營(yíng)運(yùn)資金管理外文文獻(xiàn)翻譯

文獻(xiàn)出處：Enqvist,Julius,MichaelGraham,andJussiNikkinen."Theimpactofworkingcapitalmanagementonfirmprofitabilityindifferentbusinesscycles:evidencefromFinland."ResearchinInternationalBusinessandFinance32(2014):36-49.原文Theimpactofworkingcapitalmanagementonfirmprofitabilityindifferentbusinesscycles:EvidencefromFinland1.IntroductionThispaperinvestigatestheeffectofthebusinesscycleonthelinkbetweenworkingcapital,thedifferencebetweencurrentassetsandcurrentliabilities,andcorporateperformance.Efficientworkingcapitalmanagementisrecognizedasanimportantaspectoffinancialmanagementpracticesinallorganizationalforms.Inacknowledgementofthisimportance,theCFOMagazinepublishesanannualstudyofcorporateworkingcapitalmanagementperformanceinmanycountries.Theextensiveliteratureindicatesthatitimpactsdirectlyoncorporateliquidity(Kimetal.,1998andOpleretal.,1999),profitability(e.g.,ShinandSoenen,1998,Deloof,2003,LazaridisandTryfonidis,2006andUkaegbu,2014),andsolvency(e.g.,Berryman,1983andPeelandWilson,1994).Itisreasonabletoassumethateconomy-widefluctuationsexogenoustotheoperationsofthefirmplayanimportantroleinthedemandforfirms’productsandanyfinancingdecision.KorajczykandLevy(2003),forinstance,suggestthatfirmstimedebtissuancebasedoneconomicconditions.Also,giventhatretainedearningsareasignificantcomponentofworkingcapital,businesscyclescanbesaidtoaffectallenterprisesfinancingsourcethroughitseffectoneconomicgrowthandsales.Forexample,whencompanysalesweakenitengendersearningdeclines,thereby,affectinganimportantsourceofworkingcapital.Therecentglobaleconomicdownturnwithcrimpingconsumerdemandisanexcellentexampleofthis.Thecrisis,characterizedbyplummetingsales,putasqueezeoncorporaterevenuesandprofitmargins,andsubsequently,workingcapitalrequirements.Thishasbroughtrenewedfocusonworkingcapitalmanagementatcompaniesallovertheworld.Theliteratureonworkingcapital,however,onlyincludesahandfulofstudiesexaminingtheimpactofthebusinesscycleonworkingcapital.AnearlystudybyMervilleandTavis(1973)examinedtherelationshipbetweenfirmworkingcapitalpoliciesandbusinesscycle.Morerecentstudieshaveinvestigatedthedegreetowhichfirms’relianceonbankborrowingtofinanceworkingcapitaliscyclical(EinarssonandMarquis,2001),thesignificanceoffirms’externaldependenceforfinancingneedsonthelinkbetweenindustrygrowthandbusinessthecycleintheshortterm(BraunandLarrain,2005),andtheinfluenceofbusinessindicatorsonthedeterminantsofworkingcapitalmanagement(Chiouetal.,2006).Thesestudieshaveindependentlylinkedworkingcapitaltocorporateprofitabilityandthebusinesscycle.Nostudy,tothebestofourknowledge,hasexaminedthesimultaneousworkingcapital-profitabilityandbusinesscycleeffects.Thereisthereforeasubstantialgapintheliteraturewhichthispaperseekstofill.Firmsmayhaveanoptimallevelofworkingcapitalthatmaximizestheirvalue