企业固定资产管理外文文献翻译最新

企业资金管理中英文对照外文翻译文献

企业资金管理中英文对照外文翻译文献(文档含英文原文和中文翻译)An Analysis of Working Capital Management Results Across IndustriesAbstractFirms are able to reduce financing costs and/or increase the fund s available for expansion by minimizing the amount of funds tied upin current assets. We provide insights into the performance of surv eyed firms across key components of working capital management by usi ng the CFO magazine’s annual Working CapitalManagement Survey. We discover that significant differences exist b etween industries in working capital measures across time.In addition.w e discover that these measures for working capital change significantl y within industries across time.IntroductionThe importance of efficient working capital management is indisputa ble. Working capital is the difference between resources in cash or readily convertible into cash (Current Assets) and organizational commi tments for which cash will soon be required (Current Liabilities). Th e objective of working capital management is to maintain the optimum balance of each of the working capital components. Business viabilit y relies on the ability to effectively manage receivables. inventory.a nd payables. Firms 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. Much managerial effort is expended in b ringing non-optimal levels of current assets and liabilities back towa rd optimal levels. An optimal level would be one in which a balance is achieved between risk and efficiency.A recent example of business attempting to maximize working capita l management is the recurrent attention being given to the applicatio n of Six Sigma®methodology. Six S igma®methodologies help companies measure and ensure quality in all areas of the enterprise. When used to identify and rectify discrepancies.inefficiencies and erroneous tra nsactions in the financial supply chain. Six Sigma®reduces Days Sale s Outstanding (DSO).accelerates the payment cycle.improves customer sati sfaction and reduces the necessary amount and cost of working capital needs. There appear to be many success stories including Jennifertwon’s(2002) report of a 15percent decrease in days that sales are outstanding.resulting in an increased cash flow of approximately $2 million at Thibodaux Regional Medical Cenrer.Furthermore bad debts declined from 3.4millin to $6000000.However.Waxer’s(2003)study of multiple firms employing Six Sig ma®finds that it is really a “get rich slow”technique with a r ate of return hovering in the 1.2 – 4.5 percent range.Even in a business using Six Sigma®methodology. an “optimal”level of working capital management needs to be identified. Industry factors may impa ct firm credit policy.inventory management.and bill-paying activities. S ome firms may be better suited to minimize receivables and inventory. while others maximize payables. Another aspect of “optimal”is the extent to which poor financial results can be tied to sub-optimal pe rformance.Fortunately.these issues are testable with data published by CFO magazine. which claims to be the source of “tools and informati on for the financial executive.”and are the subject of this resear ch.In addition to providing mean and variance values for the working capital measures and the overall metric.two issues will be addressed in this research. One research question is. “are firms within a p articular industry clustered together at consistent levels of working capital measures?For instance.are firms in one industry able to quickl y transfer sales into cash.while firms from another industry tend to have high sales levels for the particular level of inventory . The other research question is. “does working capital management perform ance for firms within a given industry change from year-to-year?”The following section presents a brief literature review.Next.the r esearch method is described.including some information about the annual Working Capital Management Survey published by CFO magazine. Findings are then presented and conclusions are drawn.Related LiteratureThe importance of working capital management is not new to the f inance literature. Over twenty years ago. Largay and Stickney (1980) reported that the then-recent bankruptcy of W.T. Grant. a nationwide chain of department stores.should have been anticipated because the co rporation had been running a deficit cash flow from operations for e ight of the last ten years of its corporate life.As part of a stud y of the Fortune 500s financial management practices. Gilbert and Rei chert (1995) find that accounts receivable management models are used in 59 percent of these firms to improve working capital projects.wh ile inventory management models were used in 60 percent of the compa nies.More recently. Farragher. Kleiman and Sahu (1999) find that 55 p ercent of firms in the S&P Industrial index complete some form of a cash flow assessment. but did not present insights regarding account s receivable and inventory management. or the variations of any curre nt asset accounts or liability accounts across industries.Thus.mixed ev idence exists concerning the use of working capital management techniq ues.Theoretical determination of optimal trade credit limits are the s ubject of many articles over the years (e.g. Schwartz 1974; Scherr 1 996).with scant attention paid to actual accounts receivable management.Across a limited sample. Weinraub and Visscher (1998) observe a tend ency of firms with low levels of current ratios to also have low l evels of current liabilities. Simultaneously investigating accounts rece ivable and payable issues.Hill. Sartoris.and Ferguson (1984) find diffe rences in the way payment dates are defined. Payees define the date of payment as the date payment is received.while payors view paymen t as the postmark date.Additional WCM insight across firms.industries.a nd time can add to this body of research.Maness and Zietlow (2002. 51. 496) presents two models of value creation that incorporate effective short-term financial management acti vities.However.these models are generic models and do not consider uni que firm or industry influences. Maness and Zietlow discuss industry influences in a short paragraph that includes the observation that. “An industry a company is located in may have more influence on th at company’s fortunes than overall GNP”(2002. 