營運(yùn)管理外文翻譯----對整個行業(yè)中營運(yùn)資金管理的研究-其他專業(yè)-文庫吧資料
2025-01-27 02:35本頁面
【正文】 capital management ponents relate to share price performance. Given our results. these studies need to take industry membership into consideration when estimating stock price reaction to working capital management performance. 5 外文翻譯 : 對整個行業(yè)中營運(yùn)資金管理的研究 格雷格 托馬斯 M克魯格 .威斯康星大學(xué)拉克羅斯 摘 要 : 企業(yè)能夠降低融資成本或者盡量減少綁定在流動資產(chǎn)上的成立基金數(shù)額來用于擴(kuò)大現(xiàn)有的資金。 Scherr 1996). with scant attention paid to actual accounts receivable management. Across a limited 2 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 (2021. 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 have more influence on that pany’s fortunes than overall GNP” (2021. 507). In fact. a careful review of this 627page textbook finds only sporadic information on actual firm levels of WCM dimensions. virtually nothing on industry factors except for some boxed items with titles such as. “Should a Retailer Offer an InHouse Credit Card” (128) and nothing on WCM stability over time. This research will attempt to fill this void by investigating patterns related to working capital measures within industries and illustrate 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
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