外文翻译对整个行业中营运资金管理的研究(适用于毕业论文外文翻译+中英文对照)

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。

文献出处:Alalwan J A. Enterprise content management research: A comprehensive review [J]. Journal of Enterprise Information Management, 2015, 5(2): 441-451.原文The Research of Enterprise current assets managementAlalwan J A.AbstractCurrent assets management mainly includes cash, various deposits, short term investment, receivables and advance payment, inventory management, etc. Current asset allocation is an important part of enterprise financial management, if there is excessive liquidity, will increase the financial burden of the enterprise, thus affect the profitability of the enterprise; On the contrary, the lack of liquidity, the capital turnover is ineffective, affect the operation of the enterprise. Enterprise current assets management problems, however, need to take the corresponding management strategies and measures, in order to promote the healthy and orderly development of enterprises.Keywords: Enterprise management; Current assets management; Problems and strategies1 IntroductionEssential component of current assets is the enterprise assets, refers to the enterprise can be in one year or within an operating cycle longer than a year to liquidate assets or consumed, mainly can be divided into monetary capital and physical capital. Monetary fund mainly include cash, bank deposits, accounts receivable money, pending payment, etc. Physical capital refers to the stock, such as raw materials, semi-finished products, finished goods, etc. Due to its flow is relatively frequent, strong cash ability, current assets are basically with enterprise production process flow from the money form began to change its form in turn: part of the monetary fund as a reserve fund in storage, the other part as fixed capital investment, production into finished products, then change back into monetary form.As is known to all, the ratio of current assets to current liabilities, generally shows that the enterprise to repay the short-term ability strong and the weak, the greater the ratio, shows that the greater the liquidity of enterprise assets, enterprises have enough assets can be sold to repay the debt, in contrast ratio is smaller, the less liquidity, debt paying ability is weaker. But it is not the bigger the ratio, the better, if the enterprise current assets take up too much proportion, will affectthe operating efficiency of capital turnover and profitability.2 Enterprise current assets management problemsIn the process of enterprise investment, because of the lack of necessary, real market research and feasibility study, causing some products can not be marketable; Schedule of some investment projects due to a lack of strength, not put into production, the vast amounts of investment have become a huge burden, not only failed to establish a new economic growth point instead become a heavy burden of enterprises. At present, many enterprises was affected by these reasons of large, poor cash ability of non-performing assets of liquid assets, as well as invalid occupy and backlog, the serious influence the flow of the enterprise capital turnover, increased business costs, and greatly influenced the economic benefits of enterprises. If you want to take the long-term deposited heavy baggage, will weaken the solvency of the enterprise, form a vicious circle, even difficult to maintain normal production and operation. Specifically, the current corporate liquidity management exists some problems as follows:2.1 Repeat construction cause waste of resourcesBecause of the influence of the macro economy to enterprise, some enterprises in the current assets investment process due to the actual demand for liquid assets without careful planning, so will appear the phenomenon of blind investment, repeat construction. Blind investment caused lots of waste materials and reduces the return on equity.2.2 The financial fraud resulting in the loss of liquid assetsMany enterprise operators and financial personnel to the current minority performance and interest on the financial fraud, cause enterprise financial situation serious false, form a lot of hidden loss, make the enterprise have no staying power, facing bankruptcy; A large number of state-owned assets by private occupy, divert, erosion is serious; Some units, use their rights, head with public spending, causing huge loss of enterprise liquid assets.2.3 Daily management is not standardLack of effective management, some enterprise current assets can verify on schedule, without someone who's in charge, a take random phenomenon; Some units for the development of the third industry, placing surplus staff, transferring large amounts of money, equipment, long-term bill is not clear; Still exists the phenomenon of "zombie" companies, due to the non-standard operation in the business, not abide by the credibility, each other is not responsible for, payment ofa come-and-go funds for the enterprise long-term is not clear, which seriously affect the enterprise working capital turnover.2.4 The bad assets are widespreadWhen some of the economic resources can't provide the needed for the enterprise economic benefit, also lost its resources of economic value, can form the bad assets of the enterprise. Bad assets to the enterprise and national bring serious harm and economic loss is the important factors influencing the development and expansion. One is the bad assets in the accounts receivable is a common phenomenon existing in the present enterprise, some payment of accounts receivable long-term unmanned cleaning has been unable to recover, lose the practical significance of the creditor's rights; Second, some companies inventory backlog of lost sales in the value of the products, or because of blind procurement, or switch to cannot use of raw materials, elimination of equipment spare parts, etc., have already lost the value of the cash.3 The strategies and measures of enterprise liquid assets management3.1 Liquidity management strategyIn theory, if can correctly predict, enterprises should hold the exact amount of monetary funds, ready for the payment of necessary productive expenditure; Keep the exact number of inventory, in order to meet the needs of production and sales; Under the condition of the optimal credit investment in accounts receivable, and not as a short-term investment in securities. If we can achieve this goal, the total current assets can be in the lowest level, current assets structure is the most reasonable. As long as the total current assets more than or less than this level, the most reasonable structure of liquid assets will be damaged, corporate profits will drop. But in practice, because of the uncertainty of the future situation, the enterprise may not accurately predict liquid assets of project amount and the total amount of liquid assets, which must make different liquidity management strategy.Cautious strategy. Cautious type liquid assets management strategy refers to the current assets accounted for the proportion of total assets is higher, while maintaining the low level of current liabilities ratio, make the enterprise net working capital levels increase, cash ability improve, make the enterprise insolvency risk and risk of shortage of funds tend to be minimal. That is to say, this strategy not only requires enough total corporate liquidity abundant, the total amount of funds accounted for than major, but also the requirements of current assets and short-term monetary fundsecurities investment also wants to keep sufficient amount, account for larger proportion of the total amount of liquid assets. This strategy is the basic purpose of enterprise’s cash ability remains at a high level, and can be enough to meet all kinds of unexpected circumstances. Cautious type liquid assets management strategy is to reduce the advantages of the enterprise risk, but a disadvantage of low yield. Usually, it is only applicable to enterprise external environment is highly uncertain.Radical strategy. Radical policy requires low current assets accounted for the proportion of total assets, at the same time improve the proportion of current liabilities financing make smaller or even negative net working capital, make the enterprise funds shortage risk and solvency risk tend to be the biggest. This strategy is the basic purpose of trying to cut the liquidity that takes money to improve the yield of enterprises. Enterprises to adopt this kind of radical liquidity management strategy, while it is possible to increase the income of the enterprise, but also increased the risk of the enterprise. So, radical liquidity management strategy is a big risk, high yield management strategy. In general, it is only applicable to enterprise external environment is quite uncertain.3, medium type strategy. Moderate type strategy can be divided into two kinds: one kind is current assets total assets ratio is higher, and maintain a higher level of current liabilities; Another kind is the proportion of current assets to current liabilities of all assets fall at the same time, the proportion of investment in fixed assets and long-term financing proportion increase at the same time, make the enterprise risk center. Because of the risks and benefits is dialectical, although high risk can bring higher yields, but companies must master a degree, so, most companies usually choose between caution and aggressive type of moderate management strategy.3.2 Liquidity management measures3.2.1 Daily cash management measuresPeriodically prepare the cash budget, cash receipts and cash disbursements reasonably, timely reflect cash we situation, is the important content of cash management. The cash budget establishment has a leading role in the cash management, the whole of the enterprise financial management has essential meaning, is the direction of the enterprise cash management. In cash management, is the top priority for the establishment of management measures.(1) the payment as soon as possible. Company payment as soon as possible is not only to expire the accounts receivable to recover as soon as possible, but also these receivables into cash available as soon aspossible. The crux of the cash management is the recovery time. How to shorten the collection time, accelerate the capital turnover is to solve the main problem of cash management. Enterprise to science using the method of "lock box", "focus on banking law", "discounts and receivable hook" to speed up recovery companies such as payment methods, improve the ability of cash management, improve the economic benefits of enterprises.(2) control spending. The crux of the cash management is spending time. In the opposite direction, to stand in the Angle of the payer, the enterprise, of course, the longer spending cash, the better, but the premise is not damage enterprise reputation, increase the "cost" with each other. Therefore, the enterprise cash management focus should be on how to scientifically delay payment on time. The specific methods used are "delayed payment of accounts payable by draft" payment ", "payment by installments" and "outsourcing processing and reduce the curing", etc. In addition, cash is the most liquid assets in the enterprise assets; the security is the top priority of cash management. Although in the past cash security has many effective measures and systems, but there are many management loopholes, as long as there is a little slack, the enterprise will pay a heavy price, teach is more similar. Therefore, enterprises must ensure the safety of the cash one hundred percent.3.2.2 Daily management of receivablesInvestment is the necessity of competition in the market for enterprise receivables, but the risk of accounts receivable is everywhere, we don't have. To strengthen the accounting and management of accounts receivable, in relation to the capital turnover of the enterprise, affect the enterprise's survival. Therefore, the enterprise should stick to it as a long-term and institutionalized work to grasp, strive for the various measures put in place.(1) to strengthen customer credit management, credit policy. Establish special credit management department, credit investigation and analysis, a reasonable credit policy, etc., it is very important to strengthen the management of accounts receivable in the first. Because of the credit policy is the enterprise to accounts receivable for the planning and control of basic strategy and measures. Must be according to their actual management and customer credit conditions for a reasonable credit policy. Reasonable credit policy should be credit standards, credit and collection policy during the period of the three combination, considering the change of the influence of various cost of sales, accounts receivable.(2) the careful analysis of the accounts receivable aging. In general, the longer the customer overdue payments, payment collection difficulty, the greater the chance that a loss ofbecome non-performing loans will be high. Enterprises have to do accounts receivable aging analysis, pay close attention to accounts receivable recovery progress and change. Through the analysis of the aging of accounts receivable, the enterprise financial management department can take the accounts receivable inventory, incremental, and become the information such as the possibility of bad debts. If the aging of accounts receivable aging analysis showed that enterprise has started to extend or proportion of overdue accounts increase gradually, then must take timely measures to adjust the enterprise credit policy, efforts to improve the efficiency of accounts receivable collection. From accounts receivable not expire, also can't loosen supervision, to prevent the new default.(3) establish a responsibility system for the collection of receivables. The responsibility of the enterprise shall implement the internal overdue receivables, accounts receivable and recycle and internal performance evaluation and rewards and punishment from various business units. For the overdue accounts receivable of the business department and related personnel, enterprise should be in inside in the proper way to give warning, accept the supervision of the staff.译文企业流动资产管理研究Alalwan J A.摘要流动资产管理主要包括现金、各种存款、短期投资、应收及预付账款、存货等的管理。

