营运资金管理外文文献
《公司营运资金管理问题研究的国内外文献综述3400字》
公司营运资金管理问题研究的国内外文献综述1 国外研究现状20世纪末，国外已有大量学者对营运资金进行研究，并将理论知识与企业管理相结合，从不同视角研究营运资金的管理，逐步开始从整体视角寻求最优管理方案，以达到综合管理的效果。
斯特恩开创了渠道行为理论的研究先河。
他在1969年的文章中指出，渠道中每个成员的利益冲突与其他成员的依赖程度有关。
此后的学者在他研究的基础上对渠道行为理论继续进行探究。
布朗等学者认为冲突不是静态的分销渠道，而是一个动态过程，衡量显著冲突最有效的方法是观察争议频率和冲突强度。
在20世纪40年代初期，美国学者康弗斯和胡基对渠道结构进行了深入研究。
他们提出了渠道纵向一体化的概念，并阐述了采购和销售渠道的存货的确定性和一体化问题与营销费用的高低之间的关系。
进一步给关于渠道的学术研究带来了如何协调和管理的问题。
Sandip Dhole et al.（2023）指出拥有高效营运资本管理的公司今后不太可能在财务上受到限制，资金受限、营运资本管理效率高的公司估值较高。
[i] Wagner Enoc Vicente-Ramos et al.（2024）指出改善营运资本的管理能够提高效率、效力和竞争力，如果它能够有效地管理财政资源、公平的客户信贷政策、适当的库存管理以及供应商杠杆和短期的适当管理，就能做到这一点。
[ii] 2 国内研究现状直至1993年我国才开始实行与国际接轨的会计制度,在此之前国内甚至尚未对营运资金进行界定,在此阶段，国内的研究人员对于营运资金的研究成果明显落后于国外,但现如今有越来越多的学者投入到营运资金的研究中。
顾健（1995）指出如今国际市场逐渐呈现出趋势是消费和投资的多样化，多销售渠道的多样化在一定程度上也为企业带来潜在的经营风险，大致上可以分为两种：一种是经营目标的冲突，另一种是渠道内信息传递的失灵。
销售渠道管理的内容是庞杂且繁琐的,需要配以高度的技巧加以实施,管理的主要内容是对渠道内的各个成员的角色、功能、目标进行明确的规定,同时经常注意收集市场信息,了解分销商的各种需要,并努力满足分销商的要求,并建立起伙伴关系,并努力保持这种关系,认为销售渠道管理的中心内容是两个词:协调和控制。
营运资金管理国外文献综述
成项 目进行综合考 虑。
Ｋ ｎ ｉ ｇ ｈ ｔ （ １ ９ ７ ２ ） 指出， 由于不确定性 和复杂的相互关 系的存在 ，
分析和最优化应该被模拟和满意化而取代 。单独研究每项流动资
产 的最优化是不恰 当的 ，应 当将投放到各项流动资产上 的投资综 合起来进行研 究 ， 而其决策的性质不应 当是最优化 ， 而应该是满意 化 。研究在 Ｅ Ｏ Ｑ （ 经 济订货量模 型） 的基础上 ， 放 宽了确定性和独
、
营 运 资 金 管 理 的 内容
２ ０世纪 ７ Ｏ年代 以前 ，国外 营运 资金管理理论研究 文献 并不 多， 而且研究 的主要 内容是对营运资金 各组成项 目（ 应收账款 、 存
应 的投资概念 ， 即经 营性融资需求 （ Ｆ Ｎ Ｏ） ， 并指 出营运资金作 为一
种筹 资选择应该与 Ｆ Ｎ Ｏ融资需求综合起来进行考虑。
与营运资金管理 内容的变迁相适应 ，从孤立地考察 营运 资金 各组 成部分 的管理绩效 ， 逐步 向注重营运资金各项 目之间的联系 、 综合
地评 价营运资金 的整体绩效转变 。 市场价格做出投资决策 ； 追 随者也将从对“ 熟人” 的信任转而基于
重点应该从 “ 清算观” 转移到“ 经 营周期观 ” ， 即营运 资金 被用于衡 量在公司经营周期 内产生 的资金偿 还到期债务 的能力 。但这实际
研究与探索 ｌ Ｓ ｔ ｕ ｄ ｙ ａ ｎ ｄ － ： Ｅ ｘ ｐ ｌ ｏ ｒ ｅ
营运 资金管理 国外文献综述
中国海 洋大 学 孙 兰兰
营运资金管理是财务管理理论研究的重要 内容之一 ，也是实 上仍将营运资金限定为流动资产总额 ，而且没有对营运资金各组
务界财务主管们最重视 的关键领域之一。２ ０ １ ０年美国生产力与质 量 中心 （ Ａ Ｐ Ｑ Ｃ） 调查发现 ， 营运资金管理成为企业增 强财 务能力 的 新 的战略选择 ， Ｃ Ｆ Ｏ们在关 注经营环境动态的基础上 ， 积极探 寻营
企业营运资金管理国内外研究文献综述
1引言营运资金的健康管理是企业实现利润价值最大化的关键保障。
目前，国内外关于企业营运资金管理的相关研究，主要立足相关理论基础，着眼于供应链集成的优化研究。
2营运资金管理目标研究综述Hampton D.Hager强调在企业生产经营过程中，资金有效的循环使用有利于企业利润的快速沉淀[1]。
提出加快现金流转速度的措施，进一步充分肯定了营运资金管理在企业生产经营过程中举足轻重的地位。
毛付根认为国外企业普遍重视现金流量的变动，资金紧缺对于国内外的企业来讲，它都是一个共同存在的国际通病。
现金流量的不稳定性和非协调一致性，促使企业必须保持一个适量平衡的净营运资本水平。
国内外关于营运资金管理目标的早期研究，主要表现在营运资金能够为企业创造流动的资金价值，在企业的生产经营过程中，维持一个相对平衡的净营运资本水平，可以帮助企业实现较多利润价值最大化[2]。
3营运资金管理内容研究综述20世纪80年代以后，随着全球市场经济开放，企业经营活动范围向着多元化、国际化的方向扩展，国外对营运资金管理的研究内容，也着眼于企业发展的战略层次，学术界对营运资金开始进行系统化、全面化的研究。
Vickery S K研究企业与其供应链环节中战略合作伙伴之间的协同经营，研究发现供应链的集成效应并没有显著影响企业的经营利润，企业并未因此创造更多的资产报酬。
Das A提出企业应该优化供应链结构，而不应该过分注重供应链的集成效应，以期降低企业的经营风险，提高企业的经营业绩。
但这一阶段的研究缺少专门针对企业营运资金管理状况的实证调查，研究过程忽略了资金运动环节上，营运资金管理活动与企业内外部经营环境的协同反应，缺失了营运资金管理专项数据平台的支持，使得研究结论不能更好地解决企业经营活动中存在的现实问题。
杨雄胜、缪艳娟提出营运资金管理的理想状态是企业流动资产中的经常性资金与流动负债中的生产经营性负债的经常性资金平衡匹配，这样企业资本的流动成本很低，在此基础上，他对营运资金管理效率的评价指标划分时期指标和时点指标，提出平均应收账款周期和逾期率的概念。
营运管理 外文翻译 外文文献 英文文献 对整个行业中营运资金管理的研究
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. Business viability relies on the ability to effectively manage receivables. inventory. and 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 bringing non-optimal levels of current assets and liabilities back toward 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 capital management is the recurrent attention being given to the application of Six Sigma® methodology. Six Sigma® methodologies help companies measure and ensure quality in all areas of the enterprise. When used to identify and rectify discrepancies. inefficiencies and erroneous transactions in the financial supply chain. Six Sigma® reduces Days Sales Outstanding (DSO). accelerates the payment cycle. improves customer satisfaction and reduces the necessary amount and cost of working capital needs. There appear to be many success stories. including Jennifer Towne’s (2002) r eport of a 15 percent decrease in days that sales are outstanding. resulting in an increased cash flow of approximately $2 million at Thibodaux Regional Medical Center. Furthermore. bad debts declined from $3.4 million to $600.000. However. Waxer’s (2003) study of multiple firms employing Six Sigma® finds that it is really a “get rich slow” technique with a rate 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.Even in a business using Six Sigma® methodology. an “optimal” level of working capital management needs to be identified. Industry factors may impact firm credit policy. inventory management. and bill-paying activities. Some 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 performance. Fortunately. these issues are testable with data published by CFO magazine. which claims to be the source of “tools and information for the financial executive.” and are the subject of this research.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 particular industry clustered together at consistent levels of working capital measures?” For instance. are firms in one industry able to quickly 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 performance for firms within a given industry change from year-to-year?”The following section presents a brief literature review. Next. the research 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 finance 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 corporation had been running a deficit cash flow from operations for eight of the last ten years of its corporate life. As part of a study of the Fortune 500’s financial management practices. Gilbert and Reichert (1995) find that accounts receivable management models are used in 59 percent of these firms to improve working capital projects. while inventory management models were used in 60 percent of the companies. More recently. Farragher. Kleiman and Sahu (1999) find that 55 percent of firms in the S&P Industrial index complete some form of a cash flow assessment. but did not present insights regarding accounts receivable and inventory management. or