营运资金管理外文文献翻译 2017.docx

营运资金管理外文文献翻译 2017.docx

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本科毕业设计（论文）

中英文对照翻译

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文献出处:

TedGrey.TheStudyontheresearchofworkingcapitalmanagementandfirmprofitability.ResearchinInternationalBusinessandFinance,2017,2（12）:

36-49.

原文TheStudyontheresearchofworkingcapitalmanagementandfirmprofitability

TedGrey

Abstract

Therecenteconomicdownturnof2007–2008hasbroughtrenewedfocusonworkingcapitalpolicies.Inthispaperweexaminetheroleof

businesscyclesontheworkingcapital–profitabilityrelationshipusingasampleofFinnishlistedcompaniesoveran18-yearperiod.Wefindtheimpactofbusinesscycleontheworkingcapital–profitabilityrelationshipismorepronouncedineconomicdownturnsrelativetoeconomicbooms.Wefurthershowthatthesignificanceofefficientinventorymanagementandaccountsreceivablesconversionperiodsincreaseduringperiodsofeconomicdownturns.Ourresultsdemonstratethatactiveworkingcapitalmanagementmattersand,thus,shouldbeincludedinfirms’financialplanning.

1.Introduction

Thispaperinvestigatestheeffectofthebusinesscycleonthelinkbetweenworkingcapital,thedifferencebetweencurrentassetsandcurrentliabilities,andcorporateperformance.Efficientworkingcapitalmanagementisrecognizedasanimportantaspectoffinancialmanagementpracticesinallorganizationalforms.Inacknowledgementofthisimportance,theCFOMagazinepublishesanannualstudyofcorporateworkingcapitalmanagementperformanceinmanycountries.Theextensiveliteratureindicatesthatitimpactsdirectlyoncorporateliquidity（Kimetal.,1998andOpleretal.,1999）,profitability（e.g.,ShinandSoenen,1998,Deloof,2003,LazaridisandTryfonidis,2006andUkaegbu,2014）,andsolvency（e.g.,Berryman,1983andPeelandWilson,1994）.

Itisreasonabletoassumethateconomy-widefluctuationsexogenoustotheoperationsofthefirmplayanimportantroleinthedemandforfirms’productsandanyfinancingdecision.KorajczykandLevy（2003）,forinstance,suggestthatfirmstimedebtissuancebasedoneconomicconditions.Also,giventhatretainedearningsareasignificantcomponentofworkingcapital,businesscyclescanbesaidtoaffectallenterprisesfinancingsourcethroughitseffectoneconomicgrowthandsales.Forexample,whencompanysalesweakenitengendersearningdeclines,thereby,affectinganimportantsourceofworkingcapital.Therecentglobaleconomicdownturnwithcrimpingconsumerdemandisanexcellentexampleofthis.Thecrisis,characterizedbyplummetingsales,putasqueezeoncorporaterevenuesandprofitmargins,andsubsequently,workingcapitalrequirements.Thishasbroughtrenewedfocusonworkingcapitalmanagementatcompaniesallovertheworld.Theliteratureonworkingcapital,however,onlyincludesahandfulofstudiesexaminingtheimpactofthebusinesscycleonworkingcapital.AnearlystudybyMervilleandTavis（1973）examinedtherelationshipbetweenfirmworkingcapitalpoliciesandbusinesscycle.Morerecentstudieshaveinvestigatedthedegreetowhichfirms’relianceonbankborrowingtofinanceworkingcapitaliscyclical（EinarssonandMarquis,2001）,thesignificanceoffirms’externaldependenceforfinancingneedsonthelinkbetweenindustrygrowthandbusinessthecycleintheshortterm（BraunandLarrain,2005）,

andtheinfluenceofbusinessindicatorsonthedeterminantsofworkingcapitalmanagement（Chiouetal.,2006）.Thesestudieshaveindependentlylinkedworkingcapitaltocorporateprofitabilityandthebusinesscycle.Nostudy,tothebestofourknowledge,hasexaminedthesimultaneousworkingcapital–profitabilityandbusinesscycleeffects.Thereisthereforeasubstantialgapintheliteraturewhichthispaperseekstofill.Firmsmayhaveanoptimallevelofworkingcapitalthatmaximizestheirvalue.However,optimallevelsmaychangetoreflectbusinessconditions.Consequently,wecontributetotheliteraturebyre-examiningtherelationshipbetweenworkingcapitalmanagementandcorporateprofitabilitybyinvestigatingtherolebusinesscycleplaysinthisrelationship.

