集团企业资金集中管理外文翻译

1、浙 江 工 商 大 学 财 务 与 会 计 学 院 本 科 毕 业 论 文.外文翻译- 外文翻译之一柏The foc案us of w斑orking 唉capital摆 manage氨ment绊in UK s矮mall fi扒rms摆（节选）耙Author按：隘Carole 鞍 Howort颁h昂，颁Paul W埃esthead搬Nationa叭lity哎：百Notting按ham NG8半 1BB, U傲K邦 爱Derivat白ion:熬 Manage半ment Ac翱countin按g Resea八rch NO.叭14,2003安,熬 爱PP.941板11艾 办Abstrac岸t般 捌Wor

2、king巴 capita八l manag矮ement r傲outines哀 of a l案arge ra盎ndom sa哀mple of霸 small 叭compani拔es in t叭he UK a昂re exam蔼ined. C靶onsider邦able va扳riabili隘ty in t昂he take挨-up of 袄11 work袄ing cap吧ital ma拔nagemen袄t routi罢nes was霸 detect瓣ed. Pri败ncipal 啊compone伴nts ana隘lysis a办nd clus隘ter ana哎lysis c巴onfirm 佰the ide

3、扮ntifica扳tion of般 four d隘istinct阿 types氨 of co敖mpanies蔼 with r傲egard t俺o patte哀rns of 安working叭 capita癌l manag邦ement. 氨The fir斑st thre罢e type耙s of c癌ompanie版s focus肮ed upon拌 cash m矮anageme笆nt, sto皑ck or d板ebtors 板routine柏s respe拌ctively疤, whils氨t the f搬ourth 扒type w瓣ere les爱s likel笆y to ta扳ke-up a哎n

4、y work阿ing cap耙ital ma芭nagemen柏t routi拔nes. In斑fluence芭s on th般e amoun板t and f稗ocus of版 workin板g capit佰al mana暗gement 翱are dis安cussed.扳 Multin背omial l熬ogistic阿 regres唉sion an俺alysis 邦suggest拔s that 蔼the sel班ected i版ndepend爸ent var凹iables 邦success拜fully d哀iscrimi霸nated b傲etween 版the fou扒r type癌s of c

5、矮ompanie拌s. The 吧results疤 sugges爱t that 癌small c般ompanie岸s focus阿 only o敖n areas哀 of wor叭king ca扳pital m拌anageme瓣nt wher把e they 扒expect 芭to impr拌ove mar癌ginal r巴eturns.般 The di捌fficult案ies of 啊establi阿shing c绊ausalit耙y are h碍ighligh扮ted and皑 implic盎ations 版for aca哎demics,摆 policy伴-makers邦 and pr吧act

6、itio八ners ar矮e repor皑ted.败Conclus癌ions an哎d impli阿cations颁The aim般 of thi袄s study吧 has be敖en to e伴ncourag颁e addit邦ional r瓣esearch巴, rathe按r than 拜to prov颁ide an 拜exhaust瓣ive rev芭iew of 稗all the跋 factor把s assoc艾iated w办ith the叭 take-u版p of wo扳rking c肮apital 鞍managem袄ent rou哎tines b霸y small艾 compan拔ie

7、s. Th袄ree the鞍ories g叭uided t稗he sele拔ction o绊f the i癌ndepend暗ent var霸iables 笆explore敖d in th吧is stud安y. The 半RBV hig柏hlighte邦d that 版small f癌irms ha阿ve idio邦syncrat哀ic bund白les of 哀resourc拜es asso坝ciated 傲with th熬e take-把up of w耙orking 拔capital熬 manage盎ment ro懊utines.稗 Agency隘 theory芭 identi般fied t

8、h霸e influ埃ence of扒 extern败al stak爸eholder肮s as we俺ll as d百ifferen矮ces bet案ween sm氨all and伴 large 扳firms. 绊Transac懊tions c背osts th跋eory in凹dicated跋 that s罢mall fi凹rms mig奥ht inve靶st reso芭urces i板n speci半fic are绊as of w拜orking 唉capital坝 manage笆ment if艾 they p把erceive搬 them t颁o offer疤 the hi啊ghest m巴ar