the variations of any current asset accounts or liability accounts across industries. Thus. mixed evidence exists concerning the use of working capital management techniques.Theoretical determination of optimal trade credit limits are the subject of many articles over the years (e.g.. Schwartz 1974; Scherr 1996). with scant attention paid to actual accounts receivable management. Across a limitedsample. Weinraub and Visscher (1998) observe a tendency of firms with low levels of current ratios to also have low levels of current liabilities. Simultaneously investigating accounts receivable and payable issues. Hill. Sartoris. and Ferguson (1984) find differences in the way payment dates are defined. Payees define the date of payment as the date payment is received. while payors view payment as the postmark date. Additional WCM insight across firms. industries. and 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 activities. However. these models are generic models and do not consider unique 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 that company’s fortun es than overall GNP” (2002. 507). In fact. a careful review of this 627-page textbook finds only sporadic information on actual firm levels of WCM dimensions. virtually nothing on industry factors except for some boxed items with titles such as. “Should a Retailer Offer an In-House Credit Card” (128) and nothing on WCM 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 very few recent reports about working capital management. The most relevant set of articles was Weisel and Bradley’s (2003) article on cash flow management and one of inventory control as a result of effective supply chain management by Hadley (2004).Research MethodThe 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 consulting firm specializing in working capital issues for its global list of clients. The original survey reports several working capital benchmarks 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 annual basis.REL uses the “cash flow from operations” value located on firm cash flow statements to estimate cash conversion efficiency (CCE). This value indicates how well a company transforms revenues into cash flow. A “days of working capital” (DWC) value is based on the dollar amount in each of the aggregate. equally-weighted receivables. inventory. and payables ac counts. The “days of working capital” (DNC) represents the time period between purchase of inventory on acccount from vendor until the sale to the customer. the collection of the receivables. and payment receipt. Thus. it reflects the company’s ability to finance its core operations with vendor credit. A detailedinvestigation of WCM is possible because CFO also provides firm and industry values for days sales outstanding (A/R). inventory turnover. and days payables 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 efficiency” (CCE). averages 9.0 percent. Incorporating a 95 percent confidence interval. CCE ranges from 5.6 percent to 12.4 percent. The days working capital (DWC). defined as the sum of receivables and inventories 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 instances. the standard deviation is relatively small. suggesting that these working capital management variables are consistent across CFO reports.Industry Rankings on Overall Working Capital Management PerformanceCFO magazine provides an overall working capital ranking for firms in its survey. using the following equation:Industry-based differences in overall working capital management are presented for the twenty-six industries that had at least eight companies included in the rankings each year. In the typical year. CFO magazine ranks 970 companies during this period. Industries are listed in order of the mean overall CFO ranking of working capital performance. Since the best average ranking possible for an eight-company industry is 4.5 (this assumes that the eight companies are ranked one through eight for the entire survey). it is quite obvious that all firms in the petroleum industry must have been receiving very high overall working capital management rankings. In fact. the petroleum industry is ranked first in CCE and third in DWC (as illustrated in Table 5 and discussed later in this paper). Furthermore. the petroleum industry had the lowest standard 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 second in CCE and fourth in DWC. The two industries with the worst working capital rankings were Textiles and Apparel. Textiles rank twenty-second in CCE and twenty-sixth in DWC. The apparel industry ranks twenty-third and twenty-fourth in the two working capital measuresConclusionsThe research presented here is based on the annual ratings of working capital management published in CFO magazine. Our findings indicate a consistency in how industries “stack up” against each other over time with respect to the working capital measures. However. the working capitalmeasures themselves are not static (i.e.. averages of working capital measures across all firms change annually); our results indicate significant movements across our entire sample over time. Our findings are important because they provide insight to working capital performance across time. and on working capital management across industries. These changes may be in explained in part by macroeconomic factors. Changes in interest rates. rate of innovation. and competition 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 ramifications of this study include the finding of distinct levels of WCM measures for different industries. which tend to be stable over time. Many factors help to explain this discovery. The improving economy during the period of the study may have resulted in improved turnover 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 improving 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 annually.Further research may take one of two lines. First. there could be a study of whether stock prices respond to CFO magazine’s publication of working capital management ratings. Second. there could be a study of which. if any. of the working capital management components relate to share price performance. Given our results. these studies need to take industry membership into consideration when estimating stock price reaction to working capital management performance.外文翻译:对整个行业中营运资金管理的研究格雷格Filbeck.Schweser学习计划托马斯M克鲁格.威斯康星大学拉克罗斯摘要:企业能够降低融资成本或者尽量减少绑定在流动资产上的成立基金数额来用于扩大现有的资金。
