企業(yè)營(yíng)運(yùn)資金管理中英文對(duì)照外文翻譯文獻(xiàn)

中英文對(duì)照外文翻譯文獻(xiàn)(文檔含英文原文和中文翻譯)原文：EffectsOfWorkingCapitalManagementOnSmeProfitabilityThecorporatefinanceliteraturehastraditionallyfocusedonthestudyoflong-termfinancialdecisions.Researchershaveparticularlyofferedstudiesanalyzinginvestments,capitalstructure,dividendsorcompanyvaluation,amongothertopics.Buttheinvestmentthatfirmsmakeinshort-termassets,andtheresourcesusedwithmaturitiesofunderoneyear,representthemainshareofitemsonafirm’sbalancesheet.Infact,inoursamplethecurrentassetsofsmallandmedium-sizedSpanishfirmsrepresent69.48percentoftheirassets,andatthesametimetheircurrentliabilitiesrepresentmorethan52.82percentoftheirliabilities.Workingcapitalmanagementisimportantbecauseofitseffectsonthefirm’sprofitabilityandrisk,andconsequentlyitsvalue(Smith,1980).Ontheonehand,maintaininghighinventorylevelsreducesthecostofpossibleinterruptionsintheproductionprocess,oroflossofbusinessduetothescarcityofproducts,reducessupplycosts,andprotectsagainstpricefluctuations,amongotheradvantages(BlinderandManccini,1991).Ontheother,grantingtradecreditfavorsthefirm’ssalesinvariousways.Tradecreditcanactasaneffectivepricecut(Brennan,MaksimovicandZechner,1988;PetersenandRajan,1997),incentivizescustomerstoacquiremerchandiseattimesoflowdemand(Emery,1987),allowscustomerstocheckthatthemerchandisetheyreceiveisasagreed(quantityandquality)andtoensurethattheservicescontractedarecarriedout(Smith,1987),andhelpsfirmstostrengthenlong-termrelationshipswiththeircustomers(Ng,SmithandSmith,1999).However,firmsthatinvestheavilyininventoryandtradecreditcansufferreducedprofitability.Thus,thegreatertheinvestmentincurrentassets,thelowertherisk,butalsothelowertheprofitabilityobtained.Ontheotherhand,tradecreditisaspontaneoussourceoffinancingthatreducestheamountrequiredtofinancethesumstiedupintheinventoryandcustomeraccounts.Butweshouldbearinmindthatfinancingfromsupplierscanhaveaveryhighimplicitcostifearlypaymentdiscountsareavailable.Infacttheopportunitycostmayexceed20percent,dependingonthediscountpercentageandthediscountperiodgranted(Wilner,2000;Ng,SmithandSmith,1999).Inthisrespect,previousstudieshaveanalyzedthehighcostoftradecredit,andfindthatfirmsfinancethemselveswithsellercreditwhentheydonothaveothermoreeconomicsourcesoffinancingavailable(PetersenandRajan,1994and1997).Decisionsabouthowmuchtoinvestinthecustomerandinventoryaccounts,andhowmuchcredittoacceptfromsuppliers,arereflectedinthefirm’scashconversioncycle,whichrepresentstheaveragenumberofdaysbetweenthedatewhenthefirmmuststartpayingitssuppliersandthedatewhenitbeginstocollectpaymentsfromitscustomers.Somepreviousstudieshaveusedthismeasuretoanalyzewhethershorteningthecashconversioncyclehaspositiveornegativeeffectsonthefirm’sprofitability.Specifically,ShinandSoenen(1998)analyzetherelationbetweenthecashconversioncycleandprofitabilityforasampleoffirmslistedontheUSstockexchangeduringtheperiod1974-1994.Theirresultsshowthatreducingthecashconversioncycletoareasonableextentincreasesfirms’profitability.Morerecently,Deloof(2003)analyzesasampleoflargeBelgianfirmsduringtheperiod1992-1996.HisresultsconfirmthatBelgianfirmscanimprovetheirprofitabilitybyreducingthenumberofdaysaccountsreceivableareoutstandingandreducinginventories.Moreover,hefindsthatlessprofitablefirmswaitlongertopaytheirbills.Thesepreviousstudieshavefocusedtheiranalysisonlargerfirms.However,themanagementofcurrentassetsandliabilitiesisparticularlyimportantinthecaseofsmallandmedium-sizedcompanies.Mostofthesecompanies’assetsareintheformofcurrentassets.Also,currentliabilitiesareoneoftheirmainsourcesofexternalfinanceinviewoftheirdifficultiesinobtainingfundinginthelong-termcapitalmarkets(PetersenandRajan,1997)andthefinancingconstraintsthattheyface(Whited,1992;FazzariandPetersen,1993).Inthisrespect,ElliehausenandWoken(1993),PetersenandRajan(1997)andDanielsonandScott(2000)showthatsmallandmedium-sizedUSfirmsusevendorfinancingwhentheyhaverunoutofdebt.Thus,efficientworkingcapitalmanagementisparticularlyimportantforsmallercompanies(PeelandWilson,1996).Inthiscontext,theobjectiveofthecurrentworkistoprovideempiricalevidenceabouttheeffectsofworkingcapitalmanagementonprofitabilityforapanelmadeupof8,872SMEsduringtheperiod1996-2002.Thisworkcontributestotheliteratureintwoways.First,noprevioussuchevidenceexistsforthecaseofSMEs.WeuseasampleofSpanishSMEsthatoperatewithintheso-calledcontinentalmodel,whichischaracterizedbyitslessdevelopedcapitalmarkets(LaPorta,López-de-Silanes,Shleifer,andVishny,1997),andbythefactthatmostresourcesarechanneledthroughfinancialintermediaries(Pampillón,2000).AllthissuggeststhatSpanishSMEshavefeweralternativesourcesofexternalfinanceavailable,whichmakesthemmoredependentonshort-termfinanceingeneral,andontradecreditinparticular.AsDemirguc-KuntandMaksimovic(2002)suggest,firmsoperatingincountrieswithmoredevelopedbankingsystemsgrantmoretradecredittotheircustomers,andatthesametimetheyreceivemorefinancefromtheirownsuppliers.Thesecondcontributionisthat,unlikethepreviousstudiesbyShinandSoenen(1998)andDeloof