營運(yùn)資金管理對中小企業(yè)盈利能力的影響-文庫吧資料
2024-12-23 06:26本頁面
【正文】 13308 5541 SGROW 32674 DEBT 35237 GDPGR 38464 Conclusions Working capital management is particularly important in the case of small and mediumsized panies. Most of these panies’ assets are in the form of current assets. Also, current liabilities are one of their main sources of external finance. In this context, the objective of the current research has been to provide empirical evidence about the effects of working capital management on the profitability of a sample of small and mediumsized Spanish firms. For this purpose, we collected a panel consisting of 8,872 SMEs covering the period 19962021. According to previous studies focus on large firms (Shin and Soenen, 1998。 their return on assets is around 8 percent。 b) turn over less than €40 million。 in the third section, we present the analyses carried out and our findings。pezdeSilanes, Shleifer, and Vishny, 1997), and by the fact that most resources are channeled through financial intermediaries (Pampill243。 Ng, Smith and Smith, 1999). In this respect, previous studies have analyzed the high cost of trade credit, and find that firms finance themselves with seller credit when they do not have other more economic sources of financing available (Petersen and Rajan, 1994 and 1997). Decisions about how much to invest in the customer and inventory accounts, and how much credit to accept from suppliers, are reflected in the firm’s cash conversion cycle, which represents the average number of days between the date when the firm must start paying its suppliers and the date when it begins to collect payments from its customers. Some previous studies have used this measure to analyze whether shortening the cash conversion cycle has positive or negative effects on the firm’s profitability. Specifically, Shin and Soenen (1998) analyze the relation between the cash conversion cycle and profitability for a sample of firms listed on the US stock exchange during the period 19741994. Their results show that reducing the cash conversion cycle to a reasonable extent increases firms’ profitability. More recently, Deloof (2021) analyzes a sample of large Belgian firms during the period 19921996. His results confirm that Belgian firms can improve their profitability by reducing the number of days accounts receivable are outstanding and reducing inventories. Moreover, he finds that less profitable firms wait longer to pay their bills. These previous studies have focused their analysis on larger firms. However, the management of current assets and liabilities is particularly important in the case of small and mediumsized panies. Most of these panies’ assets are in the form of current assets. Also, current liabilities are one of their main sources of external finance in view of their difficulties in obtaining funding in the longterm capital markets (Petersen and Rajan, 1997) and the financing constraints that they face (Whited, 1992。本科畢業(yè)論文（設(shè)計） 外 文 翻 譯 原文 ： Effects of working capital management on SME profitability Abstract The objective of the research presented here is to provide empirical evidence about the effects of working capital management on the profitability of a sample of small and mediumsized Spanish firms. With this in mind, we collected a panel of 8,872 SMEs covering the period 19962021. The results, which are robust to the presence of endogeneity, demonstrate that managers can create value by reducing their firm’s number of days accounts receivable and inventories. Equally, shortening the cash conversion cycle also improves the firm’s profitability. Introduction The corporate finance literature has traditionally focused on the study of longterm financial decisions. Researchers have partic
公司管理相關(guān)推薦
鄂ICP備17016276號-1