会计毕业论文外文翻译-- -跨行业的营运资金管理问题研究(节选)

出处Fundamentals of Management.作者：[M].Prentice Hall ,2001(3)财务管理问题研究在市场经济中，管理是决定企业生存和发展的重要性。

近年来，由于意识形态偏见在认识和历史原因，许多的内部财务管理制度不健全给财务管理带来混乱的客观理由，导致一些缺乏内部监督机制、发生假帐或者账户外设的帐户直接导致的混乱及财务管理效率低下的企业。

这是来自经验的证明。

因此，加强财务管理，建立健全内部财务管理制度已经成为企业不可或缺的条件。

首先，企业应当建立健全内部财务管理制度。

(一)建立内部财务管理系统是为适应社会主义市场经济体制的客观要求，企业在市场竞争中生存、发展，就必须遵循市场经济的要求规范金融行为；必须按照市场经济的要求融资、经费使用和利益分配，提高生产和操作，提高企业的经济效益，从而增强自己的竞争力以实现经济增长，改变公司经营方式以适应市场经济的客观要求。

(二)建立健全内部财务管理系统是企业管理的内在要求1、财务管理是企业管理的基础，是一切企业管理活动的中心环节。

内部财务管理公司的资金管理活动与形式的价值，主要基于成本管理和资金管理为中心，通过一种价值管理为物理形式的管理。

因此，财务管理是企业管理活动的基础，是企业管理的中心环节。

2、财务管理在各方面的生产经营和整个过程，根据它的意义，我们可以总结四大要素的财务管理，包括筹资管理、投资管理、营运资本管理、利润分配管理。

(三)财务管理和企业管理有广泛的联系在商务活动、财务管理的触角延伸到每一个角落，每一个部门的业务将获得服务的资金通过使用接触到金融部门，每个部门应合理使用资金，为了省钱，所以接受部门的指导，受金融系统的约束，以确保提高企业经济效益。

(四)公司财务管理迅速体现公司的生产工作。

所有生产及企业经营活动都最终反映在其财务结果通过会计、分析、比较，你可以检查实施企业生产经营活动的方式，发现问题，找出解决问题的办法。

外文资料翻译译文营运资本管理目前，随着我国市场经济的高速增长，以及逐步进行的金融改革，企业对于营运资本管理的重视程度与日俱增。

营运资本管理对于企业的经营发展具有至关重要的作用。

它是财务管理的组成部分，体现出了企业的财务管理和控制的水平，同时被认为是企业生存与发展的重要基础。

其重要性不言而喻。

主要描述了关于营运资本管理的相关理论和实践环境，简要说明了国内国外的在该领域所取得的成就。

而在此之后，正文部分从理论角度出发，首先简要说明了营运资本管理的相关定义。

由于我国在该领域的理论与实践经验不足，所以国内在该领域存在诸多问题，如流动资金缺乏，管理不力，运营效率低等。

本文就国内的现状以及存在的问题进行深入探讨，同时，分析其成因。

为了更具说服力，找到代表性的企业案例进行进一步的分析说明。

最后，提炼出解决企业营运资本管理问题的对策，为企业营运资本管理提供依据方法。

营运资金是企业资金结构中最具活力的部分，营运资金的运转效率很大程度上决定了企业的生存与发展。

从会计角度讲，营运资金是指某时点内企业的流动资产与流动负债的差额，构成要素包括现金、有价证券、应收账款、存货等。

这些要素的周转速度及资金占有余额直接影响着企业经营效益，又制约着企业的生产经营规模。

营运资本主要在研究企业的偿债能力和财务风险时使用。

如果营运资本过量，说明资产利用率不高；如果营运资本过少，说明固定资产投资依赖短期债务融资的程度较高，经营上会受到影响。

因此，营运资本管理是企业财务管理的重要组成部分。

然而，目前很多企业在营运资金管理方面存在很多问题，如资金营运能力较低、资金短缺，这些都严重影响到企业的经营效益。

因此解决好营运资金管理中存在的问题,有利于企业财务管理目标的实现。

我国中小企业从资金角度看，规模普遍较小，从市场抗风险能力看，抵御能力较弱，同时财务制度还不完善，财务管理水平相对落后，在经济市场大环境中，中小企业往往处于破产的风口浪尖上，此时财务管理显得尤为重要。

《企业营运资金管理研究》篇一一、引言随着市场经济的深入发展，企业营运资金管理成为了企业经营活动中至关重要的一环。

良好的营运资金管理不仅可以确保企业日常运营的流畅性，还可以降低财务风险，增强企业的竞争力和可持续发展能力。

因此，对企业营运资金管理进行深入研究具有重要的理论价值和实践意义。

二、企业营运资金管理的概念及重要性企业营运资金是指企业在日常运营过程中用于支持各项经营活动所需的那部分资金。

它包括了企业的现金、应收账款、存货等流动性较强的资产。

营运资金管理就是对这些流动性资产进行科学、有效的管理和运用，以保障企业正常运营和资金安全。

营运资金管理的重要性主要体现在以下几个方面：1. 保障企业日常运营：营运资金是企业日常运营的基础，有效的管理可以确保企业各项经营活动得以顺利进行。

2. 降低财务风险：合理的营运资金管理可以帮助企业降低财务风险，防止因资金链断裂而导致的企业经营困难。

3. 提高企业竞争力：良好的营运资金管理可以提高企业的资金使用效率，增强企业的市场竞争力。

三、企业营运资金管理的现状及问题当前，我国企业在营运资金管理方面已取得了一定的成果，但仍存在一些问题，主要表现在以下几个方面：1. 管理制度不健全：部分企业缺乏完善的营运资金管理制度，导致资金使用效率低下，浪费严重。

2. 风险管理意识不足：企业在营运资金管理中缺乏风险意识，对潜在的资金风险未能及时识别和防范。

3. 信息化程度低：部分企业尚未实现营运资金管理的信息化，导致信息传递不及时、不准确，影响决策效率。

四、企业营运资金管理的优化策略针对上述问题，本文提出以下优化策略：1. 健全管理制度：企业应建立完善的营运资金管理制度，明确资金的使用范围、审批流程和监督机制，确保资金使用的合理性和有效性。

