营运资金管理外文文献翻译

文献出处：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.译文营运资金管理对不同商业周期公司盈利能力的影响:III证据来自芬兰1.引言本文研究商业周期与营运资本两者之间的联系，流动资产和流动负债之间的区别，以及公司业绩问题。有效的营运资金管理被认为是财务管理实践所有组织形式的一个重要方面。认识到这一重要性，首席财务官杂志出版了关于许多国家企业营运资金管理绩效的研究。大量文献表明，它直接影响企业的流动性（金姆,1998年,奥普莱，1999），盈利能力（利索能，1998年，帕斯卡尔，2003年，拉扎里迪斯,2006年，尤格布,2014年），和偿付能力（贝丽曼，1983年，皮尔和威尔逊，1994）。合理假设在整个经济波动期，公司运营对公司产品需求和融资决策发挥着重要作用。卡瑞杰和利维（2003），例如，他们建议公司发型债券要基于经济条件的考虑。同时，考虑到留存收益时营运资本里一个重要的组成部分，商业周期会通过其对经济增长和销售的影响来影响所有企业的融资来源。例如，当公司销售削弱造成收入下降，从而影响营运资金的重要来源。最近的全球经济衰退与抑制消费需求是一个很好的例子。危机，销售暴跌，压榨企业收入和利润空间，随后出现的营运资金需求。这些都使得世界各地重新关注营公司的运资金管理。关于营运资本的文献仅仅只包括少数关于商业周期对营运资金的影响的研究。早期的梅维尔称和塔维斯（1973）研究审查公司营运资本政策和商业周期之间的关系。最近的研究调查了企业依赖银行借款来为营运资本融资的周期性程度（斯洛恩尔和马奎斯,2001）。这些研究对营运资本、公司盈利能力和商业周期进行了独立连接。我们所知，还没有文献研究资本利润率和商业周期。公司可能有一个最佳水平的营运资金来使其价值最大化。然而，最佳水平可能会改变，以反映业务状况。（完整译文请到百度文库）因此，我们对文献的贡献在于通过调查商业周期在这种关系中所起的作用，重新审视营运资金管理与企业盈利能力之间的关系。w我们研究结果得出了一些有趣的发现。首先，我们发现,公司可以通过憎加营运资本效率提高盈利能力。这是一个重要的结论,因为许多北欧公司发现很难把良好的营运资金管理政策意图变成现实（安永会计师事务所，2009）.经济上，公司可能对有效的营运资金的做法投入更多的关注o因此，我们的实证研究发现鼓励企业实施新的工作流程的必要性。我们还发现，营运资金管理在经济低迷的状态下比经济繁荣的状态下更重要，这意味着公司的财务规划中应当包含营运资金管理°这一发现证实了北欧地区调查结果的证据。具体地说，调查结果由恩斯特和扬忠009）指出，最大潜力改善营运资金可成优化内部流程。这表明这个地区在优先业务增长的时期没有得到优先发展,这是总体经济扩张时期的典型特征和经济衰退时期的缺陷暴露。/本文的其余部分组织如下;第二部分简要回顾文献为实证研究提出的假说Q第三部分第四部分讨论数据和模型估计'第五部分和第六部分总结7实证研究的结果=■42.相关文藏与假设，2.1*15^述/许多公司在营运资本中投入大量资金，一些文献考察了这项投资的决定因素口例如金吉妲(1998)和婆爨《1999),琦蜘(2006)和梅洛(200&)发现,外部融资的可获得性是鞭动性的决定因素。因此，限制送入资本市场需要公司持有更大的现金储备。其他研究表明，公司较弱的公司治理结构拥有较少的现金储备(哈弗德,2008年舄此外，公司的超额现金持有以及弱势股东权利需要承担更多的收购风险。然而，低价值收购的可能性更大(哈福德，1999)。基施尼克和萱朗特(前12)提供的证据连接营运赍金管理与股东财富，他们发现增量美元投资于净营运赍金的价值不如一般公司的增量价值美元现金。研究结果进一步表明」美元估值的增量投资逢营业工作显著影响公司的未来销售预期,它的债务负担，金融约束和破产风险，综合结果表明了营运资金管理对公司剩余素取者的意义，融贺如何影响这些影响。p连接商业周期与营运资本。在理论模型中，梅维尔和塔维斯(1973)认为，有关营运赛本投赛决策和融赛决策应当融合起来作为影响他人的最优政策■公司最佳的营运资本政策，在系统环境中会随着时间的推移而不断变化，更广泛的商业环境的不确定性直接影响系统。例如，短期需求波动干扰预期的现金稳,以及应收账款的收集面临的不确定性增加。此模型提供了这样一个结构，它能使企业管理者能够解决复杂性的库存和短期财务计划的信贷政策.-在实证研究中，思罗图尔和马奎斯eocm发现在美国公司依靠银行融资来满足他们营运资本需求是