【正文】 Scherr 1996). with scant attention paid to actual accounts receivable management. Across a limited sample. Weinraub and Visscher (1998) observe a tendency of firms with low levels of current ratios to also have low levels of current liabilities. Simultaneously investigating accounts receivable and payable issues. Hill. Sartoris. and Ferguson (1984) find differences in the way payment dates are defined. Payees define the date of payment as the date payment is received. while payors view payment as the postmark date. Additional WCM insight across firms. industries. and time can add to this body of research. Maness and Zietlow (2002. 51. 496) presents two models of value creation that incorporate effective shortterm financial management activities. However. these models are generic models and do not consider unique firm or industry influences. Maness and Zietlow discuss industry influences in a short paragraph that includes the observation that. “An industry a pany is located in may ha。 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 CFO magazine. Findings are then presented and conclusions are drawn.The importance of working capital management is not new to the finance literature. Over twenty years ago. Largay and Stickney (1980) reported that the thenrecent bankruptcy of . Grant. a nationwide chain of department stores. should have been anticipated because the corporation had been running a deficit cash flow from operations for eight of the last ten years of its corporate life. As part of a study of the Fortune 500’s financial management practices. Gilbert and Reichert (1995) find that accounts receivable management models are used in 59 percent of these firms to improve working capital projects. while inventory management models were used in 60 percent of the panies. More recently. Farragher. Kleiman and Sahu (1999) find that 55 percent of firms in the Samp。 reduces Days Sales Outstanding (DSO). accelerates the payment cycle. improves customer satisfaction and reduces the necessary amount and cost of working capital needs. There appear to be many success stories. including Jennifer Towne’s (2002) report of a 15 percent decrease in days that sales are outstanding. resulting in an increased cash flow of approximately $2 million at Thibodaux Regional Medical Center. Furthermore. bad debts declined from $ million to $. However. Waxer’s (2003) study of multiple firms employing Six Sigma174。 methodology. Six Sigma174。由于我們的研究結(jié)果，這些研究需要考慮到行業(yè)的成員在預(yù)測(cè)股票價(jià)格的反應(yīng)及營(yíng)運(yùn)資金管理的性能。首先，可能會(huì)有一個(gè)研究是關(guān)于是否股票價(jià)格對(duì)首席財(cái)務(wù)官雜志的出版關(guān)于流動(dòng)資金管理等級(jí)的排名有影響。每年的那些公司在行業(yè)排位可以改變。本研究以在普遍地方在短時(shí)間框架內(nèi)的市場(chǎng)改善。許多因素有助于解釋這一發(fā)現(xiàn)，提高經(jīng)濟(jì)時(shí)期的研究可能導(dǎo)致在一些行業(yè)的營(yíng)業(yè)額提高銷售額，也可能是一個(gè)困難的信號(hào)。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(duì)不同層次的營(yíng)運(yùn)資金管理措施。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(jìng)爭(zhēng)有可能影響營(yíng)運(yùn)資金管理。我們的研究結(jié)果非常重要，因?yàn)樗鼈兲峁┒床炝ΑＮ覀兊难芯拷Y(jié)果表明：在產(chǎn)業(yè)“較量”中隨著時(shí)間的推移，越來越受重視的營(yíng)運(yùn)資金管理的措施。服裝行業(yè)排名第二十三和第二十四在兩個(gè)采取的流動(dòng)資金的措施。