企业营运资金管理中英文对照外文翻译文献Word下载.docx
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企业营运资金管理中英文对照外文翻译文献Word下载.docx
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profitabilityandrisk,andconsequentlyitsvalue(Smith,1980).Ontheonehand,
maintaininghighinventorylevelsreducesthecostofpossibleinterruptionsinthe
productionprocess,oroflossofbusinessduetothescarcityofproducts,reduces
supply
costs,andprotectsagainstpricefluctuations,amongotheradvantages(Blinderand
Manccini,1991).Ontheother,grantingtradecreditfavorsthefirm’ssalesinvarious
ways.Tradecreditcanactasaneffectivepricecut(Brennan,MaksimovicandZechner,1988;
PetersenandRajan,1997),incentivizescustomerstoacquiremerchandiseat
timesoflowdemand(Emery,1987),allowscustomerstocheckthatthemerchandise
theyreceiveisasagreed(quantityandquality)andtoensurethattheservicescontracted
arecarriedout(Smith,1987),andhelpsfirmstostrengthenlong-termrelationshipswith
theircustomers(Ng,SmithandSmith,1999).However,firmsthatinvestheavilyin
inventoryandtradecreditcansufferreducedprofitability.Thus,thegreaterthe
investmentincurrentassets,thelowertherisk,butalsothelowertheprofitability
obtained.
Ontheotherhand,tradecreditisaspontaneoussourceoffinancingthatreduces
theamountrequiredtofinancethesumstiedupintheinventoryandcustomeraccounts.
Butweshouldbearinmindthatfinancingfromsupplierscanhaveaveryhighimplicit
costifearlypaymentdiscountsareavailable.Infacttheopportunitycostmayexceed20
percent,dependingonthediscountpercentageandthediscountperiodgranted(Wilner,2000;
Ng,SmithandSmith,1999).Inthisrespect,previousstudieshaveanalyzedthe
highcostoftradecredit,andfindthatfirmsfinancethemselveswithsellercreditwhen
theydonothaveothermoreeconomicsourcesoffinancingavailable(Petersenand
Rajan,1994and1997).
Decisionsabouthowmuchtoinvestinthecustomerandinventoryaccounts,and
howmuchcredittoacceptfromsuppliers,arereflectedinthefirm’scashconversion
cycle,whichrepresentstheaveragenumberofdaysbetweenthedatewhenthefirm
muststartpayingitssuppliersandthedatewhenitbeginstocollectpaymentsfromits
customers.Somepreviousstudieshaveusedthismeasuretoanalyzewhethershortening
thecashconversioncyclehaspositiveornegativeeffectsonthefirm’sprofitability.Specifically,ShinandSoenen(1998)analyzetherelationbetweenthecashconversion
cycleandprofitabilityforasampleoffirmslistedontheUSstockexchangeduringthe
period1974-1994.Theirresultsshowthatreducingthecashconversioncycletoa
reasonableextentincreasesfirms’profitability.Morerecently,Deloof(2003)analyzesa
sampleoflargeBelgianfirmsduringtheperiod1992-1996.Hisresultsconfirmthat
Belgianfirmscanimprovetheirprofitabilitybyreducingthenumberofdaysaccounts
receivableareoutstandingandreducinginventories.Moreover,hefindsthatless
profitablefirmswaitlongertopaytheirbills.
Thesepreviousstudieshavefocusedtheiranalysisonlargerfirms.However,the
managementofcurrentassetsandliabilitiesisparticularlyimportantinthecaseofsmall
andmedium-sizedcompanies.Mostofthesecompanies’assetsareintheformof
currentassets.Also,currentliabilitiesareoneoftheirmainsourcesofexternalfinance
inviewoftheirdifficultiesinobtainingfundinginthelong-termcapitalmarkets(PetersenandRajan,1997)andthefinancingconstraintsthattheyface(Whited,1992;
FazzariandPetersen,1993).Inthisrespect,ElliehausenandWoken(1993),Petersen
andRajan(1997)andDanielsonandScott(2000)showthatsmallandmedium-sized
USfirmsusevendorfinancingwhentheyhaverunoutofdebt.Thus,efficientworking
capitalmanagementisparticularlyimportantforsmallercompanies(PeelandWilson,1996).