507).In fact. a car eful review of this 627-page textbook finds only sporadic information on actual firm levels of WCM dimensions.virtually nothing on industr y factors except for some boxed items with titles such as. “Should a Retailer Offer an In-House Credit Card”(128) and nothing on WC M stability over time. This research will attempt to fill this void by investigating patterns related to working capital measures within industries and illustrate differences between industries across time.An extensive survey of library and Internet resources provided ver y few recent reports about working capital management. The most relev ant set of articles was Weisel and Bradley’s (2003) article on cash flow management and one of inventory control as a result of effect ive supply chain management by Hadley (2004).Research Method The CFO RankingsThe first annual CFO Working Capital Survey. a joint project with REL Consultancy Group.was published in the June 1997 issue of CFO (Mintz and Lezere 1997). REL is a London. England-based management co nsulting firm specializing in working capital issues for its global l ist of clients. The original survey reports several working capital b enchmarks for public companies using data for 1996. Each company is ranked against its peers and also against the entire field of 1.000 companies. REL continues to update the original information on an a nnual basis.REL uses the “cash flow from operations”value located on firm cash flow statements to estimate cash conversion efficiency (CCE). T his value indicates how well a company transforms revenues into cash flow. A “days of working capital”(DWC) value is based on the d ollar amount in each of the aggregate.equally-weighted receivables.inven tory.and payables accounts. The “days of working capital”(DNC) repr esents the time period between purchase of inventory on acccount fromvendor until the sale to the customer.the collection of the receiva bles. and payment receipt.Thus.it reflects the companys ability to fin ance its core operations with vendor credit. A detailed investigation of WCM is possible because CFO also provides firm and industry val ues for days sales outstanding (A/R).inventory turnover.and days payabl es outstanding (A/P).Research FindingsAverage and Annual Working Capital Management Performance Working capital management component definitions and average values for the entire 1996 –2000 period .Across the nearly 1.000 firms in the survey.cash flow from operations. defined as cash flow from operations divided by sales and referred to as “cash conversion ef ficiency”(CCE).averages 9.0 percent.Incorporating a 95 percent confide nce interval. CCE ranges from 5.6 percent to 12.4 percent. The days working capital (DWC). defined as the sum of receivables and invent ories less payables divided by daily sales.averages 51.8 days and is very similar to the days that sales are outstanding (50.6).because the inventory turnover rate (once every 32.0 days) is similar to the number of days that payables are outstanding (32.4 days).In all ins tances.the standard deviation is relatively small.suggesting that these working capital management variables are consistent across CFO report s.Industry Rankings on Overall Working Capital Management Perfo rmanceCFO magazine provides an overall working capital ranking for firms in its ing the following equation:Industry-based differences in overall working capital management are presented for the twenty-s ix industries that had at least eight companies included in the rank ings each year.In the typical year. CFO magazine ranks 970 companies during this period. Industries are listed in order of the mean ove rall CFO ranking of working capital performance. Since the best avera ge ranking possible for an eight-company industry is 4.5 (this assume s that the eight companies are ranked one through eight for the ent ire survey). it is quite obvious that all firms in the petroleum in dustry must have been receiving very high overall working capital man agement rankings.In fact.the petroleum industry is ranked first in CCE and third in DWC (as illustrated in Table 5 and discussed later i n this paper).Furthermore.the petroleum industry had the lowest standar d deviation of working capital rankings and range of working capital rankings. The only other industry with a mean overall ranking less than 100 was the Electric & Gas Utility industry.which ranked secon d in CCE and fourth in DWC. The two industries with the worst work ing capital rankings were Textiles and Apparel. Textiles rank twenty-s econd in CCE and twenty-sixth in DWC. The apparel industry ranks twenty-third and twenty-fourth in the two working capital measures ConclusionsThe research presented here is based on the annual ratings of wo rking capital management published in CFO magazine. Our findings indic ate a consistency in how industries “stack up”against each other over time with respect to the working capital measures.However.the wor king capital measures themselves are not static (i.e.. averages of wo rking capital measures across all firms change annually); our results indicate significant movements across our entire sample over time. O ur findings are important because they provide insight to working cap ital performance across time. and on working capital management across industries. These changes may be in explained in part by macroecono mic factors Changes in interest rates.rate of innovation.and competitio n are likely to impact working capital management. As interest rates rise.there would be less desire to make payments early.which would stretch accounts payable.accounts receivable.and cash accounts. The ra mifications of this study include the finding of distinct levels of WCM measures for different industries.which tend to be stable over ti me. Many factors help to explain this discovery. The improving econom y during the period of the study may have resulted in improved turn over in some industries.while slowing turnover may have been a signal of troubles ahead. Our results should be interpreted cautiously. Our study takes places over a short time frame during a generally impr oving market. In addition. the survey suffers from survivorship bias –only the top firms within each industry are ranked each year and the composition of those firms within the industry can change annua lly.Further research may take one of two lines.First.there could bea study of whether stock prices respond to CFO magazine’s publication of working capital management rating.Second,there could be a study of which if any of the working capital management components relate to share price performance.Given our results,there studies need to take industry membership into consideration when estimating stock price reaction to working capital management performance.对整个行业中营运资金管理的研究格雷格Filbeck.Schweser学习计划托马斯M克鲁格.威斯康星大学拉克罗斯摘要:企业能够降低融资成本或者尽量减少绑定在流动资产上的成立基金数额来用于扩大现有的资金。