外文翻译原文：An Analysis of Working Capital Management Results AcrossIndustriesAbstractFirms 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® 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 sub ject 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 to gether 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 CapitalManagement 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 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 payers 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 theobservation that. “An industry a company is located in may have more influence on that company’s fortunes 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 accounts. 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 detailed investigation of WCM is possible becauseCFO 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 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 inCCE 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 respe ct to the working capital 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.Source: Thomas M. Krueger, “An Analysis of Working Capital Management Results Across Industries” .American Journal of Business,vol.20,no.2,2005(20),pp.11-18.译文：对整个行业中营运资金管理的研究摘要: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：Sunday K J. Effective Working Capital Management in Small and Medium Scale Enterprises (SMEs)[J]. International Journal of Business & Management, 2011, 6(9)：271-279.第一部分为译文，第二部分为原文。

默认格式：中文五号宋体，英文五号Times New Roma，行间距1.5倍。

中小企业有效的营运资金管理摘要：中小企业（SME）的主要有效流动资金管理的需求对中小企业的偿付能力和流动性仍然至关重要。

大多数中小企业不关心他们的流动资金状况，大多数人很少考虑到他们的流动资金状况，这些企业大多数都没有标准的信贷政策。

许多人不关心他们的财务状况，他们只是经营，他们主要关注现金收据和他们的银行账户。

本研究使用标准流动资金比率来衡量所选企业的流动资金的有效性，所选择的公司显示过度交易和流动性不足的迹象，关注的是利润最大化，而没有认识到债权人的支付，这些公司的债务回报率低于信贷支付。

建议中小企业在尼日利亚经济中生存下去，必须制定标准的信贷政策，确保良好的财务报告和管理制度，他们必须充分认识到营运资金的管理，以确保连续性，增长和偿付能力。

关键词：中小企业（SME），营运资金管理，流动资金，偿付能力引言中小企业业务仍然是一个国家经济增长和发展最有活力的力量和代理人。

中小企业至少占美国国内生产总值的60％（Ovia，2001年）尼日利亚的中小企业全部在我们周围，只有少数几个中小企业才能成为最受欢迎的企业。

中小企业是几个新兴行业的重大突破。

美国（IT）的大部分突破都是由中小企业推动的。

当时公司是一家小规模企业，由盖茨（Paul Gates）和保罗·艾伦（Paul Allen）于1980年开发的微软磁盘操作系统（MS Dos）在全球拥有约80％的运营成本。

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）。

企业资金管理中英文对照外文翻译文献(文档含英文原文和中文翻译)An Analysis of Working Capital Management Results Across IndustriesAbstractFirms are able to reduce financing costs and/or increase the fund s available for expansion by minimizing the amount of funds tied upin current assets. We provide insights into the performance of surv eyed firms across key components of working capital management by usi ng the CFO magazine’s annual Working CapitalManagement Survey. We discover that significant differences exist b etween industries in working capital measures across time.In addition.w e discover that these measures for working capital change significantl y within industries across time.IntroductionThe importance of efficient working capital management is indisputa ble. Working capital is the difference between resources in cash or readily convertible into cash (Current Assets) and organizational commi tments for which cash will soon be required (Current Liabilities). Th e objective of working capital management is to maintain the optimum balance of each of the working capital components. Business viabilit y relies on the ability to effectively manage receivables. inventory.a nd 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 b ringing non-optimal levels of current assets and liabilities back towa rd 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 capita l management is the recurrent attention being given to the applicatio n of Six Sigma®methodology. Six S igma®methodologies help companies measure and ensure quality in all areas of the enterprise. When used to identify and rectify discrepancies.inefficiencies and erroneous tra nsactions in the financial supply chain. Six Sigma®reduces Days Sale s Outstanding (DSO).accelerates the payment cycle.improves customer sati sfaction and reduces the necessary amount and cost of working capital needs. There appear to be many success stories including Jennifertwon’s(2002) report of a 15percent decrease in days that sales are outstanding.resulting in an increased cash flow of approximately $2 million at Thibodaux Regional Medical Cenrer.Furthermore bad debts declined from 3.4millin to $6000000.However.Waxer’s(2003)study of multiple firms employing Six Sig ma®finds that it is really a “get rich slow”technique with a r ate 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 impa ct firm credit policy.inventory management.and bill-paying activities. S ome 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 pe rformance.Fortunately.these issues are testable with data published by CFO magazine. which claims to be the source of “tools and informati on for the financial executive.”and are the subject of this resear ch.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 p articular industry clustered together at consistent levels of working capital measures?For instance.are firms in one industry able to quickl y 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 perform ance for firms within a given industry change from year-to-year?”The following section presents a brief literature review.Next.the r esearch 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 f inance 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 co rporation had been running a deficit cash flow from operations for e ight of the last ten years of its corporate life.As part of a stud y of the Fortune 500s financial management practices. Gilbert and Rei chert (1995) find that accounts receivable management models are used in 59 percent of these firms to improve working capital projects.wh ile inventory management models were used in 60 percent of the compa nies.More recently. Farragher. Kleiman and Sahu (1999) find that 55 p ercent of firms in the S&P Industrial index complete some form of a cash flow assessment. but did not present insights regarding account s receivable and inventory management. or the variations of any curre nt asset accounts or liability accounts across industries.Thus.mixed ev idence exists concerning the use of working capital management techniq ues.Theoretical determination of optimal trade credit limits are the s ubject of many articles over the years (e.g. Schwartz 1974; Scherr 1 996).with scant attention paid to actual accounts receivable management.Across a limited sample. Weinraub and Visscher (1998) observe a tend ency of firms with low levels of current ratios to also have low l evels of current liabilities. Simultaneously investigating accounts rece ivable and payable issues.Hill. Sartoris.and Ferguson (1984) find diffe rences in the way payment dates are defined. Payees define the date of payment as the date payment is received.while payors view paymen t as the postmark date.Additional WCM insight across firms.industries.a nd 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 acti vities.However.these models are generic models and do not consider uni que 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 th at company’s fortunes than overall GNP”(2002. 507).In fact. a car eful review of this 627-page textbook finds only sporadic information on actual firm levels of WCM dimensions.virtually nothing on industr y factors except for some boxed items with titles such as. “Should a Retailer Offer an In-House Credit Card”(128) and nothing on WC M 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 ver y few recent reports about working capital management. The most relev ant set of articles was Weisel and Bradley’s (2003) article on cash flow management and one of inventory control as a result of effect ive supply chain management by Hadley (2004).Research Method The 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 co nsulting firm specializing in working capital issues for its global l ist of clients. The original survey reports several working capital b enchmarks 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 a nnual basis.REL uses the “cash flow from operations”value located on firm cash flow statements to estimate cash conversion efficiency (CCE). T his value indicates how well a company transforms revenues into cash flow. A “days of working capital”(DWC) value is based on the d ollar amount in each of the aggregate.equally-weighted receivables.inven tory.and payables accounts. The “days of working capital”(DNC) repr esents the time period between purchase of inventory on acccount fromvendor until the sale to the customer.the collection of the receiva bles. and payment receipt.Thus.it reflects the companys ability to fin ance its core operations with vendor credit. A detailed investigation of WCM is possible because CFO also provides firm and industry val ues for days sales outstanding (A/R).inventory turnover.and days payabl es 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 ef ficiency”(CCE).averages 9.0 percent.Incorporating a 95 percent confide nce interval. CCE ranges from 5.6 percent to 12.4 percent. The days working capital (DWC). defined as the sum of receivables and invent ories 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 ins tances.the standard deviation is relatively small.suggesting that these working capital management variables are consistent across CFO report s.Industry Rankings on Overall Working Capital Management Perfo rmanceCFO magazine provides an overall working capital ranking for firms in its ing the following equation:Industry-based differences in overall working capital management are presented for the twenty-s ix industries that had at least eight companies included in the rank ings each year.In the typical year. CFO magazine ranks 970 companies during this period. Industries are listed in order of the mean ove rall CFO ranking of working capital performance. Since the best avera ge ranking possible for an eight-company industry is 4.5 (this assume s that the eight companies are ranked one through eight for the ent ire survey). it is quite obvious that all firms in the petroleum in dustry must have been receiving very high overall working capital man agement rankings.In fact.the petroleum industry is ranked first in CCE and third in DWC (as illustrated in Table 5 and discussed later i n this paper).Furthermore.the petroleum industry had the lowest standar d 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 secon d in CCE and fourth in DWC. The two industries with the worst work ing capital rankings were Textiles and Apparel. Textiles rank twenty-s econd in CCE and twenty-sixth in DWC. The apparel industry ranks twenty-third and twenty-fourth in the two working capital measures ConclusionsThe research presented here is based on the annual ratings of wo rking capital management published in CFO magazine. Our findings indic ate a consistency in how industries “stack up”against each other over time with respect to the working capital measures.However.the wor king capital measures themselves are not static (i.e.. averages of wo rking capital measures across all firms change annually); our results indicate significant movements across our entire sample over time. O ur findings are important because they provide insight to working cap ital performance across time. and on working capital management across industries. These changes may be in explained in part by macroecono mic factors Changes in interest rates.rate of innovation.and competitio n 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 ra mifications of this study include the finding of distinct levels of WCM measures for different industries.which tend to be stable over ti me. Many factors help to explain this discovery. The improving econom y during the period of the study may have resulted in improved turn over 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 impr oving 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 annua lly.Further research may take one of two lines.First.there could bea study of whether stock prices respond to CFO magazine’s publication of working capital management rating.Second,there could be a study of which if any of the working capital management components relate to share price performance.Given our results,there studies need to take industry membership into consideration when estimating stock price reaction to working capital management performance.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。

