【正文】 tudies analyzing investments, capital structure, dividends or pany valuation, among other topics. But the investment that firms make in shortterm assets, and the resources used with maturities of under one year, represent the main share of items on a firm’s balance sheet. In fact, in our sample the current assets of small and mediumsized Spanish firms represent percent of their assets, and at the same time their current liabilities represent more than percent of their liabilities. Working capital management is important because of its effects on the firm’s profitability and risk, and consequently its value (Smith, 1980). On the one hand, maintaining high inventory levels reduces the cost of possible interruptions in the production process, or of loss of business due to the scarcity of products, reduces supply costs, and protects against price fluctuations, among other advantages (Blinder and Manccini, 1991). On the other, granting trade credit favors the firm’s sales in various ways. Trade credit can act as an effective price cut (Brennan, Maksimovic and Zechner, 1988。 Fazzari and Petersen, 1993). In this respect, Elliehausen and Woken (1993), Petersen and Rajan (1997) and Danielson and Scott (2021) show that small and mediumsized US firms use vendor financing when they have run out of debt. Thus, efficient working capital management is particularly important for smaller panies (Peel and Wilson, 1996). In this context, the objective of the current work is to provide empirical evidence about the effects of working capital management on profitability for a panel made up of 8,872 SMEs during the period 19962021. This work contributes to the literature in two ways. First, no previous such evidence exists for the case of SMEs. We use a sample of Spanish SMEs that operate within the socalled continental model, which is characterized by its less developed capital markets (La Porta, L243。 finally, we end by discussing our main conclusions. Data and Variables i. Data We obtained the data used in this study from the AMADEUS database. This database was developed by Bureau van Dijk, and contains financial and economic data on European panies. The sample prises small and mediumsized firms from Spain. The selection of SMEs was carried out according to the requirements established by the European Commission’s remendation 96/280/CE of 3rd April, 1996, on the definition of small and mediumsized firms. Specifically, we selected those firms meeting the following criteria for at least three years: a) have fewer than 250 employees。 their number of days accounts receivable is around 96 days。nez,2021. “Effects of Working Capital Management on SME Profitability ” . International Journal of Managerial Finance. Vol. 3, No. . 164177. 譯文 ： 營運資金管理對中小企業(yè)盈利能力的影響 摘要 這里提供的研究的目的是提供有關(guān)營運資金管理對示例的中小型西班牙公司盈利能力的影響的實證證據(jù)。 引言 企業(yè)財務(wù)文學對長期財務(wù)決策的研究有傳統(tǒng)的關(guān)注。 營運資金管理之所以很重要，是因為它影響公司的盈利能力和風險，從而影響其價值 (史密斯， 1980)。不過，公司投資大量的存貨和貿(mào)易信貸可能使公司的獲利能力減少。事實上，根據(jù)對折扣率和折扣期間的授予，機會成本可能超過 20%(威爾納， 2021； NG，史密斯 和 史密， 1999)。具體而言 ，斯津 和 索恩 (1998)分析了在現(xiàn)金周轉(zhuǎn)周期和一個 19741994 年期間在美國股票交易所上市的樣本公司的盈利能力之間的關(guān)系。此外，他發(fā)現(xiàn)獲利少的公司需要更長的時間 的來支付他們的賬單。而且，考慮到他們在長期資本市場上獲得資金的困難 (皮特森 和 拉詹， 1997)和他們所面臨的財務(wù)約束 (懷特德， 1992；法査瑞 和 皮特森， 1993)，流動負債是外部財務(wù)的主要來源之一。這項工作對文學的貢獻有兩種方式。這一切表明西班牙的中小型企業(yè)有較少的外部可替代 資源，一般使得他們更多的取決于短期融資，尤其是在貿(mào)易信貸上。 我們的研究結(jié)果表明，管理人員可以通過減少他們公司的應(yīng)收賬款和存貨天數(shù)來創(chuàng)造價值。這些數(shù)據(jù)由范迪克局開發(fā)，里面包含了歐洲公司的金融和經(jīng)濟數(shù)據(jù)。 除了采用這些選擇條件，我們還使用一系列的過濾器。作為這些過濾器應(yīng)用的結(jié)果，我們得 出樣本的 38464個觀察值。 作為獨立變量，我們通過使用應(yīng)收賬款周轉(zhuǎn)天數(shù)，存貨周轉(zhuǎn)天數(shù)和應(yīng)付賬款周轉(zhuǎn)天數(shù)來衡量營運資金管理。 我們計算存貨周轉(zhuǎn)天數(shù)（ INY）的式子是 365*（存貨 /購買）。我們用365*（應(yīng)付賬款 /購買）來計算它的值?，F(xiàn)金轉(zhuǎn)換周期越長，對流動資產(chǎn)的凈投資越大，對流動資 產(chǎn)中的金融資產(chǎn)的需求就越大。在他的研究中的一些公司，這些資產(chǎn)是總資產(chǎn)的重要組成部分。 此外，由于良好的經(jīng)濟條件往往反映一家公司的盈利能力，我們使用衡量年均國內(nèi)生產(chǎn)總值增長的變量 GDPGR 來控制經(jīng)濟周期的進展。在分析期間（ 19962021），西班牙國內(nèi)生產(chǎn)總值以平均 %的增長率增長。在這種情況下，當前的目標是提供西班牙中小型公司營運資金管理對公司盈利能力的影響的實證證據(jù)的樣本。然而我們不能確認應(yīng)付賬 款天數(shù)是否影響一個中小型企業(yè)在資產(chǎn)上的收益率，就像當我們控制可能產(chǎn)生的內(nèi)在性問題時這樣的關(guān)系就失去了