外文文献张文婷.docx
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外文文献张文婷.docx
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外文文献张文婷
毕业论文材料:
英文文献及译文
课题名称:
苏州新创建设公司营运
资金管理及案例分析
专业财务管理
学生姓名张文婷
班级BM财管061
学号0651450117
指导教师马云波
专业系主任卢新国
完成日期二○一○年四月
AnAnalysisofWorkingCapitalManagementResultsAcrossIndustries
GregFilbeck.SchweserStudyProgram
ThomasM.Krueger.UniversityofWisconsin-LaCrosse
Abstract
Firmsareabletoreducefinancingcostsand/orincreasethefundsavailableforexpansionbyminimizingtheamountoffundstiedupincurrentassets.WeprovideinsightsintotheperformanceofsurveyedfirmsacrosskeycomponentsofworkingcapitalmanagementbyusingtheCFOmagazine’sannualWorkingCapitalManagementSurvey.Wediscoverthatsignificantdifferencesexistbetweenindustriesinworkingcapitalmeasuresacrosstime.Inaddition.wediscoverthatthesemeasuresforworkingcapitalchangesignificantlywithinindustriesacrosstime.
Introduction
Theimportanceofefficientworkingcapitalmanagementisindisputable.Workingcapitalisthedifferencebetweenresourcesincashorreadilyconvertibleintocash(CurrentAssets)andorganizationalcommitmentsforwhichcashwillsoonberequired(CurrentLiabilities).Theobjectiveofworkingcapitalmanagementistomaintaintheoptimumbalanceofeachoftheworkingcapitalcomponents.Businessviabilityreliesontheabilitytoeffectivelymanagereceivables.inventory.andpayables.Firmsareabletoreducefinancingcostsand/orincreasethefundsavailableforexpansionbyminimizingtheamountoffundstiedupincurrentassets.Muchmanagerialeffortisexpendedinbringingnon-optimallevelsofcurrentassetsandliabilitiesbacktowardoptimallevels.Anoptimallevelwouldbeoneinwhichabalanceisachievedbetweenriskandefficiency.
ArecentexampleofbusinessattemptingtomaximizeworkingcapitalmanagementistherecurrentattentionbeinggiventotheapplicationofSixSigma®methodology.SixSigma®methodologieshelpcompaniesmeasureandensurequalityinallareasoftheenterprise.Whenusedtoidentifyandrectifydiscrepancies.inefficienciesanderroneoustransactionsinthefinancialsupplychain.SixSigma®reducesDaysSalesOutstanding(DSO).acceleratesthepaymentcycle.improvescustomersatisfactionandreducesthenecessaryamountandcostofworkingcapitalneeds.Thereappeartobemanysuccessstories.includingJenniferTowne’s(2002)reportofa15percentdecreaseindaysthatsalesareoutstanding.resultinginanincreasedcashflowofapproximately$2millionatThibodauxRegionalMedicalCenter.Furthermore.baddebtsdeclinedfrom$3.4millionto$600.000.However.Waxer’s(2003)studyofmultiplefirmsemployingSixSigma®findsthatitisreallya“getrichslow”techniquewitharateofreturnhoveringinthe1.2–4.5percentrange.
EveninabusinessusingSixSigma®methodology.an“optimal”levelofworkingcapitalmanagementneedstobeidentified.
EveninabusinessusingSixSigma®methodology.an“optimal”levelofworkingcapitalmanagementneedstobeidentified.Industryfactorsmayimpactfirmcreditpolicy.inventorymanagement.andbill-payingactivities.Somefirmsmaybebettersuitedtominimizereceivablesandinventory.whileothersmaximizepayables.Anotheraspectof“optimal”istheextenttowhichpoorfinancialresultscanbetiedtosub-optimalperformance.Fortunately.theseissuesaretestablewithdatapublishedbyCFOmagazine.whichclaimstobethesourceof“toolsandinformationforthefinancialexecutive.”andarethesubjectofthisresearch.
Inadditiontoprovidingmeanandvariancevaluesfortheworkingcapitalmeasuresandtheoverallmetric.twoissueswillbeaddressedinthisresearch.Oneresearchquestionis.“arefirmswithinaparticularindustryclusteredtogetheratconsistentlevelsofworkingcapitalmeasures?
”Forinstance.arefirmsinoneindustryabletoquicklytransfersalesintocash.whilefirmsfromanotherindustrytendtohavehighsaleslevelsfortheparticularlevelofinventory.Theotherresearchquestionis.“doesworkingcapitalmanagementperformanceforfirmswithinagivenindustrychangefromyear-to-year?
”
Thefollowingsectionpresentsabriefliteraturereview.Next.theresearchmethodisdescribed.includingsomeinformationabouttheannualWorkingCapitalManagementSurveypublishedbyCFOmagazine.Findingsarethenpresentedandconclusionsaredrawn.