中小企业营运资金管理 外文翻译
文献出处：Sunday K J. Effective Working Capital Management in Small and Medium Scale Enterprises (SMEs)[J]. International Journal of Business & Management, 2011, 6(9)：271-279.第一部分为译文，第二部分为原文。
默认格式：中文五号宋体，英文五号Times New Roma，行间距1.5倍。
中小企业有效的营运资金管理摘要：中小企业（SME）的主要有效流动资金管理的需求对中小企业的偿付能力和流动性仍然至关重要。
大多数中小企业不关心他们的流动资金状况，大多数人很少考虑到他们的流动资金状况，这些企业大多数都没有标准的信贷政策。
许多人不关心他们的财务状况，他们只是经营，他们主要关注现金收据和他们的银行账户。
本研究使用标准流动资金比率来衡量所选企业的流动资金的有效性，所选择的公司显示过度交易和流动性不足的迹象，关注的是利润最大化，而没有认识到债权人的支付，这些公司的债务回报率低于信贷支付。
建议中小企业在尼日利亚经济中生存下去，必须制定标准的信贷政策，确保良好的财务报告和管理制度，他们必须充分认识到营运资金的管理，以确保连续性，增长和偿付能力。
关键词：中小企业（SME），营运资金管理，流动资金，偿付能力引言中小企业业务仍然是一个国家经济增长和发展最有活力的力量和代理人。
中小企业至少占美国国内生产总值的60％（Ovia，2001年）尼日利亚的中小企业全部在我们周围，只有少数几个中小企业才能成为最受欢迎的企业。
中小企业是几个新兴行业的重大突破。
美国（IT）的大部分突破都是由中小企业推动的。
当时公司是一家小规模企业，由盖茨（Paul Gates）和保罗·艾伦（Paul Allen）于1980年开发的微软磁盘操作系统（MS Dos）在全球拥有约80％的运营成本。
激进的营运资本管理政策对企业盈利能力的影响外文文献翻译
文献信息：文献标题：Impact of Aggressive Working Capital Management Policy on Firms’ Profitability（激进的营运资本管理政策对企业盈利能力的影响）国外作者：Mian Sajid Nazir，Talat Afza文献出处：《The IUP Journal of Applied Finance》,2009,Vol.15,PP19-30 字数统计：英文2669单词，14456字符；中文4407汉字外文文献：Impact of Aggressive Working Capital Management Policyon Firms’ ProfitabilityIntroductionThe corporate finance literature has traditionally focused on the study of long-term financial decisions, particularly investments, capital structure, dividends or company valuation decisions. However, short-term assets and liabilities are important components of total assets and need to be carefully analyzed. Management of these short-term assets and liabilities warrants a careful investigation since the working capital m anagement plays an important role in a firm’s profitability and risk as well as its value (Smith, 1980). Efficient management of working capital is a fundamental part of the overall corporate strategy in creating the shareholders’ value. Firms try to keep an optimal level of working capital that maximizes their value (Deloof, 2003; Howorth and Westhead, 2003 and Afza and Nazir, 2007).In general, from the perspective of Chief Financial Officer (CFO), working capital management is a simple and straightforward concept of ensuring the ability of the organization to fund the difference between the short-term assets and short-term liabilities (Harris, 2005). However, a ‘Total’ approach is desired as it can cover all thecompany’s activities relating to vendor, cu stomer and product (Hall, 2002). In practice, working capital management has become one of the most important issues in the organizations where many financial executives are struggling to identify the basic working capital drivers and an appropriate level of working capital (Lamberson, 1995). Consequently, companies can minimize risk and improve the overall performance by understanding the role and drivers of working capital management.A firm may adopt an aggressive working capital management policy with a low level of current assets as a percentage of total assets, or it may also be used for the financing decisions of the firm in the form of high level of current liabilities as a percentage of total liabilities. Excessive levels of current assets may have a negative effect on the firm’s profitability, whereas a low level of current assets may lead to a lower level of liquidity and stockouts, resulting in difficulties in maintaining smooth operations (Van Horne and Wachowicz, 2004).The main objective of working capital management is to maintain an optimal balance between each of the working capital components. Business success heavily depends on the financial executives’ ability to effectively manage receivables, inventory, and payables (Filbeck and Krueger, 2005). Firms can reduce their financing costs and/or increase the funds available for expansion projects by minimizing the amount of investment tied up in current assets. Most of the financial managers’ time and efforts are allocated towards bringing non-optimal levels of current assets and liabilities back to optimal levels (Lamberson, 1995). An optimal level of working capital would be the one in which a balance is achieved between risk and efficiency. It requires continuous monitoring to maintain proper level in various components of working capital, i.e., cash receivables, inventory and payables, etc.In general, current assets are considered as one of the important components of total assets of a firm. A firm may be able to reduce the investment in fixed assets by renting or leasing plant and machinery, whereas the same policy cannot be followed for the components of working capital. The high level of current assets may reduce the risk of liquidity associated with the opportunity cost of funds that may have been invested in long-term assets. Though the impact of working capital policies onprofitability is highly important, only a few empirical studies have been carried out to examine this relationship. This study investigates the potential relationship of aggressive/conservative policies with