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：Effects Of Working Capital Management On Sme ProfitabilityThe corporate finance literature has traditionally focused on the study of long-term financial decisions. Researchers have particularly offered studies analyzing investments, capital structure, dividends or company valuation, among other topics. But the investment that firms make in short-term assets, and the resources used with maturities of under one year, represent the main share of items on a firm’s balance sheet. In fact, in our sample the current assets of small and medium-sized Spanish firms represent 69.48 percent of their assets, and at the same time their current liabilities represent more than 52.82 percent of their liabilities.Working capital management is important because of its effects on the firm’s profitability and risk, and consequently its value (Smith, 1980). On the one hand, maintaining high inventory levels reduces the cost of possible interruptions in the production process, or of loss of business due to the scarcity of products, reducessupply costs, and protects against price fluctuations, among other advantages (Blinder and Manccini, 1991). On the other, granting trade credit favors the firm’s sales in various ways. Trade credit can act as an effective price cut (Brennan, Maksimovic and Zechner,1988; Petersen and Rajan, 1997), incentivizes customers to acquire merchandise at times of low demand (Emery, 1987), allows customers to check that the merchandise they receive is as agreed (quantity and quality) and to ensure that the services contracted are carried out (Smith, 1987), and helps firms to strengthen long-term relationships with their customers (Ng, Smith and Smith, 1999). However, firms that invest heavily in inventory and trade credit can suffer reduced profitability. Thus,the greater the investment in current assets, the lower the risk, but also the lower the profitability obtained.On the other hand, trade credit is a spontaneous source of financing that reduces the amount required to finance the sums tied up in the inventory and customer accounts. But we should bear in mind that financing from suppliers can have a very high implicit cost if early payment discounts are available. In fact the opportunity cost may exceed 20 percent, depending on the discount percentage and the discount period granted (Wilner,2000; Ng, Smith and Smith, 1999). In this respect, previous studies have analyzed the high cost of trade credit, and find that firms finance themselves with seller credit when they do not have other more economic sources of financing available (Petersen and Rajan, 1994 and 1997).Decisions about how much to invest in the customer and inventory accounts, and how much credit to accept from suppliers, are reflected in the firm’s cash conve rsion cycle, which represents the average number of days between the date when the firm must start paying its suppliers and the date when it begins to collect payments from its customers. Some previous studies have used this measure to analyze whether shortening the cash conversion cycle has positive or negative effects on the firm’s profitability.Specifically, Shin and Soenen (1998) analyze the relation between the cash conversion cycle and profitability for a sample of firms listed on the US stock exchange during the period 1974-1994. Their results show that reducing the cash conversion cycle to a reasonable extent increases firms’ profitability. More recently,Deloof (2003) analyzes a sample of large Belgian firms during the period 1992-1996. His results confirm that Belgian firms can improve their profitability by reducing the number of days accounts receivable are outstanding and reducing inventories. Moreover, he finds that less profitable firms wait longer to pay their bills.These previous studies have focused their analysis on larger firms. However, the management of current assets and liabilities is particularly important in the case of small and medium-sized companies. Most of these companies’ assets are in the form of current assets. Also, current liabilities are one of their main sources of external finance in view of their difficulties in obtaining funding in the long-term capital markets(Petersen and Rajan, 1997) and the financing constraints that they face (Whited, 1992; Fazzari and Petersen, 1993). In this respect, Elliehausen and Woken (1993), Petersen and Rajan (1997) and Danielson and Scott (2000) show that small and medium-sized US firms use vendor financing when they have run out of debt. Thus, efficient working capital management is particularly important for smaller companies (Peel and Wilson,1996).In this context, the objective of the current work is to provide empirical evidence about the effects of working capital management on profitability for a panel made up of 8,872 SMEs during the period 1996-2002. This work contributes to the literature in two ways. First, no previous such evidence exists for the case of SMEs. We use a sample of Spanish SMEs that operate within the so-called continental model, which is characterized by its less developed capital markets (La Porta, López-de-Silanes, Shleifer, and Vishny, 1997), and by the fact that most resources are channeled through financial intermediaries (Pampillón, 2000). All this suggests that Spanish SMEs have fewer alternative sources of external finance available, which makes them more dependent on short-term finance in general, and on trade credit in particular. As Demirguc-Kunt and Maksimovic (2002) suggest, firms operating in countries with more developed banking systems grant more trade credit to their customers, and at the same time they receive more finance from their own suppliers. The second contribution is that, unlike the previous studies by Shin and Soenen (1998) and Deloof (2003), in the current work we have conducted tests robust to the possible presence ofendogeneity problems. The aim is to ensure that the relationships found in the analysis carried out are due to the effects of the cash conversion cycle on corporate profitability and not vice versa.Our findings suggest that managers can create value by reducing their firm’s number of days accounts receivable and inventories. Similarly, shortening the cash conversion cycle also improves the firm’s profitability.We obtained the data used in this study from the AMADEUS database. This database was developed by Bureau van Dijk, and contains financial and economic data on European companies.The sample comprises small and medium-sized firms from Spain. The selection of SMEs was carried out according to the requirements established by the European Commission’s recommendation 96/280/CE of 3 April, 1996, on the definition of small and medium-sized firms. Specifically, we selected those firms meeting the following criteria for at least three years: a) have fewer than 250 employees; b) turn over less than €40 million; and c) possess less than €27 million of total assets.In addition to the application of those selection criteria, we applied a series of filters. Thus, we eliminated the observations of firms with anomalies in their accounts, such as negative values in their assets, current assets, fixed assets, liabilities, current liabilities, capital, depreciation, or interest paid. We removed observations of entry items from the balance sheet and profit and loss account exhibiting signs that were contrary to reasonable expectations. Finally, we eliminated 1 percent of the extreme values presented by several variables. As a result of applying these filters, we ended up with a sample of 38,464 observations.In order to introduce the effect of the economic cycle on the levels invested in working capital, we obtained information about the annual GDP growth in Spain from Eurostat.In order to analyze the effects of working capital management on the firm’s profitability, we used the return on assets (ROA) as the dependent variable. We defined this variable as the ratio of earnings before interest and tax to assets.With regards to the independent variables, we measured working capitalmanagement by using the number of days accounts receivable, number of days of inventory and number of days accounts payable. In this respect, number of days accounts receivable (AR) is calculated as 365 ×[accounts receivable/sales]. This variable represents the average number of days that the firm takes to collect payments from its customers. The higher the value, the higher its investment in accounts receivable.We calculated the number of days of inventory (INV) as 365 ×[inventories/purchases]. This variable reflects the average number of days of stock held by the firm. Longer storage times represent a greater investment in inventory for a particular level of operations.The number of days accounts payable (AP) reflects the average time it takes firms to pay their suppliers. We calculated this as 365 × [accounts payable/purchases]. The higher the value, the longer firms take to settle their payment commitments to their suppliers.Considering these three periods jointly, we estimated the cash conversion cycle(CCC). This variable is calculated as the number of days accounts receivable plus thenumber of days of inventory minus the number of days accounts payable. The longerthe cash conversion cycle, the greater the net investment in current assets, and hence the greater the need for financing of current assets.Together with these variables, we introduced as control variables the size of the firm, the growth in its sales, and its leverage. We measured the size (SIZE) as the logarithm of assets, the sales growth (SGROW) as (Sales1 –Sales0)/Sales0, the leverage(DEBT) as the ratio of debt to liabilities. Dellof (2003) in his study of large Belgian firms also considered the ratio of fixed financial assets to total assets as a control variable. For some firms in his study such assets are a significant part of total assets.However our study focuses on SMEs whose fixed financial assets are less important. In fact, companies in our sample invest little in fixed financial assets (a mean of 3.92 percent, but a median of 0.05 percent). Nevertheless, the results remain unaltered whenwe include this variable.Furthermore, and since good economic conditions tend to be reflected in a firm’sprofitability, we controlled for the evolution of the economic cycle using the variable GDPGR, which measures the annual GDP growth.Current assets and liabilities have a series of distinct characteristics according to the sector of activity in which the firm operates. Thus, Table I reports the return on assets and number of days accounts receivable, days of inventory, and days accounts payable by sector of activity. The mining industry and services sector are the two sectors with the highest return on their assets, with a value of 10 percent. Firms that are dedicated to agriculture, trade (wholesale or retail), transport and public services, are some way behind at 7 percent.With regard to the average periods by sector, we find, as we would expect, that the firms dedicated to the retail trade, with an average period of 38 days, take least time to collect payments from their customers. Construction sector firms grant their customers the longest period in which to pay –more than 145 days. Next, we find mining sector firms, with a number of days accounts receivable of 116 days. We also find that inventory is stored longest in agriculture, while stocks are stored least in the transport and public services sector. In relation to the number of days accounts payable, retailers (56 days) followed by wholesalers (77 days) pay their suppliers earliest. Firms are much slower in the construction and mining sectors, taking more than 140 days on average to pay their suppliers. However, as we have mentioned, these firms also grant their own customers the most time to pay them. Considering all the average periods together, we note that the cash conversion cycle is negative in only one sector – that of transport and public services. This is explained by the short storage times habitual in this sector. In this respect, agricultural and manufacturing firms take the longest time to generate cash (95 and 96 days, respectively), and hence need the most resources to finance their operational funding requirements.Table II offers descriptive statistics about the variables used for the sample as a whole. These are generally small firms, with mean assets of more than €6 milli on; their return on assets is around 8 percent; their number of days accounts receivable is around 96 days; and their number of days accounts payable is very similar: around 97 days. Together with this, the sample firms have seen their sales grow by almost 13percent annually on average, and 24.74 percent of their liabilities is taken up by debt. In the period analyzed (1996-2002) the GDP has grown at an average rate of 3.66 percent in Spain.Source: Pedro Juan García-Teruel and Pedro Martínez-Solano ,2006.“Effects of Working Capital Management on SME Profitability” .International Journal of Managerial Finance ,vol. 3, issue 2, April,pages 164-167.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。

