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《激進(jìn)的營(yíng)運(yùn)資本管理政策對(duì)企業(yè)盈利能力的影響【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(kù)。
1、外文翻譯ImpactofAggressiveWorkingCapitalManagementPolicyonFirms’ProfitabilityMaterialSource:http://www.stieykpn.ac.id/images/artikel/Presentasi%205%20-%20Impact%20of%20Aggresive%20Working%20Capital%20Management%20Policy%20on%20Firms%20Profitability.pdfAuthor:MianSajidNazir*andT
2、alatAfza**IntroductionThecorporatefinanceliteraturehastraditionallyfocusedonthestudyoflong-termfinancialdecisions,particularlyinvestments,capitalstructure,dividendsorcompanyvaluationdecisions.However,short-termassetsandliabilitiesareimportantcomponentsoftotalassetsandneedto
3、becarefullyanalyzed.Managementoftheseshort-termassetsandliabilitieswarrantsacarefulinvestigationsincetheworkingcapitalmanagementplaysanimportantroleinafirm’sprofitabilityandriskaswellasitsvalue(Smith,1980).Efficientmanagementofworkingcapitalisafundamentalpartoftheoverallcor
4、poratestrategyincreatingtheshareholders’value.Firmstrytokeepanoptimallevelofworkingcapitalthatmaximizestheirvalue(Deloof,2003;HoworthandWesthead,2003andAfzaandNazir,2007).Ingeneral,fromtheperspectiveofChiefFinancialOfficer(CFO),workingcapitalmanagementisasimpleandstraightfo
5、rwardconceptofensuringtheabilityoftheorganizationtofundthedifferencebetweentheshort-termassetsandshort-termliabilities(Harris,2005).However,a‘Total’approachisdesiredasitcancoverallthecompany’sactivitiesrelatingtovendor,customerandproduct(Hall,2002).Inpractice,workingcapital
6、managementhasbecomeoneofthemostimportantissuesintheorganizationswheremanyfinancialexecutivesarestrugglingtoidentifythebasicworkingcapitaldriversandanappropriatelevelofworkingcapital(Lamberson,1995).Consequently,companiescanminimizeriskandimprovetheoverallperformancebyunders
7、tandingtheroleanddriversofworkingcapitalmanagement.Afirmmayadoptanaggressiveworkingcapitalmanagementpolicywithalowlevelofcurrentassetsasapercentageoftotalassets,oritmayalsobeusedforthefinancingdecisionsofthefirmintheformofhighlevelofcurrentliabilitiesasapercentageoftotallia
8、bilities.Excessivelevelsofcurrentassetsmayhaveanegativeeffectonthefirm’sprofitabil