9、ginal懊 return胺.吧 肮The res耙ults co拔nsisten澳tly hig碍hlighte邦d, acro搬ss a va翱riety o蔼f stati跋stical 肮tests, 柏that sm皑all fir翱ms are 挨not a h矮omogeno傲us grou叭p with 班regard 癌to work爱ing cap敖ital ma版nagemen八t routi瓣nes. Co奥nsidera稗ble var蔼iabilit案y was d阿etected奥 in the盎 take-u拔p of 11鞍 workin搬g capit哀al

10、 mana斑gement 颁routine八s by a 把large r矮andom s靶ample o摆f small皑 compan案ies in 斑the UK.挨 Eviden哎ce from拔 the PC百A and t稗he clus袄ter ana翱lysis c跋onfirme百d the i蔼dentifi柏cation 熬of four案 distin白ct typ靶es of 办compani背es with颁 regard白 to the把 take-u叭p of wo矮rking c澳apital 把managem颁ent rou鞍tines. 扮Moreove隘

11、r, evid柏ence fr版om the 捌multino跋mial lo伴gistic 安regress蔼ion ana熬lysis s唉uggests案 that t板he sele癌cted in半depende哀nt vari昂ables s暗uccessf柏ully di坝scrimin挨ated be奥tween t班he four扳 types扒 of co氨mpanies爸. Twelv安e out o阿f the 1碍8 hypot懊heses w坝ere sup啊ported.霸 A furt吧her two昂 hypoth罢eses sh挨owed th熬e anti

12、c袄ipated 阿relatio盎nship b蔼ut were袄 not si斑gnifica捌nt disc哎riminat敖ors bet扳ween th吧e type胺s of c版ompanie暗s. 懊Evidenc拜e that 澳the maj矮ority o把f small懊 compan氨ies foc班us thei敖r effor百ts on o办ne area按 of wor爱king ca罢pital m埃anageme捌nt indi艾cates t坝hat res笆ources 办for wor艾king ca澳pital m芭anageme埃nt are 耙

13、limited肮. Howev懊er, a s瓣triking稗 findin笆g from 唉the reg半ression斑 analys肮is was 半the det斑ection 翱that fi凹rms whi扒ch util艾ize few吧er work颁ing cap艾ital ma埃nagemen艾t routi傲nes wer版e not n跋ecessar瓣ily sma啊ller co蔼mpanies碍. We ca稗n infer办 here t败hat res翱ource c疤onstrai般nts per捌 se may癌 not be跋 the ma百jor

14、bar霸rier to吧 the ut佰ilizati皑on of w霸orking 哎capital暗 manage绊ment ro扒utines 岸by smal斑ler com案panies.拌 Instea拌d, the 扳results阿 provid板e an in癌dicatio奥n that 埃the per霸ceived 懊margina埃l retur搬n on co埃mmittin懊g resou敖rces ma氨y be a 败major i板nfluenc把e on th胺e exten澳t and f傲ocus of败 workin邦g capit哎al mana阿

15、gement.熬However佰, we ac坝knowled皑ge that白 a cros拜s-secti按onal st邦udy suc爸h as th扒is one 挨cannot 办establi拔sh caus八ality a巴nd can 邦only pr敖ovide a凹n indic板ation o绊f assoc扒iations啊 that w啊arrant 昂further阿 invest奥igation隘. Addit邦ional s阿tudies 邦could u凹sefully拜 explor肮e the s芭timuli 懊leading霸 to the办 uti

16、lis疤ation o澳f worki疤ng capi版tal man耙agement办 routin背es and 敖the bar氨riers t柏o their办 take-u败p. The 俺dynamic芭s of wo碍rking c皑apital 颁managem奥ent are班 comple袄x and t靶he link坝s with 矮perform肮ance ar矮e bidir把ectiona耙l and d捌ifficul傲t to un爱ravel. 胺Small c叭ompanie昂s may i安nvest r搬esource吧s into 办managin搬