.However,optimallevelsmaychangetoreflectbusinessconditions.Consequently,wecontributetotheliteraturebyre-examiningtherelationshipbetweenworkingcapitalmanagementandcorporateprofitabilitybyinvestigatingtherolebusinesscycleplaysinthisrelationship.WeinvestigatethisimportantrelationshipusingasampleoffirmslistedontheHelsinkiStockExchangeandanextendedstudyperiodof18years,between1990and2008.Finnishfirmstendtoreactstronglytochangesinthebusinesscycle,acharacteristicthatcanbeobservedfromthevolatilityoftheNasdaqOMXHelsinkistockindex.Theindexusuallydeclinesquicklyinpooreconomicstates,butalsomakesfastrecoveries.Finland,therefore,presentsanexcellentrepresentativeexampleofhowtheworkingcapital-profitabilityrelationshipmaychangeindifferenteconomicstates.ThechoiceofFinlandisalsosignificantasitalsooffersarepresentativeNordicperspectiveofthisimportantworkingcapital-profitabilityrelationship.Hithertonoacademicstudyhasexaminedtheworkingcapital-profitabilityrelationshipintheNordicregion,tothebestofourknowledge.SurveysonworkingcapitalmanagementintheNordicregioncarriedoutbyDanskeBankandErnst&Youngin2009show,however,thatmanycompaniesratedtheirworkingcapitalmanagementperformanceasaverage,withagrowingfocusonoptimizingworkingcapitalinthefuture.Thesurveysare,however,silentonhowthisaverageperformanceaffectedprofitability.Thisgivesfurtherimpetusforourstudy.Ourresultspointtoanumberofinterestingfindings.First,wefindthatfirmscanenhancetheirprofitabilitybyincreasingworkingcapitalefficiency.ThisisasignificantresultbecausemanyNordicfirmsfindithardtoturngoodpolicyintentionsonworkingcapitalmanagementintoreality(ErnstandYoung,2009).Economically,firmsmaygainbypayingincreasingattentiontoefficientworkingcapitalpractices.Ourempiricalfinding,therefore,shouldmotivatefirmstoimplementnewworkprocessesasamatterofnecessity.Wealsofoundthatworkingcapitalmanagementisrelativelymoreimportantinloweconomicstatesthanintheeconomicboomstate,implyingworkingcapitalmanagementshouldbeincludedinfirms’financialplanning.ThisfindingcorroboratesevidencefromthesurveyresultsintheNordicregion.Specifically,thesurveyresultsbyErnstandYoung(2009)indicatethatthelargestpotentialforimprovementinworkingcapitalcouldbefoundwithintheoptimizationofinternalprocesses.Thissuggeststhatthisareaisnotprioritizedintimesofbusinessgrowthwhichistypicalofthegeneraleconomicexpansionperiodsandisexposedineconomicdownturns.Theremainderofthispaperisorganizedasfollows:Section2presentsabriefreviewoftheliteraturepresentsthehypothesesforempiricaltesting.Sections3and4discussdataandmodelstobeestimated.TheempiricalresultsarepresentedinSection5andSection6concludes.2.Relatedliteratureandhypotheses2.1.LiteraturereviewManyfirmshaveinvestedsignificantamountsinworkingcapitalandanumberofstudieshaveexaminedthedeterminantsofthisinvestment.ForexampleKimetal.