2. 强化风险管理：企业应提高风险管理意识，建立风险识别、评估、监控和应对机制，及时发现和防范潜在的资金风险。

3. 推进信息化管理：企业应积极推进营运资金管理的信息化，实现信息的实时传递和共享，提高决策效率。

外文翻译原文Ｔｈe ＣasｈＦloｗＩmplicａtioｎs ｏｆManagiｎg Workiｎg Capital and ＣａpitａｌInvestmｅntMaｔｅriaｌＳouｒｃe: Jouｒnal ｏf Business & EconｏmiｃＳtｕdies Author：ＲuｓseｌlＰ. ＢoisjolｙINTRODUCTIONInｒecent yeａｒs maｊｏr ｃｏrｐｏratiｏns hａvｅdiscoveｒeｄthat there arｅimpoｒｔａnt cａsh flｏw streaｍｓａｖailａbｌｅto them ｉf thｅy aｇgressivｅly manaｇe thｅiｒwｏrkｉｎg capｉtａl acｃouｎts (ａccounts recｅivablｅ, ｉnvｅntｏry，acｃｏｕnts pａyabｌｅ,and aｄv ａncｅpaymeｎts)。

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《企业营运资金管理研究》篇一一、引言在当今激烈竞争的商业环境中，企业营运资金管理对于企业的成功和生存至关重要。

营运资金管理不仅涉及企业日常运营的资金需求，更涉及到企业的战略规划和未来发展。

因此，本文将深入探讨企业营运资金管理的相关内容，分析其重要性、现状及存在的问题，并提出相应的解决方案。

二、企业营运资金管理的重要性企业营运资金管理是企业财务管理的重要组成部分，它直接关系到企业的运营效率、市场竞争力和风险防范能力。

合理的营运资金管理有助于降低企业的成本，提高资金的使用效率，为企业的持续发展提供稳定的资金保障。

三、企业营运资金管理的现状及问题尽管许多企业已经认识到营运资金管理的重要性，但在实际操作中仍存在一些问题。

首先，部分企业对营运资金的管理缺乏系统性和科学性，导致资金使用效率低下。

其次，部分企业在资金筹措和运用方面存在风险控制不足的问题，可能导致资金链断裂。

此外，部分企业在营运资金管理中缺乏有效的监督机制，容易出现违规操作和浪费现象。

四、企业营运资金管理的改进措施针对上述问题，本文提出以下改进措施：1. 建立科学的营运资金管理体系：企业应建立一套科学的、系统的营运资金管理体系，包括资金筹措、运用、监督和评价等方面。

通过制定合理的资金计划，确保资金的合理使用和有效配置。

2. 加强风险控制：企业在筹措和运用资金时，应加强风险控制，建立完善的风险评估和预警机制。

通过定期进行风险评估和审计，及时发现和解决潜在的风险问题。

3. 强化监督机制：企业应建立有效的监督机制，对营运资金的使用情况进行实时监控和审计。

同时，加强内部员工的培训和教育，提高员工的法律意识和职业道德水平。

4. 引入现代信息技术：利用现代信息技术手段，如大数据、云计算等，对企业的营运资金进行实时监控和管理。

通过数据分析，及时发现和解决资金使用中的问题，提高资金的使用效率。

五、案例分析以某企业为例，该企业在实施科学的营运资金管理体系后，实现了资金的合理使用和有效配置。

摘要随着社会经济的快速发展和竞争的激烈化，企业已经越来越重视营运资金的管理.营运资金管理作为财务管理的重要组成部分,可以说在很大程度上反应了整个企业经营管理水平，也是企业生存和发展的基础。

特别是近几年的金融危机更加显现出营运资金管理的重要性。

本文首先简单介绍了营运资金管理的研究背景，回顾了营运资金管理的国内外研究成果,相比较国外系统、科学的研究体系,我国研究起步较晚,缺乏整体系统的研究.为了提高营运资金管理效率，进行营运资金整体研究不可或缺.继而对营运资金管理的一些基本概念进行简单的阐释，详细叙述了营运资金管理的内容，比如说现金管理，应收账款管理，存货管理等。

然后重点总结了我国企业营运资金管理的现状及存在的问题，比如说营运资金不足、营运资金运营效率低、营运资金内部管理弱化、信贷资金比重大等问题.最后根据这些问题提出一些解决对策，即扩宽融资渠道,增强融资能力；将营运资金管理贯穿于企业运行的全过程；充分利用商业信用等，列举了一些加强营运资金管理的具体措施。

关键词:营运资金，营运资金管理，问题研究ABSTRACTWith the rapid social-economic development and fierce competition，companies have been increasing emphasis on working capital management。

As an important part of financial management, it largely reflects the entire enterprise level of management，but also the enterprise survival and development。

Especially in recent years，the financial crisis has shown more the importance of working capital management.This paper introduces the research background of working capital management at first, reviewing the domestic and foreign research results of working capital management .Comparing with foreign scientific research systems, China's research stares late and lacks an overall system. In order to improve the efficiency of working capital management ，it is necessary to overall working capital overall study。

