營運資金管理對中小企業(yè)盈利能力的影響外文翻譯

1、<p><b>　　中文3800字</b></p><p><b>　　2190單詞</b></p><p>　　外 文 翻 譯</p><p><b>　　原文：</b></p><p>　　Effects of working capital managem

2、ent on SME profitability</p><p><b>　　Abstract</b></p><p>　　The objective of the research presented here is to provide empirical evidence about the effects of working capital manageme

3、nt on the profitability of a sample of small and medium-sized Spanish firms. With this in mind, we collected a panel of 8,872 SMEs covering the period 1996-2002. The results, which are robust to the presence of endogenei

4、ty, demonstrate that managers can create value by reducing their firm’s number of days accounts receivable and inventories. Equally, shortening the cash conv</p><p>　　Introduction</p><p>　　The c

5、orporate finance literature has traditionally focused on the study of long-term financial decisions. Researchers have particularly offered studies analyzing investments, capital structure, dividends or company valuation,

6、 among other topics. But the investment that firms make in short-term assets, and the resources used with maturities of under one year, represent the main share of items on a firm’s balance sheet. In fact, in our sample

7、the current assets of small and medium-sized Spanish fi</p><p>　　Working capital management is important because of its effects on the firm’s profitability and risk, and consequently its value (Smith, 1980).

8、 On the one hand, maintaining high inventory levels reduces the cost of possible interruptions in the production process, or of loss of business due to the scarcity of products, reduces supply costs, and protects against

9、 price fluctuations, among other advantages (Blinder and Manccini, 1991). On the other, granting trade credit favors the firm’s sales in v</p><p>　　On the other hand, trade credit is a spontaneous source of

10、financing that reduces the amount required to finance the sums tied up in the inventory and customer accounts. But we should bear in mind that financing from suppliers can have a very high implicit cost if early payment

11、discounts are available. In fact the opportunity cost may exceed 20 percent, depending on the discount percentage and the discount period granted (Wilner,2000; Ng, Smith and Smith, 1999). In this respect, previous studie

12、s</p><p>　　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 ave

13、rage 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 short

14、ening the cash conversion cycle has positive or negative effects on the firm’s profi</p><p>　　These previous studies have focused their analysis on larger firms. However, the management of current assets and

15、 liabilities is particularly important in the case of small and medium-sized companies. Most of these companies’ assets are in the form of current assets. Also, current liabilities are one of their main sources of extern

16、al finance in view of their difficulties in obtaining funding in the long-term capital markets (Petersen and Rajan, 1997) and the financing constraints that they face </p><p>　　In this context, the objective

17、 of the current work is to provide empirical evidence about the effects of working capital management on profitability for a panel made up of 8,872 SMEs during the period 1996-2002. This work contributes to the literatur

18、e in two ways. First, no previous such evidence exists for the case of SMEs. We use a sample of Spanish SMEs that operate within the so-called continental model, which is characterized by its less developed capital marke

19、ts (La Porta, López-de-Silanes</p><p>　　Our findings suggest that managers can create value by reducing their firm’s number of days accounts receivable and inventories. Similarly, shortening the cash co

20、nversion cycle also improves the firm’s profitability.</p><p>　　From this point, the work is structured as follows: in Section 2, we describe the sample and variables used; in the third section, we present t

21、he analyses carried out and our findings; finally, we end by discussing our main conclusions.</p><p>　　Data and Variables</p><p><b>　　i. Data</b></p><p>　　We obtained th

22、e data used in this study from the AMADEUS database. This database was developed by Bureau van Dijk, and contains financial and economic data on European companies.</p><p>　　The sample comprises small and me

23、dium-sized firms from Spain. The selection of SMEs was carried out according to the requirements established by the European Commission’s recommendation 96/280/CE of 3rd April, 1996, on the definition of small and medium

24、-sized firms. Specifically, we selected those firms meeting the following criteria for at least three years: a) have fewer than 250 employees; b) turn over less than €40 million; and c) possess less than €27 million of t

25、otal assets.</p><p>　　In addition to the application of those selection criteria, we applied a series of filters. Thus, we eliminated the observations of firms with anomalies in their accounts, such as negat

26、ive values in their assets, current assets, fixed assets, liabilities, current liabilities, capital, depreciation, or interest paid. We removed observations of entry items from the balance sheet and profit and loss accou

27、nt exhibiting signs that were contrary to reasonable expectations. Finally, we eliminated 1 per</p><p>　　In order to introduce the effect of the economic cycle on the levels invested in working capital, we o

28、btained information about the annual GDP growth in Spain from Eurostat.</p><p>　　ii. Variables</p><p>　　In order to analyze the effects of working capital management on the firm’s profitability,