(1998)andOpleretal.(1999),Chiouetal.(2006)andD’Melloetal.(2008)findthattheavailabilityofexternalfinancingisadeterminantofliquidity.Thusrestrictedaccesstocapitalmarketsrequiresfirmstoholdlargercashreserves.Otherstudiesshowthatfirmswithweakercorporategovernancestructuresholdsmallercashreserves(Harfordetal.,2008).Furthermorefirmswithexcesscashholdingaswellasweakshareholderrightsundertakemoreacquisitions.Howeverthereisahigherlikelihoodofvalue-decreasingacquisitions(Harford,1999).KieschnickandLaplante(2012)provideevidencelinkingworkingcapitalmanagementtoshareholderwealth.Theyfindthattheincrementaldollarinvestedinnetoperatingcapitalislessvaluablethantheincrementaldollarheldincashfortheaveragefirm.Thefindingsreportedinthepaperfurthersuggestthatthevaluationoftheincrementaldollarinvestedinnetoperatingworkingissignificantlyinfluencedbyafirm'sfuturesalesexpectations,itsdebtload,itsfinancialconstraints,anditsbankruptcyrisk.Furtherthevalueoftheincrementaldollarextendedincredittoone'scustomershasagreatereffectonshareholderwealththantheincrementaldollarinvestedininventoriesfortheaveragefirm.Takentogethertheresultsindicatethesignificanceofworkingcapitalmanagementtothefirm'sresidualclaimants,andhowfinancingimpactstheseeffects.Athinthreadoftheliteraturelinksbusinesscyclestoworkingcapital.Inatheoreticalmodel,MervilleandTavis(1973)positthatinvestmentandfinancingdecisionsrelatingtoworkingcapitalshouldbemadeinchorusascomponentsofeachimpactontheoptimalpoliciesoftheothers.Theoptimalworkingcapitalpolicyofthefirmis,therefore,madewithinasystemscontext,componentsofwhicharerelatedspatiallyovertimeinachance-constrainedformat.Uncertaintyinthewiderbusinessenvironmentdirectlyaffectsthesystem.Forexample,shortrundemandfluctuationsdisruptanticipatedincomingcashflows,andthecollectionofreceivablesfacesincreaseduncertainty.Themodelprovidesastructureenablingcorporatemanagerstosolvecomplexinventoryandcreditpoliciesforshorttermfinancialplanning.Inanempiricalstudy,EinarssonandMarquis(2001)findthatthedegreetowhichcompaniesrelyonbankfinancingtocovertheirworkingcapitalrequirementsintheU.S.iscountercyclical;itincreasesasthestateoftheeconomyweakens.Furthermore,BraunandLarrain(2005)findthathighworkingcapitalrequirementsareakeydeterminantofabusiness5dependenceonexternalfinancing.Theyshowthatfirmsthatarehighlydependentonexternalfinancingaremoreaffectedbyrecessions,andshouldtakemoreprecautionsinpreparingfordeclinesintheeconomicenvironment,includingensuringasecurelevelofworkingcapitalreservesduringtimesofcrisis.Additionally,Chiouetal.