007 固定资产管理国内外文献综述

国内外研究综述1.1.1国外研究综述固定资产管理的重要性的研究方面, WilfiamR.Scott （2002）认为, 企业中一个部门的高产出率与一个高效的固定资产管理方式密切相关。

Prakash S.Deo (1992)指出, 固定资产管理是为企业的生产经营和长远发展服务的, 所以对其进行管理时基于企业整体资产层面考虑具有重要意义。

Carly Lombardo ( 2005)指出实施有效的固定资产管理, 能够提高企业资源利用率, 所以应给予固定资产管理足够的重视。

固定资产的价值运动理论是指由于固定资产相对于流动资产有着使用时间更长的特点, 所以其价值转移和补偿也是一个逐渐转移的过程。

John B.MacArthur (1980)认为由于固定资产的价值运动有着周转速度慢的特点, 因此其管理是一项长期性的工作。

Rajendran(2005)针对企业固定资产管理存在诸多问题, 提出从固定资产的取得、调拨、日常使用与维护、报废与处置等方面实施全方位的控制, 体现的就是固定资产价值运动理论。

固定资产全过程管理是指企业在满足安全和效能的前提下追求固定资产全寿命周期成本最优。

大卫卡兰德(2006)认为固定资产的管理应考虑其购建计划、采购与建设、运行与维护、报废与退出等全过程, 来追求固定资产效能最优化。

Tor shahidehpour(2009)认为固定资产管理是一项生命周期运动, 是一个动态的管理过程。

关于固定资产管理方法的研究方面, Charles T.Horngren（2002）认为六西格玛质量管理理念使得固定资产在实践管理方面得到了很大的进展。

Eugene F Brighm (2004 )通过研究安达信, 整理出一套优秀的固定资产管理方法。

一方面针对固定资产的账务处理应该一套完整的政策, 另一方面加强对管理人员的培养。

John R Gringer(2008 )指出应同时加强固定资产的价值管理与实物管理。

企业固定资产管理外文文献翻译最新

企业固定资产管理外文文献翻译最新4 System designunderstand its usage.Employees to access enterprise fi某ed assets management system management module to the staff is divided into threebroad categories: system administrators assist and consult the information personnel; According to different user's identity, they see the application interface is different also, so that we can make different users access to the application of different functions. After the user login page is to authenticate. Only by verifying employees can login system into the corresponding page. Staff management module is mainly to achieve the management of users and administrators at all levels. Contained in the user information management features: change user information and query the user information and the administrator management is including ads or modify the administrator information and query the administrator to join the new user. Ordinary users can onlyto query and fi某ed assets of the fi某ed assets of the state-owned enterprises collect module for the corresponding operation, for the higher authority of user information module and management module for fi某ed assets, only the administrator can operate.文献出处: Daum J H. The study on fi某ed assets management of enterprise [J]. Measuring business e某cellence, 2023, 2(1): 6-17. 译文摘要计算机技术的飞速发展，使计算机技术已经渗透到了各行各业，它早已成为各行业不可或缺的一部分。

