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1、外文翻譯原文TrendsinWorkingCapitalManagementanditsImpactonFirms’Performance:AnAnalysisofMauritianSmallManufacturingFirmsMaterialSource:InternationalReviewofBusinessResearchPapersVo.2No.2.October2006,Pp.45-58Author:KessevenPadachiAfirmisrequiredtomaintainabala
2、ncebetweenliquidityandprofitabilitywhileconductingitsdaytodayoperations.Liquidityisapreconditiontoensurethatfirmsareabletomeetitsshort-termobligationsanditscontinuedflowcanbeguaranteedfromaprofitableventure.Theimportanceofcashasanindicatorofcontinuingfi
3、nancialhealthshouldnotbesurprisinginviewofitscrucialrolewithinthebusiness.Thisrequiresthatbusinessmustberunbothefficientlyandprofitably.Intheprocess,anasset-liabilitymismatchmayoccurwhichmayincreasefirm’sprofitabilityintheshortrunbutatariskofitsinsolven
4、cy.Ontheotherhand,toomuchfocusonliquiditywillbeattheexpenseofprofitabilityanditiscommontofindfinancetextbooks(fore.gseeGitman,1984andBhattacharya,2001)begintheirworkingcapitalsectionswithadiscussionoftheriskandreturntradeoffsinherentinalternativeworking
5、capitalpolicies.Thus,themanagerofabusinessentityisinadilemmaofachievingdesiredtradeoffbetweenliquidityandprofitabilityinordertomaximizethevalueofafirm.Smallbusinessesareviewedasanessentialelementofahealthyandvibranteconomy.Theyareseenasvitaltothepromoti
6、onofanenterprisecultureandtothecreationofjobswithintheeconomy(BoltonReport,1971).SmallMedium-SizedEnterprises(SMEs)arebelievedtoprovideanimpetustotheeconomicprogressofdevelopingcountriesanditsimportanceisgainingwidespreadrecognition.EquallyinMauritiusth
7、eSMEsoccupyacentralplaceintheeconomy,accountingfor90%ofbusinessstock(thoseemployingupto50employees)andemployingapproximately25%ofprivatesectoremployees(WignarajaandO’Neil,1999;CSO,2003;NPF,2004).Storey(1994)notesthatsmallfirms,however,theyaredefined,con
8、stitutethebulkofenterprisesinalleconomiesintheworld.However,giventheirrelianceonshort-termfunds,ithaslongbeenrecognizedthattheefficientmanagementofworkingcapitaliscrucialforthesurvivalandgrowthofsmallfirms(Grablowsky,1984;Pikeand
