對整個(gè)行業(yè)中營運(yùn)資金管理的研究【外文翻譯】_第1頁
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1、本科畢業(yè)論文（設(shè)計(jì)）外文翻譯原文：原文：AnAnalysisofWkingCapitalManagementResultsAcrossIndustriesAbstractFirmsareabletoreducefinancingcostsincreasethefundsavailablefexpansionbyminimizingtheamountoffundstiedupincurrentassets.Weprovideinsight

2、sintotheperfmanceofsurveyedfirmsacrosskeycomponentsofwkingcapitalmanagementbyusingtheCFOmagazine’sannualWkingCapitalManagementSurvey.Wediscoverthatsignificantdifferencesexistbetweenindustriesinwkingcapitalmeasuresacrosst

3、ime.Inaddition.wediscoverthatthesemeasuresfwkingcapitalchangesignificantlywithinindustriesacrosstime.IntroductionTheimptanceofefficientwkingcapitalmanagementisindisputable.Wkingcapitalisthedifferencebetweenresourcesincas

4、hreadilyconvertibleintocash(CurrentAssets)ganizationalcommitmentsfwhichcashwillsoonberequired(CurrentLiabilities).Theobjectiveofwkingcapitalmanagementistomaintaintheoptimumbalanceofeachofthewkingcapitalcomponents.Busines

5、sviabilityreliesontheabilitytoeffectivelymanagereceivables.inventy.payables.Firmsareabletoreducefinancingcostsincreasethefundsavailablefexpansionbyminimizingtheamountoffundstiedupincurrentassets.Muchmanagerialefftisexpen

6、dedinbringingnonoptimallevelsofcurrentassetsliabilitiesbacktowardoptimallevels.Anoptimallevelwouldbeoneinwhichabalanceisachievedbetweenriskefficiency.Arecentexampleofbusinessattemptingtomaximizewkingcapitalmanagementisth

7、erecurrentattentionbeinggiventotheapplicationofSixSigmamethodology.SixSigmamethodologieshelpcompaniesmeasureensurequalitymethodisdescribed.includingsomeinfmationabouttheannualWkingCapitalManagementSurveypublishedbyCFOmag

8、azine.Findingsarethenpresentedconclusionsaredrawn.RelatedLiteratureTheimptanceofwkingcapitalmanagementisnotnewtothefinanceliterature.Overtwentyyearsago.LargayStickney(1980)reptedthatthethenrecentbankruptcyofW.T.Grant.ana

9、tionwidechainofdepartmentstes.shouldhavebeenanticipatedbecausethecpationhadbeenrunningadeficitcashflowfromoperationsfeightofthelasttenyearsofitscpatelife.AspartofastudyoftheFtune500’sfinancialmanagementpractices.GilbertR

10、eichert(1995)findthataccountsreceivablemanagementmodelsareusedin59percentofthesefirmstoimprovewkingcapitalprojects.whileinventymanagementmodelswereusedin60percentofthecompanies.Merecently.Farragher.KleimanSahu(1999)findt

11、hat55percentoffirmsintheSScherr1996).withscantattentionpaidtoactualaccountsreceivablemanagement.Acrossalimitedsample.WeinraubVisscher(1998)observeatendencyoffirmswithlowlevelsofcurrentratiostoalsohavelowlevelsofcurrentli

12、abilities.Simultaneouslyinvestigatingaccountsreceivablepayableissues.Hill.Sartis.Ferguson(1984)finddifferencesinthewaypaymentdatesaredefined.Payeesdefinethedateofpaymentasthedatepaymentisreceived.whilepayersviewpaymentas

13、thepostmarkdate.AdditionalWCMinsightacrossfirms.industries.timecanaddtothisbodyofresearch.ManessZietlow(2002.51.496)presentstwomodelsofvaluecreationthatincpateeffectiveshttermfinancialmanagementactivities.However.thesemo

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