17、g a par伴ticular搬 area o袄f worki瓣ng capi罢tal whe巴re they扒 are pe癌rformin耙g badly把 becaus扳e the r爱eturns 捌from co佰ntrolli瓣ng the 绊problem隘 area a敖re perc办eived t吧o be hi柏gh. If 八the dir拜ection 翱of caus胺ality i版s not u岸ndersto澳od, an 板overly 板simplis哀tic con邦clusion岸 in thi昂s insta爱nce cou摆ld be t敖hat

18、inv稗estment背 of mor皑e resou搬rces in般to an a碍rea lea袄ds to w板orse pe柏rforman挨ce. The疤 comple半xity of隘 causal哀ity mak扮es it d扒ifficul安t to es艾tablish哀 the ef八fect of拜 workin百g capit罢al mana罢gement 肮routine半s on th稗e perfo阿rmance 白of the 板firm. W笆e can i案nfer th板at firm碍s with 暗a lower按 propen澳sity to摆

19、 undert般ake wor耙king ca案pital m碍anageme啊nt rout八ines ar瓣e not s败ignific搬antly a霸ssociat皑ed with罢 increa矮sed cas般h flow 芭problem靶s, nor 吧reduced挨 profit按ability八. There疤 is som爸e indic稗ation t柏hat the阿se may 柏be lif跋estyle扒 firms 柏but add背itional摆 resear邦ch is r碍equired敖 before背 firm c八onclusi艾ons ca

20、n胺 be dra败wn. Cur伴rently,鞍 it is 颁not cle耙ar whet巴her the百se lagg柏ard wor拔king ca癌pital f稗irms ar拔e under碍perform背ing or 安have un靶tapped 皑potenti般al for 爱growth.澳 挨In a si背milar w把ay, the瓣 direct斑ion of 暗causali跋ty is n懊ot clea癌r with 澳regard 疤to the 背link be艾tween t拔he take唉-up of 哀working扳 capita柏

21、l manag拔ement r爸outines跋 and th瓣e level暗 of fin岸ancial 氨skills 碍in a fi癌rm. Thi凹s study俺 employ翱ed a si背mple pr爸oxy mea背sure of靶 financ巴ial sop伴histica把tion. F扒urther 敖researc凹h is wa奥rranted跋 to inv挨estigat拌e the d般irectio鞍n and t奥he stre斑ngth of坝 the li叭nks bet败ween th奥e take-摆up of w疤orking 百capi

22、tal把 manage拌ment ro安utines 奥and fin艾ancial 把managem阿ent ski埃lls and艾 traini凹ng, edu翱cation 鞍and pri巴or expe敖rience.柏 Additi跋onal mu跋ltivari蔼ate sta案tistica俺l studi肮es are 疤also re碍quired 叭in a va坝riety o肮f natio百nal, cu敖ltural 暗and ind八ustrial凹 contex哎ts to i鞍dentify爱 the co瓣mbinati把on of i鞍nternal哀

23、 and ex扒ternal 霸environ罢mental 拌factors跋 associ唉ated wi盎th the 扳take-up佰 of wor叭king ca啊pital m拜anageme案nt rout拜ines by稗 differ败ent emp版loyment疤 size b笆ands of奥 privat吧e firms耙 (i.e. 岸micro, 爸small, 瓣medium 佰and lar奥ge).Qua摆litativ埃e studi肮es and 板longitu百dinal r凹esearch扮 will p扮rovide 哀fresh i邦nsig

24、hts鞍 into t皑he proc白esses a伴nd dyna艾mics of半 workin邦g capit挨al mana鞍gement,岸 as wel拜l as th稗e compl安ex stra捌nds of 班causali盎ty (Sca疤pens, 1绊990). 袄Policy-唉makers 岸and pra背ctition埃ers see安king to昂 increa翱se the 傲stock o靶f profe疤ssional搬ly mana扳ged fir蔼ms, mig跋ht need背 to tar俺get the敖ir assi拌stance 敖t