他們現(xiàn)金轉(zhuǎn)換效率排名第二，日營(yíng)運(yùn)資金排名第四。另外，石油工業(yè)的最低標(biāo)準(zhǔn)偏差范圍的排名和營(yíng)運(yùn)資金流動(dòng)資金的排名。但很顯然，在石油行業(yè)的所有企業(yè)必須有非常高的整體營(yíng)運(yùn)資金管理的排名。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。至少有八家公司在每年的排名中出現(xiàn)。首席財(cái)務(wù)官雜志提供了一個(gè)其調(diào)查公司間的整體營(yíng)運(yùn)資金的排名。日營(yíng)運(yùn)資金（DWC）作為應(yīng)收款和庫存較少除以每日銷售的應(yīng)付款項(xiàng)，（）。現(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。營(yíng)運(yùn)資金管理部分的定義和整個(gè)96年至00年期間的平均值。一份詳細(xì)的調(diào)查營(yíng)運(yùn)資金管理是可能的反應(yīng)出來的?！叭諣I(yíng)運(yùn)資金”代表一個(gè)時(shí)期購買存貨從供應(yīng)商到銷售給客戶之間收集的應(yīng)收賬款、付款收據(jù)。REL使用的業(yè)務(wù)“現(xiàn)金流”的價(jià)值是對(duì)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。 REL是英國(guó)倫敦為基礎(chǔ)的管理咨詢公司，專門從事于流動(dòng)資金問題的服務(wù)，面向全球的客戶。第一次年度首席財(cái)務(wù)官營(yíng)運(yùn)資金管理的調(diào)查。一個(gè)對(duì)圖書館和網(wǎng)絡(luò)資源進(jìn)行廣泛的調(diào)查得到了很少的最新報(bào)告是關(guān)于營(yíng)運(yùn)資金管理。隨著時(shí)間的推移，沒有什么能影響營(yíng)運(yùn)資金管理穩(wěn)定性。幾乎任何事物除了一些游戲項(xiàng)目，如盒裝行業(yè)因素。瑪尼思和澤特羅談?wù)撘恍《萎a(chǎn)業(yè)影響包括那些“一個(gè)工業(yè)公司可能有更多的財(cái)富”公司可能影響整體國(guó)民生產(chǎn)總值。納入有效的短期的財(cái)務(wù)管理活動(dòng)。收款人定義付款日期為收到貨款的日期，而付款人查看付款日期的郵戳，額外的協(xié)作平臺(tái)了解各企業(yè)、行業(yè)和時(shí)間能夠增加這方面的研究機(jī)構(gòu)。希爾通過有限的樣本，溫勞布和菲斯海爾(1998)觀察到的趨勢(shì)是目前比率低的公司也有低水平的流動(dòng)負(fù)債。因此，混合證據(jù)表明有關(guān)營(yíng)運(yùn)資金管理技術(shù)的使用。吉爾伯特和銳徹(1995)發(fā)現(xiàn)應(yīng)收賬款的管理模式在使用后，有百分之五十九的公司提高營(yíng)運(yùn)資金項(xiàng)目，而庫存管理模型應(yīng)用于百分之六十的公司。20多年前，斯蒂克尼（1980）報(bào)告說。調(diào)查是再提出和結(jié)論。另一個(gè)研究問題是，“企業(yè)營(yíng)運(yùn)資金管理能否對(duì)企業(yè)績(jī)效在行業(yè)內(nèi)逐年改變起做作用？” 以下部分提供了一個(gè)簡(jiǎn)短的文獻(xiàn)回顧。而來自其他行業(yè)的企業(yè)往往有較高的銷售水平。這兩個(gè)問題將在本研究處其理差異值。這聲稱是“工具的來源和財(cái)務(wù)主管信息”即是本研究的主題。“最優(yōu)”的另一個(gè)方面是槽糕的財(cái)務(wù)成果卻是使用了最優(yōu)性能。行業(yè)因素可能會(huì)影響企業(yè)的信貸政策、庫存管理和賬單支付活動(dòng)。然而，外克瑟的(2003)研究多個(gè)公司雇用六西格瑪發(fā)現(xiàn)它確實(shí)是一個(gè)“緩慢致富”%%的范圍。造成的結(jié)果是在蒂博多萬區(qū)域醫(yī)療中心產(chǎn)生的現(xiàn)金流量增加了大約200萬美元。六西格瑪方法減少每天天銷售最杰出，以達(dá)到加速支付周期、提高顧客滿意度、降低成本的數(shù)量和流動(dòng)資金的需求。六西格瑪方法適用于企業(yè)涉及所有范圍，能幫助公司測(cè)量和保證質(zhì)量。一個(gè)最近企業(yè)的例子是其試圖最大限度地運(yùn)用營(yíng)運(yùn)資金管理。太多的管理工作是消耗在帶動(dòng)流動(dòng)資產(chǎn)和負(fù)債水平回到最佳水平。商業(yè)可行性的能力依賴于有效的應(yīng)收賬款、庫存和應(yīng)付帳款的管理。營(yíng)運(yùn)資金是資源或隨時(shí)兌換成現(xiàn)金（流動(dòng)資產(chǎn)）和即將的現(xiàn)金需要（流動(dòng)負(fù)債）之間的差額。此外，這些措施在企業(yè)營(yíng)運(yùn)資金管理中實(shí)施后有了顯著改變。我們提供了在調(diào)查公司時(shí)出具報(bào)告中的關(guān)鍵組成部分，調(diào)查公司營(yíng)運(yùn)資金管理的報(bào)告是運(yùn)用首席財(cái)務(wù)官雜志的年度資金管理的調(diào)查報(bào)告。最后衷心感謝在百忙之中抽出時(shí)間參加答辯的各位專家、教授。在這里我要特別感謝我的指導(dǎo)老師，是她對(duì)論文的選題思路、論文格式和整體結(jié)構(gòu)提出了寶貴的意見，對(duì)我在論文寫作過程中遇到的每一個(gè)問題，老師都不厭其煩的指導(dǎo)。通過這種途徑，改良了公司的資產(chǎn)結(jié)構(gòu)，才能在激烈的市場(chǎng)競(jìng)爭(zhēng)中立于不敗之地。對(duì)于企業(yè)管理者來說，采取科學(xué)有效的管理方法，做出正確合理的策略和決定，無疑能快速高效的解決大部分企業(yè)內(nèi)部的問題和困境。因此，萬科地產(chǎn)股份有限公司必須要加強(qiáng)對(duì)固定資產(chǎn)管理隊(duì)伍的建設(shè)，定期組織各個(gè)部門的固定資產(chǎn)管理員參加有關(guān)資產(chǎn)管理相關(guān)內(nèi)容的培訓(xùn)，使其業(yè)務(wù)技能和管理水平不斷提高。第三，培養(yǎng)固定資產(chǎn)管理團(tuán)隊(duì)。萬科地產(chǎn)股份有限公司要進(jìn)一步健全固定資產(chǎn)管理制度，購置固定資產(chǎn)時(shí)，對(duì)其可行性要進(jìn)行嚴(yán)格的研討，購置成功后，對(duì)該固定資產(chǎn)的使用情況還要繼續(xù)進(jìn)行記錄。萬科地產(chǎn)股份有限公司要努力提高管理固定資產(chǎn)的觀念，一方面企業(yè)領(lǐng)導(dǎo)要對(duì)其引起重視，要從思想上認(rèn)識(shí)到