(2006)recognizetheimportanceofthestateoftheeconomyandincludesbusinessindicatorsintheirstudyofworkingcapitaldeterminants.Theyfindapositiverelationshipbetweenbusinessindicatorandworkingcapitalrequirements.Therelationshipbetweenprofitabilityandworkingcapitalmanagementinvariousmarketshasalsoattractedintenseinterest.Inacomprehensivestudy,ShinandSoenen(1998)documentastronginverserelationshipbetweenworkingcapitalefficiencyandprofitabilityacrossU.S.industries.ThisinverserelationshipissupportedbyDeloof(2003),LazaridisandTryfonidis(2006),andGarcia-TeruelandMartinez-Solano(2007)forBelgiannon-financialfirms,Greeklistedfirms,andSpanishsmallandmediumsizeenterprises(SME),respectively.Thereare,however,significantdivergencesintheresultsrelatingtotheeffectofthevariouscomponentsofworkingcapitalonprofitability.Forexample,whereasDeloof(2003)findanegativeandstatisticallysignificantrelationshipbetweenaccountpayableandprofitability,Garcia-TeruelandMartinez-Solano(2007)findnosuchmeasurableinfluencesinasampleofSpanishSMEs.2.2.HypothesesdevelopmentThecashconversioncycle(CCC),ausefulandcomprehensivemeasureofworkingcapitalmanagement,hasbeenwidelyusedintheliterature(seeforexampleDeloof,2003andGilletal.,2010).TheCCC,measuredindays,isthelengthoftimebetweenacompany'sexpenditurefortheprocurementofrawmaterialsandthecollectionofsalesoffinishedgoods.Weadoptthisasourmeasureofworkingcapitalmanagementinthisstudy.PreviousstudieshaveestablishedalinkbetweenprofitabilityandtheCCCindifferentcountriesandmarketsegments.EfficientworkingcapitalmanagementpracticesaimstoshortentheCCCtooptimizetolevelsthatbestsuitestherequirementsofthespecificcompany(Hager,1976).AshortCCCindicatesquickcollectionofreceivablesanddelaysinpaymentstosuppliers.Thisisassociatedwithprofitabilitygiventhatitimprovescorporateefficiencyinitsuseofworkingcapital.Deloof(2003),however,positsthatlowinventorylevels,tighttradecreditpoliciesandutilizingobtainedtradecreditasameansoffinancingcanincreaserisksofinventorystock-outs,decreasesalesstimulantsandincreaseaccountspayablecostsbyforgoinggivencashdiscounts.Managersmust,therefore,alwaysconsiderthetradeoffbetweenliquidityandprofitabilitywhenmanagingworkingcapital.Afasterriseinthecostofhigherinvestmentinworkingcapitalrelativetothebenefitsofholdingmoreinventoriesand/orgrantingtradecredittocustomersmayleadtodecreaseincorporateprofitability.Deloof(2003),Wang(2002),LazaridisandTryfonidis(2006),andGilletal.(2010)allproposeanegativerelationshipbetweenthecashconversioncycleandcorporateprofitability.Followingthis,weproposeageneralhypothesisstatingtheexpectednegativerelationshipbetweenthecashconversioncycleandcorporateprofitability:6.ConclusionsWorkingcapital,thedifferencebetweencurrentassetsandcurrentliabilities,isusedtofundabusiness5dailyoperationsduetothetimelagbetweenbuyingrawmaterialsforproductionandreceivingfundsfromthesaleofthefinalproduct.Withvastamountsinvestedinworkingcapital,itcanbeexpectedthatthemanagementoftheseassetswouldsignificantlyaffecttheprofitabilityofacompany.Consequently,companiesstrivetoachieveoptimizelevelsofworkingcapitalbypayingbillsaslateaspossible,turningoverinventoriesquickly,andcollectingonaccountreceivablesquickly.Theoptimallevel,though,mayvarytoreflectbusinessconditions.Thisstudyexaminestherolebusinesscycleplaysintheworkingcapital-corporateprofitabilityrelationshipusingasampleofFinnishlistedcompaniesfromyears1990to2008.Weutilizethecashconversioncycle(CCC),definedasthelengthoftimebetweenacompany'sexpenditurefortheprocurementofrawmaterialsandthecollectionofsalesoffinishedgoods,asourmeasureofworkingcapital.Wefurthermakeuseof2measuresofprofitability,returnonassetsandgrossoperatingincome.

Wedocumentanegativerelationshipbetweencashconversioncycleandcorporateprofitability.Ourresultsalsoshowthatcompaniescanachievehigherprofitabilitylevelsbymanaginginventoriesefficientlyandloweringaccountsreceivablecollectiontimes.Furthermoreshorteraccountpayablecyclesenhancecorporateprofitability.Theseresults,whichlargelymirrorfindingsfromothercountries,indicateeffectivemanagementoffirm'stotalworkingcapitalaswellasitsindividualcomponentshasasignificanteffectoncorporateprofitabilitylevels.Ourresultsalsoshowthateconomicconditionsexhibitmeasurableinfluencesontheworkingcapital-profitabilityrelationship.Theloweconomicstateisgenerallyfoundtohavenegativeeffectsoncorporateprofitability.Inparticular,wefindthattheimpactofefficientworkingcapital(CCC)onoperationalprofitabilityincreasesineconomicdownturns.Wealsofindthattheimpactofefficientinventorymanagementandaccountsreceivablesconversionperiods,subsetsofCCC,onprofitabilityincreaseineconomicdownturns.Overalltheresultsindicatethatinvestinginworkingcapitalprocessesandincorporatingworkingcapitalefficiencyintoeverydayroutinesisessentialforcorporateprofitability.Asaresult,firmsshouldincludeworkingcapitalmanagementintheirfinancialplanningprocesses.Additionally,firmsgenerateincomeandemployment.Thereduceddemandineconomicdownturnsdepletesworkingcapitaloffirmsandthreatenstheirstabilityand,implicitly,theirimportantfunctionasgeneratorsofemploymentandincome.Nationaleconomicpolicyaimedatboostingcashflowsoffirmsmayincreasebusinessabilitytofinanceworkingcapitalinternally,especiallyduringeconomicdownturns.譯文營(yíng)運(yùn)資金管理對(duì)不同商業(yè)周期公司盈利能力的影響:III證據(jù)來(lái)自芬蘭1.引言本文研究商業(yè)周期與營(yíng)運(yùn)資本兩者之間的聯(lián)系，流動(dòng)資產(chǎn)和流動(dòng)負(fù)債之間的區(qū)別，以及公司業(yè)績(jī)問(wèn)題。有效的營(yíng)運(yùn)資金管理被認(rèn)為是財(cái)務(wù)管理實(shí)踐所有組織形式的一個(gè)重要方面。認(rèn)識(shí)到這一重要性，首席財(cái)務(wù)官雜志出版了關(guān)于許多國(guó)家企業(yè)營(yíng)運(yùn)資金管理績(jī)效的研究。大量文獻(xiàn)表明，它直接影響企業(yè)的流動(dòng)性（金姆,1998年,奧普萊，1999），盈利能力（利索能，1998年，帕斯卡爾，2003年，拉扎里迪斯,2006年，尤格布,2014年），和償付能力（貝麗曼，1983年，皮爾和威爾遜，1994）。合理假設(shè)在整個(gè)經(jīng)濟(jì)波動(dòng)期，公司運(yùn)營(yíng)對(duì)公司產(chǎn)品需求和融資決策發(fā)揮著重要作用?？ㄈ鸾芎屠S（2003），例如，他們建議公司發(fā)型債券要基于經(jīng)濟(jì)條件的考慮。同時(shí)，考慮到留存收益時(shí)營(yíng)運(yùn)資本里一個(gè)重要的組成部分，商業(yè)周期會(huì)通過(guò)其對(duì)經(jīng)濟(jì)增長(zhǎng)和銷售的影響來(lái)影響所有企業(yè)的融資來(lái)源。