25、owards案 owners拜 of sma艾ll firm背s who f巴ace att蔼itudina哀l, reso摆urce an鞍d opera熬tional 按barrier耙s to th笆e utili俺zation 袄of work拌ing cap摆ital ma扮nagemen般t routi疤nes. Pr扒esented哀 eviden板ce sugg瓣ests th巴at smal罢l compa哎nies sh艾ould no唉t be vi胺ewed as矮 a homo扒 genero般us enti懊ty with邦 regard斑 to the邦ir wo

26、rk啊ing cap扮ital ma版nagemen拜t routi班nes.Pol芭icy-mak胺ers and笆 practi蔼tioners捌 need t版o appre暗ciate t罢his div岸ersity 熬and the般y may u败se the 斑present胺ed evid疤ence to矮 tailor背 assist澳ance to背 the ne颁eds of 八particu霸lar ty霸pes of稗 compan败ies, ra背ther th蔼an prov霸iding 巴blanket背” suppo暗rt to a白ll firm案s ir

27、res岸pective熬 of asp奥iration哎s or re巴sources蔼.拜Policy-傲makers 靶and pra艾ctition搬ers nee摆d to ap绊preciat袄e the m办anageme傲nt time霸 constr奥aint fa哀ced by 绊many sm芭all fir伴ms. Tim斑e const傲raints 隘not onl霸y limit办 the am啊ount of板 time f懊or work疤ing cap碍ital ma佰nagemen氨t , but按 also t邦he amou俺nt of t阿ime av

28、a按ilable 啊to asse挨ss whet癌her cha傲nges to案 curren笆t worki拌ng capi叭tal man罢agement翱 policy按 would 哎be wort袄hwhile.埃 Moreov佰er, we 捌might e扮xpect i百mproved办 skills跋 to lea疤d to mo疤re effi班cient u吧se of t阿ime but懊 small 凹firm ma坝nagers 芭will re哎quire p盎owerful罢 eviden柏ce to c扳onvince蔼 them o百f the b半en

29、efits班 of inv叭esting 敖time in拜 financ氨ial ski吧lls tra班ining. 翱The tak澳e-up of邦 routin吧es (and熬 financ罢ial ski肮lls tra昂ining) 拌could b摆e incre唉ased if矮 it was败 conclu挨sively 氨confirm斑ed that扮 firms 爸signifi百cantly 爱improve鞍 their 耙perform叭ance af翱ter int疤roducin蔼g appro艾priate 鞍working埃 capita颁l mana

30、g肮ement r耙outines爸. Addit疤ional l巴ongitud俺inal, q俺ualitat按ive and昂 multiv爱ariate 安statist八ical ev案idence 氨is warr氨anted t罢hat exp扳lores w哀hether 背the tak笆e-up of安 workin唉g capit扳al mana隘gement 敖routine半s by sm白all fir安ms is s败ubseque柏ntly as般sociate笆d with 颁superio鞍r level半s of pe岸rforman班ce. Bes拔t

31、busin矮ess pra氨ctice e昂vidence蔼, from 败case st八udies, 凹could a疤lso be 拔utilise鞍d by po靶licy-ma案kers an搬d pract背itioner百s to co版nvince 哎more ow按ners of拌 small 捌firms o矮f how s白pecific懊 workin巴g capit敖al mana哀gement 百routine巴s can b哀e used 板proacti傲vely to班 addres绊s const霸raints 哀on busi百ness de傲velopm

32、e岸nt. The昂re is c佰learly 霸a need 扒for a g坝reat de矮al more稗 resear癌ch in t稗his are巴a befor皑e the d半ynamics哎 of wor凹king ca哀pital m拜anageme俺nt are 氨well un伴derstoo佰d.巴英国小企业运营肮资金管理重点（八节选）般作者：版Carole 啊 Howort岸h坝，摆Paul W百esthead摆国籍：颁Notting柏ham NG8翱 1BB, U熬K把 颁原文出处埃:搬 敖Managem搬ent Acc伴ounting唉 Resear坝ch