英文文献企业流动资产管理

Enterprise current assets management methodsAssets is the foundation of enterprise survival and development, is the soul of enterprise existence, is the enterprise to realize the essential condition of financial self-sufficiency, participate in market competition. Current assets, in particular, it is the economic lifeline of the enterprise, enterprise liquidity shortage will affect the normal business operation. So, how to strengthen the management of current assets, improve the enterprise economic benefit, is the enterprise is very concerned about the problem. This article mainly from the current assets management method is effective and reasonable aspects are discussed in this paper.Cash shortage will affect the progress of the business, severe cases can lead to the financial crisis or even bankruptcy of the enterprise. For cash management, the enterprise can adopt the following methods of cash management: 1 to cash flow synchronization synchronization refers to the cash flow between the improvement of the company for cash flow prediction technology, make the cash inflow and outflow occurs at the same time, and can maintain lower trade balance. 2 the use of cash floating Bill-to people receive from enterprise checks, and deposited in the bank, to will draw money in bank corporate accounts, middle over a period of time. Cash in this period of time is called phytoplankton. During this time, although the enterprise on the check, still can use the money on the current account. 3 good control of cash holdings Firms cantake advantage of the cost analysis model as the opportunity cost of cash, management cost and shortage cost at least when the sum of the cash holdings of cash holdings; As well as in the case of cash demand is unpredictable, random model is used to determine the appropriate cash holdings. Accounts receivable is the enterprise for selling goods, providing labor services and other business activities of creditor's rights,. With the market economy gradually establish and perfect as well as the increasingly intense competition in the market, in order to expand sales, reduce inventory, forced most of enterprises to provide business credit for each other, in the form of credit and other preferential way to sell goods, must have the necessary accounts receivable. To strengthen the accounting and management of accounts receivable is related to the capital turnover of the enterprise, also is so intertwined with the economic benefits of enterprises. First of all, we should strengthen the customer credit management, establish special credit management department, analysis of customer credit investigation. Secondly, the establishment of responsibility system for the collection of receivables. Clear the responsibility of the relevant personnel, recycling and accounts receivable internal performance evaluation and rewards and punishment, from various business units actively collect accounts receivable. In addition, enterprises should prepare a list of the aging analysis, careful analysis of the accounts receivable aging, master in the inventory of accountsreceivable, incremental, and become the information such as the possibility of bad debts. The goal of inventory management will try our best to the trade-off between inventory costs and inventory benefits, achieve the best combination of both. First, strengthen the management of inventory purchase. Secondly, classifying inventory management. Pay special attention to the inventory management in the process of production and sales. Strengthening the management of inventory in the production process, should strengthen the management of semi-finished products, the products of physical and field management, strictly control the product usage of funds, in order to reduce the money in the product footprint.The following columns from the case further analysis enterprise management methods importance of liquid assets. Shenzhen huaqiang group is a comprehensive development of large state-owned enterprise group, was founded in 1979, huaqiang group, the national total investment of 6.42 million yuan. Around 1992, as asset management out of control and ultimately lead to business failure. Since then, the enterprise to set up new asset management mode: the first is the cash management, financial settlement center to unified adjust the group's overall cash and planning, determine the best cash balance, adjust after and decided to exceed the optimum cash balance of cash. Followed by accounts receivable management, main measures three aspects, first is tocontrol the total amount of accounts receivable, in "on prevent and reduce the hidden loss enterprise management stipulation", defined the member enterprise accounts receivable accounts for the proportion of liquid assets shall not exceed 35%, followed by the financial department monthly aging analysis table, will inform the sales department, payment collection collection measures in a timely manner; The last is to establish a responsibility system for accounts receivable collection, payment is linked to sales staff bonuses to the cage. The implementation of this system has obvious effect, such as accounts receivable, blue ribbon beer from 230 million yuan in 1997 down to $1998 in 120 million, a drop of 50%. Again about inventory management, the group shall practise a system of purchasing merchandise. In order to ensure the execution of this system, the group established material procurement for the record selectiving examination system, the enterprise each season will be the number of main raw materials, prices, suppliers and other data submitted to group for the record, group carries out spot check on a regular basis, not on a regular basis, found that excess purchasing, the high price blindly purchasing behavior, the enterprise manager timely treatment, and is responsible for procurement staff. Inventory time can reflect the extent of the backlog of inventory, such as inventory time one to two years of product, that backlog degree was 50%, more than three years backlog degree is 80%; V alue analysis, mainly through the lower of cost andmarket, measuring the cash loss, provide the basis for preventing and reducing the hidden loss. In 1998, through strict inventory management method, the group's stock dropped from 1.08 billion yuan to 1.08 billion yuan. By the above measures as you can see, the group adopted a reasonable policy, make the enterprise keep in current assets under the premise of certain liquidity, greatly reduces the liquidity of capital takes up, save a lot of money. Improve the management level. Conclusion: for liquidity management methods, we have learned from the enterprise in the front of the aspects of cash, accounts receivable and inventory management, as a business manager, need to keep the integrated use of the flexible methods of management, in the process of enterprise's growing, combines the condition of different enterprise environment, to find the most appropriate way of management. In short, the enterprise in order to meet the requirement of market economy and their own development needs, the need to constantly strengthen the understanding of current asset management, we will improve the mechanism of liquid assets management strictly, pay special attention to the cooperation with various departments, various units in a timely manner to carry on the scientific and effective management, will create limitless possibilities, and limited liquidity, in turn, promote the economic efficiency of enterprises continuously improve, long-term in an impregnable position in the market economy.。

上海某公司固定资产管理办法模板2（中英文对照翻译）

上海某公司固定资产管理办法模板2（中英文对照翻译）第三章固定资产的配置Chapter III allocation of fixed assets第七条固定资产配置方式主要包括购置、内部调剂、受赠、租赁等。

凡能通过内部调剂方式解决的，原则上不得购置。

Article 7 the allocation of fixed assets mainly includes purchase, internal adjustment, donation, lease, etc. Those that can be solved through internal adjustment shall not be purchased in principle.第八条固定资产配置实行年度预算管理。

各部门根据年度工作计划和任务，编制年度固定资产预算。

综合管理部根据各部门提交的固定资产预算汇总编制公司固定资产总预算，经财务部审核后，按预算审批程序报批。

Article 8 the allocation of fixed assets shall be subject to annual budget management. Each department shall prepare the annual fixed assets budget according to the annual work plan and tasks. The general management department shall prepare the general fixed assets budget of the company according to the fixed assets budget summary submitted by each department, and submit it for approval according to the budget approval procedure after being reviewed by the financial department.第九条固定资产购置1）、纳入年度资产购置预算的固定资产，由综合管理部统一购置。