(2003),inthecurrentworkwehaveconductedtestsrobusttothepossiblepresenceofendogeneityproblems.Theaimistoensurethattherelationshipsfoundintheanalysiscarriedoutareduetotheeffectsofthecashconversioncycleoncorporateprofitabilityandnotviceversa.Ourfindingssuggestthatmanagerscancreatevaluebyreducingtheirfirm’snumberofdaysaccountsreceivableandinventories.Similarly,shorteningthecashconversioncyclealsoimprovesthefirm’sprofitability.WeobtainedthedatausedinthisstudyfromtheAMADEUSdatabase.ThisdatabasewasdevelopedbyBureauvanDijk,andcontainsfinancialandeconomicdataonEuropeancompanies.Thesamplecomprisessmallandmedium-sizedfirmsfromSpain.TheselectionofSMEswascarriedoutaccordingtotherequirementsestablishedbytheEuropeanCommission’srecommendation96/280/CEof3April,1996,onthedefinitionofsmallandmedium-sizedfirms.Specifically,weselectedthosefirmsmeetingthefollowingcriteriaforatleastthreeyears:a)havefewerthan250employees;b)turnoverlessthan€40million;andc)possesslessthan€27millionoftotalassets.Inadditiontotheapplicationofthoseselectioncriteria,weappliedaseriesoffilters.Thus,weeliminatedtheobservationsoffirmswithanomaliesintheiraccounts,suchasnegativevaluesintheirassets,currentassets,fixedassets,liabilities,currentliabilities,capital,depreciation,orinterestpaid.Weremovedobservationsofentryitemsfromthebalancesheetandprofitandlossaccountexhibitingsignsthatwerecontrarytoreasonableexpectations.Finally,weeliminated1percentoftheextremevaluespresentedbyseveralvariables.Asaresultofapplyingthesefilters,weendedupwithasampleof38,464observations.Inordertointroducetheeffectoftheeconomiccycleonthelevelsinvestedinworkingcapital,weobtainedinformationabouttheannualGDPgrowthinSpainfromEurostat.Inordertoanalyzetheeffectsofworkingcapitalmanagementonthefirm’sprofitability,weusedthereturnonassets(ROA)asthedependentvariable.Wedefinedthisvariableastheratioofearningsbeforeinterestandtaxtoassets.Withregardstotheindependentvariables,wemeasuredworkingcapitalmanagementbyusingthenumberofdaysaccountsreceivable,numberofdaysofinventoryandnumberofdaysaccountspayable.Inthisrespect,numberofdaysaccountsreceivable(AR)iscalculatedas365×[accountsreceivable/sales].Thisvariablerepresentstheaveragenumberofdaysthatthefirmtakestocollectpaymentsfromitscustomers.Thehigherthevalue,thehigheritsinvestmentinaccountsreceivable.Wecalculatedthenumberofdaysofinventory(INV)as365×[inventories/purchases].Thisvariablereflectstheaveragenumberofdaysofstockheldbythefirm.Longerstoragetimesrepresentagreaterinvestmentininventoryforaparticularlevelofoperations.Thenumberofdaysaccountspayable(AP)reflectstheaveragetimeittakesfirmstopaytheirsuppliers.Wecalculatedthisas365×[accountspayable/purchases].Thehigherthevalue,thelongerfirmstaketosettletheirpaymentcommitmentstotheirsuppliers.Consideringthesethreeperiodsjointly,weestimatedthecashconversioncycle(CCC).Thisvariableiscalculatedasthenumberofdaysaccountsreceivableplusthenumberofdaysofinventoryminusthenumberofdaysaccountspayable.Thelongerthecashconversioncycle,thegreaterthenetinvestmentincurrentassets,andhencethegreatertheneedforfinancingofcurrentassets.Togetherwiththesevariables,weintroducedascontrolvariablesthesizeofthefirm,thegrowthinitssales,anditsleverage.Wemeasuredthesize(SIZE)asthelogarithmofassets,thesalesgrowth(SGROW)as(Sales1–Sales0)/Sales0,theleverage(DEBT)astheratioofdebttoliabilities.Dellof(2003)inhisstudyoflargeBelgianfirmsalsoconsideredtheratiooffixedfinancialassetstototalassetsasacontrolvariable.Forsomefirmsinhisstudysuchassetsareasignificantpartoftotalassets.HoweverourstudyfocusesonSMEswhosefixedfinancialassetsarelessimportant.Infact,companiesinoursampleinvestlittleinfixedfinancialassets(ameanof3.92percent,butamedianof0.05percent).Nevertheless,theresultsremainunalteredwhenweincludethisvariable.Furthermore,andsincegoodeconomicconditionstendtobereflectedinafirm’sprofitability,wecontrolledfortheevolutionoftheeconomiccycleusingthevariableGDPGR,whichmeasurestheannualGDPgrowth.Currentassetsandliabilitieshaveaseriesofdistinctcharacteristicsaccordingtothesectorofactivityinwhichthefirmoperates.Thus,TableIreportsthereturnonassetsandnumberofdaysaccountsreceivable,daysofinventory,anddaysaccountspayablebysectorofactivity.Theminingindustryandservicessectorarethetwosectorswiththehighestreturnontheirassets,withavalueof10percent.Firmsthatarededicatedtoagriculture,trade(wholesaleorretail),transportandpublicservices,aresomewaybehindat7percent.Withregardtotheaverageperiodsbysector,wefind,aswewouldexpect,thatthefirmsdedicatedtotheretailtrade,withanaverageperiodof38days,takeleasttimetocollectpaymentsfromtheircustomers.Constructionsectorfirmsgranttheircustomersthelongestperiodinwhichtopay–morethan145days.Next,wefindminingsectorfirms,withanumberofdaysaccountsreceivableof116days.Wealsofindthatinventoryisstoredlongestinagriculture,whilestocksarestoredleastinthetransportandpublicservicessector.Inrelationtothenumberofdaysaccountspayable,retailers(56days)followedbywholesalers(77days)paytheirsuppliersearliest.Firmsaremuchslowerintheconstructionandminingsectors