Inthiscontext,theobjectiveofthecurrentworkistoprovideempiricalevidence
abouttheeffectsofworkingcapitalmanagementonprofitabilityforapanelmadeupof
8,872SMEsduringtheperiod1996-2002.Thisworkcontributestotheliteratureintwo
ways.First,noprevioussuchevidenceexistsforthecaseofSMEs.Weuseasampleof
SpanishSMEsthatoperatewithintheso-calledcontinentalmodel,whichis
characterizedbyitslessdevelopedcapitalmarkets(La
Porta,Ló
pez-de-Silanes,
Shleifer,andVishny,1997),andbythefactthatmostresourcesarechanneledthrough
financialintermediaries(Pampilló
n,2000).AllthissuggeststhatSpanishSMEshave
feweralternativesourcesofexternalfinanceavailable,whichmakesthemmore
dependentonshort-termfinanceingeneral,andontradecreditinparticular.As
Demirguc-KuntandMaksimovic(2002)suggest,firmsoperatingincountrieswithmore
developedbankingsystemsgrantmoretradecredittotheircustomers,andatthesame
timetheyreceivemorefinancefromtheirownsuppliers.Thesecondcontributionis
that,unlikethepreviousstudiesbyShinandSoenen(1998)andDeloof(2003),inthe
currentworkwehaveconductedtestsrobusttothepossiblepresenceofendogeneity
problems.Theaimistoensurethattherelationshipsfoundintheanalysiscarriedout
areduetotheeffectsofthecashconversioncycleoncorporateprofitabilityandnotvice
versa.
Ourfindingssuggestthatmanagerscancreatevaluebyreducingtheirfirm’s
numberofdaysaccountsreceivableandinventories.Similarly,shorteningthecash
conversioncyclealsoimprovesthefirm’sprofitability.
WeobtainedthedatausedinthisstudyfromtheAMADEUSdatabase.ThisdatabasewasdevelopedbyBureauvanDijk,andcontainsfinancialandeconomicdataonEuropeancompanies.
Thesamplecomprisessmallandmedium-sizedfirmsfromSpain.TheselectionofSMEswascarriedoutaccordingtotherequirementsestablishedbytheEuropean
Commission’srecommendation96/280/CEof3
April,1996,onthedefinitionofsmallandmedium-sizedfirms.Specifically,weselectedthosefirmsmeetingthefollowingcriteriaforatleastthreeyears:
a)havefewerthan250employees;
b)turnoverlessthan
€40million;
andc)possesslessthan€27millionoftotalassets.
Inadditiontotheapplicationofthoseselectioncriteria,weappliedaseriesoffilters.Thus,weeliminatedtheobservationsoffirmswithanomaliesintheiraccounts,suchasnegativevaluesintheirassets,currentassets,fixedassets,liabilities,currentliabilities,capital,depreciation,orinterestpaid.Weremovedobservationsofentryitemsfromthebalancesheetandprofitandlossaccountexhibitingsignsthatwerecontrarytoreasonableexpectations.Finally,weeliminated1percentoftheextremevaluespresentedbyseveralvariables.Asaresultofapplyingthesefilters,weendedupwithasampleof38,464observations.
Inordertointroducetheeffectoftheeconomiccycleonthelevelsinvestedin
workingcapital,weobtainedinformationabouttheannualGDPgrowthinSpainfrom
Eurostat.
Inordertoanalyzetheeffectsofworkingcapitalmanagementonthefirm’s
profitability,weusedthereturnonassets(ROA)asthedependentvariable.Wedefined
thisvariableastheratioofearningsbeforeinterestandtaxtoassets.
Withregardstotheindependentvariables,wemeasuredworkingcapital
managementbyusingthenumberofdaysaccountsreceivable,numberofdaysof
inventoryandnumberofdaysaccountspayable.Inthisrespect,numberofdays
accountsreceivable(AR)iscalculatedas365×
[accountsreceivable/sales].This
variablerepresentstheaveragenumberofdaysthatthefirmtakestocollectpayments
fromitscustomers.Thehigherthevalue,thehigheritsinvestmentinaccounts
receivable.
Wecalculatedthenumberofdaysofinventory(INV)as365×
[inventories/purchases].Thisvariablereflectstheaveragenumberofdaysofstockheld
bythefirm.Longerstoragetimesrepresentagreaterinvestmentininventoryfora
particularlevelofoperations.
Thenumberofdaysaccountspayable(AP)reflectstheaveragetimeittakes
firmstopaytheirsuppliers.Wecalculatedthisas365×
[accountspayable/purchases].
Thehigherthevalue,thelongerfirmstaketosettletheirpaymentcommitmentstotheir
suppliers.
Consideringthesethreeperiodsjointly,weestimatedthecashconversioncycle(CCC).Thisvariableiscalculatedasthenumberofdaysaccountsreceivableplusthenumberofdaysofinventoryminusthenumberofdaysaccountspayable.Thelongerthecashconversioncycle,thegreaterthenetinvestmentincurrentassets,andhencethe
greatertheneedforfinancingofcurrentassets.
Togetherwiththesevariables,weintroducedascontrolvariablesthesizeofthe
firm,thegrowthinitssales,anditsleverage.Wemeasuredthesize(SIZE)asthe
logarithmofassets,thesalesgrowth(SGROW)as(Sales1–Sales0)/Sales0,theleverage(DEBT)astheratioofdebttoliabilities.Dellof(2003)inhisstudyoflargeBelgian
firmsalsoconsideredtheratiooffixedfinancialassetstototalassetsasacontrol
variable.Forsomefirmsinhisstudysuchassetsareasignificantpartoftotalassets.Howeve
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