固定资产管理文献翻译

Fixed assets refer to enterprises use period more than 1 year of houses, buildings, machines, machinery, transport, and other related to the production and operation of equipment, instruments, tools, etc. Fixed assets is the enterprise of the means of labor, but also the production and operation of company's main assets. From the Angle of the accounting division, with fixed assets, fixed assets is generally divided into production non-production use of fixed assets, rent out, without the use of fixed assets, fixed assets don't need a fixed assets, fixed assets, financing lease receive donated fixed assets, etc. Fixed assets in the process of production can be use to make for a long time, its value will gradually with the enterprise production and business operation activities transferred to the product into this, and constitute a part of product value. Fixed assets of the enterprises a lot of money, so the management of fixed assets, has become the important part of enterprise management, the enterprise assets value has important significance. The yao, fixed asset management have what specific practical significance for the enterprise? When the former is the basic status quo of enterprise fixed assets management in China? And enterprise will face and the means through which the existing fixed assets management is optimized with perfect, realize the fixed assets management level improve? The following main needle to the three questions to carry on the simple analysis and discussion. A, fixed assets management of practical significance For enterprise, fixed asset management is an important part of its financial management work, the overall quality of the fixed assets management, directly affects the enterprise can have assets of current situation, but also reflect that the whole level of its internalmanagement and water level. Fixed assets management is not one branch or part of the personnel's responsibility, but the enterprise internal all employees should be involved in a job. Strengthen corporate fixed asset management can make the enterprise internal property of the existing problems is more clear, avoid enterprise assets loss due to mismanagement. At the same time, the enterprise through the effective management of the fixed assets, can improve the using efficiency of fixed assets, and improve the efficiency of input and output of the enterprise. In addition, in order to strengthen the management of enterprise fixed assets can also effectively to revitalize the assets of the enterprise, make it play a proper role and value, can guarantee the stability of enterprise assets flow and healthful, all business development for the enterprise behavior to lay a solid economic foundation. Second, the current situation of enterprise fixed assets management Fixed assets as an important part of enterprise total assets should not be ignored, in the enterprise the proportion of total assets is relatively large, the fixed assets management not resulting in the loss of corporate assets, as this will no doubt for the management and development of the enterprise a very adverse impact. In recent years, with the development and the deepening of the market economy in our country, the overall quality of the cost management has become an important factor decided the enterprise market competitiveness, because while strengthen the cost management become the focus of the enterprise internal management. And as part of the corporate cost can not be ignored among, concerning the management of fixed assets to more and more enterprises attach importance to. With the development of science and technology and the progress ofknowledge, some fixed assets management advanced technology and means are constantly emerging, the technology and method of enterprise fixed assets management efficiency great promotion effect. They can effectively change the way of fixed assets data processing, improve the efficiency of the fixed assets physical count and inventory, solve the actual problem of enterprise fixed assets management, make the enterprise of fixed assets management more scientific and more simple and more effective. However, fixed asset management as a complex process, the management content more systemic work, with almost every sector of business, every employee has more or less relationship between. That is to say, the enterprise fixed assets management is not a department or a certain person's responsibility, but need to enterprise internal all personnel to participate in a company-wide job. Although in recent years a lot of enterprises to the internal management of fixed assets have a certain value, also began to take corresponding measures to adjust its internal fixed assets management and improvement, but the majority of enterprises in our country based on business model, management ideas, technology level, and about the limitations of fixed assets, combined with our country enterprise in the fixed assets management itself is a late start, so many enterprises in the fixed assets management still exist many defects and deficiencies. And conclusion, this kind of enterprise in the shortage of fixed assets management, mainly reflected in three aspects. 1, backward management thoughts, management consciousness In the current operation and management, the leaders of some enterprises still use the traditional thought of management. They only stay on the surface, the fixed assets management in the fixed assets management work a negativeattitude, system execution rules fan. Only to the fixed assets purchased, sold, and scrap on management accounting statements, and don't pay attention to the fixed assets of daily use, repair and maintenance system of execution Conditions, also do not understand the meaning and value of investment in fixed assets management way, one-sided responsibility of the fixed assets management in the financial sector and technical maintenance department, and depending on the fixed assets management in other departments of characteristics and functions, lead to the function of the fixed asset management has been greatly weakened. 2, personnel quality is not high, management means lag behind With the rapid development of science and technology, technology cycle is shorten, on the one hand, some new type of fixed assets, their higher efficiency, less energy consumption, more excellent performance, which leads to the original intangible depreciation of fixed assets. On the other hand some of the more advanced technology and scientific management methods also will produce And development, for enterprise may bring management system and the transformation of the concept, the change is both an opportunity and risk for the business. But at present our country enterprise universal existence of the fixed assets management means backward, such as not widespread, and the advanced information technology, personnel quality is not neat, the business level is not high, not a positive work attitude and so on, has increased the difficulty of enterprise fixed assets management, caused the enterprise fixed assets management is not standard, not science. 3, fixed assets management method is flawed Because the enterprise fixed assets has large number, variety, and high value, etc., must carry on the scientificmanagement of enterprises. But make the fixed assets with time is long, use sites scattered, using the characteristics of the method is not unified, make management difficult. First of all in terms of financial management, some enterprise informatization of water Level is not high, accounting treatment mainly depends on manual bookkeeping, for various complex accounting vouchers and accounting treatment provisions, enterprises have to invest a lot of manpower material resources to manage. Secondly, scrutiny of fixed assets and statistical work takes up a lot of time, the phenomenon of accounts disagreeing with physical inventory will often appear, easy to cause the loss of assets and the reset, causing unnecessary waste of resources. Finally, the fixed assets of the lack of effective supervision, on the one hand can make the fixed assets not effectively maintain and protect, shorten its service life, reduce the use effect, increase the unit cost of production, and even lead to accidents, on the other hand, accounting treatment is not timely, not specification, easy to produce power and responsibility is unclear, corruption of unhealthy phenomenon. Thus, the current our country enterprise in the fixed assets management does not reach to the mature development level, management consciousness and management means, or the construction of the management team, are also has some deficiency. Enterprises existing in the fixed assets management of these shortcomings, for strengthening the enterprise internal management work, to improve the economic benefits of the enterprises and improve the enterprise market competitiveness has more negative meaning. So in order to strengthen the management of enterprise fixed assets is enterprise and the improvement of a problem in the operation and development.Third, to strengthen the management of fixed assets To solve the current our country enterprise in all kinds of problems of the fixed assets management, make the fixed assets from the assets purchase, use, statistics and inventory of the whole process more simple and scientific, the enterprise shall be its existing cost management into the optimization and adjustment, and fully dig up the potential of its fixed assets management. 1, raising awareness, establish scientific management system Enterprises should set up the consciousness of scientific management, from top to bottom attaches great importance to the fixed assets management work. Leaders want to combine the actual situation of enterprises, establish a unified standard, perfect the management system, set up necessary full-time jobs in fixed assets, equipped with full-time personnel, a clear responsibility for the department or staff. Graded the fixed assets management tasks to each department and personnel, clear the construction, use, increase or decrease in fixed assets changes, maintenance, disposal and calculated value and real responsibility of daily management work and operation method. To carry out the effective rewards and punishment system, to stimulate the body towards a unified management goal, to optimize the rational allocation of resources, improve the effect of fixed assets management. 2, using advanced scientific management methods Using scientific method of fixed assets management, can make the whole process of fixed assets life cycle management. First of all, in front of the fixed assets to build, to project into the earnings evaluated and calculated. Second, to strengthen the management of fixed assets accounting. Enterprise should promote the informationization construction, also can use the advanced management method,management of fixed assets management in the whole, such as the recent promotion of bar code technology, through the relevant data for each new purchase assets are timely input to the fixed assets management information system, classified management, to speed up the information transmission, the supervision, and can provide convenient for use. In use process, one selector enterprise accounting processing method of the real value of fixed assets depreciation make sure timely metering and billing, can make the fixed assets management department in a timely and accurate understanding of the changes in the fixed assets, found management oversight, developing value-added potential, improve the effect of using fixed assets. 3, organize the training, improve the quality of the enterprise to improve the efficiency of the fixed assets management, must first to ensure that the fixed assets management level of business and professional moral quality. And thanks to the development of ideas and technology upgrading, enterprise must through constantly learning, to more new own management knowledge, constantly improve the management level, so that they can obtain good management effect, gain a competitive advantage. The management of fixed assets management is a complex work, various departmentsand to assume different roles and responsibilities in the management, therefore enterprises have targeted training, firstof all to convey the goal of fixed assets management and the general principle, determine the starting point and the footholdof fixed assets management, to achieve unified ideological understanding for everyone. Then according to the responsibilities of different from. To clarify its fixed asset management function, the operation of the fixed assets, dprotection, maintenance and other work to establish uniform standards and norms, to ensure that the fixed assets security integrity, to ensure that the fixed assets in good condition, strengthen audit and supervision, dish deficient inventory surplus of fixed assets. Value-added impairment should be based on actual situation to make a scientific and reasonable treatment. In order to make the safe operation of the fixed assets, obtain economic benefits. Four, conclusion enterprise fixed assets as an important part of its internal assets, in the corporate management have an important role in the development process. In order to strengthen the management of enterprise fixed assets can clear internal property right problem, avoid the loss of corporate assets, improve the utilization rate of corporate assets and input output, at the same time also can revitalize the enterprise funds, to make it in the enterprise management and development of all kinds of economic business and play the real meaning and value of the cut. With the development of the market economy, although the majority of enterprises in our country in recent years has begun to pay attention to the internal management of fixed assets, but our country enterprise in the management of fixed assets management system, management mode and team construction are also put in some shortcomings and deficiencies, needs to be improved. After all, only in in the exploration of the existing fixed assets of continuous optimization and improvement, to be able to promote the stable development of the enterprise.。