29、 we used the return on assets (ROA) as the dependent variable. We defined this variable as the ratio of earnings before interest and tax to assets. </p><p>　　With regards to the independent variables, we mea

30、sured working capital management by using the number of days accounts receivable, number of days of inventory and number of days accounts payable. In this respect, number of days accounts receivable (AR) is calculated as

31、 365 × [accounts receivable/sales]. This variable represents the average number of days that the firm takes to collect payments from its customers.The higher the value, the higher its investment in accounts receivab

32、le.</p><p>　　We calculated the number of days of inventory (INV) as 365 ×[inventories/purchases]. This variable reflects the average number of days of stock held by the firm. Longer storage times repres

33、ent a greater investment in inventory for a particular level of operations.</p><p>　　The number of days accounts payable (AP) reflects the average time it takes firms to pay their suppliers. We calculated th

34、is as 365 × [accounts payable/purchases]. The higher the value, the longer firms take to settle their payment commitments to their suppliers.</p><p>　　Considering these three periods jointly, we estimat

35、ed the cash conversion cycle (CCC). This variable is calculated as the number of days accounts receivable plus thenumber of days of inventory minus the number of days accounts payable. The longer the cash conversion cycl

36、e, the greater the net investment in current assets, and hence the greater the need for financing of current assets.</p><p>　　Together with these variables, we introduced as control variables the size of the

37、 firm, the growth in its sales, and its leverage. We measured the size (SIZE) as the logarithm of assets, the sales growth (SGROW) as (Sales1 – Sales0)/Sales0, the leverage (DEBT) as the ratio of debt to liabilities. Del

38、lof (2003) in his study of large Belgian firms also considered the ratio of fixed financial assets to total assets as a control variable. For some firms in his study such assets are a significant par</p><p>

39、　　Furthermore, and since good economic conditions tend to be reflected in a firm’s profitability, we controlled for the evolution of the economic cycle using the variable GDPGR, which measures the annual GDP growth.</

40、p><p>　　iii. Description of sample</p><p>　　Table II offers descriptive statistics about the variables used for the sample as a whole. These are generally small firms, with mean assets of more than

41、 €6 million; their return on assets is around 8 percent; their number of days accounts receivable is around 96 days; and their number of days accounts payable is very similar: around 97 days. Together with this, the samp

42、le firms have seen their sales grow by almost 13 percent annually on average, and 24.74 percent of their liabilities is taken u</p><p><b>　　Table II</b></p><p>　　Descriptive Statisti

43、cs</p><p>　　Conclusions</p><p>　　Working capital management is particularly important in the case of small and medium-sized companies. Most of these companies’ assets are in the form of current

44、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 mana

45、gement on the profitability of a sample of small and medium-sized Spanish firms. For this purpose, we collected a panel</p><p>　　According to previous studies focus on large firms (Shin and Soenen, 1998; Del

46、oof, 2003), the analyses carried out confirm the important role of working capital management in value generation in small and medium-sized firms. We find a significant negative relation between an SME’s profitability an

47、d the number of days accounts receivable and days of inventory. We cannot, however, confirm that the number of days accounts payable affects an SME’s return on assets, as this relation loses significanc</p><p&

48、gt;　　Finally, SMEs have to be concerned with working capital management because they can also create value by reducing their cash conversion cycle to a minimum, as far as that is reasonable.</p><p>　　Source:

49、 Pedro J. García, Pedro Martínez,2007. “Effects of Working Capital Management on SME Profitability ” . International Journal of Managerial Finance. Vol. 3, No. 2.pp. 164-177.</p><p><b>　　譯文：&

50、lt;/b></p><p>　　營運資金管理對中小企業(yè)盈利能力的影響</p><p><b>　　摘要</b></p><p>　　這里提供的研究的目的是提供有關(guān)營運資金管理對示例的中小型西班牙公司盈利能力的影響的實證證據(jù)。就這一點，我們收集了一組涵蓋1996-2002年這一期間的8872家中小型公司。健全的內(nèi)生性問題的存在的這一結(jié)果，

51、表明管理人員能夠通過減少公司的應(yīng)收賬款天數(shù)和存貨天數(shù)來創(chuàng)造價值。同樣，縮短轉(zhuǎn)換周期現(xiàn)金也能夠提高公司的盈利能力。</p><p><b>　　引言</b></p><p>　　企業(yè)財務(wù)文學對長期財務(wù)決策的研究有傳統(tǒng)的關(guān)注。研究人員特別提供了分析投資、資本結(jié)構(gòu)、股息或公司估價，還有其他項目之間的研究。但是公司作出的短期決策和使用一年以下期限的資源的投資，都代表了一個公司