企业营运资金管理国内外研究文献综述作者：吴莹来源：《中小企业管理与科技·下旬刊》2019年第11期【摘;要】营运资金是保障企业持续经营的能量供给，营运资金管理贯穿于公司生产经营的各个环节，对公司的发展尤为重要。

论文主要从营运资金管理目标、研究内容以及管理绩效三个方面，对国内外营运资金管理的研究成果进行综合述评。

【Abstract】;Working;capital;is;the;energy;supply;to;ensure;the;sustainable;operation;of;enterpr ises.;Working;capital;management;runs;through;all;aspects;of;the;company's;production;and;operatio n，;which;is;particularly;important;for;the;development;of;the;company.;This;paper;mainly;reviews;t he;research;results;of;working;capital;management;at;home;and;abroad;from;three;aspects：;manage ment;objectives，;research;contents;and;management;performance.【关键词】营运资金;管理;绩效宏图【Keywords】;working;capital;;management;;performance;ambition【中圖分类号】F275.1;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;【文献标志码】A;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;【文章编号】1673-1069（2019）11-0017-02【基金项目】西藏民族大学校内科研青年项目——经济新常态下西藏中小企业营运资金管理绩效研究，项目编号为：2030618030。

企业盈利质量分析中英文对照外文翻译文献(文档含英文原文和中文翻译)原文：Measuring the quality of earnings1. IntroductionGenerally accepted accounting principles (GAAP) offer some flexibility in preparing the financial statements and give the financial managers some freedom to select among accounting policies and alternatives. Earning management uses the flexibility in financial reporting to alter the financial results of the firm (Ortega and Grant, 2003).In other words, earnings management is manipulating the earning to achieve apredetermined target set by the management. It is a purposeful intervention in the external reporting process with the intent of obtaining some private gain (Schipper, 1989).Levit (1998) defines earning management as a gray area where the accounting is being perverted; where managers are cutting corners; and, where earnings reports reflect the desires of management rather than the underlying financial performance of the company.The popular press lists several instances of companies engaging in earnings management. Sensormatic Electronics, which stamped shipping dates and times on sold merchandise, stopped its clocks on the last day of a quarter until customer shipments reached its sales goal. Certain business units of Cendant Corporation inflated revenues nearly $500 million just prior to a merger; subsequently, Cendant restated revenues and agreed with the SEC to change revenue recognition practices. AOL restated earnings for $385 million in improperly deferred marketing expenses. In 1994, the Wall Street Journal detailed the many ways in which General Electric smoothed earnings, including the careful timing of capital gains and the use of restructuring charges and reserves, in response to the article, General Electric reportedly received calls from other corporations questioning why such common practices were “front-page” news.Earning management occurs when managers use judgment in financial reporting and in structuring transactions to alter financial reports to either mislead some stakeholders about the underlying economic performance of the company or to influence contractual outcomes that depend on reported accounting numbers (Healy and Whalen, 1999).Magrath and Weld (2002) indicate that abusive earnings management and fraudulent practices begins by engaging in earnings management schemes designed primarily to “smooth” earnings to meet internally or externally imposed earnings forecasts and analysts’ expectations.Even if earnings management does not explicitly violate accounting rules, it is an ethically questionable practice. An organization that manages its earnings sends amessage to its employees that bending the truth is an acceptable practice. Executives who partake of this practice risk creating an ethical climate in which other questionable activities may occur. A manager who asks the sales staff to help sales one day forfeits the moral authority to criticize questionable sales tactics another day.Earnings management can also become a very slippery slope, which relatively minor accounting gimmicks becoming more and more aggressive until they create material misstatements in the financial statements (Clikeman, 2003)The Securities and Exchange Commission (SEC) issued three staff accounting bulletins (SAB) to provide guidance on some accounting issues in order to prevent the inappropriate earnings management activities by public companies: SAB No. 99 “Materiality”, SAB No. 100 “Restructuring and Impairment Charges” and SAB No. 101 “Revenue Recognition”.Earnings management behavior may affect the quality of accounting earnings, which is defined by Schipper and Vincent (2003) as the extent to which the reported earnings faithfully represent Hichsian economic income, which is the amount that can be consumed (i.e. paid out as dividends) during a period, while leaving the firm equally well off at the beginning and the end of the period.Assessment of earning quality requires sometimes the separations of earnings into cash from operation and accruals, the more the earnings is closed to cash from operation, the higher earnings quality. As Penman (2001) states that the purpose of accounting quality analysis is to distinguish between the “hard” numbers resulting from cash flows and the “soft” numbers resulting from accrual accounting.The quality of earnings can be assessed by focusing on the earning persistence; high quality earnings are more persistent and useful in the process of decision making.Beneish and Vargus (2002) investigate whether insider trading is informative about earnings quality using earning persistence as a measure for the quality of earnings, they find that income-increasing accruals are significantly more persistent for firms with abnormal insider buying and significantly less persistent for firms with abnormal insider selling, relative to firms which there is no abnormal insider trading.Balsam et al. (2003) uses the level of discretionary accruals as a direct measurefor earning quality. The discretionary accruals model is based on a regression relationship between the change in total accruals as dependent variable and change in sales and change in the level of property, plant and equipment, change in cash flow from operations and change in firm size (total assets) as independent variables. If the regression coefficients in this model are significant that means that there is earning management in that firm and the earnings quality is low.This research presents an empirical study on using three different approaches of measuring the quality of earnings on different industry. The notion is; if there is a complete consistency among the three measures, a general assessment for the quality of earnings (high or low) can be reached and, if not, the quality of earnings is questionable and needs different other approaches for measurement and more investigations and analysis.The rest of the paper is divided into following sections: Earnings management incentives, Earnings management techniques, Model development, Sample and statistical results, and Conclusion.2. Earnings management incentives2.1 Meeting analysts’ expectationsIn general, analysts’ expectations and company predictions tend to address two high-profile components of financial performance: revenue and earnings from operations.The pressure to meet revenue expectations is particularly intense and may be the primary catalyst in leading managers to engage in earning management