營運(yùn)資金管理對(duì)中小企業(yè)的盈利能力的影響[外文翻譯]-其他專業(yè)-全文預(yù)覽
【正文】 公司至少需要平均 38 天的時(shí)間才可以收回他們客戶的款項(xiàng)。 流動(dòng)資產(chǎn)及負(fù) 債根據(jù)公司所屬行業(yè)運(yùn)營活動(dòng)的不同都有著一系列各自不同的特征。然而，我們的研究著重于中小型企業(yè)，其固定金融資產(chǎn)不是很重要。 這三個(gè)變量是作為控制變量，通過他們可以確定公司的大小，銷售的增長水平以及其杠桿作用的大小。 應(yīng)付賬款周轉(zhuǎn)天數(shù)反映公司支付給他們的供應(yīng)商賬款的平均時(shí) 間。該值越高，表示公司在應(yīng)收賬款上的投資越大。我們定義這個(gè)變 量為息稅前資產(chǎn)收益率的變量。最后，我們剔除了由一些變量測試出的百分之一的極端值。 具體來說，我們選擇了 的 公司至少三年應(yīng)符合下列條件： 第一， 少于 250 名員工 ；第二，營業(yè)額 少于 40 萬歐元；第三， 總資產(chǎn)不少于 27 萬歐元 。 我們的研究結(jié)果表明，管理者可以通過減少其公司的應(yīng)收賬款和庫存的周轉(zhuǎn)天數(shù)可以為公司創(chuàng)造 價(jià)值。這些都表明西班牙中小企業(yè)的可選擇的外部有效地融資渠道 很少，這使得他們更多的依賴短期融資，特別是商業(yè)信用。因此，高效的營運(yùn)資金管理對(duì)規(guī)模較小的公司特別重要（皮爾和威爾森， 1996）。 這些 以前的研究都集中在大型企業(yè)的分析，然而， 目前的流動(dòng)資產(chǎn)和負(fù)債管理對(duì)小型和中型公司而言也是十分重要的。以前的一些研究已經(jīng)采用這種方式分析縮短現(xiàn)金轉(zhuǎn)換周期對(duì)公司的盈利能力的積極或消極的影響。不過，我們應(yīng)該認(rèn)識(shí)到如果提前付款可享受折扣，從供應(yīng)商的獲得融資其隱性成本非常高。允許客戶檢查他們收到的商品是否符合約定數(shù)量和質(zhì)量，并確保服務(wù)合同有效執(zhí)行（史密斯，1987），并幫助企業(yè)加強(qiáng)了與他們的客戶之間的長期合作關(guān)系（史密斯， 1999）。 營運(yùn)資金管理之所以重要是因?yàn)樗鼤?huì)影響到公司的收益與風(fēng)險(xiǎn)水平以及公司價(jià)值（ 史密斯 ， 1980）。 and their number of days accounts payable is very similar: around 97 days. Together with this, the sample firms have seen their sales grow by almost 13 percent annually on average, and percent of their liabilities is taken up by debt. In the period analyzed (19962021) the GDP has grown at an average rate of percent in Spain. Source: Pedro Juan Garc237。 b) turn over less than € 40 million。 Ng, Smith and Smith, 1999). In this respect, previous studies have analyzed the high cost of trade credit, and find that firms finance themselves with seller credit when they do not have other more economic sources of financing available (Petersen and Rajan, 1994 and 1997). Decisions about how much to invest in the customer and inventory accounts, and how much credit to accept from suppliers, are reflected in the firm’s cash conversion cycle, which represents the average number of days between the date when the firm must start paying its suppliers and the date when it begins to collect payments from its customers. Some previous studies have used this measure to analyze whether shortening the cash conversion cycle has positive or negative effects on the firm’s , Shin and Soenen (1998) analyze the relation between the cash conversion cycle and profitability for a sample of firms listed on the US stock exchange during the period 19741994. Their results show that reducing the cash conversion cycle to a reasonable extent increases firms’ profitability. More recently, Deloof (2021) analyzes a sample of large Belgian firms during the period 19921996. His results confirm that Belgian firms can improve their profitability by reducing the number of days accounts receivable are outstanding and reducing inventories. Moreover, he finds that less profitable firms wait longer to pay their bills. These previous studies have focused their analysis on larger firms. However, the management of current assets and liabilities is particularly important in the case of small and mediumsized panies. Most of these panies’ assets are in the form of current assets. Also, current liabilities are one of their main sources of external finance in view of their difficulties in obtaining funding in the longterm capital markets(Petersen and Rajan, 1997) and the financing constraints that they face (Whited, 1992。 Petersen and Rajan, 1997), incentivizes customers to acquire merchandise at times of low demand (Emery, 1987), allows customers to check that the merchandise they receive is as agreed (quantity and quality) and to ensure that the services contracted are carried out (Smith, 1987), and helps firms to strengthen longterm relationships with their customers (Ng, Smith and Smith, 1999). However, fi
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