企業(yè)資金管理外文翻譯--英國(guó)小企業(yè)運(yùn)營(yíng)資金管理重點(diǎn)-展示頁(yè)
2025-05-27 16:50本頁(yè)面
【正文】 結(jié)論與啟示 這項(xiàng)研究的目的是鼓勵(lì)更多類(lèi)似的研究，而不僅僅提供與小公司工作程序相關(guān)運(yùn)營(yíng)資金管理模式的觀點(diǎn)。最終結(jié)果顯示：小公司只有在把精力投放在運(yùn)營(yíng)資金集中管理方面才能獲得他們期望的邊際收益。大多數(shù)學(xué)者討論資金數(shù)量和經(jīng)營(yíng)的重點(diǎn)的影響。通過(guò)主成分析和聚類(lèi)分析確認(rèn)得到了運(yùn)營(yíng)資金管理的四種不同類(lèi)型模式。 Ⅲ .外文翻譯 Ⅲ 1 外文翻譯之一 The focus of working capital management in UK small firms（節(jié)選） Author： Carole Howorth， Paul Westhead Nationality： Nottingham NG8 1BB, UK Derivation: Management Accounting Research ,2020, –111 Abstract Working capital management routines of a large random sample of small panies in the UK are examined. Considerable variability in the takeup of 11 working capital management routines was detected. Principal ponents analysis and cluster analysis confirm the identification of four distinct ‘types’ of panies with regard to patterns of working capital management. The first three ‘types’ of panies focused upon cash management, stock or debtors routines respectively, whilst the fourth ‘type’ were less likely to takeup any working capital management routines. Influences on the amount and focus of working capital management are discussed. Multinomial logistic regression analysis suggests that the selected independent variables successfully discriminated between the four ‘types’ of panies. The results suggest that small panies focus only on areas of working capital management where they expect to improve marginal returns. The difficulties of establishing causality are highlighted and implications for academics, policymakers and practitioners are reported. Conclusions and implications The aim of this study has been to encourage additional research, rather than to provide an exhaustive review of all the factors associated with the takeup of working capital management routines by small panies. Three theories guided the selection of the independent variables explored in this study. The RBV highlighted that small firms have idiosyncratic bundles of resources associated with the takeup of working capital management routines. Agency theory identified the influence of external stakeholders as well as differences between small and large firms. Transactions costs theory indicated that small firms might invest resources in specific areas of working capital management if they perceive them to offer the highest marginal return. The results consistently highlighted, across a variety of statistical tests, that small firms are not a homogenous group with regard to working capital management routines. Considerable variability was detected in the takeup of 11 working capital management routines by a large random sample of small panies in the UK. Evidence from the PCA and the cluster analysis confirmed the identification of four distinct ‘types’ of panies with regard to the takeup of working capital management routines. Moreover, evidence from the multinomial logistic regression analysis suggests that the selected independent variables successfully discriminated Ⅲ 2 between the four ‘types’ of panies. Twelve out of the 18 hypotheses were supported. A further two hypotheses showed the anticipated relationship but were not significant discriminators between the ‘types’ of panies. Evidence that the majority of small panies focus their efforts on one area of working capital management indicates that resources for working capital management are limited. However, a striking finding from the regression analysis was the detection that firms which util
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