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。

文献出处:Enqvist, Julius, Michael Graham, and Jussi Nikkinen. "The impact of working capital management on firm profitability in different business cycles: evidence from Finland." Research in International Business and Finance 32 (2014): 36-49.原文The impact of working capital management on firm profitability in different business cycles: Evidence from Finland1. IntroductionThis paper investigates the effect of the business cycle on the link between working capital, the difference between current assets and current liabilities, and corporate performance. Efficient working capital management is recognized as an important aspect of financial management practices in all organizational forms. In acknowledgement of this importance, the CFO Magazine publishes an annual study of corporate working capital management performance in many countries. The extensive literature indicates that it impacts directly on corporate liquidity ( Kim et al., 1998 and Opler et al., 1999), profitability (e.g., Shin and Soenen, 1998, Deloof, 2003, Lazaridis and Tryfonidis, 2006 and Ukaegbu, 2014), and solvency (e.g.,Berryman, 1983 and Peel and Wilson, 1994).It is reasonable to assume that economy-wide fluctuations exogenous to the operations of the firm play an important role in the demand for firms’ products and any financing decision. Korajczyk and Levy (2003), for instance, suggest that firms time debt issuance based on economic conditions. Also, given that retained earnings are a significant component of working capital, business cycles can be said to affect all enterprises financing source through its effect on economic growth and sales. For example, when company sales weaken it engenders earning declines, thereby, affecting an important source of working capital. The recent global economic downturn with crimping consumer demand is an excellent example of this. The crisis,characterized by plummeting sales, put a squeeze on corporate revenues and profit margins, and subsequently, working capital requirements. This has brought renewed focus on working capital management at companies all over the world.The literature on working capital, however, only includes a handful of studies examining the impact of the business cycle on working capital. An early study by Merville and Tavis (1973) examined the relationship between firm working capital policies and business cycle. More recent studies have investigated the degree to which firms’ reliance on bank borrowing to finance working capital is cyclical (Einarsson and Marquis, 2001), the significance of firms’ external dependence for financing needs on the link between industry growth and business the cycle in the short term (Braun and Larrain, 2005), and the influence of business indicators on the determinants of working capital management (Chiou et al., 2006). These studies have independently linked working capital to corporate profitability and the business cycle. No study, to the best of our knowledge, has examined the simultaneous working capital–profitability and business cycle effects. There is therefore a substantial gap in the literature which this paper seeks to fill. Firms may have an optimal level of working capital that maximizes their value. However, optimal levels may change to reflect business conditions. Consequently, we contribute to the literature by re-examining the relationship between working capital management and corporate profitability by investigating the role business cycle plays in this relationship.We investigate this important relationship using a sample of firms listed on the Helsinki Stock Exchange and an extended study period of 18 years, between 1990 and 2008. Finnish firms tend to react strongly to changes in the business cycle, a characteristic that can be observed from the volatility of the Nasdaq OMX Helsinki stock index. The index usually declines quickly in poor economic states, but also makes fast recoveries. Finland, therefore, presents an excellent representative example of how the working capital–profitability relationship may change in different economic states. The choice of Finland is also significant as it also offers a representative Nordic perspective of this important working capital–profitability relationship. Hitherto no academic study has examined the workingcapital–profitability relationship in the Nordic region, to the best of our knowledge. Surveys on working capital management in the Nordic region carried out by Danske Bank and Ernst & Young in 2009 show, however, that many companies rated their working capital management performance as average, with a growing focus on optimizing working capital in the future. The surveys are, however, silent on how this average performance affected profitability. This gives further impetus for our study.Our results point to a number of interesting findings. First, we find that firms can enhance their profitability by increasing working capital efficiency. This is a significant result because many Nordic firms find it hard to turn good policy intentions on working capital management into reality (Ernst and Young, 2009). Economically, firms may gain by paying increasing attention to efficient working capital practices. Our empirical finding, therefore, should motivate firms to implement new work processes as a matter of necessity. We also found that working capital management is relatively more important in low economic states than in the economic boom state, implying working capital management should be included in firms’ financial planning. This finding corroborates evidence from the survey results in the Nordic region. Specifically, the survey results by Ernst and Young (2009) indicate that the largest potential for improvement in working capital could be found within the optimization of internal processes. This suggests that this area is not prioritized in times of business growth which is typical of the general economic expansion periods and is exposed in economic downturns.The remainder of this paper is organized as follows: Section 2 presents a brief review of the literature presents the hypotheses for empirical testing. Sections 3 and 4 discuss data and models to be estimated. The empirical results are presented in Section 5 and Section 6 concludes.2. Related literature and hypotheses2.1. Literature reviewMany firms have invested significant amounts in working capital and a number of studies have examined the determinants of this investment. For example Kim et al. (1998) and Opler et al. (1999), Chiou et al. (2006) and D’Mello et al. (2008) find thatthe availability of external financing is a determinant of liquidity. Thus restricted access to capital markets requires firms to hold larger cash reserves. Other studies show that firms with weaker corporate governance structures hold smaller cash reserves (Harford et al., 2008). Furthermore firms with excess cash holding as well as weak shareholder rights undertake more acquisitions. However there is a higher likelihood of value-decreasing acquisitions (Harford, 1999). Kieschnick and Laplante (2012) provide evidence linking working capital management to shareholder wealth. They find that the incremental dollar invested in net operating capital is less valuable than the incremental dollar held in cash for the average firm. The findings reported in the paper further suggest that the valuation of the incremental dollar invested in net operating working is significantly influenced by a firm's future sales expectations, its debt load, its financial constraints, and its bankruptcy risk. Further the value of the incremental dollar extended in credit to one's customers has a greater effect on shareholder wealth than the incremental dollar invested in inventories for the average firm. Taken together the results indicate the significance of working capital management to the firm's residual claimants, and how financing impacts these effects.A thin thread of the literature links business cycles to working capital. In a theoretical model, Merville and Tavis (1973) posit that investment and financing decisions relating to working capital should be made in chorus as components of each impact on the optimal policies of the others. The optimal working capital policy of the firm is, therefore, made within a systems context, components of which are related spatially over time in a chance-constrained format. Uncertainty in the wider business environment directly affects the system. For example, short run demand fluctuations disrupt anticipated incoming cash flows, and the collection of receivables faces increased uncertainty. The model provides a structure enabling corporate managers to solve complex inventory and credit policies for short term financial planning.In an empirical study, Einarsson and Marquis (2001) find that the degree to which companies rely on bank financing to cover their working capital requirements in the U.S. is countercyclical; it increases as the state of the economy weakens. Furthermore, Braun and Larrain (2005) find that high working capital requirementsar e a key determinant of a business’ dependence on external financing. They show that firms that are highly dependent on external financing are more affected by recessions, and should take more precautions in preparing for declines in the economic environment, including ensuring a secure level of working capital reserves during times of crisis. Additionally, Chiou et al. (2006) recognize the importance of the state of the economy and includes business indicators in their study of working capital determinants. They find a positive relationship between business indicator and working capital requirements.The relationship between profitability and working capital management in various markets has also attracted intense interest. In a comprehensive study, Shin and Soenen (1998) document a strong inverse relationship between working capital efficiency and profitability across U.S. industries. This inverse relationship is supported by Deloof (2003), Lazaridis and Tryfonidis (2006), and Garcia-Teruel and Martinez-Solano (2007)for Belgian non-financial firms, Greek listed firms, and Spanish small and medium size enterprises (SME), respectively. There are, however, significant divergences in the results relating to the effect of the various components of working capital on profitability. For example, whereas Deloof (2003) find a negative and statistically significant relationship between account payable and profitability, Garcia-Teruel and Martinez-Solano (2007) find no such measurable influences in a sample of Spanish SMEs.2.2. Hypotheses developmentThe cash conversion cycle (CCC), a useful and comprehensive measure of working capital management, has been widely used in the literature (see for example Deloof, 2003 and Gill et al., 2010). The CCC, measured in days, is the length of time between a company's expenditure for the procurement of raw materials and the collection of sales of finished goods. We adopt this as our measure of working capital management in this study. Previous studies have established a link between profitability and the CCC in different countries and market segments.Efficient working capital management practices aims to shorten the CCC to optimize to levels that best suites the requirements of the specific company (Hager,1976). A short CCC indicates quick collection of receivables and delays in payments to suppliers. This is associated with profitability given that it improves corporate efficiency in its use of working capital. Deloof (2003), however, posits that low inventory levels, tight trade credit policies and utilizing obtained trade credit as a means of financing can increase risks of inventory stock-outs, decrease sales stimulants and increase accounts payable costs by forgoing given cash discounts. Managers must, therefore, always consider the tradeoff between liquidity and profitability when managing working capital. A faster rise in the cost of higher investment in working capital relative to the benefits of holding more inventories and/or granting trade credit to customers may lead to decrease in corporate profitability. Deloof (2003), Wang (2002), Lazaridis and Tryfonidis (2006), and Gill et al. (2010) all propose a negative relationship between the cash conversion cycle and corporate profitability. Following this, we propose a general hypothesis stating the expected negative relationship between the cash conversion cycle and corporate profitability:6. ConclusionsWorking capital, the difference between current assets and current liabilities, is used to fund a business’ daily operations due to t he time lag between buying raw materials for production and receiving funds from the sale of the final product. With vast amounts invested in working capital, it can be expected that the management of these assets would significantly affect the profitability of a company. Consequently, companies strive to achieve optimize levels of working capital by paying bills as late as possible, turning over inventories quickly, and collecting on account receivables quickly. The optimal level, though, may vary to reflect business conditions. This study examines the role business cycle plays in the working capital-corporate profitability relationship using a sample of Finnish listed companies from years 1990 to 2008.We utilize the cash conversion cycle (CCC), defined as the length of time between a company's expenditure for the procurement of raw materials and the collection of sales of finished goods, as our measure of working capital. We further make use of 2 measures of profitability, return on assets and gross operating income.We document a negative relationship between cash conversion cycle and corporate profitability. Our results also show that companies can achieve higher profitability levels by managing inventories efficiently and lowering accounts receivable collection times. Furthermore shorter account payable cycles enhance corporate profitability. These results, which largely mirror findings from other countries, indicate effective management of firm's total working capital as well as its individual components has a significant effect on corporate profitability levels.Our results also show that economic conditions exhibit measurable influences on the working capital-profitability relationship. The low economic state is generally found to have negative effects on corporate profitability. In particular, we find that the impact of efficient working capital (CCC) on operational profitability increases in economic downturns. We also find that the impact of efficient inventory management and accounts receivables conversion periods, subsets of CCC, on profitability increase in economic downturns.Overall the results indicate that investing in working capital processes and incorporating working capital efficiency into everyday routines is essential for corporate profitability. As a result, firms should include working capital management in their financial planning processes. Additionally, firms generate income and employment. The reduced demand in economic downturns depletes working capital of firms and threatens their stability and, implicitly, their important function as generators of employment and income. National economic policy aimed at boosting cash flows of firms may increase business ability to finance working capital internally, especially during economic down turns.译文营运资金管理对不同商业周期公司盈利能力的影响：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。