,takingmorethan140daysonaveragetopaytheirsuppliers.However,aswehavementioned,thesefirmsalsogranttheirowncustomersthemosttimetopaythem.Consideringalltheaverageperiodstogether,wenotethatthecashconversioncycleisnegativeinonlyonesector–thatoftransportandpublicservices.Thisisexplainedbytheshortstoragetimeshabitualinthissector.Inthisrespect,agriculturalandmanufacturingfirmstakethelongesttimetogeneratecash(95and96days,respectively),andhenceneedthemostresourcestofinancetheiroperationalfundingrequirements.TableIIoffersdescriptivestatisticsaboutthevariablesusedforthesampleasawhole.Thesearegenerallysmallfirms,withmeanassetsofmorethan€6million;theirreturnonassetsisaround8percent;theirnumberofdaysaccountsreceivableisaround96days;andtheirnumberofdaysaccountspayableisverysimilar:around97days.Togetherwiththis,thesamplefirmshaveseentheirsalesgrowbyalmost13percentannuallyonaverage,and24.74percentoftheirliabilitiesistakenupbydebt.Intheperiodanalyzed(1996-2002)theGDPhasgrownatanaveragerateof3.66percentinSpain.Source:PedroJuanGarcía-TeruelandPedroMartínez-Solano,2006.“EffectsofWorkingCapitalManagementonSMEProfitability”.InternationalJournalofManagerialFinance,vol.3,issue2,April,pages164-167.譯文：營(yíng)運(yùn)資金管理對(duì)中小企業(yè)的盈利能力的影響公司理財(cái)著作歷來(lái)把注意力集中在了長(zhǎng)期財(cái)務(wù)決策研究，研究者詳細(xì)的提供了投資決策分析、資本結(jié)構(gòu)、股利分配或公司估值等主題的研究，但是企業(yè)投資形成的短期資產(chǎn)和以一年內(nèi)到期方式使用的資源，表現(xiàn)為公司資產(chǎn)負(fù)債表的有關(guān)下昂目的主要部分。實(shí)際上，在我們抽樣調(diào)查的中小型西班牙企業(yè)的流動(dòng)資產(chǎn)占他們總資產(chǎn)的69.48%，同時(shí)他們的流動(dòng)負(fù)債同時(shí)占到他們的負(fù)債總額的52.82%。營(yíng)運(yùn)資金管理之所以重要是因?yàn)樗鼤?huì)影響到公司的收益與風(fēng)險(xiǎn)水平以及公司價(jià)值（史密斯，1980）。一方面，維持較高的庫(kù)存水平可以降低生產(chǎn)過(guò)程中的中斷產(chǎn)生的成本的可能性，或減少了企業(yè)因產(chǎn)品的稀缺造成的商業(yè)損失，降低供應(yīng)成本并使價(jià)格免受波動(dòng)影響等優(yōu)勢(shì)（布林德和曼克思尼，1991）。另一方面，公司以各種方式授予的商業(yè)信用有利于公司的銷(xiāo)售。信用交易可以充當(dāng)一種有效的降價(jià)手段（布倫南，馬科斯毛維克和則遲勒，1988年；彼得森和納簡(jiǎn)，1997），在需求緊縮的時(shí)期可以激勵(lì)客戶(hù)增加商品需求（艾莫瑞，1987）。允許客戶(hù)檢查他們收到的商品是否符合約定數(shù)量和質(zhì)量，并確保服務(wù)合同有效執(zhí)行（史密斯，1987），并幫助企業(yè)加強(qiáng)了與他們的客戶(hù)之間的長(zhǎng)期合作關(guān)系（史密斯，1999）。然而,大力投資于公司庫(kù)存及貿(mào)易信貸可能會(huì)減少利潤(rùn)。可以這樣說(shuō)，投資于流動(dòng)資產(chǎn)越多，企業(yè)面臨的風(fēng)險(xiǎn)越低，而企業(yè)所獲得的利潤(rùn)也就越低。另一方面，商業(yè)信用是一種自發(fā)性的資金來(lái)源，降低了所需的經(jīng)費(fèi)綁定在存貨和客戶(hù)帳戶(hù)的款項(xiàng)。不過(guò)，我們應(yīng)該認(rèn)識(shí)到如果提前付款可享受折扣，從供應(yīng)商的獲得融資其隱性成本非常高。事實(shí)上機(jī)會(huì)成本可能超過(guò)20%,這取決于折扣比例和折扣期限（維爾納和史密斯，1999)。在這方面，過(guò)去的研究已經(jīng)分析了貿(mào)易信貸成本高，發(fā)現(xiàn)只有當(dāng)他們自己沒(méi)有其他可提供更多的資金來(lái)源融資渠道時(shí)公司才會(huì)與賣(mài)方信貸融資（彼得森和納簡(jiǎn)，1994年和1997年）。