【正文】 studies and longitudinal research will provide fresh insights into the processes and dynamics of working capital management, as well as the plex strands of causality (Scapens, 1990). Ⅲ 3 Policymakers and practitioners seeking to increase the stock of professionally managed firms, might need to target their assistance towards owners of small firms who face attitudinal, resource and operational barriers to the utilization of working capital management routines. Presented evidence suggests that small panies should not be viewed as a homo generous entity with regard to their working capital management and practitioners need to appreciate this diversity and they may use the presented evidence to tailor assistance to the needs of particular ‘types’ of panies, rather than providing ‘blanket” support to all firms irrespective of aspirations or resources. Policymakers and practitioners need to appreciate the management time constraint faced by many small firms. Time constraints not only limit the amount of time for working capital management , but also the amount of time available to assess whether changes to current working capital management policy would be worthwhile. Moreover, we might expect improved skills to lead to more efficient use of time but small firm managers will require powerful evidence to convince them of the benefits of investing time in financial skills training. The takeup of routines (and financial skills training) could be increased if it was conclusively confirmed that firms significantly improve their performance after introducing appropriate working capital management routines. Additional longitudinal, qualitative and multivariate statistical evidence is warranted that explores whether the takeup of working capital management routines by small firms is subsequently associated with superior levels of performance. Best business practice evidence, from case studies, could also be utilised by policymakers and practitioners to convince more owners of small firms of how specific working capital management routines can be used proactively to address constraints on business development. There is clearly a need for a great deal more research in this area before the dynamics of working capital management are well understood. Ⅲ 4 英國小企業(yè)運營資金管理重點（節(jié)選） 作者： Carole Howorth， Paul Westhead 國籍： Nottingham NG8 1BB, UK 原文出處 : Management Accounting Research ,2020,– 111 摘要 從英國小公司中大量的隨機抽樣，并檢查它們的運營資金管理模式。大多數學者討論資金數量和經營的重點的影響。 結論與啟示 這項研究的目的是鼓勵更多類似的研究，而不僅僅提供與小公司工作程序相關運營資金管理模式的觀點。交易費用理論表明：如果他們察覺發(fā)現他們能夠提供最高邊際收益，小公司可能把資源投資于特定領域的營運資金管理。此外，從多種 Logistic 回 歸分析的證據表明： 成功獨立的選擇的自變量受到四種模式的歧視。根據這點陳述，我們可以推斷出，企業(yè)資源限制并一定是阻礙小公司企業(yè)實行運營資金管理模式的主要原因。運營資金管理的運動是復雜多變的，與此同時與表現的聯系是雙向并且難以解開。我們可以推斷出，有比較低傾向的公司在進行運營資金管理模式的時候不能有效解決現金流問題，致使削弱了企業(yè)的盈利能力。本研究采取簡單的金融體系復雜化代理措施。 政策制定者和從業(yè)人員尋求，增加 專業(yè)管理公司的股票，可能需要小公司擁有者的幫助，他們要面對消極態(tài)度、操作障礙的運營資金管理模式的幫助。由于時間緊張，不僅限制了花費在經營資金管理上的時間，還有評估正在運行資金管理模型是否有效或者改變模型的時間。從案例研究得到的最佳業(yè)務時間經驗可以利用政策制定者和從業(yè)人員說服小公司擁有者認可怎么樣的運營資金管理模式可以運用到商業(yè)中去，并促進商業(yè)發(fā)展。 BarIlan et al., 2020), but it is basically due to technical difficulties in obtaining closedform solutions for the more general case. However it is an essential feature of liquidity management to allow a negative cash balance (at some penalty rate) and as pointed out in BarIlan (1990), the transaction demand for money should have to consider the possibility of overdraft cash facilities. In Baccarin (2020) the existence results of Constantinides and Richard(1978) are ex