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《營運資金管理對中小企業(yè)盈利能力的影響【外文翻譯】》由會員上傳分享，免費在線閱讀，更多相關(guān)內(nèi)容在應(yīng)用文檔-天天文庫。
1、本科畢業(yè)論文（設(shè)計）外文翻譯原文：EffectsofworkingcapitalmanagementonSMEprofitabilityAbstractTheobjectiveoftheresearchpresentedhereistoprovideempiricalevidenceabouttheeffectsofworkingcapitalmanagementontheprofitabilityofasampleofsmallandmedium-sizedSpanishfirms.Withthisinmind,wecollectedapanelof8,872SMEsc
2、overingtheperiod1996-2002.Theresults,whicharerobusttothepresenceofendogeneity,demonstratethatmanagerscancreatevaluebyreducingtheirfirm’snumberofdaysaccountsreceivableandinventories.Equally,shorteningthecashconversioncyclealsoimprovesthefirm’sprofitability.IntroductionThecorporatefinanceli
3、teraturehastraditionallyfocusedonthestudyoflong-termfinancialdecisions.Researchershaveparticularlyofferedstudiesanalyzinginvestments,capitalstructure,dividendsorcompanyvaluation,amongothertopics.Buttheinvestmentthatfirmsmakeinshort-termassets,andtheresourcesusedwithmaturitiesofunderoneyea
4、r,representthemainshareofitemsonafirm’sbalancesheet.Infact,inoursamplethecurrentassetsofsmallandmedium-sizedSpanishfirmsrepresent69.48percentoftheirassets,andatthesametimetheircurrentliabilitiesrepresentmorethan52.82percentoftheirliabilities.Workingcapitalmanagementisimportantbecauseofits
5、effectsonthefirm’sprofitabilityandrisk,andconsequentlyitsvalue(Smith,1980).Ontheonehand,maintaininghighinventorylevelsreducesthecostofpossibleinterruptionsintheproductionprocess,oroflossofbusinessduetothescarcityofproducts,reducessupplycosts,andprotectsagainstpricefluctuations,amongothera
6、dvantages(BlinderandManccini,1991).Ontheother,grantingtradecreditfavorsthefirm’ssalesinvariousways.Tradecreditcanactasaneffectivepricecut(Brennan,MaksimovicandZechner,1988;PetersenandRajan,1997),incentivizescustomerstoacquiremerchandiseattimesoflowdemand(Emery,1987),allowscustomerstocheck
7、thatthemerchandisetheyreceiveisasagreed(quantityandquality)andtoensurethattheservicescontractedarecarriedout(Smith,1987),andhelpsfirmstostrengthenlong-termrelationshipswiththeircustomers(Ng,SmithandSmith,1999).However,firmsthatinvestheavilyininventoryandtradecreditc