the accounting and market measures of profitability of Pakistani firms using a panel data set for the period 1998-2005. The present study is expected to contribute to better understand these policies and their impact on profitability, especially in emerging markets like Pakistan.Research MethodologyVariables Used in the StudyThis study uses aggressive investment policy as used by Weinraub and Visscher (1998), who analyzed working capital policies of 126 industrial firms in the US market. Aggressive Investment Policy (AIP) results in minimal level of investment in current assets versus fixed assets. In contrast, a conservative investment policy places a greater proportion of capital in liquid assets with the opportunity cost of less profitability. If the level of current assets increases in proportion to the total assets of the firm, the management is said to be more conservative in managing the current assets of the firm. In order to measure the degree of aggressiveness of working capital investment policy, the following ratio was used:where a lower ratio means a relatively aggressive policy.On the other hand, an Aggressive Financing Policy (AFP) utilizes higher levels of current liabilities and less long-term debt. In contrast, a conservative financing policy uses more long-term debt and capital and less current liabilities. The firms are more aggressive in terms of current liabilities management if they are concentrating on the use of more current liabilities which put their liquidity on risk. The degree of aggressiveness of a financing policy adopted by a firm is measured by working capital financing policy, and the following ratio is used:where a higher ratio means a relatively aggressive policy.The impact of working capital policies on the profitability has been analyzed through accounting measures of profitability as well as market measures of profitability, i.e., Return on Assets (ROA) and Tobin’s q. These variables of return are calculated as:Tobin’s q compares the value of a company given by financial markets with the value of a company’s assets. A low q (between 0 and 1) means that the cost to replace a firm’s assets is greater than the value of its stock. This implies that the stock is undervalued. Conversely, a high q (greater than 1) implies that a firm’s stock is more expensive than the replacement cost of its assets, which implies that the stock is overvalued. It is calculated as:where Market Value of Firm (MVF) is the sum of book value of long plus short term and market value of equity. Market value of equity is calculated by multiplying the number of shares outstanding with the current market price of the stock in a particular year.Control VariablesIn working capital literature, various studies have used the control variables along with the main variables of working capital in order to have an apposite analysis of working capital management on the profitability of firms (Lamberson, 1995; Smith and Begemann, 1997; Deelof, 2003; Eljelly, 2004; Teruel and Solano, 2005 and Lazaridis and Tryfonidis, 2006). On the same lines, along with working capital variables, the present study has taken into consideration some control variables relating to firms such as the size of the firm, the growth in its sales, and its financial leverage. The size of the firm (SIZE) has been measured by the logarithm of its totalassets, as the original large value of total assets may disturb the analysis. The growth of firm (GROWTH) is measured by variation in its annual sales value with reference to previous year’s sales[(Sales t –Sales t –1)/Sales t –1]. Moreover, the financial leverage (LVRG) was taken as the debt to equity ratio of each firm for the whole sample period. Some studies, like Deloof (2003) in his study of large Belgian firms, also considered the ratio of fixed financial assets to total assets as a control variable; however, this variable cannot be included in the present study because of unavailability of data, as most of the firms do not disclose full information in their financial statements. Finally, since good economic conditions tend to be reflected in a firm’s profitability (Lamberson, 1995), this phenomenon has been controlled for the evolution of the economic cycle using the GDPGR variable, which measures the real annual GDP growth in Pakistan for each of the study year from 1998 to 2005.Statistical AnalysisThe impact of aggressive and conservative working capital policies on the profitability of the firms has been evaluated by applying the panel data regression analysis. The performance variables (ROA and Tobin’s q) as well as the TCA/TA and TCL/TA along with the control variables were regressed using the SPSS software. The following regression equations are run to estimate the impact of working capital policies on the profitability measures.where,TCA/TA=Total current assets to total assets ratioTCL/TA i=Total current liabilities to total assets ratioROA i=Return on assetsTobin’s q i=V alue of qSIZE i=Natural log of firm sizeGROWTH i=Growth of salesLVRG i=Financial leverage of firmsGDPGR i=Real Annual GDP growth rate of Pakistanα=Intercept; andε=Error term of the modelSample and DataThe sample of the study consists of all non-financial firms listed on the Karachi Stock Exchange (KSE). KSE has divided the non-financial firms into various industrial sectors based on their nature of business. In order to be included in the sample, a firm must be in business for the whole study period. Also, firms should neither have been delisted by the KSE nor merged with any other firm during the whole window period. New incumbents in the market during the study period have also not been included in the sample. Furthermore, firms