33、NO.1叭4,2003,叭PP.941蔼11摘要吧从英国小公司中岸大量的随机抽样艾，并检查它们的伴运营资金管理模稗式。在运用资金懊管理模式的笆11啊到工作程序中检埃测出相当大的变稗化。通过主成分柏析和聚类分析确拌认得到了运营资氨金管理的四种不叭同类型模式。前耙三种类型把关注白点分别放在现金拜管理、股票管理皑、债务管理上，坝但是第四种模式白很少采取任何行啊动在运营资金管蔼理上。大多数学柏者讨论资金数量巴和经营的重点的挨影响。多种挨Logisti跋c氨回归分析表明，办成功独立的选择鞍的自变量受到四岸种模式的歧视。哎最终结果显示：白小公司只有在把把精力投放在运营盎资金集中管理方奥面才能获得他们俺期望

34、的边际收益芭。建立因果关系扳的困难非常的突傲出，对学者、政凹策制定者和从业啊人员的影响也被俺披露出来。澳 懊 癌结论与启示碍这项研究的目的白是鼓励更多类似办的研究，而不仅碍仅提供与小公司叭工作程序相关运敖营资金管理模式斑的观点。在本研傲究中三种理论指般导了独立变量的斑选择。资源基础疤观强调，小企业白应采取与特质和摆资源捆绑式的运稗营资金管理模式霸。代理理论确定背了小型企业和大蔼型企业之间的外碍部利益影响。交芭易费用理论表明稗：如果他们察觉肮发现他们能够提俺供最高边际收益柏，小公司可能把蔼资源投资于特定澳领域的营运资金安管理。袄结果一贯强调的皑是，纵观各种各笆样的统计测试，佰小企业不是关于埃运营

35、资金管理模罢式的同质群体。哎从英国小公司抽哀取大量的随即样阿本，样本公司实爱行的胺11摆种运营资金管理哀模式中产生相当霸大的变化被检测柏到。从罢PCA捌和聚类分析中得靶到的证据确认关安于四种不同类型挨管理模式鉴定与霸公司实行的运营板资金管理模式有啊关。此外，从多拌种耙Logisti按c蔼回归分析的证据扮表明：岸成功独立的选择伴的自变量受到四拔种模式的歧视。昂18版种假设中的鞍12暗种提供了支持，拌然而另外两个假靶说也表明了预期奥关系，但是不是奥那两种不同类型蔼公司有意义的鉴暗别。百有证据表明，大坝部分小公司努力挨把工作重心集中八在运营资金管理捌的一方面，侧面跋反映出公司投入白资金运营管理的埃资

36、源有限。然而班，从回归分析中哀惊奇发现的是：背很少利用运营资白金管理模式公司啊并不一定是规模把较小公司。根据柏这点陈述，我们爱可以推断出，企啊业资源限制并一胺定是阻碍小公司矮企业实行运营资坝金管理模式的主阿要原因。相反，般结果提供的迹象盎表明，能不能在氨有限的企业资金埃情况获得最优的埃期望边际收益是懊主要影响公司关盎注并实行运营资阿金管理模式的关颁键因素。但是我背们必须要承认的拌是像这样的一个安横截面研究方法罢无法建立因果关翱系，只能提供一绊个值得进一步深拔入研究的指示。昂进一步的研究能百够有效促进对运扒营资金管理模式斑的认知和加快促版使企业实行资金跋管理模式。运营班资金管理的运动氨是复杂多变

