【正文】 cycle (CCC) is associated with higher profitability. However, the current ratio is, positively related to profitability. This reveals that CCC is measuring liquidity differently from the conventional current （CCC）的更高的關(guān)聯(lián)。s Correlation analysis is used to see the relationship between working capital management and profitability. Spearman的相關(guān)分析是用來看到盈利之間的關(guān)系管理和營運資金。％和工業(yè)（CP）銷售收入增長最低只有10%。 CCCS is cash conversion cycle divide by 100. Sector Plantation (PL) is the lowest CCCS with 67 days and 344 days standard deviation. CCCS的是資金周轉(zhuǎn)周期除以100。 Std Dev. 何 DR 意味著 Mean 性病開發(fā)。 DESCRIPTIVE STATISTICS 4描述統(tǒng)計 Table 2: Eleven Year Means and Standard Deviation for the Variables 表二：11年的均值和標準偏差的變量 變量 變量 經(jīng)濟部門 經(jīng)濟部門所有 All 231。Sales growth (SG) is calculated by (Sales 1 – Sales 0 )/Sales 0 .Longer storage times represent a greater investment in inventory for a particular level of 。CCC is calculated as the number of days accounts receivable (AR) plus the number of days of inventory (INV) minus the number of days accounts payable (AR).CCC計算為應(yīng)收賬款的天數(shù)（AR）加存貨的天數(shù)（INV）的減去應(yīng)付賬款的天數(shù)占（AR）。With regards to the independent variables, working capital management was measured by cash conversion cycle (CCC).隨著自變量的問候，營運資金管理是衡量資金周轉(zhuǎn)周期（CCC）認證。很多Numbers of firms for each economic sector are not 。 Some firms with missing data were also removed. 丟失數(shù)據(jù)的一些公司也取消了。最后，有沒有差異大，小企業(yè)之間的流動性比率。 Lazaridis, 2000）用希臘語審查食品工業(yè)作為流動性指標的公司的現(xiàn)金（CCC）的轉(zhuǎn)換周期并試圖確定其比例關(guān)系，與當前和快速，其組成部分的變量，本中心的盈利能力，并探討了在條件的影響的，indebtness和企業(yè)規(guī)模。因此，他建議經(jīng)理可以創(chuàng)造價值為其股東天收帳款和庫存量的數(shù)量減少到一個合理的最低。 Soenen, 1998) consistent with later study on the same objective that done by (Deloof, 2003) by using sample of 1009 large Belgian nonfinancial firms for the period of 19921996. 符合同一目標的更高版本研究（Shin amp。使用 Compustat 示例的 58,985 公司 1975 年1994 年期間在所有的情況下他們發(fā)現(xiàn)，該公司的網(wǎng)絡(luò)貿(mào)易周期的長度和其盈利能力強負關(guān)系。 Soenen, 1998）NTC is basically equal to the CCC whereby all three ponents are expressed as a percentage of (NTC) 作為營運資金管理的措施。這項研究的結(jié)果亦會協(xié)助決策者在馬來西亞以確保經(jīng)濟持續(xù)增長中實現(xiàn)營運資本市場政策的新集。這肯定會豐富財務(wù)文獻對此問題。 Wilson, 1996。Most previous study focus on develop market (Peel amp。 The purpose of this study is hopefully to contribute towards a crucial element in financial management which working capital management. 這項研究的目的是希望在財務(wù)管理中的一個關(guān)鍵元素的營運資金管理作出貢獻It is almost untouched in Malaysian or very little research has been done in this area.。Referring to theory of risk and return, investment with more risk will result to more return在談到風險和收益理論，風險越大企業(yè)獲利就越高。 Raheman amp。However, if firm has higher level of account receivable due to the generous trade credit policy it would result to longer cash conversion ，如果公司具有較高水平的應(yīng)收應(yīng)付款項，貿(mào)易信貸的寬松政策，這將導致資金周轉(zhuǎn)周期較長。While, the longer cash conversion cycle will hurt firm39。s growth and profitabilit如果發(fā)生這種情況與企業(yè)的管理者不能正確地管理它，然后它會影響到公司的增長和盈利能力。然而，這不是一個簡單的任務(wù)，因為企業(yè)管理者要確保日常工作能以有效且能獲益的方式運行。此外，還能抑制財務(wù)業(yè)績，因為它無助于凈資產(chǎn)收益率（Sanger，2001年）。在此目的上，為股東創(chuàng)造價值，公司的管理者要到關(guān)注資金周轉(zhuǎn)周期的縮短直到完成的最佳水平。資金周轉(zhuǎn)周期被用作測試企業(yè)營運資金管理的能力。An optimal working capital management is expected to contribute positively to the creation of fir營運資本管理是企業(yè)財務(wù)管理決策的重要組成部分。指導教師評語： 指導教師（簽字） 年 月 日譯自：雜志《算盤》營運資金管理對馬來西亞企業(yè)盈利能力的影響?？萍紝W院學生畢業(yè)設(shè)計（論文）外 文 譯 文院（系） 經(jīng)濟管理學院 專業(yè)班級 會計學本科2006級 學生姓名 學 號 譯 文 要 求1. 外文翻譯必須使用簽字筆，手工工整書寫，或用A4紙打印。譯 文 評 閱評閱要求：應(yīng)根據(jù)學校“譯文要求”，對學生譯文的準確性、翻譯數(shù)量以及譯文的文字表述情況等作具體的評價。 c Univeristi Putra Malaysia, ，馬來西亞 ABSTR摘要：Working capital management is important part in firm financial management decision.The purpose of this study is to investigate the relationship between working capital management and firm profitability. Cash conversion cycle is used as measure of working capital management. This study is used panel data of 1628 firmyear for the period of 19962006 that consist of six different economic sectors which are listed in Bursa Mala本研究的目的是調(diào)查營運資金管理和企業(yè)盈利能力之間的關(guān)系。這表明，減少資金周轉(zhuǎn)周期盈利增加的結(jié)果。然而，在做融資決策時，當營運資金涉及當短期投資和融資時，它總是被忽略。s smooth running and meets its obligation (Eljelly, 2004). 營運資金管理中的重要環(huán)節(jié)是要維持日常運作的流動性，確保日常工作能順利進行并且支付債務(wù)（Eljelly，2004）Yet, this is not a simple task since managers must make sure that business operation is running in efficient and profitable manner.。s manager cannot manage it properly then it will affect firm39。The shorter firm cash conversion cycle, the better a firm profitabilit如果企業(yè)的資金周轉(zhuǎn)周期短，則企業(yè)的盈利能力就好。原因是公司具有比較低能影響企業(yè)風險的流動性。 Dilemma in working capital management is to achieve desired trade off between liquidity and profitability (Smith, 1980。 Nasr，2007）。現(xiàn)在的問題是管理營運資金，公司必須考慮到這兩個帳戶中的所有項，并嘗試平衡風險和回報。Specific objectives are to examine a relationship between working capital manageme