【正文】 g for firms in its survey. using the following equation:Industrybased differences in overall working capital management are presented for the twentysix industries that had at least eight panies included in the rankings each year. In the typical year. CFO magazine ranks 970 panies during this period. Industries are listed in order of the mean overall CFO ranking of working capital performance. Since the best average ranking possible for an eightpany industry is (this assumes that the eight panies are ranked one through eight for the entire survey). it is quite obvious that all firms in the petroleum industry must have been receiving very high overall working capital management rankings. In fact. the petroleum industry is ranked first in CCE and third in DWC (as illustrated in Table 5 and discussed later in this paper). Furthermore. the petroleum industry had the lowest standard deviation of working capital rankings and range of working capital rankings. The only other industry with a mean overall ranking less than 100 was the Electric amp。營運(yùn)資金管理的目標(biāo)是維持周轉(zhuǎn)的流動資產(chǎn)和流動負(fù)債都達(dá)到最佳平衡。當(dāng)前這個方法用來識別和糾正錯誤的交易效率差異及財(cái)務(wù)供應(yīng)鏈。一些公司可能會更適合盡量減少應(yīng)收賬款和存貨，而其他則適應(yīng)應(yīng)付款最大化。特別是庫存水平（即存貨周轉(zhuǎn)率高）。最近，法瑞芬 .克萊曼和薩胡（ 1999年）發(fā)現(xiàn)百分之五十五的公司中，標(biāo)準(zhǔn)普爾工業(yè)指數(shù)完成是某種形式的現(xiàn)金流量的評估，但并未提出關(guān)于應(yīng)收賬款和存貨管理的見解，或任何流動資產(chǎn)的變化帳戶或各行業(yè)現(xiàn)有資產(chǎn)負(fù)債賬戶的變化。 瑪尼思和澤特羅（ 2021年）提供了兩個價(jià)值創(chuàng)造的模式。這項(xiàng)研究將試圖完善調(diào)查有關(guān)工作措施以填補(bǔ)行業(yè)內(nèi)資金模式這一空白，并說明說明行業(yè)間的跨時差異。 REL使用的業(yè)務(wù) “現(xiàn)金流 ”的價(jià)值是對企業(yè)現(xiàn)金流量表作用于估計(jì)現(xiàn)金轉(zhuǎn)換效率（ CCE）的?，F(xiàn)金除以銷售的作業(yè)流程被稱為 “現(xiàn)金轉(zhuǎn)換效率 ”（ CCE）的。列出的平均周轉(zhuǎn)性能整體的工業(yè)企業(yè)中在首席財(cái)務(wù)官雜志中的排名順序。服裝行業(yè)排名第二十三和第二十四在兩個采取的流動資金的措 施。這將延伸到應(yīng)付帳款、應(yīng)收帳款、現(xiàn)金帳戶，這項(xiàng)研究的影響，包括對不同層次的營運(yùn)資金管理措施。首先，可能會有一個研究是關(guān)于是否股票價(jià)格對首席財(cái)務(wù)官雜 志的出版關(guān)于流動資金管理等級的排名有影響。每年的那些公司在行業(yè)排位可以改變。這些變化可能是解釋部分的宏觀經(jīng)濟(jì)因素、利率的變化、創(chuàng)新的速度和競爭有可能影響營運(yùn)資金管理。他們現(xiàn)金轉(zhuǎn)換效率排名第二，日營運(yùn)資金排名第四。至少有八家公司在每年的排名中出現(xiàn)。 研究發(fā)現(xiàn) 年平均周轉(zhuǎn)和管理績效 營運(yùn)資金管理部分的定義和整個 96年至 00年期間的平均值。原來的調(diào)查報(bào)告的營運(yùn)資金運(yùn)用數(shù)據(jù)的上市公司的標(biāo)準(zhǔn)為 1996年。 “如果商家提供了一個內(nèi)部的信用卡 ”。薩爾托里斯和弗格森（ 1984年）發(fā) 現(xiàn)方式付款日期的不同的定義。當(dāng)時的小波格蘭特的全國連鎖百貨公司相繼破產(chǎn)，應(yīng)該是因?yàn)楣窘?jīng)營了最后 10年里經(jīng)營里有 8年的經(jīng)營赤字，這早就作為一個世界 500強(qiáng)的財(cái)務(wù)管理實(shí)踐研究的一部分。一個研究問題是： “在特殊產(chǎn)業(yè)內(nèi)的企業(yè)一起采用同樣的的營運(yùn)資金管理措施就能使其的水平一致嗎？ ”例如，在同一行業(yè)的企業(yè)能夠迅速轉(zhuǎn)化為現(xiàn)金銷售（即有占應(yīng)收水平低）。 即使在一個業(yè)務(wù)中使用 .六西格瑪方法論的 “最佳 ”的營運(yùn)資金管理需要被確認(rèn) 即使在一個業(yè)務(wù)中使用，六西格瑪方法論的 “最佳 ”的營運(yùn)資金管理需要被確認(rèn)。這就是經(jīng)常受到重視的六西格瑪方法的應(yīng)用。 導(dǎo) 言 高效率的營運(yùn)資金管理的重要性是不容置疑的。 methodology. an “optimal” level of working capital management needs to be identified. Industry factors may impact firm credit policy. inventory management. and billpaying activities. Some firms may be better suited to minimize receivables and inventory. while others maximize payables. Another aspect of “optimal” is the extent to which poor financial results can be tied to suboptimal performance. Fortunately. these issues are testable with data published by CFO magazine. which claims to be the source of “tools and information for the financial executive.” and are the subject of this research. In addition to providing mean and variance values for the working capital measures and the overall metric. two issues will be addressed in this research. One research question is. “are firms within a particular industry clustered together at consistent levels of working capital measures?” For instance. are firms in one industry able to quickly transfer sales into cash. while firms from another industry tend to have high sales levels for the particular level of inventory . The other research question is. “does working capital management performance for firms within a given industry change from yeartoyear?” The following section presents a brief literature review. Next. the research method is described. including some information about the annual Working Capital Management Survey published by