37、的，拜与此同时与表现扳的联系是双向并拔且难以解开。小鞍公司极有可能把俺企业的资金投资埃于流动资金管理颁然而他们运营较绊差的特定区域，邦因为他们认为从隘可以控制的领域皑获得的收益相对靶于其他方面较高把。如果不能正确颁的理解因果关系隘，甚至是糟糕的唉情况，在这种条捌件下一个过于的伴简单的结论可能翱会吸引投资者更版多的运营资金，氨这样导致更恶劣澳的处境。在企业般管理运营方面，鞍因果关系的复杂拌性可能使确认企袄业在运营资金管挨理的绩效更加困艾难。我们可以推癌断出，有比较低把倾向的公司在进氨行运营资金管理瓣模式的时候不能半有效解决现金流扳问题，致使削弱扮了企业的盈利能安力。有一些迹象叭表明，这可能是搬公

38、司的半“按生活方式版”蔼，再此公司得出爸去切的揭露之前吧但是需要进一步拔的研究。目前，版那些落后的基金邦资金运营公司确敖实表现不佳或者颁有增长的潜力尚跋不清楚。芭以类似的方式，般由于因果关系的绊方向不明确，就扳无法在公司内部奥将实行运营资金唉原理和公司的财版务技能水平紧密叭联系一起。本研蔼究采取简单的金柏融体系复杂化代爱理措施。需要深叭入的实验探究，疤用来明确研究方般向和加强实行运霸营资金管理模式邦与财务管理技能哎、教育训练、以伴前积累的宝贵经伴验之间的联系。笆额外的多元统计霸研究也需要大量拜一个多家的、多暗种文化和产业背袄景去辨别内部因昂素和外部因素的奥结合，并且联系凹不同大小、就业碍情况的

39、私营企业板实行的运营资金佰管理模式（例如芭微观管理，小型啊、中型和大型）摆。定性研究和纵班向研究将提供新艾的关于工作过程颁和资金管理力度氨，以及复杂因果爱关系的见解板(Scapen哎s, 1990败)吧。拜政策制定者和从般业人员寻求，增俺加专业管理公司按的股票，可能需案要小公司拥有者氨的帮助，他们要安面对消极态度、蔼操作障碍的运营半资金管理模式的艾帮助。有证据表俺明，小公司不应板该被视为一个和半运营资金管理模熬式的同质慷慨实坝体。政策制定者安和从业人员需要挨珍惜这种多样性俺，他们应该利用八有效证据去帮助爱各种类型公司的哎需求，而不是仅把仅为所有公司资背源和战略目标提办供被子式的支持鞍。半政策制

40、定者和从佰业人员需要珍惜白有限的管理时间皑，这个对很多小傲公司的约束。由蔼于时间紧张，不霸仅限制了花费在安经营资金管理上罢的时间，还有评傲估正在运行资金霸管理模型是否有办效或者改变模型氨的时间。此外，佰我们可以期望更埃高的技术水平去绊提高时间的使用暗效率，但是小公搬司的管理者有力懊的证据去验证投颁资在财务管理技艾能培训上的资金摆的利弊。如果在办引进适合的运营爱资金管理模型后坝确认能够决定性佰提高公司的管理百行为能力，则需捌要增加模型（财瓣务技能培训）的坝建立。纵向附加坝，需要定性和多隘元统计证据来判昂断在小公司实行笆运营资金管理模胺型是否可以提高吧公司管理水平达把到质一样的飞跃蔼。从案例研究得

41、搬到的最佳业务时背间经验可以利用案政策制定者和从瓣业人员说服小公巴司拥有者认可怎澳么样的运营资金案管理模式可以运傲用到商业中去，懊并促进商业发展扒。在我们充分了啊解运营资金管理岸模式的变动前，岸有一个明显的理敖由去增加更多的耙实验探究。外文翻译之二笆Optimal凹 impuls坝e contr百ol for 懊a multi懊dimensi昂onal矮cash ma稗nagemen柏t syste拜m背with ge疤neraliz懊ed cost稗 functi扳ons叭（节选）熬Auditor肮：疤 捌Stefano坝 Baccar颁in扳Nationa百lity：I-邦10122 T俺

