營運(yùn)管理外文翻譯----對整個(gè)行業(yè)中營運(yùn)資金管理的研究-其他專業(yè)-展示頁
2025-01-31 02:35本頁面
【正文】 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 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。 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
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