practices that result in questionable or fraudulent revenue recognition practices. Magrath and Weld (2002) indicate that improper revenue recognition practices were the cause of one-third of all voluntary or forced restatements of income filed with the SEC from 1977 to 2000.Ironically, it is often the companies themselves that create this pressure to meet the market’s earnings expec tations. It is common practice for companies to provide earnings estimates to analysts and investors. Management is often faced with the task of ensuring their targeted estimates are met.Several companies, including Coca-Cola Co., Intel Corp., and Gillette Co., have taken a contrary stance and no longer provide quarterly and annual earnings estimates to analysts. In doing so, these companies claim they have shifted their focus from meeting short-term earnings estimates to achieving their long-term strategies (Mckay and Brown, 2002).2.2 To avoid debt-covenant violations and minimize political costsSome firms have the incentive to avoid violating earnings-based debt covenants. If violated, the lender may be able to raise the interest rate on the debt or demand immediate repayment. Consequently, some firms may use earnings-management techniques to increase earnings to avoid such covenant violations. On the other hand, some other firms have the incentive to lower earnings in order to minimize political costs associated with being seen as too profitable. For example, if gasoline prices have been increasing significantly and oil companies are achieving record profit level, then there may be incentive for the government to intervene and enact an excess-profit tax or attempt to introduce price controls.2.3 To smooth earnings toward a long-term sustainable trendFor many years it has been believed that a firm should attempt to reduce the volatility in its earnings stream in order to maximize share price. Because a highly violate earning pattern indicates risk, therefore the stock will lose value compared to others with more stable earnings patterns. Consequently, firms have incentives to manage earnings to help achieve a smooth and growing earnings stream (Ortega and Grant, 2003).2.4 Meeting the bonus plan requirementsHealy (1985) provides the evidence that earnings are managed in the direction that is consistent with maximizing executives’ earnings-based bonus. When earnings will be below the minimum level required to earn a bonus, then earning are managed upward so that the minimum is achieved and a bonus is earned. Conversely, when earning will be above the maximum level at which no additional bonus is paid, then earnings are managed downward. The extra earnings that will not generate extra bonus this current period are saved to be used to earn a bonus in a future period.When earnings are between the minimum and the maximum levels, then earnings are managed upward in order to increase the bonus earned in the current period.2.5 Changing managementEarnings management usually occurs around the time of changing management, the CEO of a company with poor performance indicators will try to increase the reported earnings in order to prevent or postpone being fired. On the other hand, the new CEO will try shift part of the income to future years around the time when his/her performance will be evaluated and measured, and blame the low earning at the beginning of his contract on the acts of the previous CEO.3. Earnings management techniquesOne of the most common earnings management tools is reporting revenue before the seller has performed under the terms of a sales contract (SEC,SAB No. 101,1999).Another area of concern is where a company fails to comply with GAAP and inappropriately records restructuring charges and general reserves for future losses, reversing or relieving reserves in inappropriate periods, and recognizing or not recognizing an asset impairment charge in the appropriate period (SEC, SAB No. 100, 1999).Managers can influence reported expenses through assumptions and estimates such as the assumed rate of return on pension plan asset and the estimated useful lives of fixed assets, also they can influence reported earnings by controlling the timing of purchasing, deliveries, discretionary expenditures, and sale of assets.3.1 Big bath“Big Bath” charges are one-time restructuring charge. Current earnings will be decreased by overstating these one-time charges. By reversing the excessive reserve, future earnings will increase.Big bath charges are not always related to restructuring. In April 2001, Cisco Systems Inc. announced charges against earnings of almost $4 billion. The bulk of the charge, $2.5 billion, consisted of an inventory write down. Writing off more than a billion dollars from inventory now means more than a billion dollars of less cost in the future period. This an example of what ultra-conservative accounting in oneperiod makes possible in future periods.3.2 Abuse of materialityAnother area that might be used by accountants to manipulate the earning is the application of materiality principle in preparing the financial statements, this principle is very wide, flexible and has no specific range to determine where the item is material or not. SEC uses the interpretation ruled by the supreme court in identifying what is material; the supreme court has held that a fact is material if there is a substantial likelihood that the fact would have been viewed by reasonable investor as having significan tly altered the “total mix” of information made available (SEC, SAB No. 99, 1999).The SEC has also introduced some considerations for a quantitatively small misstatement of a financial statement item to be material:. whether the misstatement arises from an item capable of precise measurement or whether it arises from an estimate and, if so, the degree of imprecision inherent in the estimate;. whether the misstatement masks a change in earnings or other trends;.whether the misstatement hides a failure to meet analysts’ consensus expectations for the enterprise;. whether the misstatement changes a loss into income or vice versa;. whether the misstatement concerns a segment or other portion of the registrant’s business that has been identified as playing a significant role in the registrant’s operations or profitability; and. whether the misstatement involves concealment of an unlawful transaction.3.3 Cookie jar“Cookie jar” reserve –sometimes labeled rainy day reserve or contingency reserves, in periods of strong financial performance, cookie jar reserve enable to reduce earnings by overstating reserves, overstating expenses, and using one-time write-offs. In periods of weak financial performance, cookie jar reserves can be used to increase earnings by reversing accruals and reserves to reduce current period expenses (Kokoszka, 2003).The most famous example of use of cookie jar reserves is WorldCom Inc. In August 2002, an internal review revealed that the company had $2.5 billion reserves related to litigation, uncollectible and taxes. The company used most of them in a series of so-called reserve reversals in order to have higher earnings.Source: Khaled ElMoatasem Abdelghany,2005. “Measuring the quality of earnings”, Managerial Auditing Journal, vol.20, no.9, pp.1001 – 1015.译文：衡量盈利质量1、引言一般公认会计原则（GAAP）提供准备一定的灵活性的财务报表，给财务经理一定的自由空间进行选择会计政策和方案。