42、urin, I笆taly吧Derivat耙ion：耙Europea皑n Journ背al of O奥peratio扳nal Res斑earch ，安NO.196 捌，2009， 疤P昂P.1982跋06吧Abstrac绊t把We cons哀ider th碍e optim罢al cont靶rol of 碍a multi奥dimensi佰onal ca霸sh mana疤gement 阿system 矮where t背he cash佰 balanc安es uct疤uate as八 a homo翱geneous矮 diffus胺ion pro坝cess. W埃e formu霸late th耙e mod

43、el摆 as an 把impulse澳 contro芭l probl鞍em on a扒n unbou把nded do拔main w罢ith unb傲ounded 案cost fu翱nctions背. Under傲 genera拜l assum敖ptions 百we char碍acteriz俺e the v罢alue fu斑nction 碍as a we埃ak solu暗tion of胺a quasi捌-variat霸ional i蔼nequali霸ty in a盎 weight安ed Sobo伴lev spa捌ce and 碍we show哀 the ex熬istence吧 of an 艾op

44、timal扮 policy版. Moreo氨ver we 搬prove t案he loca阿l unifo啊rm c吧onverge阿nce of 鞍a nite叭 elemen斑t schem把e to co板mpute n办umerica矮lly the斑 value 搬functio背n and t绊he opti把mal cos哀t. We c敖ompute 搬the sol袄ution o办f the m懊odel in肮 two-di拌mension阿s with 把linear 暗and dis艾tance c盎ost fun阿ctions,隘 showin班g what 拔ar

45、e the绊 shapes阿 of the俺 optima拌l polic疤ies in 阿thes半e two s挨imple c胺ases. F霸inally 俺our thi熬rd nume隘rical e柏xperime坝nt comp罢utes th扒e solut拌ion in 哎the rea啊listic 袄case of暗 the ca挨sh conc俺entrati傲on of t拔wo bank氨 accoun澳ts made扳 by a c拌entrali吧zed tr隘easury.罢Introdu搬ction熬The cas皑h manag爱ement p澳robl

46、em 翱has bee傲n consi矮dered i靶n the m胺athemat疤ical fn岸ance li傲teratur办e only 爱in dime芭nsion o霸ne. Fro靶m the p皑ioneer 岸works o巴f Baumo案l (1952耙), Tobi八n (1956懊), Mill跋er and 瓣Orr(196邦6), it 安origina耙ted the艾 main m般athemat般ical mo白del use埃d by th按e theor扳y of th鞍e trans扒actions芭 and pr阿ecautio稗nary de碍

47、mand fo碍r money敖. The d绊ecisive拜 improv隘ement i百n solvi埃ng the 捌model w版as the 背use of 肮the opt埃imal co奥ntrol t耙echniqu伴e of 熬impulse半 contro般l”, int奥roduced伴 by Ben拜soussan澳 and Li伴ons (19按73, 197隘5). Ass矮uming l版inear h扒olding/蔼penalty捌 costs,皑,fixed 跋plus pr靶oportio摆nal cos按ts of c芭ontrol 班and th

48、e笆 cash s稗tock dy袄namics 矮describ翱ed by a跋 genera败lized B哀rownian板 motion爱, Const矮antinid昂es and 昂Richard办 (1978)疤first s靶howed t熬he exis版tence o傲f a sim搬ple opt稗imal im案pulse p办olicy o蔼f a con爱trol ba颁nd type芭. Harri败son et 袄al.(198扮3), pro跋ved a s败imilar 按result 白assumin拌g a non袄negativ埃e const胺ra

49、int f坝or the 颁cash ba摆lance 阿 which 扒implies皑 that t背he lowe霸st barr邦ier is 瓣equal t般o zero 背 and t叭hey als肮o gave 背a simpl柏e numer叭ical pr奥ocedure爱 to com懊pute th奥e three埃 remain懊ing opt捌imal ba癌rriers.凹 The as暗sumptio蔼n of a 邦nonnega案tive mi扮nimum l袄evel fo跋r the c板ash bal鞍ance is袄 common吧 to man胺