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。

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）。

外文文献翻译2013届译文一：库存的财务绩效评价和管理Interrelating operationalandfinancial performance measurements in inventory control——Ralf W. SeifertFinancial supply chain management and working capital management are increasingly receiving attention as important avenues to increase profitability in supply chains. By actively managing payment terms and working capital requirements, managers can influence financial performance and achieve significant cost savings. However, measures to improve financial performance implicitly restrict and influence operational performance. In our research we elaborate on the benefits ofequally considering both operational and financial aspects in decision-making for the physical and financial supply chain. We develop a mathematical model that determines the optimal purchasing order quantity under working capital restrictions and payment delays. We analyze the trade-offs between the most commonly used financial and operational measurements, such as service level, return on investment, profit margin and inventory level. Our results demonstrate the significance of payment delays: Increases/decreases in the upstream/downstream payment delays favor the system’s operations by decreasing operational costs. Moreover increases in the working capital employed in the system decrease the total operational cost, increase the total financial cost and lower the return on working capital investment. 1. IntroductionFinancial supply chain management and working capital management are increasingly recognized as important means to increase profitability in a supply chain. The physical product flow has long been addressed by researchers and practitioners. However, now companies have identified the financial side of the supply chain as a promising area for improvements. Prominent examples of companies that have integrated, to some extent, financial and physical flows include Intel, GE and Deutz. Intel advocates the necessity of a transparent view of supply chaininformation, which covers both the flow of physical goods and the ultimate financial settlement (Intel Corporation, 2007). Along the same lines, GE saved 12% of their total accounts payable by using an electronic invoice system (Hausman, 2005). This new tool improved GE’s ability to forecast cash f low requirements and to perform financial flow and information flow tasks at the same time. This trend is confirmed in Europe as well, where Deutz, a German motor manufacturer, optimized their inventory levels, accounts payables, accounts receivables and payment delays in order to overcome high working capital levels and high operating costs, (Bernhard, 2008).However, the interdependency of financial flows and operational flows is rarely recognized and decisions are often made based on other criteria. Operations managers decide from an operational point of view concerning inventory, service levels or capacity needs to drive financial performance in terms of profit, working capital requirements and return on investment (Fig. 1). At the same time, financial managers make partially arbitrary decisions concerning ranges of desired financial performance and thereby inevitably come to constraint operational performance. The trade-off between operational decisions and financial decisions is not explicitly tackled by the current practices as companies are not always able to predict the outcome of a decision on both the operational view and financial view. For example, efforts to improveworking capital position might have counterproductive outcomes: overemphasizing a decrease of accounts payables can lead to increased supplier prices and thus, excess working capital requirements (Reason, 2005). In addition, most companies might improve their overall days of working capital needs, but few will succeed in ameliorating their receivables and inventory results.Academics and practitioners agree that more than ever in today’s accelerated business environment, the convergence of the physical supply chain and the financial supply chain can enhance cash flow predictability, reduce risk-related costs and improve working capital. By optimizing the financial supply chain, managers can efficiently manage receivables or payables, forecast the financial future and achieve significant cost savings. Enhanced cash flow predictability can reduce risk-related costs and improve working capital (Anwar, 2004). In Demica’s report (Croft, 2007), the importance of managing payment terms with suppliers and customers and its impact on working capital management, is also highlighted. Therefore, an in-depth understanding of the trade-offs between operational and financial measurements and parameters, is of substantial importance. In this paper we combine the financial and operational aspects in a unified mathematical model to address the following research questions:How do working capital targets affect the optimal ordering policyand the relationship between product flows and cash flows?What is the impact of upstream and downstream payment delays on operational and financial performance?What are the trade-offs between financial and operational measurements?This paper is organized as follows. In Section 2, we review relevant literature on this subject. In Section 3, we provide a detailed description of our mathematical model, characterize the optimal ordering policy and quantify the working capital restrictions of our model. In Section 4, we discuss the managerial implications of our analysis in detail and provide numerical examples which highlight the previous findings. In Section 5, we summarize our key findings. Mathematical references and derivations are included in the Appendix A.4. Managerial insightsIn this section we present the numerical results and discuss managerial insights on the effects of working capital constraints based on our modeling framework. In Section 4.1, we investigate the effect of working capital restrictions and payment delays. More precisely in Section 4.1.1 we debate the characteristics of the optimal ordering policy. In Section 4.1.2 we investigate the impact of working capital restrictions in cash flows and product flows. In Section 4.2 we examine the effect ofupstream and downstream payment terms on cash flows, product flows and working capital target levels. In Section 4.3 we study the interdependencies between various financial and operational performance measurements and debate the consequences of disjoint performance target setting. Finally, in Section 4.4 we examine a wider range of model parameters.Throughout this section, we illustrate our results with numerical examples. Even thought we use the aforementioned four cases, we base our analysis on the actual cash inflows and cash outflows. The ordering decisions depend on the expected working capital when the payment for the orders is due. Throughout this section and for all cases, we do not base our ordering decisions in historical data. We use the product data for a HP printer, (h=0.02,p=0.03,c=1.03,r=1.18 and α=0.97) (Seifert et al., 2006) and consider product demand as Lognormal distributed with mean μ=100 and coefficient of variation CV= 0.1. A wide range of model parameters is examined. Based on our modeling framework, we employ a discrete-improving, local search approach, to simulate our system. The optimal solution derived from such an algorithm is sensitive to the initial solution. Yet, by considering various starting points and search directions, the algorithm becomes more robust as it avoids local minima and ensures a solution close to the optimum solution. The time horizon of the simulation is set to 80 periods, which corresponds to the life cycle of aproduct. We simulate our system for 50 sample paths, which corresponds to a 90% confidence interval and absolute error b of 0.01, Law and Kelton (2000).5. ConclusionThe importance of financial supply chain management is increasingly recognized as an important factor to drive operation’s performance. In this paper we developed and analyzed a model that interrelates the operational and the financial aspects. We discussed the shortcomings of the current literature and the difficulties to derive the optimality of a base stock policy due to the nature of the problem at hand. We analyzed how the optimal solution depends on the characteristics of the supply chain and more specifically on the payment delays and the working capital constraints. We elaborated on the interrelation between operational and financial performance measures, such as inventory level, service level, return on investment, cash outflows and working capital requirements. Using our modeling framework, we also emphasized the shortcomings of disjoint performance target setting.库存的财务绩效评价和管理拉尔夫·W·塞弗特财务供应链管理和营运资本管理作为重要的途径来增加供应链的盈利能力，得到越来越多的关注。