中英文对照外文翻译文献(文档含英文原文和中文翻译)原文：Effects Of Working Capital Management On Sme ProfitabilityThe corporate finance literature has traditionally focused on the study of long-term financial decisions. Researchers have particularly offered studies analyzing investments, capital structure, dividends or company valuation, among other topics. But the investment that firms make in short-term assets, and the resources used with maturities of under one year, represent the main share of items on a firm’s balance sheet. In fact, in our sample the current assets of small and medium-sized Spanish firms represent 69.48 percent of their assets, and at the same time their current liabilities represent more than 52.82 percent of their liabilities.Working capital management is important because of its effects on the firm’s profitability and risk, and consequently its value (Smith, 1980). On the one hand, maintaining high inventory levels reduces the cost of possible interruptions in the production process, or of loss of business due to the scarcity of products, reducessupply costs, and protects against price fluctuations, among other advantages (Blinder and Manccini, 1991). On the other, granting trade credit favors the firm’s sales in various ways. Trade credit can act as an effective price cut (Brennan, Maksimovic and Zechner,1988; Petersen and Rajan, 1997), incentivizes customers to acquire merchandise at times of low demand (Emery, 1987), allows customers to check that the merchandise they receive is as agreed (quantity and quality) and to ensure that the services contracted are carried out (Smith, 1987), and helps firms to strengthen long-term relationships with their customers (Ng, Smith and Smith, 1999). However, firms that invest heavily in inventory and trade credit can suffer reduced profitability. Thus,the greater the investment in current assets, the lower the risk, but also the lower the profitability obtained.On the other hand, trade credit is a spontaneous source of financing that reduces the amount required to finance the sums tied up in the inventory and customer accounts. But we should bear in mind that financing from suppliers can have a very high implicit cost if early payment discounts are available. In fact the opportunity cost may exceed 20 percent, depending on the discount percentage and the discount period granted (Wilner,2000; Ng, Smith and Smith, 1999). In this respect, previous studies have analyzed the high cost of trade credit, and find that firms finance themselves with seller credit when they do not have other more economic sources of financing available (Petersen and Rajan, 1994 and 1997).Decisions about how much to invest in the customer and inventory accounts, and how much credit to accept from suppliers, are reflected in the firm’s cash conve rsion cycle, which represents the average number of days between the date when the firm must start paying its suppliers and the date when it begins to collect payments from its customers. Some previous studies have used this measure to analyze whether shortening the cash conversion cycle has positive or negative effects on the firm’s profitability.Specifically, Shin and Soenen (1998) analyze the relation between the cash conversion cycle and profitability for a sample of firms listed on the US stock exchange during the period 1974-1994. Their results show that reducing the cash conversion cycle to a reasonable extent increases firms’ profitability. More recently,Deloof (2003) analyzes a sample of large Belgian firms during the period 1992-1996. His results confirm that Belgian firms can improve their profitability by reducing the number of days accounts receivable are outstanding and reducing inventories. Moreover, he finds that less profitable firms wait longer to pay their bills.These previous studies have focused their analysis on larger firms. However, the management of current assets and liabilities is particularly important in the case of small and medium-sized companies. Most of these companies’ assets are in the form of current assets. Also, current liabilities are one of their main sources of external finance in view of their difficulties in obtaining funding in the long-term capital markets(Petersen and Rajan, 1997) and the financing constraints that they face (Whited, 1992; Fazzari and Petersen, 1993). In this respect, Elliehausen and Woken (1993), Petersen and Rajan (1997) and Danielson and Scott (2000) show that small and medium-sized US firms use vendor financing when they have run out of debt. Thus, efficient working capital management is particularly important for smaller companies (Peel and Wilson,1996).In this context, the objective of the current work is to provide empirical evidence about the effects of working capital management on profitability for a panel made up of 8,872 SMEs during the period 1996-2002. This work contributes to the literature in two ways. First, no previous such evidence exists for the case of SMEs. We use a sample of Spanish SMEs that operate within the so-called continental model, which is characterized by its less developed capital markets (La Porta, López-de-Silanes, Shleifer, and Vishny, 1997), and by the fact that most resources are channeled through financial intermediaries (Pampillón, 2000). All this suggests that Spanish SMEs have fewer alternative sources of external finance available, which makes them more dependent on short-term finance in general, and on trade credit in particular. As Demirguc-Kunt and Maksimovic (2002) suggest, firms operating in countries with more developed banking systems grant more trade credit to their customers, and at the same time they receive more finance from their own suppliers. The second contribution is that, unlike the previous studies by Shin and Soenen (1998) and Deloof (2003), in the current work we have conducted tests robust to the possible presence ofendogeneity problems. The aim is to ensure that the relationships found in the analysis carried out are due to the effects of the cash conversion cycle on corporate profitability and not vice versa.Our findings suggest that managers can create value by reducing their firm’s number of days accounts receivable and inventories. Similarly, shortening the cash conversion cycle also improves the firm’s profitability.We obtained the data used in this study from the AMADEUS database. This database was developed by Bureau van Dijk, and contains financial and economic data on European companies.The sample comprises small and medium-sized firms from Spain. The selection of SMEs was carried out according to the requirements established by the European Commission’s recommendation 96/280/CE of 3 April, 1996, on the definition of small and medium-sized firms. Specifically, we selected those firms meeting the following criteria for at least three years: a) have fewer than 250 employees; b) turn over less than €40 million; and c) possess less than €27 million of total assets.In addition to the application of those selection criteria, we applied a series of filters. Thus, we eliminated the observations of firms with anomalies in their accounts, such as negative values in their assets, current assets, fixed assets, liabilities, current liabilities, capital, depreciation, or interest paid. We removed observations of entry items from the balance sheet and profit and loss account exhibiting signs that were contrary to reasonable expectations. Finally, we eliminated 1 percent of the extreme values presented by several variables. As a result of applying these filters, we ended up with a sample of 38,464 observations.In order to introduce the effect of the economic cycle on the levels invested in working capital, we obtained information about the annual GDP growth in Spain from Eurostat.In order to analyze the effects of working capital management on the firm’s profitability, we used the return on assets (ROA) as the dependent variable. We defined this variable as the ratio of earnings before interest and tax to assets.With regards to the independent variables, we measured working capitalmanagement by using the number of days accounts receivable, number of days of inventory and number of days accounts payable. In this respect, number of days accounts receivable (AR) is calculated as 365 ×[accounts receivable/sales]. This variable represents the average number of days that the firm takes to collect payments from its customers. The higher the value, the higher its investment in accounts receivable.We calculated the number of days of inventory (INV) as 365 ×[inventories/purchases]. This variable reflects the average number of days of stock held by the firm. Longer storage times represent a greater investment in inventory for a particular level of operations.The number of days accounts payable (AP) reflects the average time it takes firms to pay their suppliers. We calculated this as 365 × [accounts payable/purchases]. The higher the value, the longer firms take to settle their payment commitments to their suppliers.Considering these three periods jointly, we estimated the cash conversion cycle(CCC). This variable is calculated as the number of days accounts receivable plus thenumber of days of inventory minus the number of days accounts payable. The longerthe cash conversion cycle, the greater the net investment in current assets, and hence the greater the need for financing of current assets.Together with these variables, we introduced as control variables the size of the firm, the growth in its sales, and its leverage. We measured the size (SIZE) as the logarithm of assets, the sales growth (SGROW) as (Sales1 –Sales0)/Sales0, the leverage(DEBT) as the ratio of debt to liabilities. Dellof (2003) in his study of large Belgian firms also considered the ratio of fixed financial assets to total assets as a control variable. For some firms in his study such assets are a significant part of total assets.However our study focuses on SMEs whose fixed financial assets are less important. In fact, companies in our sample invest little in fixed financial assets (a mean of 3.92 percent, but a median of 0.05 percent). Nevertheless, the results remain unaltered whenwe include this variable.Furthermore, and since good economic conditions tend to be reflected in a firm’sprofitability, we controlled for the evolution of the economic cycle using the variable GDPGR, which measures the annual GDP growth.Current assets and liabilities have a series of distinct characteristics according to the sector of activity in which the firm operates. Thus, Table I reports the return on assets and number of days accounts receivable, days of inventory, and days accounts payable by sector of activity. The mining industry and services sector are the two sectors with the highest return on their assets, with a value of 10 percent. Firms that are dedicated to agriculture, trade (wholesale or retail), transport and public services, are some way behind at 7 percent.With regard to the average periods by sector, we find, as we would expect, that the firms dedicated to the retail trade, with an average period of 38 days, take least time to collect payments from their customers. Construction sector firms grant their customers the longest period in which to pay –more than 145 days. Next, we find mining sector firms, with a number of days accounts receivable of 116 days. We also find that inventory is stored longest in agriculture, while stocks are stored least in the transport and public services sector. In relation to the number of days accounts payable, retailers (56 days) followed by wholesalers (77 days) pay their suppliers earliest. Firms are much slower in the construction and mining sectors, taking more than 140 days on average to pay their suppliers. However, as we have mentioned, these firms also grant their own customers the most time to pay them. Considering all the average periods together, we note that the cash conversion cycle is negative in only one sector – that of transport and public services. This is explained by the short storage times habitual in this sector. In this respect, agricultural and manufacturing firms take the longest time to generate cash (95 and 96 days, respectively), and hence need the most resources to finance their operational funding requirements.Table II offers descriptive statistics about the variables used for the sample as a whole. These are generally small firms, with mean assets of more than €6 milli on; their return on assets is around 8 percent; their number of days accounts receivable is around 96 days; and their number of days accounts payable is very similar: around 97 days. Together with this, the sample firms have seen their sales grow by almost 13percent annually on average, and 24.74 percent of their liabilities is taken up by debt. In the period analyzed (1996-2002) the GDP has grown at an average rate of 3.66 percent in Spain.Source: Pedro Juan García-Teruel and Pedro Martínez-Solano ,2006.“Effects of Working Capital Management on SME Profitability” .International Journal of Managerial Finance ,vol. 3, issue 2, April,pages 164-167.译文：营运资金管理对中小企业的盈利能力的影响公司理财著作历来把注意力集中在了长期财务决策研究，研究者详细的提供了投资决策分析、资本结构、股利分配或公司估值等主题的研究，但是企业投资形成的短期资产和以一年内到期方式使用的资源，表现为公司资产负债表的有关下昂目的主要部分。