must have complete data for the period 1998-2005. Firms with negative equity during the study period have also been excluded. Thus, the final sample consists of 204 non-financial firms from 17 various industrial sectors.This study used annual financial data of 204 non-financial firms for the period 1998-2005. The panel data set was developed for eight years and for the 204 sampled firms which produced 1,632 year-end observations. The required financial data for the purpose of the study was obtained from the respective companies’annual reports and publications of State Bank of Pakistan. The data regarding annual average market prices was collected from the daily quotations of KSE.AnalysisTable 1 presents the results of regression model in which the impact of working capital investment policy on the performance measurements has been examined. The F-values of regression models run are found statistically significant, whereas Durbin-Watson statistics of more than 1.8 indicate less correlation among the independent variables of the regressions models. The t-statistics of working capital investment policy is positive and statistically significant at 1% level for Return on Assets and Tobin’s q. The positive coefficient of TCA/TA indicates a negative relationship between the degree of aggressiveness of investment policy and return on assets. As the TCA/TA increases, the degree of aggressiveness decreases, and return on assets increases. Therefore, there is a negative relationship between the relative degree of aggressiveness of working capital investment policies of firms and both performance measures, i.e., ROA and Tobin’s q. This similarity in market and accounting returns confirms the notion that investors do not believe in the adoption of aggressive approach in the working capital management, hence, they do not give any additional weight to the firms on KSE.Table 2 reports regression results for working capital financing policy and the performance measures. The F-value of regression models and Durbin-Watson statistics indicate similar results as reported in Table 1. The negative value of coefficient for TCL/TA also points out the negative relationship between the aggressiveness of working capital financing policy and return on assets. The higher the TCL/TA ratio, the more aggressive the financing policy, that yields negative return on assets. However, surprisingly, the relationship between Tobin’s q and working capital financing policy has been established as positive and statistically significant. Investors were found giving more weight to the firms which are adopting an aggressive approach towards working capital financing policy and having higher levels of short-term and spontaneous financing on their balance sheets.The control variables used in the regression models are natural log of firm size, sales growth, real GDP growth and the average leverage. All the control variables have their impact on the performance of the firms. Firms’size causes the returns of the firms to be increased and it is found to be statistically significant. Moreover, GROWTH and LVRG are found to be significantly associated with the book-based returns on assets which confirm the notion that leverage and growth are strongly correlated with the book value-based performance measures (Deloof, 2003 and Eljelly,2004). Real GDP growth may not affect the returns based on book values; however, investors may react positively to a positive change in the level of economic activity which is in accordance with the findings of Lamberson (1995).The above results contradict the findings of Gardner et al. (1986), Deloof (2003), Eljelly (2004) and Teruel and Solano (2005); however, they are in accordance with Afza and Nazir (2007) and produced a negative relationship between the aggressiveness of working capital policies and accounting measures of profitability. Managers cannot create value if they adopt an aggressive approach towards working capital investment and working capital financing policy. However, if firms adopt aggressive approach in managing their short-term liabilities, investors give more value to those firms. The degree of aggressiveness of working capital policies adopted helps only in creating shareholders’wealth through increased market performance, whereas accounting performance cannot be increased by being aggressive in managing the working capital requirements. The results of this study are somewhat different from those conducted in the developed economies. Pakistan is one of the emerging economies and Pakistani markets are not fully transparent and efficient to fully absorb the impact of information. The study results confirm this state of Pakistani markets.ConclusionThe present study investigates the relationship between the aggressive/conservative working capital asset management and financing polices and its impact on profitability of 204 Pakistani firms divided into 16 industrial groups by KSE for the period 1998-2005. The impact of aggressive/conservative working capital investment and the financing policies has been examined using panel data regression models between working capital policies and profitability. The study finds a negative relationship between the profitability measures of firms and degree of aggressiveness of working capital investment and financing policies. The firms report negative returns if they follow an aggressive working capital policy. These results were furthervalidated by examining the impact of aggressive working capital policies on market measures of profitability, which was not tested before. The results of Tobin’s q were in line of the accounting measures of profitability and produced almost similar results