外文原文Enterprise receivables management analysedFenXi mining chemical company XX【abstract 】in order to meet the expanding sales and increase the competitiveness of the enterprises, reduce inventory, reduce inventory risk and management expenses need, the business activities in El often created accounts receivable. Accounts receivable is the enterprise is an important, the risk is bigger liquid assets, its quality is good or bad for a business often has had a significant impact. Because of the important account receivable, according to some accounts receivable management and accounting, points out the existing problems in the disadvantages of account receivable mismanagement, and puts forward some to strengthen the management of accounts receivable practices.【keywords 】receivables; The provision for; Management riskAccounts receivable is the enterprise is an important, the risk is bigger liquid assets, its quality is good or bad for a business often has had a significant impact. These long-term difficult to recover the accounts receivable existence, seriously affected the enterprise. The normal production and business enterprise management costs, increased to different extent some enterprise into a financial crisis.The role of account receivable. Expand sales, increase the competitiveness of the enterprises in the fierce market competition situation, is to promote the sales of credit is an important way. Enterprise credit is actually to provide customers with the two transactions, to customer selling products, and in a limited period introverted customers funds. In credit-tightening, market weakness, lack of money, the promotion with obvious credit for enterprise sales role. New products and explore new market is more important significance.Reduce inventory, reduce inventory risk and management costs. To the enterprise to hold finished goods inventory additional fee, warehousing costs and insurance expenses; Instead, the enterprise to hold accounts receivable, you do not need the spending. Therefore, when the enterprise products inventory more for long time, generally can use more favorable credit conditions, the inventory into pipes receivable and reduce finished goods in stock, save related expenses.Accounts receivable in the management of the existing problemsAccounts receivable is broad, fixed number of year long. AmountsEnterprise to accounts receivable accounting is not standard. According to the provisions of the state financial and accounting systems. Accounts receivable is accounting enterprise for selling goods or services to happen to purchase unit shall be recovered or accept labor unit payments. But the enterprise did not strictly according to the provisions of the accounting enterprise receivables. Cause some should not be in the project accounting money also included in the project, cause accounts receivable accounting has no reality.The account receivable NPLS not timely, to the enterprise confirmed the appearance of virtually increased asset caused. Because enterprise to accounts receivable slackened management, especially some enterprise also to accounts receivable as means of adjusting profit. So on the account receivable SiZhang confirmation on staying there ~ some problems. Is mainly to stay SiZhang has already formed the receivables confirm fast enough, for many years in the accounts receivable formed account long-term, eased some already can't withdraw, this provision for the provision for no provision of virtual enterprise assets, causing thickening.Because some of the managers and operators enterprise financial management consciousness and lack of management concept. To accounts receivable is lack of effective management and collect investigation the author feel. In Shanxi Province in the part of the province tube enterprise still exist serious planned economy of ideas, these people to the market economy can't say don't understand, also cannot say don't understand, the main thing is not starts from oneself, and in practical work is often said the much, do less. Thought is drunk on the production and business operation this center, not how to do well management finance the primacy, failed to do the business management financial management as the center. Financial management to fund management as the center. The management of funds and use only paying attention to how to borrow and spend money, not for existing resources and capital for effective configuration and mobilize. Cause enterprise produced a considerable amount of receivables, also do not actively from the Angle of strengthening management, so lots of money to clean up the long-term retention outside. Affected the enterprise normal production and operation activities and the efficient use of the funds.The drawbacks of the receivable mismanagementReduce enterprise funds use efficiency, make enterprise profits down because of enterprise logistics and cash flow not consistent, merchandise shipped, prescribing sales invoices. Payment is not keeping pace recovery, and sales have established, this not up recovery entry sales. Certainly will cause no cash inflow generated sales tax on profits and losses, and sales income paid and years be paid in advance. If involves span more than to sales revenue account receivable. Then can produce enterprise by current assets paid annual shareholders dividend. Enterprise for such pursuit arising from the pad surface benefits and tax payment paid shareholders take up a lot of liquidity, as time passes will influence enterprise capital turnover. Which led to the enterprise actual operation situation veiled. Influence enterprise production plan and sales plan, etc, can't realize the set benefit goal.Exaggerated enterprise operating results. Because our country enterprise executes accounting foundation is the accrual (receivable meet system). The current credit happened all to write down current income. Therefore, the enterprise account profit increase does not mean that can meet the schedule of realizing cash inflows. Accounting system requires the enterprise in accordance with the percentage of account receivable balance to extract the provision for, the provision for a 5% rates generally for 3% (special enterprise except). If the actual loss of bad happened more than extract the provision for, will give enterprise to bring the great loss. Therefore, the enterprise of account receivable existence. On the TAB virtually increased sales income. In oerstate enterprise operation results. Increased risks of an enterprise cost.Speeding up the enterprise's cash outflows. Sell on credit although can make the enterprise produces more profits, but did not make enterprise cash inflows increase, on the contrary make enterprise had to use limited liquidity to various taxes and fees paid, accelerate the enterprise's cash outflows, main performance for:Enterprise tax payments. Accounts receivable bring sales income. Not actually receive cash, turnover is computational basis with sales, the enterprise must on time pay by cash. Enterprise pay tax as value added tax, business tax, consumption tax, resources tax and urban construction tax, inevitable meeting with sales revenue increases.Income tax payments. Accounts receivable generate revenue, but not in cash income tax, and realizing cash payment must on time.Cash the distribution of the profits. Also exist such problems. In addition, thecost of the management of accounts receivable and accounts receivable recycling costs will accelerate enterprise cash outflows.The business cycle has influence on enterprise. Operating cycle from obtain