RelatedLiterature
Theimportanceofworkingcapitalmanagementisnotnewtothefinanceliterature.Overtwentyyearsago.LargayandStickney(1980)reportedthatthethen-recentbankruptcyofW.T.Grant.anationwidechainofdepartmentstores.shouldhavebeenanticipatedbecausethecorporationhadbeenrunningadeficitcashflowfromoperationsforeightofthelasttenyearsofitscorporatelife.AspartofastudyoftheFortune500’sfinancialmanagementpractices.GilbertandReichert(1995)findthataccountsreceivablemanagementmodelsareusedin59percentofthesefirmstoimproveworkingcapitalprojects.whileinventorymanagementmodelswereusedin60percentofthecompanies.Morerecently.Farragher.KleimanandSahu(1999)findthat55percentoffirmsintheS&PIndustrialindexcompletesomeformofacashflowassessment.butdidnotpresentinsightsregardingaccountsreceivableandinventorymanagement.orthevariationsofanycurrentassetaccountsorliabilityaccountsacrossindustries.Thus.mixedevidenceexistsconcerningtheuseofworkingcapitalmanagementtechniques.
Theoreticaldeterminationofoptimaltradecreditlimitsarethesubjectofmanyarticlesovertheyears(e.g..Schwartz1974;Scherr1996).withscantattentionpaidtoactualaccountsreceivablemanagement.Acrossalimitedsample.WeinraubandVisscher(1998)observeatendencyoffirmswithlowlevelsofcurrentratiostoalsohavelowlevelsofcurrentliabilities.Simultaneouslyinvestigatingaccountsreceivableandpayableissues.Hill.Sartoris.andFerguson(1984)finddifferencesinthewaypaymentdatesaredefined.Payeesdefinethedateofpaymentasthedatepaymentisreceived.whilepayorsviewpaymentasthepostmarkdate.AdditionalWCMinsightacrossfirms.industries.andtimecanaddtothisbodyofresearch.
ManessandZietlow(2002.51.496)presentstwomodelsofvaluecreationthatincorporateeffectiveshort-termfinancialmanagementactivities.However.thesemodelsaregenericmodelsanddonotconsideruniquefirmorindustryinfluences.ManessandZietlowdiscussindustryinfluencesinashortparagraphthatincludestheobservationthat.“Anindustryacompanyislocatedinmayhavemoreinfluenceonthatcompany’sfortunesthanoverallGNP”(2002.507).Infact.acarefulreviewofthis627-pagetextbookfindsonlysporadicinformationonactualfirmlevelsofWCMdimensions.virtuallynothingonindustryfactorsexceptforsomeboxeditemswithtitlessuchas.“ShouldaRetailerOfferanIn-HouseCreditCard”(128)andnothingonWCMstabilityovertime.Thisresearchwillattempttofillthisvoidbyinvestigatingpatternsrelatedtoworkingcapitalmeasureswithinindustriesandillustratedifferencesbetweenindustriesacrosstime.
AnextensivesurveyoflibraryandInternetresourcesprovidedveryfewrecentreportsaboutworkingcapitalmanagement.ThemostrelevantsetofarticleswasWeiselandBradley’s(2003)articleoncashflowmanagementandoneofinventorycontrolasaresultofeffectivesupplychainmanagementbyHadley(2004).
ResearchMethod
TheCFORankings
ThefirstannualCFOWorkingCapitalSurvey.ajointprojectwithRELConsultancyGroup.waspublishedintheJune1997issueofCFO(MintzandLezere1997).RELisaLondon.England-basedmanagementconsultingfirmspecializinginworkingcapitalissuesforitsgloballistofclients.Theoriginalsurveyreportsseveralworkingcapitalbenchmarksforpubliccompaniesusingdatafor1996.Eachcompanyisrankedagainstitspeersandalsoagainsttheentirefieldof1.000companies.RELcontinuestoupdatetheoriginalinformationonanannualbasis.
RELusesthe“cashflowfromoperations”valuelocatedonfirmcashflowstatementstoestimatecashconversionefficiency(CCE).Thisvalueindicateshowwellacompanytransformsrevenuesintocashflow.A“daysofworkingcapital”(DWC)valueisbasedonthedollaramountineachoftheaggregate.equally-weightedreceivables.inventory.andpayablesaccounts.The“daysofworkingcapital”(DNC)representsthetimeperiodbetweenpurchaseofinventoryonacccountfromvendoruntilthesaletothecustomer.thecollectionofthereceivables.andpaymentreceipt.Thus.itreflectsthecompany’sabilitytofinanceitscoreoperationswithvendorcredit.AdetailedinvestigationofWCMispossiblebecauseCFOalsoprovidesfirmandindustryvaluesfordayssalesoutstanding(A/R).inventoryturnover.anddayspayablesoutstanding(A/P).
ResearchFindings
AverageandAnnualWorkingCapitalManagementPerformance
Workingcapitalmanagementcomponentdefinitionsandaveragevaluesfortheentire1996–2000period.Acrossthenearly1.000firmsinthesurvey.cashflowfromoperations.definedascashflowfromoperationsdividedbysalesandreferredtoas“cashconversionefficiency”(CCE).averages9.0percent.Incorporatinga95percentconfidenceinterval.CCErangesfrom5.6percentto12.4percent.Thedaysworkingcapital(DWC).definedasthesumofreceivablesandinventorieslesspayablesdividedbydailysales.averages51.8daysandisverysimilartothedaysthatsalesareoutstanding(50.6).becausetheinventoryturnoverrate(onceevery32.0days)issimilartothenumberofdaysthatpayablesareoutstanding(32.4days).Inallinstances.thestandarddeviationisrelativelysmall.suggestingthat
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