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1、外文翻譯原文AnAnalysisofWorkingCapitalManagementResultsacrossIndustriesMaterialSource:AmericanJournalofBusinessAuthor:GregFilbeckTheimportanceofefficientworkingcapitalmanagement(WCM)isindisputable.Workingcapitalisthedifferencebetweenresourcesincashorreadilyconvertibleintocash(CurrentAsse
2、ts)andorganizationalcommitmentsforwhichcashwillsoonberequired(CurrentLiabilities).Theobjectiveofworkingcapitalmanagementistomaintaintheoptimumbalanceofeachoftheworkingcapitalcomponents.Businessviabilityreliesontheabilitytoeffectivelymanagereceivables,inventory,andpayables.Firmsarea
3、bletoreducefinancingcostsand/orincreasethefundsavailableforexpansionbyminimizingtheamountoffundstiedupincurrentassets.Muchmanagerialeffortisexpendedinbringingnon-optimallevelsofcurrentassetsandliabilitiesbacktowardoptimallevels.Anoptimallevelwouldbeoneinwhichabalanceisachievedbetwe
4、enriskandefficiency.ArecentexampleofbusinessattemptingtomaximizeworkingcapitalmanagementistherecurrentattentionbeinggiventotheapplicationofSixSigma?methodology.SixSigma?methodologieshelpcompaniesmeasureandensurequalityinallareasoftheenterprise.Whenusedtoidentifyandrectifydiscrepanc
5、ies,inefficienciesanderroneoustransactionsinthefinancialsupplychain,SixSigma?reducesDaysSalesOutstanding(DSO),acceleratesthepaymentcycle,improvescustomersatisfactionandreducesthenecessaryamountandcostofworkingcapitalneeds.Thereappeartobemanysuccessstories,includingJenniferTowne’s(2
6、002)reportofa15percentdecreaseindaysthatsalesareoutstanding,resultinginanincreasedcashflowofapproximately$2millionatThibodauxRegionalMedicalCenter.Furthermore,baddebtsdeclinedfrom$3.4millionto$600,000.However,Water’s(2003)studyofmultiplefirmsemployingSixSigma?findsthatitisreallya“g
7、etrichslow”techniquewitharateofreturnhoveringinthe1.2–4.5percentrange.EveninabusinessusingSixSigma?methodology,an“optimal”levelofworkingcapitalmanagementneedstobeidentified.Industryfactorsmayimpactfirmcreditpolicy,inventorymanagement,andbill-payingactivities.Somefirmsmaybebettersui
8、tedtominimizereceivablesan