WeinvestigatethisimportantrelationshipusingasampleoffirmslistedontheHelsinkiStockExchangeandanextendedstudyperiodof18years,between1990and2008.Finnishfirmstendtoreactstronglytochangesinthebusinesscycle,acharacteristicthatcanbeobservedfromthevolatilityoftheNasdaqOMXHelsinkistockindex.Theindexusuallydeclinesquicklyinpooreconomicstates,butalsomakesfastrecoveries.Finland,therefore,presentsanexcellentrepresentativeexampleofhowtheworkingcapital–profitabilityrelationshipmaychangeindifferenteconomicstates.ThechoiceofFinlandisalsosignificantasitalsooffersarepresentativeNordicperspectiveofthisimportantworkingcapital–

profitabilityrelationship.Hithertonoacademicstudyhasexaminedtheworkingcapital–profitabilityrelationshipintheNordicregion,tothebestofourknowledge.SurveysonworkingcapitalmanagementintheNordicregioncarriedoutbyDanskeBankandErnst&Youngin2009show,however,thatmanycompaniesratedtheirworkingcapitalmanagementperformanceasaverage,withagrowingfocusonoptimizingworkingcapitalinthefuture.Thesurveysare,however,silentonhowthisaverageperformanceaffectedprofitability.Thisgivesfurtherimpetusforourstudy.Ourresultspointtoanumberofinterestingfindings.First,wefindthatfirmscanenhancetheirprofitabilitybyincreasingworkingcapitalefficiency.ThisisasignificantresultbecausemanyNordicfirmsfindithardtoturngoodpolicyintentionsonworkingcapitalmanagementintoreality（ErnstandYoung,2009）.Economically,firmsmaygainbypayingincreasingattentiontoefficientworkingcapitalpractices.Ourempiricalfinding,therefore,shouldmotivatefirmstoimplementnewworkprocessesasamatterofnecessity.Wealsofoundthatworkingcapitalmanagementisrelativelymoreimportantinloweconomicstatesthanintheeconomicboomstate,implyingworkingcapitalmanagementshouldbeincludedinfirms’financialplanning.ThisfindingcorroboratesevidencefromthesurveyresultsintheNordicregion.Specifically,thesurveyresultsbyErnstandYoung（2009）indicatethatthelargestpotentialforimprovementinworkingcapitalcouldbefoundwithintheoptimizationofinternal

processes.Thissuggeststhatthisareaisnotprioritizedintimesofbusinessgrowthwhichistypicalofthegeneraleconomicexpansionperiodsandisexposedineconomicdownturns.Theremainderofthispaperisorganizedasfollows:

Section2presentsabriefreviewoftheliteraturepresentsthehypothesesforempiricaltesting.Sections3and4discussdataandmodelstobeestimated.TheempiricalresultsarepresentedinSection5andSection6concludes.

2.Relatedliteratureandhypotheses

2.1.Literaturereview

Manyfirmshaveinvestedsignificantamountsinworkingcapitalandanumberofstudieshaveexaminedthedeterminantsofthisinvestment.ForexampleKimetal.（1998）andOpleretal.（1999）,Chiouetal.（2006）andD’Melloetal.（2008）findthattheavailabilityofexternalfinancingisadeterminantofliquidity.Thusrestrictedaccesstocapitalmarketsrequiresfirmstoholdlargercashreserves.Otherstudiesshowthatfirmswithweakercorporategovernancestructuresholdsmallercashreserves（Harfordetal.,2008）.Furthermorefirmswithexcesscashholdingaswellasweakshareholderrightsundertakemoreacquisitions.Howeverthereisahigherlikelihoodofvalue-decreasingacquisitions（Harford,1999）.KieschnickandLaplante（2012）provideevidencelinkingworkingcapitalmanagementtoshareholderwealth.Theyfindthattheincrementaldollar

investedinnetoperatingcapitalislessvaluablethantheincrementaldollarheldincashfortheaveragefirm.Thefindingsreportedinthepaperfurthersuggestthatthevaluationoftheincrementaldollarinvestedinnetoperatingworkingissignificantlyinfluencedbyafirm'sfuturesalesexpectations,itsdebtload,itsfinancialconstraints,anditsbankruptcyrisk.Furtherthevalueoftheincrementaldollarextendedincredittoone'scustomershasagreatereffectonshareholderwealththantheincrementaldollarinvestedininventoriesfortheaveragefirm.Takentogethertheresultsindicatethesignificanceofworkingcapitalmanagementtothefirm'sresidualclaimants,andhowfinancingimpactstheseeffects.

Athinthreadoftheliteraturelinksbusinesscyclestoworkingcapital.Inatheoreticalmodel,MervilleandTavis（1973）positthatinvestmentandfinancingdecisionsrelatingtoworkingcapitalshouldbemadeinchorusascomponentsofeachimpactontheoptimalpoliciesoftheothers.Theoptimalworkingcapitalpolicyofthefirmis,therefore,madewithinasystemscontext,componentsofwhicharerelatedspatiallyovertimeinachance-constrainedformat.Uncertaintyinthewiderbusinessenvironmentdirectlyaffectsthesystem.Forexample,shortrundemandfluctuationsdisruptanticipatedincomingcashflows,andthecollectionofreceivablesfacesincreaseduncertainty.Themodelprovidesastructureenablingcorporatemanagerstosolvecomplexinventoryandcreditpoliciesforshorttermfinancialplanning.Inanempiricalstudy,EinarssonandMarquis

（2001）findthatthedegreetowhichcompaniesrelyonbankfinancingtocovertheirworkingcapitalrequirementsintheU.S.iscountercyclical;itincreasesasthestateoftheeconomyweakens.Furthermore,BraunandLarrain（2005）findthathighworkingcapitalrequirementsareakeydeterminantofabusiness’dependenceonexternalfinancing.Theyshowthatfirmsthatarehighlydependentonexternalfinancingar