企业资金管理中英文对照外文翻译文献

企业资金管理中英文对照外文翻译文献(文档含英文原文和中文翻译)An Analysis of Working Capital Management Results Across IndustriesAbstractFirms are able to reduce financing costs and/or increase the fund s available for expansion by minimizing the amount of funds tied upin current assets. We provide insights into the performance of surv eyed firms across key components of working capital management by usi ng the CFO magazine’s annual Working CapitalManagement Survey. We discover that significant differences exist b etween industries in working capital measures across time.In addition.w e discover that these measures for working capital change significantl y within industries across time.IntroductionThe importance of efficient working capital management is indisputa ble. Working capital is the difference between resources in cash or readily convertible into cash (Current Assets) and organizational commi tments for which cash will soon be required (Current Liabilities). Th e objective of working capital management is to maintain the optimum balance of each of the working capital components. Business viabilit y relies on the ability to effectively manage receivables. inventory.a nd payables. Firms 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. Much managerial effort is expended in b ringing non-optimal levels of current assets and liabilities back towa rd optimal levels. An optimal level would be one in which a balance is achieved between risk and efficiency.A recent example of business attempting to maximize working capita l management is the recurrent attention being given to the applicatio n of Six Sigma®methodology. Six S igma®methodologies help companies measure and ensure quality in all areas of the enterprise. When used to identify and rectify discrepancies.inefficiencies and erroneous tra nsactions in the financial supply chain. Six Sigma®reduces Days Sale s Outstanding (DSO).accelerates the payment cycle.improves customer sati sfaction and reduces the necessary amount and cost of working capital needs. There appear to be many success stories including Jennifertwon’s(2002) report of a 15percent decrease in days that sales are outstanding.resulting in an increased cash flow of approximately $2 million at Thibodaux Regional Medical Cenrer.Furthermore bad debts declined from 3.4millin to $6000000.However.Waxer’s(2003)study of multiple firms employing Six Sig ma®finds that it is really a “get rich slow”technique with a r ate of return hovering in the 1.2 – 4.5 percent range.Even in a business using Six Sigma®methodology. an “optimal”level of working capital management needs to be identified. Industry factors may impa ct firm credit policy.inventory management.and bill-paying activities. S ome firms may be better suited to minimize receivables and inventory. while others maximize payables. Another aspect of “optimal”is the extent to which poor financial results can be tied to sub-optimal pe rformance.Fortunately.these issues are testable with data published by CFO magazine. which claims to be the source of “tools and informati on for the financial executive.”and are the subject of this resear ch.In addition to providing mean and variance values for the working capital measures and the overall metric.two issues will be addressed in this research. One research question is. “are firms within a p articular industry clustered together at consistent levels of working capital measures?For instance.are firms in one industry able to quickl y transfer sales into cash.while firms from another industry tend to have high sales levels for the particular level of inventory . The other research question is. “does working capital management perform ance for firms within a given industry change from year-to-year?”The following section presents a brief literature review.Next.the r esearch method is described.including some information about the annual Working Capital Management Survey published by CFO magazine. Findings are then presented and conclusions are drawn.Related LiteratureThe importance of working capital management is not new to the f inance literature. Over twenty years ago. Largay and Stickney (1980) reported that the then-recent bankruptcy of W.T. Grant. a nationwide chain of department stores.should have been anticipated because the co rporation had been running a deficit cash flow from operations for e ight of the last ten years of its corporate life.As part of a stud y of the Fortune 500s financial management practices. Gilbert and Rei chert (1995) find that accounts receivable management models are used in 59 percent of these firms to improve working capital projects.wh ile inventory management models were used in 60 percent of the compa nies.More recently. Farragher. Kleiman and Sahu (1999) find that 55 p ercent of firms in the S&P Industrial index complete some form of a cash flow assessment. but did not present insights regarding account s receivable and inventory management. or the variations of any curre nt asset accounts or liability accounts across industries.Thus.mixed ev idence exists concerning the use of working capital management techniq ues.Theoretical determination of optimal trade credit limits are the s ubject of many articles over the years (e.g. Schwartz 1974; Scherr 1 996).with scant attention paid to actual accounts receivable management.Across a limited sample. Weinraub and Visscher (1998) observe a tend ency of firms with low levels of current ratios to also have low l evels of current liabilities. Simultaneously investigating accounts rece ivable and payable issues.Hill. Sartoris.and Ferguson (1984) find diffe rences in the way payment dates are defined. Payees define the date of payment as the date payment is received.while payors view paymen t as the postmark date.Additional WCM insight across firms.industries.a nd time can add to this body of research.Maness and Zietlow (2002. 51. 496) presents two models of value creation that incorporate effective short-term financial management acti vities.However.these models are generic models and do not consider uni que firm or industry influences. Maness and Zietlow discuss industry influences in a short paragraph that includes the observation that. “An industry a company is located in may have more influence on th at company’s fortunes than overall GNP”(2002. 