for working capital investment policy. However, investors were found giving more value to those firms that are more aggressive in managing their current liabilities.The study used a new measure of profitability, i.e., Tobin’s q and panel data regression analysis, to investigate the relationship between working capital management and firm returns in Pakistan. The findings of the present study are expected to contribute significantly to finance literature. The results of the present study are in contradiction to those of some earlier studies on the issue. This phenomenon may be attributed to the inconsistent and volatile economic conditions of Pakistan. The reasons for this contradiction may further be explored in future researches.The study also suggests some policy implications for the managers and prospective investors in the emerging market of Pakistan. Firms with more aggressive policy towards working capital may not be able to generate more profit. So, as far as the book value performance is concerned, managers cannot generate more returns on assets by following aggressive approach towards short-term assets and liabilities. On the other hand, investors are found giving more value to the firms that adopt an aggressive approach towards working capital financing policies. The market value of firms using high level of current liabilities in their financing is more than the book value. The investors believe that firms with less equity and less long-term loans would be able to perform better than the others. However, there are various other factors like agency problem which may play a pivotal role in such cases, and so these factors may further be explored in future.中文译文：激进的营运资本管理政策对企业盈利能力的影响简介企业融资文章历来侧重于研究长期财务决策，特别是投资、资本结构、股利和公司估值决策。
营运资金管理 中英双语文献
营运资金管理中英双语文献营运资金是企业用于日常运营的资金，包括现金、存货、应收账款等。
良好的营运资金管理可以确保企业正常运转和资金充足，同时还能减少财务风险和成本。
以下是关于营运资金管理的中英双语文献：1. 《营运资金管理的重要性及其对企业运营的影响》(The Importance of Working Capital Management and Its Impact on Business Operations)本文介绍了营运资金管理的概念和重要性，探讨了如何优化营运资金管理以提高企业效率和盈利能力。
2. 《营运资金管理策略的选择与实施》(Selection and Implementation of Working Capital Management Strategies) 该文讨论了不同的营运资金管理策略，并提供了实施这些策略的具体步骤和技巧，以帮助企业实现资金最大化利用。
3. 《营运资金管理与企业绩效》(Working Capital Management and Firm Performance)该研究探讨了营运资金管理与企业绩效之间的关系，并证实了营运资金管理对企业绩效的重要性。
4. 《营运资金管理中的财务风险与控制》(Financial Risk and Control in Working Capital Management)该文描述了营运资金管理中的财务风险，并提出了相应的控制措施，以帮助企业降低财务风险并增强资金管理能力。
5. 《营运资金管理中的现金流预测与控制》(Cash Flow Forecasting and Control in Working Capital Management) 本文介绍了现金流预测在营运资金管理中的重要性，并提供了现金流预测的方法和技巧，以帮助企业更好地管理资金。
以上是关于营运资金管理的中英双语文献，这些文献可以帮助企业了解营运资金管理的重要性和实施方法，提高企业的资金使用效率和管理能力。
营运管理__英文文献_对整个行业中营运资金管理的研究
An Analysis of Working Capital Management Resultsacross IndustriesGreg Filbeck and Thomas M. KruegerAbstractFirms 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. Business viability relies on the ability to effectively manage receivables, inventory, and 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 bringing non-optimal levels of current assets and liabilities back toward 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 capital management is the recurrent attention being given to the application of Six Sigma® methodology. Six Sigma® methodologies help companies measure and ensure quality in all areas of the enterprise. When used to identify and rectify discrepancies, inefficiencies and erroneous transactions in the financial supply chain. Six Sigma® reduces Days Sales Outstanding(DSO)，accelerates the payment cycle, improves customer satisfaction and reduces the necessary amount and cost of working capital needs. There appear to be many success stories, including Jennifer Towne’s (2002) report of a 15 percent decrease in days that sales are outstanding, resulting in an increased cash flow of approximately $2 million at Thibodaux Regional Medical Center. Furthermore, bad debts declined from $3.4 million to $600.000. However, Waxer’s (2003) study of multiple firms employing Six Sigma® find s that it is really a “get rich slow” technique with a rate 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 impact firm credit policy, inventory management and bill-paying activities. Some 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 performance. Fortunately, these issues are testable with data published by CFO magazine, which claims to be the source of “tools and information for the financial executive.” and are the subject of this research.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 particular industry clustered together at consistent levels of working capi tal measures?” For instance, are firms in one industry able to quickly transfer sales into cash, while firms from another industry tend to have high sales levels for the particular level of inventory. Th e other research question is “D oes working capital management performance for firms within a given industry change from year-to-year?”The following section presents a brief literature review. Next, the research 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 Literature第2页（共6页）The importance of working capital management is not new to the finance 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 corporation had been running a deficit cash flow from operations for eight of the last ten years of its corporate life. As part of a stu dy of the Fortune 500’s financial management practices, Gilbert and Reichert (1995) find that accounts receivable management models are used in 59 percent of these firms to improve working capital projects, while inventory management models were used in 60 percent of the companies. More recently, Farragher, Kleiman and Sahu (1999) find that 55 percent of firms in the S&P Industrial index complete some form of