營(yíng)運(yùn)管理外文翻譯----對(duì)整個(gè)行業(yè)中營(yíng)運(yùn)資金管理的研究-其他專業(yè)(編輯修改稿)
2025-02-24 02:35 本頁(yè)面
【文章內(nèi)容簡(jiǎn)介】 differences between industries across time. An extensive survey of library and Inter resources provided very few recent reports about working capital management. The most relevant set of articles was Weisel and Bradley’s (2021) article on cash flow management and one of inventory control as a result of effective supply chain management by Hadley (2021). Research Method The CFO Rankings The first annual CFO Working Capital Survey. a joint project with REL Consultancy Group. was published in the June 1997 issue of CFO (Mintz and Lezere 1997). REL is a London. Englandbased management consulting firm specializing in working capital issues for its global list of clients. The original survey reports several working capital benchmarks for public panies using data for 1996. Each pany is ranked against its peers and also against the entire field of panies. REL continues to update the original information on an annual basis. REL uses the “cash flow from operations” value located on firm cash flow statements to estimate cash conversion efficiency (CCE). This value indicates how well a pany transforms revenues into cash flow. A “days of working capital” (DWC) value is based on the dollar amount in each of the aggregate. equallyweighted receivables. inventory. and payables accounts. The “days of working capital” (DNC) represents the time period between purchase of inventory on acccount from vendor until the sale to the customer. the collection of the receivables. and payment receipt. Thus. it reflects the pany’s ability to finance its core operations with vendor credit. A detailed 3 investigation of WCM is possible because CFO also provides firm and industry values for days sales outstanding (A/R). inventory turnover. and days payables outstanding (A/P). Research Findings Average and Annual Working Capital Management Performance Working capital management ponent definitions and average values for the entire 1996 – 2021 period . Across the nearly firms in the survey. cash flow from operations. defined as cash flow from operations divided by sales and referred to as “cash conversion efficiency” (CCE). averages percent. Incorporating a 95 percent confidence interval. CCE ranges from percent to percent. The days working capital (DWC). defined as the sum of receivables and inventories less payables divided by daily sales. averages days and is very similar to the days that sales are outstanding (). because the inventory turnover rate (once every days) is similar to the number of days that payables are outstanding ( days). In all instances. the standard deviation is relatively small. suggesting that these working capital management variables are consistent across CFO reports. Industry Rankings on Overall Working Capital Management Performance CFO magazine provides an overall working capital ranking 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 f
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