inventory to the sales that inventory and withdraw cash this time so far. Operating cycle depends on inventory turnover days and accounts receivable turnover days, the business cycle is combined. From that. Unreasonable accounts receivable existence, make business cycle extended, affected the enterprise capital circulation, make a lot of liquidity precipitation in non-productive link. Cause enterprise cash shortage, influence salaries and raw material purchasing, serious impact on the enterprise normal production and operation.Increased receivables management process. Error probability, brings to the enterprise enterprise to face the additional loss accounts receivable account, possibly to the timely discovery, accounting errors can prompt understanding and other receivables accounts receivable dynamic enterprise details. Cause responsibility unclear. Accounts receivable contract, Taiwan about, commitments, the formalities of examination and approval of such material scattered, lost may make the enterprise has happened on the account receivable unable to receive the full recovery of repayment, the only partially withdraw through legal means. Can recover, but due to material not whole and cannot be recovered, until eventually form the enterprise assets loss.To strengthen the management of accounts receivable methodComprehensive comb, and establish material parameter. For enterprise all kinds of receivables launch a comprehensive system of comb, queuing, check the work. Because in past economic activity business minority, inefficient pattern. Hard to adapt to the market economy requirement, the law of development in the increasingly fierce market competition gradually be eliminated, the enterprise is in production, BanTingChan, failed state, has formed a widespread accounts receivable account for a long (most age 3 years), former party leave the state of operation and the debtor changes etc. Phenomenon, to clear a check increase the difficulty. Workers should browse a large number of original documents, traced back to carefully each individual accounts receivable from the nature, time, happened contents, amount. According to zhang age, systems, area and the possibility of recovery of accounts receivable are classified. Carefully analyzed collection verify each sum of money and amount. And this system, more likely way back near the door check account receivable; Way to outside the system, and is unlikely to far back of receivables through telephoneenquiries, enterprise sent a letter, lawyers sent a letter way to undertake checking: some not so clear accounts receivable multilateral bug verification. Please go back to the original sales personnel, agent help check to ensure that the data obtained by the accurate, reliable and accurate data collected in the visiting for the future of written-off receivables smoothly provide effective legal evidence. More importantly, with the debtor written-off receivables personnel and check accounts concerning the debtor family residence, operation sites, property status, income level made a comprehensive and detailed understanding, and according to the command of the debtor to evaluate solvency debt-repaying possibility. Judge, lock key goals for the next great written-off receivables smoothly and lay the foundation.Multi-pronged approach.we great effort, increase. After the preparation work or do. Accounts receivable written-off receivables entered the substantial "punish collect" crucial stage. In actual work, in order to give attention to collect the magnificence of the enterprise with benefit, one of the debtor to classify, different properties analysis of the debtor to adopt targeted collect method, in order to make the whole written-off receivables achieved good effect. The debtor to business clients. To possess management qualification, sound system, assets in good condition of customers, after consultations communication with the other, try to take groovy gathering way, so that both the collect keep good business cooperation relations; But for malicious long-term default behavior, used first lawyer in demand for collection, correspondence is invalid cases, still choose be representative of the debtor to court, apply for a court for compulsory execution. In the majesty of the law, the other group of a deterrent to repay the debtor will repay arrears, self-consciously plays to the whole written-off receivables to point the impetus with. On the system internal worker arrears. For system inside worker due to illness, life difficult, and many other reason formed non-business temporary loan, first of all, issued a document, clearly stipulates that deadline repossessed; Secondly, a large amount of arrears. Indeed, in a difficult to pay off after consultation with staff. Payment agreement signed. Divide second month in salary charged or deduct; Finally, the internal to laid-off employees and have extra-large disease worker, its economy is really difficult to repay embarrassment. In a humane treatment, offer certain debt relief. Such already make whole written-off receivables reach the expected effect, also can let laid-off workers to their real challenges organization care. Adopting property preservation measures. In the actual collect process. Often encountered some have the repayment ability but reimbursement conditions or timing immature the obligor, collect personnel cancooperate actively court on the debtor's property implement preservation, making cdo in court, under the help of the relevant accounting units and individuals to impose preservation of property. For property preservation at the same time. Appoint our wealth pipe center visit regularly the obligor, closely watching the debtor whereabouts, understand their property status. Once found the debtor reimbursement conditions mature, immediately notify the court, suspend the property preservation, reactivated cases. Applied to the court for compulsory execution withdraw arrears.Establish customer credit system. Strict credit business formalities for examination and approval from years of written-off receivables accounts receivable see. A few enterprises in experience increased sales push credit sales policy. Did not establish a complete customer credit system, to the customer assets status, reimbursement ability, financial situation, the credit rating don't know much. Even after receivable formation. Find the debtor to punish frequently occurred. There are a few enterprise to the customer credit conditions are too broad. Credit approval rights too scattered, sometimes a sales personnel can decided to sell on credit business formation. Cause some credit rating is low customers easily get credit, increasing the risk of bad loans.Earnestly implement post responsibility system, strict appraisal, rewards and punishments and trenchantSome enterprise although also established a comparatively perfect accounts receivable credit sales, management, a great responsibility and internal control system, but in actual work but become a mere formality, non-existing. Cause the enterprise internal responsibility unclear, the reward is unknown situation. To a certain extent, encourages the formation of large receivables, increasing the operating risk of an enterprise. So only with a good set of system doesn't solve all the problems in the practical work, the key still need to implement these system will reach the designated position, achieves truly in the bud.Foreign source ：Friends of the accounting, in 2009 (30) 84 85外文译文企业应收账款管理存在的问题及对策XX【摘要】公司为了满足扩大销售、增加企业的竞争力、减少库存、降低存货风险和管理开支等的需要，在El常的经营活动中产生了应收账款。