507).In fact. a car eful review of this 627-page textbook finds only sporadic information on actual firm levels of WCM dimensions.virtually nothing on industr y factors except for some boxed items with titles such as. “Should a Retailer Offer an In-House Credit Card”(128) and nothing on WC M stability over time. This research will attempt to fill this void by investigating patterns related to working capital measures within industries and illustrate differences between industries across time.An extensive survey of library and Internet resources provided ver y few recent reports about working capital management. The most relev ant set of articles was Weisel and Bradley’s (2003) article on cash flow management and one of inventory control as a result of effect ive supply chain management by Hadley (2004).Research Method The CFO RankingsThe first annual CFO Working Capital Survey. a joint project with REL Consultancy Group.was published in the June 1997 issue of CFO (Mintz and Lezere 1997). REL is a London. England-based management co nsulting firm specializing in working capital issues for its global l ist of clients. The original survey reports several working capital b enchmarks for public companies using data for 1996. Each company is ranked against its peers and also against the entire field of 1.000 companies. REL continues to update the original information on an a nnual basis.REL uses the “cash flow from operations”value located on firm cash flow statements to estimate cash conversion efficiency (CCE). T his value indicates how well a company transforms revenues into cash flow. A “days of working capital”(DWC) value is based on the d ollar amount in each of the aggregate.equally-weighted receivables.inven tory.and payables accounts. The “days of working capital”(DNC) repr esents the time period between purchase of inventory on acccount fromvendor until the sale to the customer.the collection of the receiva bles. and payment receipt.Thus.it reflects the companys ability to fin ance its core operations with vendor credit. A detailed investigation of WCM is possible because CFO also provides firm and industry val ues for days sales outstanding (A/R).inventory turnover.and days payabl es outstanding (A/P).Research FindingsAverage and Annual Working Capital Management Performance Working capital management component definitions and average values for the entire 1996 –2000 period .Across the nearly 1.000 firms in the survey.cash flow from operations. defined as cash flow from operations divided by sales and referred to as “cash conversion ef ficiency”(CCE).averages 9.0 percent.Incorporating a 95 percent confide nce interval. CCE ranges from 5.6 percent to 12.4 percent. The days working capital (DWC). defined as the sum of receivables and invent ories less payables divided by daily sales.averages 51.8 days and is very similar to the days that sales are outstanding (50.6).because the inventory turnover rate (once every 32.0 days) is similar to the number of days that payables are outstanding (32.4 days).In all ins tances.the standard deviation is relatively small.suggesting that these working capital management variables are consistent across CFO report s.Industry Rankings on Overall Working Capital Management Perfo rmanceCFO magazine provides an overall working capital ranking for firms in its ing the following equation:Industry-based differences in overall working capital management are presented for the twenty-s ix industries that had at least eight companies included in the rank ings each year.In the typical year. CFO magazine ranks 970 companies during this period. Industries are listed in order of the mean ove rall CFO ranking of working capital performance. Since the best avera ge ranking possible for an eight-company industry is 4.5 (this assume s that the eight companies are ranked one through eight for the ent ire survey). it is quite obvious that all firms in the petroleum in dustry must have been receiving very high overall working capital man agement rankings.In fact.the petroleum industry is ranked first in CCE and third in DWC (as illustrated in Table 5 and discussed later i n this paper).Furthermore.the petroleum industry had the lowest standar d deviation of working capital rankings and range of working capital rankings. The only other industry with a mean overall ranking less than 100 was the Electric & Gas Utility industry.which ranked secon d in CCE and fourth in DWC. The two industries with the worst work ing capital rankings were Textiles and Apparel. Textiles rank twenty-s econd in CCE and twenty-sixth in DWC. The apparel industry ranks twenty-third and twenty-fourth in the two working capital measures ConclusionsThe research presented here is based on the annual ratings of wo rking capital management published in CFO magazine. Our findings indic ate a consistency in how industries “stack up”against each other over time with respect to the working capital measures.However.the wor king capital measures themselves are not static (i.e.. averages of wo rking capital measures across all firms change annually); our results indicate significant movements across our entire sample over time. O ur findings are important because they provide insight to working cap ital performance across time. and on working capital management across industries. These changes may be in explained in part by macroecono mic factors Changes in interest rates.rate of innovation.and competitio n are likely to impact working capital management. As interest rates rise.there would be less desire to make payments early.which would stretch accounts payable.accounts receivable.and cash accounts. The ra mifications of this study include the finding of distinct levels of WCM measures for different industries.which tend to be stable over ti me. Many factors help to explain this discovery. The improving econom y during the period of the study may have resulted in improved turn over in some industries.while slowing turnover may have been a signal of troubles ahead. Our results should be interpreted cautiously. Our study takes places over a short time frame during a generally impr oving market. In addition. the survey suffers from survivorship bias –only the top firms within each industry are ranked each year and the composition of those firms within the industry can change annua lly.Further research may take one of two lines.First.there could bea study of whether stock prices respond to CFO magazine’s publication of working capital management rating.Second,there could be a study of which if any of the working capital management components relate to share price performance.Given our results,there studies need to take industry membership into consideration when estimating stock price reaction to working capital management performance.对整个行业中营运资金管理的研究格雷格Filbeck.Schweser学习计划托马斯M克鲁格.威斯康星大学拉克罗斯摘要:企业能够降低融资成本或者尽量减少绑定在流动资产上的成立基金数额来用于扩大现有的资金。