本科毕业论文（设计）外文翻译原文：Effects Of Working Capital Management On Sme Profitability The corporate finance literature has traditionally focused on the study of long-term financial decisions. Researchers have particularly offered studies analyzinginvestments, capital structure, dividends or pany valuation, among other topics. Butthe investment that firms make in short-term assets, and the resources used withmaturities of under one year, represent the main share of items on a firm’s balancesheet. In fact, in our sample the current assets of small and medium-sized Spanish firmsrepresent 69.48 percent of their assets, and at the same time their current liabilitiesrepresent more than 52.82 percent of their liabilities.Working capital management is important because of its effects on the firm’sprofitability and risk, and consequently its value (Smith, 1980). On the one hand,maintaining high inventory levels reduces the cost of possible interruptions in theproduction process, or of loss of business due to the scarcity of products, reduces supplycosts, and protects against price fluctuations, among other advantages (Blinder andManccini, 1991). On the other, granting trade credit favors the firm’s sales in variousways. Trade credit can act as an effective price cut (Brennan, Maksimovic and Zechner,1988; Petersen and Rajan, 1997), incentivizes customers to acquiremerchandise attimes of low demand (Emery, 1987), allows customers to check that the merchandisethey receive is as agreed (quantity and quality) and to ensure that the services contractedare carried out (Smith, 1987), and helps firms to strengthen long-term relationships withtheir customers (Ng, Smith and Smith, 1999). However, firms that invest heavily ininventory and trade credit can suffer reduced profitability. Thus,the greater theinvestment in current assets, the lower the risk, but also the lower the profitabilityobtained.On the other hand, trade credit is a spontaneous source of financing that reducesthe amount required to finance the sums tied up in the inventory and customer accounts.But we should bear in mind that financing from suppliers can have a very high implicitcost if early payment discounts are available. In fact the opportunity cost may exceed 20percent, depending on the discount percentage and the discount period granted (Wilner,2000; Ng, Smith and Smith, 1999). In this respect, previous studies have analyzed thehigh cost of trade credit, and find that firms finance themselves with seller credit whenthey do not have other more economic sources of financing available (Petersen andRajan, 1994 and 1997).Decisions about how much to invest in the customer and inventory accounts, andhow much credit to accept from suppliers, are reflected in the firm’s cash conversioncycle, which represents the average number of days between the date when the firmmust start paying its suppliers and the date when it begins to collect payments from itscustomers. Some previous studies have used this measure to analyze whether shorteningthe cash conversion cycle has positive or negative effects on the firm’sprofitability.Specifically, Shin and Soenen (1998) analyze the relation between the cash conversioncycle and profitability for a sample of firms listed on the US stock exchange during theperiod 1974-1994. Their results show that reducing the cash conversion cycle to areasonable extent increases firms’ profitability. More recently, Deloof (2003) analyzes asample of large Belgian firms during the period 1992-1996. His results confirm thatBelgian firms can improve their profitability by reducing the number of days accountsreceivable are outstanding and reducing inventories. Moreover, he finds that lessprofitable firms wait longer to pay their bills.These previous studies have focused their analysis on larger firms. However, themanagement of current assets and liabilities is particularly important in the case of smalland medium-sized panies. Most of these panies’ assets are in the form ofcurrent assets. Also, current liabilities are one of their main sources of external financein view of their difficulties in obtaining funding in the long-term capital markets(Petersen and Rajan, 1997) and the financing constraints that they face (Whited, 1992;Fazzari and Petersen, 1993). In this respect, Elliehausen and Woken (1993), Petersenand Rajan (1997) and Danielson and Scott (2000) show that small and medium-sizedUS firms use vendor financing when they have run out of debt. Thus, efficient workingcapital management is particularly important for smaller panies (Peel and Wilson,1996).In this context, the objective of the current work is to provide empirical evidenceabout the effects of working capital management on profitability for a panel made up of8,872 SMEs during the period 1996-2002. This work contributes to the literature in twoways. First, no previous such evidence exists for the case of SMEs. Weuse a sample ofSpanish SMEs that operate within the so-called continental model, which ischaracterized by its less developed capital markets (LaPorta, López-de-Silanes,Shleifer, and Vishny, 1997), and by the fact that most resources are channeled throughfinancial intermediaries (Pampillón, 2000). All this suggests that Spanish SMEs havefewer alternative sources of external finance available, which makes them moredependent on short-term finance in general, and on trade credit in particular. AsDemirguc-Kunt and Maksimovic (2002) suggest, firms operating in countries with moredeveloped banking systems grant more trade credit to their customers, and at the sametime they receive more finance from their own suppliers. The second contribution isthat, unlike the previous studies by Shin and Soenen (1998) and Deloof (2003), in thecurrent work we have conducted tests robust to the possible presence of endogeneityproblems. The aim is to ensure that the relationships found in the analysis carried outare due to the effects of the cash conversion cycle on corporate profitability and not viceversa.Our findings suggest that managers can create value by reducing their firm’snumber of days accounts receivable and inventories. Similarly, shortening the cashconversion cycle also improves the firm’s profitability.We obtained the data used in this study from the AMADEUS database. This database was developed by Bureau van Dijk, and contains financial and economic data on European panies.The sample prises small and medium-sized firms from Spain. The selection of SMEs was carried out according to the requirements established by theEuropeanmission’s remendation 96/280/CE of 3April, 1996, on the definition of small and medium-sized firms. Specifically, we selected those firms meeting the following criteria for at least three years: a) have fewer than 250 employees; b) turn over less than €40 million; and c) possess less than €27 million of total assets.In addition to the application of those selection criteria, we applied a series of filters. Thus, we eliminated the observations of firms with anomalies in their accounts, such as negative values in their assets, current assets, fixed assets, liabilities, current liabilities, capital, depreciation, or interest paid. We removed observations of entry items from the balance sheet and profit and loss account exhibiting signs that were contrary to reasonable expectations. Finally, we eliminated 1 percent of the extreme values presented by several variables. As a result of applying these filters, we ended up with a sample of 38,464 observations.In order to introduce the effect of the economic cycle on the levels invested inworking capital, we obtained information about the annual GDP growth in Spain fromEurostat.In order to analyze the effects of working capital management on the firm’sprofitability, we used the return on assets (ROA) as the dependent variable. We definedthis variable as the ratio of earnings before interest and tax to assets.With regards to the independent variables, we measured working capitalmanagement by using the number of days accounts receivable, number of days ofinventory and number of days accounts payable. In this respect, number of daysaccounts receivable (AR) is calculated as 365 ×[accounts receivable/sales].Thisvariable represents the average number of days that the firm takes to collect paymentsfrom its customers. The higher the value, the higher its investment in accountsreceivable.We calculated the number of days of inventory (INV) as 365 ×[inventories/purchases]. This variable reflects the average number of days of stock heldby the firm. Longer storage times represent a greater investment in inventory for aparticular level of operations.The number of days accounts payable (AP) reflects the average time it takesfirms to pay their suppliers. We calculated this as 365 × [accounts payable/purchases].The higher the value, the longer firms take to settle their payment mitments to theirsuppliers.Considering these three periods jointly, we estimated the cash conversion cycle(CCC). This variable is calculated as the number of days accounts receivable plus thenumber of days of inventory minus the number of days accounts payable. The longerthe cash conversion cycle, the greater the net investment in current assets, and hence thegreater the need for financing of current assets.Together with these variables, we introduced as control variables the size of thefirm, the growth in its sales, and its leverage. We measured the size (SIZE) as thelogarithm of assets, the sales growth (SGROW) as (Sales1 –Sales0)/Sales0, the leverage(DEBT) as the ratio of debt to liabilities. Dellof (2003) in his study of large Belgianfirms also considered the ratio of fixed financial assets to total assets as a controlvariable. For some firms in his study such assets are a significant part of totalassets.However our study focuses on SMEs whose fixed financial assets are less important. Infact, panies in our sample invest little in fixed financial assets (a mean of 3.92percent, but a median of 0.05 percent). Nevertheless, the results remain unaltered whenwe include this variable.Furthermore, and since good economic conditions tend to be reflected in a firm’s profitability, we controlled for the evolution of the economic cycle using the variable GDPGR, which measures the annual GDP growth.Current assets and liabilities have a series of distinct characteristics according to the sector of activity in which the firm operates. Thus, Table I reports the return on assets and number of days accounts receivable, days of inventory, and days accounts payable by sector of activity. The mining industry and services sector are the two sectors with the highest return on their assets, with a value of 10 percent. Firms that are dedicated to agriculture, trade (wholesale or retail), transport and public services, are some way behind at 7 percent.With regard to the average periods by sector, we find, as we would expect, that the firms dedicated to the retail trade, with an average period of 38 days, take least time to collect payments from their customers. Construction sector firms grant their customers the longest period in which to pay – more than 145 days. Next, we find mining sector firms, with a number of days accounts receivable of 116 days. We also find that inventory is stored longest in agriculture, while stocks are stored least in the transport and public services sector. In relation to the number of days accounts payable, retailers (56 days) followed by wholesalers (77 days) pay their suppliers earliest. Firms are muchslower in the construction and mining sectors, taking more than 140 days on average to pay their suppliers. However, as we have mentioned, these firms also grant their own customers the most time to pay them. Considering all the average periods together, we note that the cash conversion cycle is negative in only one sector – that of transport and public services. This is explained by the short storage times habitual in this sector. In this respect, agricultural and manufacturing firms take the longest time to generate cash (95 and 96 days, respectively), and hence need the most resources to finance their operational funding requirements.Table II offers descriptive statistics about the variables used for the sample as a whole. These are generally small firms, with mean assets of more than €6 million; their return on assets is around 8 percent; their number of days accounts receivable is around 96 days; and their number of days accounts payable is very similar: around 97 days. Together with this, the sample firms have seen their sales grow by almost 13 percent annually on average, and 24.74 percent of their liabilities is taken up by debt. In the period analyzed (1996-2002) the GDP has grown at an average rate of 3.66 percent in Spain.Source: Pedro Juan García-Teruel and Pedro Martínez-Solano ,2006.“Effects of Working Capital Management on SME Profitability” .International Journal of Managerial Finance,vol. 3, issue 2, April,pages 164-167.译文：营运资金管理对中小企业的盈利能力的影响公司理财著作历来把注意力集中在了长期财务决策研究，研究者详细的提供了投资决策分析、资本结构、股利分配或公司估值等主题的研究，但是企业投资形成的短期资产和以一年到期方式使用的资源，表现为公司资产负债表的有关下昂目的主要部分。