a cash flow assessment, but did not present insights regarding accounts receivable and inventory management, or the variations of any current asset accounts or liability accounts across industries. Thus, mixed evidence exists concerning the use of working capital management techniques.Theoretical determination of optimal trade credit limits are the subject of many articles over the years (e.g. Schwartz 1974; Scherr 1996) with scant attention paid to actual accounts receivable management. Across a limited sample, Weinraub and Visscher (1998) observe a tendency of firms with low levels of current ratios to also have low levels of current liabilities. Simultaneously investigating accounts receivable and payable issues. Hill·Sartoris and Ferguson (1984) find differences in the way payment dates are defined. Payees define the date of payment as the date payment is received, while payors view payment as the postmark date. Additional WCM insight across firms, industries and 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 activities. However, these models are generic models and do not consider unique 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 that company’s fortunes than ov erall GNP” (2002. 507). In fact, a careful review of this 627-page textbook finds only sporadic information on actual firm levels of WCM dimensions, virtually nothing on第3页（共6页）industry factors except for some boxed items with titles such as “Should a Retailer Offer an In-House Credit Card” (128) and nothing on WCM stability over time. This researchwill 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 very few recent reports about working capital management. The most relevant set of articles was Weisel and Bradley’s (2003) article on cash flow management and one of inventory control as a result of effective supply chain management by Hadley (2004).Research MethodThe 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 consulting firm specializing in working capital issues for its global list of clients. The original survey reports several working capital benchmarks for public companies using data for 1996. Each company is ranked against its peers and also against the entire field of 1000 companies. REL continues to update the original information on an annual basis.REL uses the “cash flow from operations” value l ocated on firm cash flow statements to estimate cash conversion efficiency (CCE). This value indicates how well a company transforms revenues into cash flow. A “days of working capital” (DWC) value is based on the dollar amount in each of the aggregate, equally-weighted receivables, inventory and payables accounts. T he “days of working capital” (D WC) represents the time period between purchases of inventory on account from vendor until the sale to the customer, the collection of the receivables and payment receipt. Thus, it reflects the company’s ability to finance its core operations with vendor credit. A detailed investigation of WCM is possible because CFO also provides firm and industry values for days sales outstanding (A/R), inventory turnover and days payables outstanding (A/P).Research Findings：Average 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,第4页（共6页）defined as cash flow from operations divided by sales and referred to as “ca sh conversion efficiency” (CCE). Averages 9.0 percent. Incorporating a 95 percent confidence interval, CCE ranges from 5.6 percent to 12.4 percent. The day’s working capital (DWC), defined as the sum of receivables and inventories 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 instances, the standard deviation is relatively small, suggesting that these working capital management variables are consistent across CFO reports.Industry Rankings on Overall Working Capital Management Performance CFO magazine provides an overall working capital ranking for firms in its survey, using the following equation: Industry-based differences in overall working capital management are presented for the twenty-six industries that had at least eight companies included in the rankings each year. In the typical year, CFO magazine ranks 970 companies during this period. Industries are listed in order of the mean overall CFO ranking of working capital performance. Since the best average ranking possible for an eight-company industry is 4.5 (this assumes that the eight companies are ranked one through eight for the entire survey). It is quite obvious that all firms in the petroleum industry must have been receiving very high overall working capital management rankings. In fact, the petroleum industry is ranked first in CCE and third in DWC (as illustrated in Table 5 and discussed later in this paper). Furthermore, the petroleum industry had the lowest standard 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 second in CCE and fourth in DWC. The two industries with the worst working capital rankings were Textiles and Apparel. Textiles rank twenty-second in CCE and twenty-sixth in DWC. The apparel industry ranks twenty-third and twenty-fourth in the two working capital measuresConclusions第5页（共6页）The research presented here is based on the annual ratings of working capital management published in CFO magazine. Our findings indicate a consistency in how industries “stack up” against each other over time with respect to the working capita l measures. However, the working capital measures themselves are not static (i.e. averages of working capital measures across all firms change annually); our results indicate significant movements across our entire sample over time. Our findings are important because they provide insight to working capital performance across time and on working capital management across