52、資產(chǎn)負債表上的項目的主要份額。事實上，在我們的示例中，小型和中型的西班牙公司的流動資產(chǎn)占它們總資產(chǎn)的69.48%，同時，它們的流動負債也超過它們總負債的52.82%。</p><p>　　營運資金管理之所以很重要，是因為它影響公司的盈利能力和風險，從而影響其價值(史密斯，1980)。一方面，由于產(chǎn)品的匱乏要維持高的存貨水平，降低生產(chǎn)過程中可能中斷的成本或者可能損失的業(yè)務(wù)，降低成本供應(yīng)，并防止其他優(yōu)勢之間的價格波動

53、(布林德和曼西尼，1991)。另一方面，發(fā)放貿(mào)易信貸有利于公司以不同的方式銷售。貿(mào)易信貸可以充當有效的價格削減(布倫南,馬克辛莫維克和澤遲恩，1998；皮特森和拉詹，1997)，刺激顧客在低需求時獲得商品(埃默里，1987)，允許顧客在收到商品時按照協(xié)定檢查他們的商品（數(shù)量和質(zhì)量），并確保服務(wù)合同得以實施(史密斯，1987)，幫助公司同他們的客戶加強長期合作的關(guān)系(NG，史密斯和史密斯，1999)。不過，公司投資大量的存貨和貿(mào)易信貸可能

54、使公司的獲利能力減少。因此，對流動資產(chǎn)的投資越大，風險越低，但是也使公司的獲利能力更低。</p><p>　　另一方面，貿(mào)易信貸是一種自發(fā)的融資，減少了所需資金在存貨和顧客賬戶之間的捆綁。但我們應(yīng)謹記在從供應(yīng)商融資時，如果有可利用的折扣提早付款可能有非常高的隱式成本。事實上，根據(jù)對折扣率和折扣期間的授予，機會成本可能超過20%(威爾納，2000；NG，史密斯和史密，1999)。對此，以前的研究已經(jīng)分析了貿(mào)易信貸的

55、成本高，并發(fā)現(xiàn)了當他們沒有其他更多的融資經(jīng)濟來源可使用時的公司財務(wù)和賣方信貸。</p><p>　　投資多少在客戶、存貨賬戶以及從供應(yīng)商那里接受多少信用的決定，都反映在公司的現(xiàn)金周轉(zhuǎn)期所代表的平均天數(shù)，這些平均天數(shù)指的是公司必須開始向供應(yīng)商支付貨款和開始向它的客戶收取貨款之間的天數(shù)。以前的研究已經(jīng)使用這項指標來分析現(xiàn)金周轉(zhuǎn)周期的縮短是否對公司的盈利能力有正面的或負面的影響。具體而言，斯津和索恩 (1998)分析了

56、在現(xiàn)金周轉(zhuǎn)周期和一個1974-1994年期間在美國股票交易所上市的樣本公司的盈利能力之間的關(guān)系。其結(jié)果顯示，在合理范圍內(nèi)減少現(xiàn)金轉(zhuǎn)換周期可以增加公司的盈利能力。較近期，戴魯夫(2003)分析了在1992-1996年間的大比利時公司的示例。他的結(jié)果顯示比利時公司能夠通過減少未付的應(yīng)收賬款天數(shù)和減少存貨來提高他們的盈利能力。此外，他發(fā)現(xiàn)獲利少的公司需要更長的時間的來支付他們的賬單。</p><p>　　這些以前的研究

57、都將他們的分析研究集中在大公司上。然而，流動資產(chǎn)和負債的管理對中小型公司卻顯得尤其重要。這些公司的大多數(shù)資產(chǎn)都是流動資產(chǎn)的形式。而且，考慮到他們在長期資本市場上獲得資金的困難(皮特森和拉詹，1997)和他們所面臨的財務(wù)約束(懷特德，1992；法査瑞和皮特森，1993)，流動負債是外部財務(wù)的主要來源之一。在這方面，埃利豪森和沃肯(1993)，皮特森和拉詹(1997)和丹尼爾森和斯科特(2000)表明中小型的美國公司已經(jīng)用完他們的債務(wù)時使用

58、供應(yīng)商融資。因此，有效的營運資金管理對小公司顯得尤其重要(皮爾和威爾遜， 1996)。</p><p>　　在這種環(huán)境下，當前工作的目標是為 1996年-2002 年期間的 8,872 中小型企業(yè)組成的一個小組提供關(guān)于營運資金管理對獲利能力的影響的實證證據(jù)。這項工作對文學的貢獻有兩種方式。第一，以前沒有中小企業(yè)存在的這些證據(jù)。我們使用西班牙中小企業(yè)中的一個樣本，通過較不發(fā)達的資本市場(拉波塔，洛配茲·西