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。

外文文献翻译原文及译文文献出处：Ted Grey. The Study on the research of working capital management and firm profitability. Research in International Business and Finance，2017, 2(12): 36-49.原文The Study on the research of working capital management and HrmprofitabilityTe d G r e yAbstractThe recent economic downturn of 2007-2008 has brought renewed focus on working capital policies. In this paper we examine the role of business cycles on the working capital-profitability relationship using a sample of Finnish listed companies over an 18-year period. We find the impact of business cycle on the working capital-profitability relationship is more pronounced in economic downturns relative to economic booms. We further show that the significance of efficient inventory management and accounts receivables conversion periods increase during periods of economic downturns. Our results demonstrate that active working capital management matters and, thus，should be included in firms’ financial planning.!• 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 Therecent 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 worldThe 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 tothe 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 firmslisted 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 working capital-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 shouldbe 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丄 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) a nd D’Mello et al. (2008) find that the 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 f i r m’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 f 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 f i r m’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 rundemand 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) f i n d 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 requirements are 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 ah (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 acrossU.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 comprehensivemeasure 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 o f time between a company’s expenditurefor 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 offinancing 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 capitah 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 the 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 toreflect 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、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 f i r m’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 inventorymanagement 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 reduceddemand 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.营运资金管理与企业盈利关系研宄Te d G r e y摘要2007 - 2008年的经济低迷使得人们开始重新关注营运资金政策。

中英文对照外文翻译文献(文档含英文原文和中文翻译)营运能力比率分析1.财务比率分析通过财务分析，可以使不同的信息使用者得到有关企业营运状况和财务状况的信息。

这些信息都是很有价值的，它可以帮助企业经营者全面了解企业的营运状况，可以帮助企业投资者预测投资风险和投资报酬，做出投资、继续投资或转移投资的决策。

2.经营比率经营比率即周转比率，它在很大程度上可以用来评估特定资产产生的利益，诸如存货、应收账款可以用来评价公司全部资产产生的利润。

3.存货的管理存货周转率表明公司已销售货物和服务的使用效率。

存货周转率是企业营业成本与存货间的比率：存货周转率＝营业成本／平均存货4.应收账款的管理就像评估存货周转一样，我们可以用应收账款和信用政策评估一个公司的经营管理水平。

应收账款周转率是评价企业运用信用政策效率的一种方法。

提供信用期限是为了刺激销售。

信用政策的使用，是为了防止客户出现不履行承诺的可能性。

延长信用期限的好处就同净赊销－销售应该收到的现金少于实际到账的。

应收账款周转率＝营业收入净额／应收账款平均余额5.全部资产的管理存货周转率和应收账款周转率反映的是特定资产使用的效率。

为了更加全面的反映一个公司的生产经营能力，我们可以将一定时期的营业收入和资产总额进行比较。

一种方法就是使用总资产周转率，这个指标告诉我们年度内一个公司在销售环节总资产的周转次数。

总资产周转率＝销售收入净额／平均资产总额另一种方法是只注重固定资产，公司的长期、有形资产。

固定资产周转率是固定资产和固定资产平均净值的比值。

固定资产周转率＝销售收入净额／固定资产平均净值6.应收账款的管理当一个公司允许其客户在以后的日子里支付商品或服务的款项时，就产生了应收账款。

允许客户在收到商品或服务后付款，这就给了客户信用，也就是所谓的商业信用。

商业信用又称商品信用或者贸易信用，是一种非正式的信用，它不像其它形式的信用，商业信用通常不需要以票据为根据，而是自发产生的：当客户购买商品或服务，随之产生了商业信用。