50、y paper摆s (see 矮Frenkel疤 and Jo跋vanovic版, 1980;拌 Chang,俺 1999; 叭BarIlan按 et al.般, 2004)版, but i安t is ba背sically斑 due to班 techni耙cal dif碍ficulti般es in o暗btainin俺g close肮d-form 氨solutio安ns for 疤the mor按e gener板al case般. Howev哀er it i叭s an es佰sential艾 featur板e of li伴quidity叭 manage安ment to邦 allow 唉a ne

51、gat拔ive cas板h balan柏ce (at 百some pe奥nalty r疤ate) an扒d as po爸inted o安ut in B碍ar-Ilan佰 (1990)捌, the t皑ransact把ion dem凹and for岸 money 奥should 斑have to半 consid癌er the 把possibi爱lity of败 overdr靶aft cas办h facil瓣ities. 班In Bacc昂arin 疤(2002) 懊the exi艾stence 笆results胺 of百 稗Constan隘tinides笆 and Ri罢chard(1癌978)

52、 ar碍e exten盎ded to 爱the cas傲e of ho把lding-p澳enalty 埃costs w奥hich ha疤ve also捌 a quad奥ratic t凹erm .In霸 that p败aper it暗 is sho稗wn that凹 as lon挨g as th安e penal翱ty cos笆ts are 柏nite t搬he lowe般st barr耙ier of 拜the opt隘imal po吧licy is吧 always碍 below 搬zero an柏d a sim稗ple num懊erical 柏algorit熬hm is g袄iven to笆 c

53、omput斑e the f扳our cri盎tical n澳umbers.吧 In a r艾ecent p袄aper,哎 Bar-Il伴ane al.百(2004)斑 model 安the cha半nges in背 the mo安ney sto澳ck by a八 superp颁osition百 of a B拔rownian瓣 motion袄 and a 岸compoun熬d Poiss板on proc哎ess Ass把uming t搬he opti傲mality 拔of a co芭ntrol b哎and pol啊icy the胺y deriv埃e the r澳elevant般 discou哎n

54、ted co巴sts as 笆functio奥n of th巴e barri爱ers by 澳using r版enewal 翱and mar安tingale懊 techni吧ques. T鞍his can啊 allow 爱to appr奥oximate傲 the op搬timal c扳ontrol 岸paramet爱ers num吧ericall唉y.凹Conclus翱ions霸In this罢 paper 爸we have叭 presen敖ted a g班eneral 唉method 拜to solv瓣e a mul熬tidimen笆sional 版cash ma哀nagemen案t pro

55、bl唉em. Our罢 soluti鞍on allo伴ws the 碍transac办tion co扒sts and百 the ho跋lding/p爸enalty 芭costs t艾o be no啊nlinear扒 functi叭ons. Fu靶rthermo皑re the 把cash st熬ocks dy翱namics 傲may be 搬correla拔ted and鞍 they m摆ay have罢 drift 唉and dif半fusion 板coefci熬ents wh暗ich can蔼 depend肮 upon t皑he stat碍e of th癌e syste霸m. Thes鞍e

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58、 rema艾ins the靶 same f半or grea摆ter dim坝ensions跋, requi笆ring, o扮f cours爱e, a gr岸owing c皑omputat疤ional c般ost. Th埃ere are翱 severa耙l direc百tions i拜n which埃 our va奥riation半al appr背oach ca半n be fu胺rther i熬nvestig胺ated .O挨ne can 百think o爱fa more百 genera般l proce板ss desc板ribing 拌the sta唉te dyna肮mics, a肮 jump-d百iffusio耙n proce疤ss, and阿 the se爸t of co伴ntrols 佰could b败e gener摆alized 摆conside俺ring al白so a co懊ntinuou霸s contr斑ol of t板he drif半t or in班troduci安ng temp伴oral la按gs in i澳mplemen暗ting th艾e decis八ions. I巴f we co皑nsider 阿the sam颁e model胺 with a拔 nite 岸time ho哀rizo