《企业营运资金管理研究》篇一一、引言企业营运资金管理是现代企业经营管理中的重要一环。

其目标是在确保企业日常运营正常进行的前提下，最大限度地提升资金的运用效率和降低运营成本。

有效的营运资金管理不仅可以为企业提供充足的流动性，还能够帮助企业在市场竞争中取得优势地位。

本文将探讨企业营运资金管理的重要性、相关理论和目前存在的一些问题，并试图提供有效的解决策略。

二、企业营运资金管理的重要性企业营运资金是指企业在日常运营过程中所需的资金，包括现金、应收账款、存货等。

营运资金管理的主要任务是确保企业有足够的资金支持其运营活动，同时也要尽可能地降低资金成本。

首先，良好的营运资金管理可以保障企业的正常运营。

资金是企业运营的血液，如果资金链断裂，企业将无法正常运营。

其次，有效的营运资金管理可以提高企业的盈利能力。

通过降低资金成本、加速资金周转等方式，可以提高企业的盈利水平。

最后，营运资金管理对于企业的长期发展至关重要。

一个稳定、高效的营运资金管理体系可以帮助企业在市场竞争中取得优势地位，为企业的长期发展奠定基础。

三、企业营运资金管理的相关理论企业营运资金管理的相关理论主要包括现金流管理理论、应收账款管理理论、存货管理理论等。

这些理论主要关注如何有效地管理企业的现金流、应收账款和存货等营运资金，以提高资金的运用效率和降低运营成本。

四、企业营运资金管理存在的问题尽管企业营运资金管理的重要性已被广泛认识，但在实际操作中仍存在一些问题。

首先，部分企业对营运资金管理的重视程度不够，导致资金运用效率低下。

其次，一些企业的营运资金管理体系不够健全，缺乏有效的监控和评估机制。

此外，企业内部各部门之间的信息沟通不畅，也影响了营运资金管理的效果。

五、解决策略针对企业营运资金管理存在的问题，本文提出以下解决策略：首先，企业应提高对营运资金管理的重视程度，将营运资金管理纳入企业战略管理的重要内容，通过科学的管理方法和技术，提高资金的运用效率和降低运营成本。

《企业营运资金管理研究》篇一一、引言随着现代企业制度的不断发展和完善，营运资金管理已经成为企业运营的核心内容之一。

企业营运资金是企业正常运营的基础，是企业日常运营中不可或缺的资产。

本文旨在探讨企业营运资金管理的概念、意义及管理策略，以提升企业资金运营效率和效果，确保企业稳健发展。

二、企业营运资金管理的概念及意义（一）概念企业营运资金是指企业在日常运营过程中所必需的、用于支持企业正常运转的资金。

它包括企业的现金、银行存款、应收账款、存货等资产。

营运资金管理就是对企业的这些资产进行规划、运用和监控的过程。

（二）意义营运资金管理对于企业的意义重大。

首先，它有助于提高企业的资金使用效率，降低资金成本。

其次，合理的营运资金管理可以保障企业的正常运营，防止因资金短缺而导致的运营风险。

最后，有效的营运资金管理有助于提升企业的竞争力，为企业创造更多的价值。

三、企业营运资金管理的策略（一）现金管理现金是企业营运资金的重要组成部分。

企业应建立完善的现金管理制度，包括现金预算、收支管理、库存现金管理等。

同时，企业应加强应收账款的催收工作，确保现金流的稳定。

（二）存货管理存货是企业的重要资产之一。

企业应建立科学的存货管理制度，包括存货的采购、验收、存储、领用等环节。

通过合理的存货管理，可以降低存货成本，提高存货周转率。

（三）应收账款管理应收账款是企业的重要资产，也是企业资金回笼的重要来源。

企业应建立完善的应收账款管理制度，包括客户信用评估、合同签订、账款催收等环节。

通过有效的应收账款管理，可以加快资金回笼速度，降低坏账风险。

四、案例分析以某制造企业为例，该企业在营运资金管理方面采取了以下措施：首先，建立了严格的现金管理制度，加强了现金预算和收支管理；其次，优化了存货管理流程，降低了存货成本；最后，加强了应收账款的催收工作，加快了资金回笼速度。

通过这些措施的实施，该企业的营运资金使用效率得到了显著提高，企业的运营风险也得到了有效控制。

营运资金管理对公司财务绩效的影响-外文翻译nThe study aims to determine the impact of working capital management on the financial performance of water processingfirms in Puntland。

The research d spans from 2011 to 2015.with several financial quarters identified。

and both working capital and financial performance variables XXX related to cash management。

inventory management。

accounts receivable management。

and accounts payable management and their impact on the financial performance of water processing XXX。

n cost theory。

and the working capital management cycle theory。

The sample consists of four XXX independent variables are used。

including the turnovers of funds。

inventory。

accounts receivable。

XXX due to thehigh coefficient of n for each variable。

From the inferential statistics。

the study found that the XXX impact on the asset return rate of the Galowe Water Works Company。

密级：绝密外文翻译THESIS OF BACHELOR题目：浅析商业银行会计风险控制存在的问题及对策英文题目: Analysis of Commercial Bank Accounting Risk Control Problems and Countermeasures 学院: 系别:专业:班级:学生姓名:学号：指导老师:起讫日期:我国商业银行会计风险成因及防范对策历史资料表明:导致许多国家20世纪以来先后爆发银行危机的主要原因是未能妥善解决银行风险问题。

长期以来,这一问题也困扰着我国，成为威胁我国国民经济持续、健康发展的重大隐患。

几年来国家采取了一系列必要措施：从1994至1995年给银行业立法，1996年后加强金融审慎性监管，1998年为四大银行补充2700亿元资本金,1999年成立资产管理公司并剥离五大行的1。

4万亿元不良资产，2000年以后国务院严令各行降低不良资产率，等等。

但这些措施均没有触及体制不合理这个根本问题，因而无法从根本上控制银行风险增量,提高银行经营绩效。

目前，我国银行潜伏的高风险日益暴露出来.面临2006年银行业全面开放后外资金融机构进入所带来的竞争和挑战,本届政府下决心彻底改革国有银行的体制,去年末央行动用外汇储备向中国银行、中国建设银行注资450亿美元，充实其资本金，使之达到《巴塞尔协议》规定的8%的资本充足率,推动国有银行股份制改革和最终上市，从根本上解决国有银行风险的增量问题。

