. The optimal working capital policy of the firm is, therefore, made within a systems context, components of which are related spatially over time in a chance-constrained format. Uncertainty in the wider business environment directly affects the system. For example, short run demand fluctuations disrupt anticipated incoming cash flows, and the collection of receivables faces increased uncertainty. The model provides a structure enabling corporate managers to solve complex inventory and credit policies for short term financial planning.In an empirical study, Einarsson and Marquis (2001) find that the degree to which companies rely on bank financing to cover their working capital requirements in the U.S. is countercyclical; it increases as the state of the economy weakens. Furthermore, Braun and Larrain (2005) find that high working capital requirementsar e a key determinant of a business’ dependence on external financing. They show that firms that are highly dependent on external financing are more affected by recessions, and should take more precautions in preparing for declines in the economic environment, including ensuring a secure level of working capital reserves during times of crisis. Additionally, Chiou et al. (2006) recognize the importance of the state of the economy and includes business indicators in their study of working capital determinants. They find a positive relationship between business indicator and working capital requirements.The relationship between profitability and working capital management in various markets has also attracted intense interest. In a comprehensive study, Shin and Soenen (1998) document a strong inverse relationship between working capital efficiency and profitability across U.S. industries. This inverse relationship is supported by Deloof (2003), Lazaridis and Tryfonidis (2006), and Garcia-Teruel and Martinez-Solano (2007)for Belgian non-financial firms, Greek listed firms, and Spanish small and medium size enterprises (SME), respectively. There are, however, significant divergences in the results relating to the effect of the various components of working capital on profitability. For example, whereas Deloof (2003) find a negative and statistically significant relationship between account payable and profitability, Garcia-Teruel and Martinez-Solano (2007) find no such measurable influences in a sample of Spanish SMEs.2.2. Hypotheses developmentThe cash conversion cycle (CCC), a useful and comprehensive measure of working capital management, has been widely used in the literature (see for example Deloof, 2003 and Gill et al., 2010). The CCC, measured in days, is the length of time between a company's expenditure for the procurement of raw materials and the collection of sales of finished goods. We adopt this as our measure of working capital management in this study. Previous studies have established a link between profitability and the CCC in different countries and market segments.Efficient working capital management practices aims to shorten the CCC to optimize to levels that best suites the requirements of the specific company (Hager,1976). A short CCC indicates quick collection of receivables and delays in payments to suppliers. This is associated with profitability given that it improves corporate efficiency in its use of working capital. Deloof (2003), however, posits that low inventory levels, tight trade credit policies and utilizing obtained trade credit as a means of financing can increase risks of inventory stock-outs, decrease sales stimulants and increase accounts payable costs by forgoing given cash discounts. Managers must, therefore, always consider the tradeoff between liquidity and profitability when managing working capital. A faster rise in the cost of higher investment in working capital relative to the benefits of holding more inventories and/or granting trade credit to customers may lead to decrease in corporate profitability. Deloof (2003), Wang (2002), Lazaridis and Tryfonidis (2006), and Gill et al. (2010) all propose a negative relationship between the cash conversion cycle and corporate profitability. Following this, we propose a general hypothesis stating the expected negative relationship between the cash conversion cycle and corporate profitability:6. ConclusionsWorking capital, the difference between current assets and current liabilities, is used to fund a business’ daily operations due to t he time lag between buying raw materials for production and receiving funds from the sale of the final product. With vast amounts invested in working capital, it can be expected that the management of these assets would significantly affect the profitability of a company. Consequently, companies strive to achieve optimize levels of working capital by paying bills as late as possible, turning over inventories quickly, and collecting on account receivables quickly. The optimal level, though, may vary to reflect business conditions. This study examines the role business cycle plays in the working capital-corporate profitability relationship using a sample of Finnish listed companies from years 1990 to 2008.We utilize the cash conversion cycle (CCC), defined as the length of time between a company's expenditure for the procurement of raw materials and the collection of sales of finished goods, as our measure of working capital. We further make use of 2 measures of profitability, return on assets and gross operating income.We document a negative relationship between cash conversion cycle and corporate profitability. Our results also show that companies can achieve higher profitability levels by managing inventories efficiently and lowering accounts receivable collection times. Furthermore shorter account payable cycles enhance corporate profitability. These results, which largely mirror findings from other countries, indicate effective management of firm's total working capital as well as its individual components has a significant effect on corporate profitability levels.Our results also show that economic conditions exhibit measurable influences on the working capital-profitability relationship. The low economic state is generally found to have negative effects on corporate profitability. In particular, we find that the impact of efficient working capital (CCC) on operational profitability increases in economic downturns. We also find that the impact of efficient inventory management and accounts receivables conversion periods, subsets of CCC, on profitability increase in economic downturns.Overall the results indicate that investing in working capital processes and incorporating working capital efficiency into everyday routines is essential for corporate profitability. As a result, firms should include working capital management in their financial planning processes. Additionally, firms generate income and employment. The reduced demand in economic downturns depletes working capital of firms and threatens their stability and, implicitly, their important function as generators of employment and income. National economic policy aimed at boosting cash flows of firms may increase business ability to finance working capital internally, especially during economic down turns.译文营运资金管理对不同商业周期公司盈利能力的影响：证据来自芬兰1.引言本文研究商业周期与营运资本两者之间的联系,流动资产和流动负债之间的区别,以及公司业绩问题。