[雙語翻譯]營(yíng)運(yùn)資本外文翻譯--中小企業(yè)營(yíng)運(yùn)資金管理（節(jié)選）

1、3150 英文單詞， 英文單詞，17000 英文字符，中文 英文字符，中文 5300 字文獻(xiàn)出處： 文獻(xiàn)出處：Baños‐Caballero S, García‐Teruel P J, Martínez‐Solano P. Working capital management in SMEs[J]. Accounting Working capital; Market imperfections; SME

2、s1. IntroductionCorporate finance literature has traditionally focused on the study of long-term financial decisions such as the structure of capital, investments, dividends and firm valuations. However, Smith (1980) sug

3、gests that working capital management is important because of its effects on a firm’s profitability and risk, and consequently its value. Following this line of argument, some more recent studies have focused on how redu

4、ction of the measures of working capital improves a firm’s profitability (Jose et al., 1996; Shin and Soenen, 1998; Deloof, 2003; Padachi, 2006; Garcia-Teruel and Martinez-Solano, 2007a; Raheman and Nasr, 2007).However

5、, much less attention has been given to the determinants of working capital management; a search of the literature identified only two previous studies (Chiou et al., 2006; Kieschnich et al., 2006) focused on larger firm

6、s, but there is no evidence from small and medium-size enterprises (SMEs), despite the fact that efficient working capital management is particularly important for smaller firms (Peel and Wilson, 1996; Peel et al., 2000)

7、. Most of an SME’s assets are in the form of current assets, while current liabilities are one of their main sources of external finance, because of the financial constraints they face (Whited, 1992; Fazzari and Petersen

8、, 1993) and difficulties they have in obtaining funding in the long-term capital markets (Petersen and Rajan, 1997). The culmination of this line of argument is that working capital management may be crucial for the surv

9、ival and growth of small companies, as exemplified by Grablowsky (1984) and Kargar and Blumental (1994). It should be mentioned that the average investment in tangible fixed assets in the sample used in this paper is onl

10、y 23.6 per cent of their total assets, which demonstrates the importance of an efficient management of current assets.To measure working capital management, previous studies have used measures based on the Cash Conversio

11、n Cycle (CCC)(Soenen,1993; Deloof, 2003; Pad-achi, 2006; Garcia-Teruel and Martinez-Solano, 2007a). Longer CCCs may increase the firm’s sales and, consequently, their profitability, because of greater investment in inven

12、tories and trade credit granted. In addition, companies may get important discount for early payments if they reduce their supplier financing. However, keeping a high CCC also has an opportunity cost if firms forgo other

13、 more productive investments to maintain that level. The paper therefore develops price fluctuations (Blinder and Maccini, 1991). Second, by extending greater trade credit, the firm can increase its sales (Petersen and R

14、ajan, 1997), because it allows customers to check that the merchandise they receive is as agreed (quantity and quality) and to ensure that the services contracted have been carried out (Smith, 1987). This argument was al

15、so supported by Deloof and Jegers (1996), who suggested that granting trade credit stimulates sales because it allows customers to assess product quality before paying. It also helps firms to strengthen long-term relatio

16、nships with their customers (Ng et al., 1999), and it incentivises customers to acquire merchandise at times of low demand (Emery, 1987). Moreover, from the point of view of accounts payable, companies may get important

17、discounts for early payments if they reduce supplier financing (Ng et al., 1999; Wilner, 2000). However, main- taining a high investment in working capital also has an opportunity cost if the firm forgoes other more prod

18、uctive investments to maintain that level and, as Soenen (1993) suggested, long CCCs might be a primary reason why firms go bankrupt.Taking the theories outlined above, and previous studies on working capital management,

19、 we explain firm characteristics that might determine CCC and how they may affect its length. Previous literature, such as Soenen (1993), Deloof (2003), Padachi (2006) and Garcia-Teruel and Martinez-Solano (2007a), has m

20、easured the quality of working capital management based on the CCC. Taking all these considerations into account, the dependent variable used in the present analysis is calculated as (accounts receivables/sales)*365 + (i

21、nventories/pur- chases)*365 ) (accounts payable/purchases)*365. The longer the cycle, the larger the funds invested in working capital, which indicates a need for additional capital. Accordingly, the CCC should be sensit

22、ive to internal resources, cost of external financing, capital market access and bargaining power with suppliers and customers.2.1. Capacity to generate internal resourcesAsymmetric information implies a higher cost for

23、external sources of funds and credit rationing for firms, because it leads to a conflict of interests between shareholders and creditors (Myers, 1977). This conflict can lead to a problem of underinvestment, given the pr

24、iority of creditors in case of bankruptcy. Moreover, shareholders also have incentives to issue new debt, which increases risk and lowers the value of existing debt. As a consequence, creditors demand a higher risk premi

25、um. Asymmetric information between insiders in the firm and outside potential investors, therefore, results in a higher cost for external sources of funds, so it makes firms give priority to resources generated internall

26、y over debt and new equity, according to the pecking order theory (Myers, 1984). In fact, Fazzari and Petersen (1993) demonstrated that working capital investment is sensitive to cash flow for US manufacturing firms. The

27、ir findings suggest that firms with a larger capacity to generate internal resources have higher current asset levels, which might be because of the lower cost of funds invested in working capital for these companies. La

28、ter, Chiou et al. (2006) also show the influence of cash flow on working capital management for companies from Taiwan. They found that cash flow has a positive influence on the net liquid balance but a negative influence

29、 on the working capital requirements, and they suggest that firms with greater cash flows have better working capital management.The variable CFLOW was used to consider the capacity to generate internal resources, and it