industries. These changes may be in explained in part by macroeconomic factors. Changes in interest rates, rate of innovation and competition 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 ramifications of this study include the finding of distinct levels of WCM measures for different industries, which tend to be stable over time. Many factors help to explain this discovery. The improving economy during the period of the study may have resulted in improved turnover 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 improving 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 annually.Further research may take one of two lines. First, there could be a study of whether stock prices respond to CFO magazine’s publication of working cap ital management ratings. Second, there could be a study of which, if any, of the working capital management components relate to share price performance. Given our results, these studies need to take industry membership into consideration when estimating stock price reaction to working capital management performance.第6页（共6页）。
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Department of Accounting and Finance, Caleb University, Lagos, Nigeria, email: Barikem@
inventory costs, lost returns on excess cash holdings and receivables; and under investment with its attendant stock-out, illiquidity and bad debts costs; determine its working capital policies ensuring it improves corporate profitability; appraise investments in working capital using capital investment models, determining ahead the viability of such investment; and ascertain and compare working capital costs and benefits to determine the existence of gains if any before investment in the proposed working capital.
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Working capital management efficiency and corporate profitability...
2 Theoretical framework and review of literature
2.1 Theoretical framework
Working capital decisions provide a classic example of the risk-return nature of financial decision making. Increasing a firm’s net working capital, current assets less current liabilities, reduces the risk of a firm not being able to pay its bills on time. This at the same time reduces the overall profitability of the firm. Working capital management involves the risk-return trade-off: not taking additional risk unless compensated with additional returns. The existence of a firm according to Ross [25], depend on the ability of its management to manage the firm’s working capital. Working capital management involves the process of converting investment in inventories and accounts receivables into cash for the firm to use in paying its operational bills. As such, working capital management she added, is thus at the very heart of the firm’s dayto-day operating environment, and improving corporate profitability.
Michael Nwidobie Barin
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பைடு நூலகம்
Minimization of investments in these assets according to Helfert [14] relative to the level and patterns of a firm’s operations is a crucial element in the total management of operating funds. Efficiency in the management of these investments, he added, require a clear understanding of the economics of trade-off involved in it. Pandey [19] noted that excessive working capital results in unnecessary accumulation of inventories leading to inventory mishandling, wastage and theft; higher incidence of bad debts; complacency of management inefficiency; increasing speculative profit from accumulated inventories and consequent loss of profits. Inadequate working capital, he added, stagnate growth from investment capital inadequacies, increased operating inefficiencies; increased inefficiencies in the utilization of fixed assets, making operating plans implementation difficult reducing profitability. Findings from Hayajneh and Yassine [13] on Jordanian firms; Amarjit et al [1] on American firms; Samiloglu and Demirgunes [21] on Turkish firms; Vedavinayagan [24] on telecommunication firms in the United States of America; Raheman and Nasr [20] on Pakistani firms and Filbeck and Krueger [9] suggest improved corporate profitability from improved gross working capital investments. The purpose of this study is to ascertain if there exists any improvement in profitability of quoted firms in Nigeria from improved gross working capital position due to increase in liquidity for acquisition of current assets from improved access to bank finance and capital base increase of banks themselves in Nigeria.
Article Info: Received : January 6, 2012. Revised : February 24, 2012 Published online : April 15, 2012
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Working capital management efficiency and corporate profitability: Evidences from quoted firms in Nigeria
Michael Nwidobie Barine1
Abstract
Decisions relating to working capital involve managing relationships between a firm’s short-term assets and liabilities to ensure a firm is able to continue its operations, and have sufficient cash flows to satisfy both maturing short-term debts and upcoming operational expenses at minimal costs, increasing corporate profitability. Research results from compared working capital costs and returns of 22 quoted firms on the Nigerian Stock Exchange evidencing improved gross working capital positions using the difference between means show that costs of working capital exceed returns on working capital investments affecting their profitability. To redress this anomaly and improve net returns and corporate profitability from the use of working capital, quoted firms in Nigeria should optimize working capital investments to avoid over investment with its attendant