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1、中文3646字原文：TherelationshipbetweenworkingcapitalmanagementandprofitabilityoflistedcompaniesintheAthensStockExchangeAbstractInthispaperweinvestigatetherelationshipofcorporateprofitabilityandworkingcapitalmanagement.Weusedasampleof131companieslistedintheAthensStockExchange(ASE
2、)fortheperiodof2001-2004.Thepurposeofthispaperistoestablisharelationshipthatisstatisticalsignificantbetweenprofitability,thecashconversioncycleanditscomponentsforlistedfirmsintheASE.Theresultsofourresearchshowedthatthereisstatisticalsignificancebetweenprofitability,measure
3、dthroughgrossoperatingprofit,andthecashconversioncycle.Moreovermanagerscancreateprofitsfortheircompaniesbyhandlingcorrectlythecashconversioncycleandkeepingeachdifferentcomponent(accountsreceivables,accountspayables,inventory)toanoptimumlevelIntroductionCapitalstructureandw
4、orkingcapitalmanagementaretwoareaswidelyrevisitedbyacademiainordertopostulatefirms’profitability.Workingcapitalmanagementhasbeenapproachedinnumerousways.Otherresearchersstudiedtheimpactofoptimuminventorymanagementwhileotherauthorsstudiedthemanagementofaccountsreceivablesin
5、anoptimumwaythatleadstoprofitmaximization.AccordingtoDeloof(2003)thewaythatworkingcapitalismanagedhasasignificantimpactonprofitabilityoffirms.Thisresultindicatesthatthereisacertainlevelofworkingcapitalrequirementswhichpotentiallymaximizesreturns.Otherworkonthefieldofworkin
6、gcapitalmanagementfocusesontheroutinesemployedbyfirms.Thisresearchshowedthatfirmswhichfocusoncashmanagementwerelarger,withfewercashsales,moreseasonalityandpossiblymorecashflowproblems.Whilesmallerfirmsfocusedmoreonstockmanagementandlessprofitablefirmswerefocusedoncreditman
7、agementroutines.Itissuggestedthathighgrowthfirmsfollowamorereluctantcreditpolicytowardstheircustomers,whiletheytieupmorecapitalintheformofinventory.Meanwhileaccountspayableswillincreaseduetobetterrelationsofsupplierswithfinancialinstitutionswhichdivertthisadvantageoffinanc
8、ialcosttotheirclients.AccordingtoWilner(2000)mostfirmsextensivelyusetradecreditdespiteits