例如，當(dāng)公司銷售削弱造成收入下降，從而影響營(yíng)運(yùn)資金的重要來(lái)源。最近的全球經(jīng)濟(jì)衰退與抑制消費(fèi)需求是一個(gè)很好的例子。危機(jī)，銷售暴跌，壓榨企業(yè)收入和利潤(rùn)空間，隨后出現(xiàn)的營(yíng)運(yùn)資金需求。這些都使得世界各地重新關(guān)注營(yíng)公司的運(yùn)資金管理。關(guān)于營(yíng)運(yùn)資本的文獻(xiàn)僅僅只包括少數(shù)關(guān)于商業(yè)周期對(duì)營(yíng)運(yùn)資金的影響的研究。早期的梅維爾稱和塔維斯（1973）研究審查公司營(yíng)運(yùn)資本政策和商業(yè)周期之間的關(guān)系。最近的研究調(diào)查了企業(yè)依賴銀行借款來(lái)為營(yíng)運(yùn)資本融資的周期性程度（斯洛恩爾和馬奎斯,2001）。這些研究對(duì)營(yíng)運(yùn)資本、公司盈利能力和商業(yè)周期進(jìn)行了獨(dú)立連接。我們所知，還沒(méi)有文獻(xiàn)研究資本利潤(rùn)率和商業(yè)周期。公司可能有一個(gè)最佳水平的營(yíng)運(yùn)資金來(lái)使其價(jià)值最大化。然而，最佳水平可能會(huì)改變，以反映業(yè)務(wù)狀況。（完整譯文請(qǐng)到百度文庫(kù)）因此，我們對(duì)文獻(xiàn)的貢獻(xiàn)在于通過(guò)調(diào)查商業(yè)周期在這種關(guān)系中所起的作用，重新審視營(yíng)運(yùn)資金管理與企業(yè)盈利能力之間的關(guān)系。w我們研究結(jié)果得出了一些有趣的發(fā)現(xiàn)。首先，我們發(fā)現(xiàn),公司可以通過(guò)憎加營(yíng)運(yùn)資本效率提高盈利能力。這是一個(gè)重要的結(jié)論,因?yàn)樵S多北歐公司發(fā)現(xiàn)很難把良好的營(yíng)運(yùn)資金管理政策意圖變成現(xiàn)實(shí)（安永會(huì)計(jì)師事務(wù)所，2009）.經(jīng)濟(jì)上，公司可能對(duì)有效的營(yíng)運(yùn)資金的做法投入更多的關(guān)注o因此，我們的實(shí)證研究發(fā)現(xiàn)鼓勵(lì)企業(yè)實(shí)施新的工作流程的必要性。我們還發(fā)現(xiàn)，營(yíng)運(yùn)資金管理在經(jīng)濟(jì)低迷的狀態(tài)下比經(jīng)濟(jì)繁榮的狀態(tài)下更重要，這意味著公司的財(cái)務(wù)規(guī)劃中應(yīng)當(dāng)包含營(yíng)運(yùn)資金管理°這一發(fā)現(xiàn)證實(shí)了北歐地區(qū)調(diào)查結(jié)果的證據(jù)。具體地說(shuō)，調(diào)查結(jié)果由恩斯特和揚(yáng)忠009）指出，最大潛力改善營(yíng)運(yùn)資金可成優(yōu)化內(nèi)部流程。這表明這個(gè)地區(qū)在優(yōu)先業(yè)務(wù)增長(zhǎng)的時(shí)期沒(méi)有得到優(yōu)先發(fā)展,這是總體經(jīng)濟(jì)擴(kuò)張時(shí)期的典型特征和經(jīng)濟(jì)衰退時(shí)期的缺陷暴露。/本文的其余部分組織如下;第二部分簡(jiǎn)要回顧文獻(xiàn)為實(shí)證研究提出的假說(shuō)Q第三部分第四部分討論數(shù)據(jù)和模型估計(jì)'第五部分和第六部分總結(jié)7實(shí)證研究的結(jié)果=■42.相關(guān)文藏與假設(shè)，2.1*15^述/許多公司在營(yíng)運(yùn)資本中投入大量資金，一些文獻(xiàn)考察了這項(xiàng)投資的決定因素口例如金吉妲(1998)和婆爨《1999),琦蜘(2006)和梅洛(200&)發(fā)現(xiàn),外部融資的可獲得性是鞭動(dòng)性的決定因素。因此，限制送入資本市場(chǎng)需要公司持有更大的現(xiàn)金儲(chǔ)備。其他研究表明，公司較弱的公司治理結(jié)構(gòu)擁有較少的現(xiàn)金儲(chǔ)備(哈弗德,2008年舄此外，公司的超額現(xiàn)金持有以及弱勢(shì)股東權(quán)利需要承擔(dān)更多的收購(gòu)風(fēng)險(xiǎn)。然而，低價(jià)值收購(gòu)的可能性更大(哈福德，1999)。基施尼克和萱朗特(前12)提供的證據(jù)連接營(yíng)運(yùn)赍金管理與股東財(cái)富，他們發(fā)現(xiàn)增量美元投資于凈營(yíng)運(yùn)赍金的價(jià)值不如一般公司的增量?jī)r(jià)值美元現(xiàn)金。研究結(jié)果進(jìn)一步表明」美元估值的增量投資逢?duì)I業(yè)工作顯著影響公司的未來(lái)銷售預(yù)期,它的債務(wù)負(fù)擔(dān)，金融約束和破產(chǎn)風(fēng)險(xiǎn)，綜合結(jié)果表明了營(yíng)運(yùn)資金管理對(duì)公司剩余素取者的意義，融賀如何影響這些影響。p連接商業(yè)周期與營(yíng)運(yùn)資本。在理論模型中，梅維爾和塔維斯(1973)認(rèn)為，有關(guān)營(yíng)運(yùn)賽本投賽決策和融賽決策應(yīng)當(dāng)融合起來(lái)作為影響他人的最優(yōu)政策■公司最佳的營(yíng)運(yùn)資本政策，在系統(tǒng)環(huán)境中會(huì)隨著時(shí)間的推移而不斷變化，更廣泛的商業(yè)環(huán)境的不確定性直接影響系統(tǒng)。例如，短期需求波動(dòng)干擾預(yù)期的現(xiàn)金穩(wěn),以及應(yīng)收賬款的收集面臨的不確定性增加。此模型提供了這樣一個(gè)結(jié)構(gòu)，它能使企業(yè)管理者能夠解決復(fù)雜性的庫(kù)存和短期財(cái)務(wù)計(jì)劃的信貸政策.-在實(shí)證研究中，思羅圖爾和馬奎斯eocm發(fā)現(xiàn)在美國(guó)公司依靠銀行融資來(lái)滿足他們營(yíng)運(yùn)資本需求是