公司资金管理[文献翻译]The company funds managementMoney is a company engaged in the economic activities of the basic elements, the company is developing the necessary elements.Money is a company engaged in the economic activities of the basic elements, the company is developing the necessary elements. The company's finances both showed that company of resource allocation, quantity and quality, and also reflects the company's capital structure and property right relations. Company's production and management, financing investment and profit distribution are based on capital as the link, from start to finish, throughout the whole process of company business activities. Fund flow index has become the company credit evaluation and development potential, value evaluation is an important index, in some places, Banks have started the company cash flow situation as whether to give the company to provide credit is an important basis, some even to the company's future cash flow as reimbursement guarantees. Thus, strengthen financial management, improving capital operation benefit is the company in competition invincible and keep sustainable development important guarantee.How to strengthen the cash management? From the following three aspects:First, the comprehensive budget managementThe budget is a kind of control mechanism and institutionalized procedures and implementing the centralized fund management is the effective guarantee, company production and operating activities orderly, is the important guarantee of the company shall supervise and control, audit, examine the basic basis. The company is the comprehensive budget management in the production and business operation each link implementation budget preparation, analysis, evaluation, the company production and operating activities of all the capital expenditures are subject to strict budget management in. The company's budget should with assets as a link, practises graded budget, the parent company should lay particular emphasis on improve investment, finance the budget to capital management budget is given priority to, the unifiedplanning fund executes, centralized management, Subsidiary criterion with production management budget and reinforce the cost and flow of fund budget. The company's budget once determined, must become company organization of production and operating activities legal basis, do not get optional change. And the company capital budget is the core of company overall budget, including annual and monthly budget. The annual budget is calculate inside year company inflows and outflows scale. According to the scale of the company may determine the financing and investment policy. And monthly budget is more close to reality, can accurately reflect the monthly cash flow, accordingly can also specific adjustment, financing and investment plan. Additional funds in accordance with the purposes, still can commit divided into the following three aspects: the budget of budget:1、and operating activities cash flow budget: mainly includes business income and operating expenditures budget. Business income is that a company selling products, providing labor services and rent assets obtained cash inflow, annual operating revenue reflects the annual company to receive the capital size. Is the company's various expenditures budget guarantee. Monthly income budget is able to reflect relatively clear capital inflows roughly time for the company's capital operation and provide a relatively accurate basis; Operating expenditures budget consists of company business activities all capital expenditures budget, and the difference of income is mirrorring company in investment can provide the self-capital scale, the company is investment, financing policies selected, and the important basis of monthly operating expenditure budget and the difference of income criterion can accurately provide company's financing and investment plan basis, increase the company's capital operation efficiency, reduce the financial expenses.2、the investment activities of cash flow budget: company in order to obtain more profits, expand the size of the company must conduct effective investment. It is divided into two kinds: it is a long-term investment, must use NPV etc to judge the feasibility of investment projects, belong to investment return period long capital expenditures, but also increase the company development potential of powerful guarantees, long-term investment funds life are longer, capital using forehead is largeralso, therefore, ask according to the annual self-owned financing volume and low cost of financing to determine the annual investment capital expenditures budget. 2 it is short-term investments, which emphasizes the short-term cash liquidity, is a kind of long-term scale established under the situation of short-term assets stock returns problem, it is to point to in no selected effectie long-term investment plan, choose low-risk, high benefit of investment decisions, the company's stock fund revitalize the rise, obtain better income.3、and financing activities cash flow budget: financing budget refers to the chosen optimization of investment projects, remove self-owned funds, choose low financing solutions financing budget. And effective finance policy also requires from internal maturity structure of debt capital fund management up strengthen the company level. It stressed form long-term assets and long-term liabilities, current assets and liabilities correspondence between the structure of financing strategy and correlation.Second, strengthen centralized management of fundsCentralized fund accounting is financial companies as the carrier of the centralized fund management mode, the group's parent company with subordinates centralized fund management company independent management group, the combination of fund settlement and financial subordinate unit company financial function combination, capital effectively balance and the optimization of capital structure combination, nbre goals and process management combination, foreign efficient utilization and risk management, capital of combining information management and business process reengineering combination. This fund management mode can be "four reunification" to describe, namely:1、unified bank account management, ensure monetary fund safety. Money is the most liquid assets, is the internal control of the key link. For the purpose of strengthening the monetary fund of beforehand control of monetary fund, perfecting the system of basic internal dragged on the basis of internal units, cancel in social financial institutions and keep the redundant account using only basic payment account and multiple cross capital account and realizing capital expenditure two lines.That all subsidiary need money all by the parent company daily transfer, all income funds are prescribed way to parent company's daily cross inside account, so as to ensure group company of capital receipts and unified centralized management. Another subsidiary in group of financial receipts and account within the company, with open for group company internal unit between products services to provide support and play settlement financial company's financial function to internal transactions settlement instead of monetary fund settlement, realized the internal group without monetary fund turnover.2、unified dispatching, strengthen capital fund operation regulation. To meet the needs of production and business operation and construction, unified dispatching right, especially significant capital investment scale of overall planning, control, direct investment funds to a high return low risk areas, and also gives subsidiary daily money management authority, realize group to subordinate unit funds operating effectively monitor and guard against financial settlement risk. Group company according to the annual budget scheduled subsidiaries, affiliates of using the capital scale according to the annual budget request subsidiary prepare monthly budget, and will use fund quota decomposition to every day, the group company hereby transfer funds. The subsidiary is through all money flows into account in accordance with the prescribed collection path delimit to group company account, the group company unified redeployment and ensure the group company for all of the funds of effective control, reducing capital outflow and precipitation risk. Accordingly group company can also planning to use fund, the surplus fund to adopt effective operation mode, has achieved good returns.3、unified capital credit management, ensure financing efficiency and safety. Is unified internal credit management, through group financial company focused on the member unit executes internal loan system, properly regulate internal capital flows, optimize capital structure, internal credit for providing high quality loan support. 2 it is unified foreign financing function, according to the group fund structure optimization and the needs of the development of various units, unified from commercial Banks loan to raise money, as the credit management outspread,emphasize the parent company shall, without the approval of guaranty, each unit of member of group had voluntarily to external guarantee to reduce financing cost and reduce the contingent liabilities, prevent the occurrence of security risk and ensure financing efficiency and safety.4、unified funds of process control, use fund efficiently. In the capital goals on control each year, prepare its annual budget index, funds tied up with economic responsibility system evaluation indexes hooks. Through the tracking examination of budget funds from material purchase, stock, inventory and disposal, products sales efc.so implement process control and management. Strengthen the process of management, using foreign capital in introducing foreign investment in domestic and foreign relevant when strengthening lending policies and interest rates and trends of research, a good grasp of the utilization of foreign capital project decision-making shut, reasonably determine the loan to effectively use scheme. Pay attention to foreign investment risk prevention and management, the use of money DiaoQi, interest rates DiaoQi, prepayment, future foreign exchange trading a variety of forms such as dissolve debt risk.Third, the implementation of the internal audit systemCash flow control refers to all company cash inflow and outflow means of control, it need a strong department according to effective system to control. The finance department of the company just one aspect of the implementation and still have audit departments for checks. Mainly includes:1、organization guarantee. Should center around the financial control to establish effective organization guarantee, Organize and implement daily financial control shall establish corresponding supervision and coordination, arbitration, the examination institutions, will these institutions of functions merge to the company's standing body. Shall establish various execution budget responsibility center, make each responsibility center on the decomposition of the budget target can control and can assume complete responsibility.2、system guarantee. The internal control system including the organization's design and internal company take all the coordination between methods and measures.These methods and measures to protect the property of the company, check the accuracy of accounting information, improve operation efficiency, make relevant personnel follow established management policy.3、information feedback guaranteed. Financial control is a dynamic control process, to ensure the financial budget implementation, must to each responsibility center of budget implementation situation to carry on the track, constantly adjust deviation, budget more reasonable, execute more effective.The specific practices are:1、ruled over all the funds, unified redeployment funds to strengthen the management of the company cash. To prevent capital of extracorporeal circulation, strengthening the management of funds, many companies have adopted a series of measures to strengthen the cash management. Can use of cash management system includes: on his company shall carry out strict management of the budget, Of the various departments to implement spare gold, Strict branch open a bank account management: "balance two lines", all income unified over company headquarters unified transfer, branch the funds needed by the company headquarters unified audit and arrangement.2、strengthen money exchanges and inventory management, speed up the capital turnover. The company shall be the following measures, reduced cash outflows, increase cash inflows, reducing capital tie up time: strengthen the account receivable and accounts payable management; Strengthen the other receivables and other payable management; Strengthen advance receivable, prepaid receivable management; Strengthen the inventory management; Strict company collection, accelerate cash backflow responsibility system, reduce and control of bad debt rate. As possible by using commercial credit, reasonable utilization of their clients' money.Cash flow and rivers like water, can be done, also cannot overflow, should keep a certain balance, want to hold, how's strength, go and do the size of the things, otherwise it'll take cash flow to break, the company to maintain hard. But within the company, must establish strictly observe the rules and regulations of the atmosphere, the system is the outline, all must act according to the system operation, to ensure thesafe and efficient funds. Outside the company, the company must also and banking financial institutions, such as closely and adopt high income, low cost, low risk of financing, investment policy, ensure enterprises of the cash flows of unblocked.Source: Lough, The Company's Financial Management, Harvard business magazine. 2007 (6) : P 199-214.译文：公司资金治理资金是公司从事各项经济活动的差不多要素，是公司进展的必备要素。

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。

中英文对照外文翻译文献(文档含英文原文和中文翻译)译文：跨行业的营运资金管理问题研究摘要企业可以通过降低融资成本或者减少资金在流动资产上的占用等方式来扩大自身现有的资金。

我们在调查过程中，通过运用《首席财务官》杂志的年度营运资金调查报告提供了此报告中的关键组成部分。

我们发现，行业间的跨时资金措施存在着明显的差异。

此外，这些措施在企业营运资金管理中实施后有了显著改变。

引言高效率的营运资金管理的重要性是不容置疑的。

营运资金是现金或者是随时可以兑换为现金（流动资产）的资产和即将成为现金需要的负债（流动负债）之间的差额。

营运资金管理的目标是维持流动资产与流动负债周转的最佳平衡。

商业可行性依赖于应收账款、存货、应付账款的有效管理。

企业可以通过降低融资成本，减少资金占用，以此来增加自有对外资金。

在日常工作中，管理人员将太多的管理精力都放在把当前的资产和负债的周转由非最佳水平成长为最佳水平上。

即实现效率和风险之间的平衡。

最近的一个实例是企业运用六西格玛方法试图最大限度地加强营运资金管理。

六西格玛方法涉及企业所有经营范围，能帮助企业衡量和确保自身在各个领域中的质量。

当前这个方法的运用是用来识别和纠正错误的交易效率差异及低效的财务供应链。

六西格玛方法的运用原理是通过降低销售回款周期、加速支付周期来降低成本、减少流动资金需求、提高顾客满意度。

似乎有许多成功的案例，包括珍妮弗（2002）的关于销售天数减少了百分之十五的优秀的销售报告。

从而使蒂博多万区域医疗中心产生的现金流量增加了大约200万美元。

同时，坏帐从340万美元下降到60万美元。

但六西格玛方法并不是十分完美的，外克瑟(2003)调查多个公司运用六西格玛方法的有效性，研究显示：六西格玛方法确实是一个“缓慢致富”的技术，其回报率一直徘徊在1.2%-4.5%的范围内。

即使在使用六西格玛方法的业务中，也需要对营运资金管理的“最佳”水平进行识别和确认。

行业因素可能会影响企业的信贷政策、库存管理和账单支付活动。