營(yíng)運(yùn)資金管理對(duì)中小企業(yè)盈利能力的影響-全文預(yù)覽
【正文】 DEBT 35237 GDPGR 38464 結(jié)論 營(yíng)運(yùn)資金管理在是小型和中型企業(yè)的情況下尤其重 要。 樣本的描述 表格 II提供了關(guān)于使用這些變量對(duì)作為一個(gè)整體的樣本的描述性統(tǒng)計(jì)信息。然而我們的研究集中在那些固定金融資產(chǎn)不重要的中小型企業(yè)。 我們作為公司規(guī)模的控制變量介紹這些變量，銷售收入的增長(zhǎng)和它的杠桿作用。值越高，公司向其供應(yīng)商承諾付款的時(shí)間就更長(zhǎng)。此變量反映了該公司所持有的股票的平均天數(shù)。在這方面，應(yīng)收賬款周轉(zhuǎn)天數(shù)（ AR）以 365*（應(yīng)收賬款 /銷售收入）來計(jì)算。 為了介紹營(yíng)運(yùn)資金投資水平對(duì)經(jīng)濟(jì)周期的影響，我們從歐盟統(tǒng)計(jì)局獲得了西班牙 的 年國(guó)內(nèi)生產(chǎn)總值增長(zhǎng)的信息。因此，我們消除公司在它們的賬戶上的不同觀察值，諸如在資產(chǎn)，流動(dòng)資產(chǎn)，固定資產(chǎn)，負(fù)債，流動(dòng)負(fù)債，資本，折舊或利息支付的負(fù)值。 樣本由西班牙的小型和中型公司組成。同樣的，縮短現(xiàn)金轉(zhuǎn)換周期也可以提高公司的盈利能力。 德米伽克 卡特 和 馬克辛莫維克 (2021)建議，國(guó)家間的公司經(jīng)營(yíng)應(yīng)該在更加發(fā)達(dá)的銀行系統(tǒng)向客戶發(fā)放更多 的貿(mào)易信貸，同時(shí)他們應(yīng)供應(yīng)商那里從得到更多的資本。第一，以前沒有中小企業(yè)存在的這些證據(jù)。在這方面， 埃利豪森 和 沃肯 (1993)， 皮特森 和 拉詹 (1997)和 丹尼爾森 和 斯科特 (2021)表明中小型的美國(guó)公司已經(jīng)用完他們的債務(wù)時(shí)使用供應(yīng)商融資。 這些以前的研究都將他們的分析研究集中在大公司上。其結(jié)果顯示，在合理范圍內(nèi)減少現(xiàn)金轉(zhuǎn)換周期可以增加公司的盈利能力。對(duì)此，以前的研究已經(jīng)分析了貿(mào)易信貸的成本高，并發(fā)現(xiàn)了當(dāng)他們沒有其他更多的融資經(jīng)濟(jì)來源可使用時(shí)的公司財(cái)務(wù)和賣方信貸。因此，對(duì)流動(dòng)資產(chǎn)的投資越大，風(fēng)險(xiǎn)越低，但是也使公司的獲利能力更低。一方面，由于產(chǎn)品的匱乏要維持高的存貨水平，降低生產(chǎn)過程中可能中斷的成本或者可能損失的業(yè)務(wù)，降低成本供應(yīng)，并防止其他優(yōu)勢(shì)之間的價(jià)格波動(dòng) (布林德 和曼西尼， 1991)。研究人員特別提供了分析投資、資本結(jié)構(gòu)、股息或公司估價(jià)，還有其他項(xiàng)目之間的研究。就這一點(diǎn)，我們收集了一組涵蓋 19962021 年這一期間的 8872 家中小型公司。 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. Table II Descriptive Statistics ROA measure return on assets, AR number of days accounts receivable, INV number of days of inventory, AP number of days accounts payable, CCC cash conversion cycle, ASSETS value of assets in thousand euros, SGROW sales growth, DEBT financial debt level, and GDPGR annual GDP growth. Variable Obs. Mean SD Median 10th Perc. 90th Perc. ROA 38464 AR 38464 INV 38452 AP 38371 CCC 38371 ASSETS 38464 13308 5541 SGROW 32674 DEBT 35237 GDPGR 38464 Conclusions Working capital management 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 this context, the objective of the current research has been to provide empirical evidence about the effects of working capital management on the profitability of a sample of small and mediumsized Spanish firms. For this purpose, we collected a panel consisting of 8,872 SMEs covering the period 19962021. According to previous studies focus on large firms (Shin and Soenen, 1998。 b) turn over less than €40 million。pezdeSilanes, Shleifer, and Vishny, 1997), and by the fact that most resources are channeled through financial intermediaries (Pampill243。本科畢業(yè)論文（設(shè)計(jì)） 外 文 翻 譯 原文 ： Effects of working capital management on SME profitability Abstract The objective of the research presented here is to provide empirical evidence about the effects of working capital management on the profitability of a sample of small and mediumsized Spanish firms. With this in mind, we collected a panel of 8,872 SMEs covering the period 19962021. The results, which are robust to the presence of endogeneity, demonstrate that managers can create value by reducing their firm’s number of days accounts receivable and inventories. Equally, shortening the cash conversion cycle also improves the firm’s profitability. Introduction The corporate finance literature has traditionally focused on the study of longterm financial decisions. Researchers have particularly offered s
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