因此，研究中国银行风险的特点、特殊的制度成因，股份制改革和公司治理结构建立这些被称为治本措施的一系列政策问题，具有重要的理论和现实意义。

本文第一章首先阐述了我国银行风险的表现形式.其中银行信用风险特别是国有商业银行资产信贷质量问题，成为当前最为突出的金融风险；国有商业银行的流动性风险虽未显现（暂时被居民的高储蓄率所掩盖），但潜在的支付困难因素日益增多；财务风险主要表现在国有商业银行资本金严重不足和经营利润虚盈实亏两方面；此外我国银行还存在着较为严重的利率汇率风险、市场风险、犯罪风险。

外文翻译The focus of working capital managementin UK small firms（节选）Author：Carole Howorth，Paul WestheadNationality：Nottingham NG8 1BB, UKDerivation: Management Accounting Research NO.14,2003, PP.94–111 AbstractWorking capital management routines of a large random sample of small companies in the UK are examined. Considerable variability in the take-up of 11 working capital management routines was detected. Principal components analysis and cluster analysis confirm the identification of four di stinct ‘types’ of companies with regard to patterns of working capital management. The first three ‘types’ of companies focused upon cash management, stock or debtors routines respectively, whilst the fourth ‘type’ were less likely to take-up any working capital management routines. Influences on the amount and focus of working capital management are discussed. Multinomial logistic regression analysis suggests that the selected independent variables successfully discriminated between the four ‘types’ of companies. The results suggest that small companies focus only on areas of working capital management where they expect to improve marginal returns. The difficulties of establishing causality are highlighted and implications for academics, policy-makers and practitioners are reported.Conclusions and implicationsThe aim of this study has been to encourage additional research, rather than to provide an exhaustive review of all the factors associated with the take-up of working capital management routines by small companies. Three theories guided the selection of the independent variables explored in this study. The RBV highlighted that small firms have idiosyncratic bundles of resources associated with the take-up of working capital management routines. Agency theory identified the influence of external stakeholders as well as differences between small and large firms. Transactions costs theory indicated that small firms might invest resources in specific areas of working capital management if they perceive them to offer the highest marginal return.The results consistently highlighted, across a variety of statistical tests, that small firms are not a homogenous group with regard to working capital management routines. Considerable variability was detected in the take-up of 11 working capital management routines by a large random sample of small companies in the UK. Evidence from the PCA and the cluster analysis confirmed the identification of four distinct ‘types’ of companies with regardto the take-up of working capital management routines. Moreover, evidence from the multinomial logistic regression analysis suggests that the selected independent variables successfully discriminated between the four ‘types’ of companies. Twelve out of the 18 hypotheses were supported. A further two hypotheses showed the anticipated relationship but were not significant discriminators between the ‘types’ of companies.Evidence that the majority of small companies focus their efforts on one area of working capital management indicates that resources for working capital management are limited. However, a striking finding from the regression analysis was the detection that firms which utilize fewer working capital management routines were not necessarily smaller companies. We can infer here that resource constraints per se may not be the major barrier to the utilization of working capital management routines by smaller companies. Instead, the results provide an indication that the perceived marginal return on committing resources may be a major influence on the extent and focus of working capital management.However, we acknowledge that a cross-sectional study such as this one cannot establish causality and can only provide an indication of associations that warrant further investigation. Additional studies could usefully explore the stimuli leading to the utilisation of working capital management routines and the barriers to their take-up. The dynamics of working capital management are complex and the links with performance are bidirectional and difficult to unravel. Small companies may invest resources into managing a particular area of working capital where they are performing badly because the returns from controlling the problem area are perceived to be high. If the direction of causality is not understood, an overly simplistic conclusion in this instance could be that investment of more resources into an area leads to worse performance. The complexity of causality makes it difficult to establish the effect of working capital management routines on the performance of the firm. We can infer that firms with a lower propensity to undertake working capital management routines are not significantly associated with increased cash flow problems, nor reduced profitability. There is some indication that these may be ‘lifestyle’ firms but additional research is required before firm conclusions can be drawn. Currently, it is not clear whether these laggard working capital firms are underperforming or have untapped potential for growth.In a similar way, the direction of causality is not clear with regard to the link between the take-up of working capital management routines and the level of financial skills in a firm. This study employed a simple proxy measure of financial sophistication. Further research is warranted to investigate the direction and the strength of the links between the take-up of working capital management routines and financial management skills and training, education and prior experience. Additional multivariate statistical studies are also required in a variety of national, cultural and industrial contexts toidentify the combination of internal and external environmental factors associated with the take-up of working capital management routines by different employment size bands of private firms (i.e. micro, small, medium and large).Qualitative studies and longitudinal research will provide fresh insights into the processes and dynamics of working capital management, as well as the complex strands of causality (Scapens, 1990).Policy-makers and practitioners seeking to increase the stock of professionally managed firms, might need to target their assistance towards owners of small firms who face attitudinal, resource and operational barriers to the utilization of working capital management routines. Presented evidence suggests that small companies should not be viewed as a homo generous entity with regard to their working capital management routines.Policy-makers and practitioners need to appreciate this diversity and they may use the presented evidence to tailor assistance to the needs of particular ‘types’ of companies, rather than providing ‘blanket” support to all firms irrespective of aspirations or resources.Policy-makers and practitioners need to appreciate the management time constraint faced by many small firms. Time constraints not only limit the amount of time for working capital management , but also the amount of time available to assess whether changes to current working capital management policy would be worthwhile. Moreover, we might expect improved skills to lead to more efficient use of time but small firm managers will require powerful evidence to convince them of the benefits of investing time in financial skills training. The take-up of routines (and financial skills training) could be increased if it was conclusively confirmed that firms significantly improve their performance after introducing appropriate working capital management routines. Additional longitudinal, qualitative and multivariate statistical evidence is warranted that explores whether the take-up of working capital management routines by small firms is subsequently associated with superior levels of performance. Best business practice evidence, from case studies, could also be utilised by policy-makers and practitioners to convince more owners of small firms of how specific working capital management routines can be used proactively to address constraints on business development. There is clearly a need for a great deal more research in this area before the dynamics of working capital management are well understood.英国小企业运营资金管理重点（节选）作者：Carole Howorth，Paul Westhead国籍：Nottingham NG8 1BB, UK原文出处: Management Accounting Research NO.14,2003,PP.94–111摘要从英国小公司中大量的随机抽样，并检查它们的运营资金管理模式。