營(yíng)運(yùn)管理外文翻譯----對(duì)整個(gè)行業(yè)中營(yíng)運(yùn)資金管理的研究-其他專業(yè)(已修改)
2025-02-04 02:35 本頁(yè)面
【正文】 An Analysis of Working Capital Management Results Across Industries Greg Filbeck. Schweser Study Program Thomas M. Krueger. University of WisconsinLa Crosse Abstract Firms are able to reduce financing costs and/or increase the funds available for expansion by minimizing the amount of funds tied up in current assets. We provide insights into the performance of surveyed firms across key ponents of working capital management by using the CFO magazine’s annual Working Capital Management Survey. We discover that significant differences exist between industries in working capital measures across time. In addition. we discover that these measures for working capital change significantly within industries across time. Introduction The importance of efficient working capital management is indisputable. Working capital is the difference between resources in cash or readily convertible into cash (Current Assets) and anizational mitments for which cash will soon be required (Current Liabilities). The objective of working capital management is to maintain the optimum balance of each of the working capital ponents. Business viability relies on the ability to effectively manage receivables. inventory. and payables. Firms are able to reduce financing costs and/or increase the funds available for expansion by minimizing the amount of funds tied up in current assets. Much managerial effort is expended in bringing nonoptimal levels of current assets and liabilities back toward optimal levels. An optimal level would be one in which a balance is achieved between risk and efficiency. A recent example of business attempting to maximize working capital management is the recurrent attention being given to the application of Six Sigma174。 methodology. Six Sigma174。 methodologies help panies measure and ensure quality in all areas of the enterprise. When used to identify and rectify discrepancies. inefficiencies and erroneous transactions in the financial supply chain. Six Sigma174。 reduces Days Sales Outstanding (DSO). accelerates the payment cycle. improves customer satisfaction and reduces the necessary amount and cost of working capital needs. There appear to be many success stories. including Jennifer Towne’s (2021) report of a 15 percent decrease in days that sales are outstanding. resulting in an increased cash flow of approximately $2 million at Thibodaux Regional Medical Center. Furthermore. bad debts declined from $ million to $. However. Waxer’s (2021) study of multiple firms employing Six Sigma174。 finds that it is really a “get rich slow” technique with a rate of return hovering in the – percent range. 1 Even in a business using Six Sigma174。 methodology. an “optimal” level of working capital management needs to be identified. Even in a business using Six Sigma174。 methodology. an “optimal” level of working capital management needs to be identified. Industry factors may impact firm credit policy. inventory management. and billpaying activities. Some firms may be better suited to minimize receivables and inventory. while others maximize payables. Another aspect of “optimal” is the extent to which poor financial results can be tied to suboptimal performance. Fortunately. these issues are testable with data published by CFO magazine. which claims to be the source of “tools and information for the financial executive.” and are the subject of this research. In addition to providing mean and variance values for the working capital measu
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