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《現(xiàn)金流對營運(yùn)資本管理的影響和資金投資【外文翻譯】》由會(huì)員上傳分享，免費(fèi)在線閱讀，更多相關(guān)內(nèi)容在應(yīng)用文檔-天天文庫。
1、外文翻譯原文TheCashFlowImplicationsofManagingWorkingCapitalandCapitalInvestmentMaterialSource:JournalofBusiness&EconomicStudiesAuthor:RussellP.BoisjolyINTRODUCTIONInrecentyearsmajorcorporationshavediscoveredthatthereareimportantcashflowstreamsavailabletothemiftheyaggressi
2、velymanagetheirworkingcapitalaccounts(accountsreceivable,inventory,accountspayable,andadvancepayments).Whilesomehavearguedthatcashflowsgeneratedthroughworkingcapitalmanagement(improvinginventoryturnover,aggressiveaccountsreceivablecollectionpoliciesorsuppliermanagem
3、entprograms,lengtheningaccountspayablepaymentperiods,etc.)aretransitoryand,therefore,arenotindicativeofafundamentalimprovementintheinternalvaluecreationprocess(businessmodel),thereislimitedempiricalevidenceonwhetherthesepractices(a)havechangedtheunderlyingprobabilit
4、ydistributionsoftherelatedfinancialratios,(b)persistedoverseveralyearsratherthanjust2or3yearsasimpliedbyMulfordandElywhopurportthatchangesaretransitoryortemporary,(c)whetherthesechangesinworkingcapitalmanagementpolicieshaveimpactedmarketvaluespositively(ornegatively
5、)or(d)whetherweunderstandthemodelforcashflowsthroughthefirmadequatelytoproperlyconductempiricaltestsorforecastcashflows.Inadditiontomanagerialpolicies,oneshouldprobablyconsiderchangesintechnologyandchangesinthefinancialenvironment.TypicalDSOorACPratioshavebeenradica
6、llyloweredformostmerchandisersbythenearlyuniversaloutsourcingofthecreditfunctiontocreditcardcompanies.Also,thedeclineofshort-terminterestratesmostcertainlyaffectedWCpoliciesduringtheperiodinquestion,makingfirmslesswillingtoholdcash,andperhapsmorewillingtoincreasesho
7、rt-termliabilities.Thisissueisimportanttoexaminenotonlytodetermineifchangesinmanagementpracticeshaveimpactedcashflowandvaluecreation,butalsotoinvestigatewhetherrationormsmayhavechangedandshiftedthebenchmarksforcomparisonsbetweenfirms.Furthermore,thesebenchmarksarede
8、rivedfromthemeasuresofcentraltendency,buttheappropriateuseofthesebenchmarksmaybeinfluenced(orbiased)bythethird(skewness)andfourth(kurtosis