決定投資多少在存貨和客戶(hù)帳戶(hù)，接受多少來(lái)自于供應(yīng)商的信貸，已反映在公司的現(xiàn)金轉(zhuǎn)換周期上，它表示從公司必須開(kāi)始支付其供應(yīng)商的日期開(kāi)始時(shí)到收到客戶(hù)的款項(xiàng)之間的平均天數(shù)。以前的一些研究已經(jīng)采用這種方式分析縮短現(xiàn)金轉(zhuǎn)換周期對(duì)公司的盈利能力的積極或消極的影響。具體來(lái)說(shuō)，施尼和索能(1998)分析了1974年至1994年期間在美國(guó)證券交易所上市股票的樣本的現(xiàn)金轉(zhuǎn)換周期和盈利能力，他們的研究結(jié)果顯示，在合理范圍內(nèi)減少現(xiàn)金轉(zhuǎn)換周期可以增加企業(yè)的盈利能力。最近，迪羅夫（2003）分析了1992-1996年期間的一些比利時(shí)的大公司，他的研究結(jié)果證實(shí)，比利時(shí)企業(yè)通過(guò)減少應(yīng)收賬款的天數(shù)使他們的盈利能力非常優(yōu)秀并且減少了庫(kù)存。此外，他發(fā)現(xiàn)利潤(rùn)較少的企業(yè)需要更長(zhǎng)的時(shí)間來(lái)支付款項(xiàng)。這些以前的研究都集中在大型企業(yè)的分析，然而，目前的流動(dòng)資產(chǎn)和負(fù)債管理對(duì)小型和中型公司而言也是十分重要的。這些公司的資產(chǎn)大多以流動(dòng)性資產(chǎn)的形式存在。另外，考慮到他們?cè)陂L(zhǎng)期資本市場(chǎng)上籌資的困難（彼得森和瑞簡(jiǎn)，1997）以及他們所面臨的融資約束(懷特德，1992；法然瑞和彼得森，1993)，流動(dòng)負(fù)債成為他們主要的資金來(lái)源。在這方面，艾利豪森和沃肯（1993），彼得森和納簡(jiǎn)（1997）和丹尼爾森和斯科特（2000）表示，美國(guó)小型和中型公司當(dāng)他們已經(jīng)還清債還清債務(wù)時(shí)會(huì)利用賣(mài)方進(jìn)行融資。因此，高效的營(yíng)運(yùn)資金管理對(duì)規(guī)模較小的公司特別重要（皮爾和威爾森，1996）。在此背景下，當(dāng)前工作的目標(biāo)是通過(guò)對(duì)1996年到2002期間的8872家中小型企業(yè)營(yíng)運(yùn)資金管理對(duì)其盈利能力的影響的研究得出實(shí)證性證據(jù)，這項(xiàng)工作有兩個(gè)方面的貢獻(xiàn)。首先，以前沒(méi)有這樣的證據(jù)存在于中小企業(yè)的案件分析中。我們使用的西班牙中小企業(yè)的樣本，他們的經(jīng)營(yíng)采用的是所謂的以欠發(fā)達(dá)的資本市場(chǎng)為特點(diǎn)的歐洲模式（拉頗特，洛佩茲德賽南斯,施萊弗和威施尼，1997），并且事實(shí)上大多數(shù)籌資來(lái)源于金融中介機(jī)構(gòu)（帕姆皮隆，2000）。這些都表明西班牙中小企業(yè)的可選擇的外部有效地融資渠道很少，這使得他們更多的依賴(lài)短期融資，特別是商業(yè)信用。正如德米庫(kù)克·昆特和馬科斯毛維克（2002）所說(shuō)的，企業(yè)在有著比較發(fā)達(dá)的銀行系統(tǒng)的國(guó)家經(jīng)營(yíng)會(huì)給予更多的商業(yè)信用給他們的客戶(hù)，并且與此同時(shí)，他們從他們自己的供應(yīng)商那里獲得更多的資金。第二個(gè)貢獻(xiàn)是，不同于施尼和索能（1998）和迪羅夫（2003）以往的研究，當(dāng)前的工作我們已經(jīng)測(cè)試出了可能存在的內(nèi)生性問(wèn)題，其目的是確保在分析中發(fā)現(xiàn)是因?yàn)楝F(xiàn)金轉(zhuǎn)換周期影響公司盈利能力而不是反過(guò)來(lái)。我們的研究結(jié)果表明，管理者可以通過(guò)減少其公司的應(yīng)收賬款和庫(kù)存的周轉(zhuǎn)天數(shù)可以為公司創(chuàng)造價(jià)值。同樣，縮短資金周轉(zhuǎn)周期也可以提高公司的盈利能力。我們從AMADEUS數(shù)據(jù)庫(kù)中得到了這項(xiàng)研究所需要的數(shù)據(jù)，這個(gè)數(shù)據(jù)庫(kù)由布魯范迪克進(jìn)行了升級(jí)，包含了歐洲公司的財(cái)務(wù)和經(jīng)濟(jì)數(shù)據(jù)。樣本包括來(lái)自西班牙的小型和中型公司，中小企業(yè)的選擇主要是根據(jù)歐盟委員會(huì)在1996年4月3日依據(jù)96/280/CE的規(guī)定對(duì)小型和中型公司的定義。具體來(lái)說(shuō)，我們選擇了的公司至少三年應(yīng)符合下列條件：第一，少于250名員工；第二，營(yíng)業(yè)額少于40萬(wàn)歐元；第三，總資產(chǎn)不少于27萬(wàn)歐元。除了這些選擇標(biāo)準(zhǔn)的應(yīng)用，我們還設(shè)置了一系列的過(guò)濾條件。因此，我們剔除了他們的帳戶(hù)的異?，F(xiàn)象，如負(fù)異常值的資產(chǎn)、流動(dòng)資產(chǎn)、固定資產(chǎn)、負(fù)債、流動(dòng)負(fù)債、資本、折舊或利息支付。我們會(huì)剔除一些會(huì)直接導(dǎo)致資產(chǎn)負(fù)債表和損益表表現(xiàn)出的與合