59、拉內(nèi)斯，施萊弗，和維什尼，1997)和多數(shù)資源通過金融中介機構(gòu)(潘皮隆，2000)這個特點，在所謂的大陸模型內(nèi)經(jīng)營。這一切表明西班牙的中小型企業(yè)有較少的外部可替代資源，一般使得他們更多的取決于短期融資，尤其是在貿(mào)易信貸上。德米伽克-卡特和馬克辛莫維克(2002)建議，國家間的公司經(jīng)營應(yīng)該在更加發(fā)達的銀行系統(tǒng)向客戶發(fā)放更多的貿(mào)易信貸，同時他們應(yīng)供應(yīng)商那里從得到更多的資本。第二個貢獻是，不像斯津和索恩(1998)和戴魯夫(2003)先前的研

60、究，在當前我們曾對可能出現(xiàn)的內(nèi)在性問題進行了健全的測試。目的是確保在實施分析中發(fā)現(xiàn)的關(guān)系是由于現(xiàn)金轉(zhuǎn)換周期對公司盈利能力的影響而不是相反。</p><p>　　我們的研究結(jié)果表明，管理人員可以通過減少他們公司的應(yīng)收賬款和存貨天數(shù)來創(chuàng)造價值。同樣的，縮短現(xiàn)金轉(zhuǎn)換周期也可以提高公司的盈利能力。</p><p>　　從這點來看，工作的結(jié)構(gòu)如下：在第一部分，我們描述樣本和變量的使用；在第三部分，我

61、們目前實施的分析和我們的發(fā)現(xiàn)；最后，我們討論我們的主要結(jié)論。</p><p><b>　　數(shù)據(jù)與變量</b></p><p><b>　　1、數(shù)據(jù)</b></p><p>　　我們從AMADEUS數(shù)據(jù)庫中獲得這些研究的數(shù)據(jù)。這些數(shù)據(jù)由范迪克局開發(fā)，里面包含了歐洲公司的金融和經(jīng)濟數(shù)據(jù)。</p><p>

62、;　　樣本由西班牙的小型和中型公司組成。中小型企業(yè)的選擇是在中小型企業(yè)的定義下根據(jù)歐洲委員會1996年四月三號的96/280/CE建議的建立需求而做出的。具體而言，我們選擇了至少三年滿足以下條件的公司：a）員工人數(shù)少于250人；b）銷售額少于4000萬歐元；c）擁有低于2700萬的總資產(chǎn)。</p><p>　　除了采用這些選擇條件，我們還使用一系列的過濾器。因此，我們消除公司在它們的賬戶上的不同觀察值，諸如在資產(chǎn)

63、，流動資產(chǎn)，固定資產(chǎn)，負債，流動負債，資本，折舊或利息支付的負值。我們從背離了合理的期望的資產(chǎn)負債表和利潤表還有虧損賬戶展示跡象中刪除了項目的觀察值。最后，我們消除了1%的由幾個變量中出現(xiàn)的極值。作為這些過濾器應(yīng)用的結(jié)果，我們得出樣本的38464個觀察值。</p><p>　　為了介紹營運資金投資水平對經(jīng)濟周期的影響，我們從歐盟統(tǒng)計局獲得了西班牙的年國內(nèi)生產(chǎn)總值增長的信息。</p><p>

64、;<b>　　2、變量</b></p><p>　　為了分析營運資金管理對公司盈利能力的影響，我們使用資產(chǎn)回報率（ROA）作為因變量。我們定義這個變量作為支付利息和稅收前的收益比率。</p><p>　　作為獨立變量，我們通過使用應(yīng)收賬款周轉(zhuǎn)天數(shù)，存貨周轉(zhuǎn)天數(shù)和應(yīng)付賬款周轉(zhuǎn)天數(shù)來衡量營運資金管理。在這方面，應(yīng)收賬款周轉(zhuǎn)天數(shù)（AR）以365*（應(yīng)收賬款/銷售收入）來計算

65、。這個變量表示這個公司從它的客戶那里收回貨款所花費的平均天數(shù)。值越高，說明投資占應(yīng)收賬款的部分越高。</p><p>　　我們計算存貨周轉(zhuǎn)天數(shù)（INY）的式子是365*（存貨/購買）。此變量反映了該公司所持有的股票的平均天數(shù)。儲存時間越長說明對某一特定水平的經(jīng)營活動的存貨的投資越大。</p><p>　　應(yīng)付賬款周轉(zhuǎn)天數(shù)（AP）反映了公司支付其供應(yīng)商所花費的時間。我們用365*（應(yīng)付賬款/

66、購買）來計算它的值。值越高，公司向其供應(yīng)商承諾付款的時間就更長。</p><p>　　我們應(yīng)同時考慮這三個時期來估計現(xiàn)金轉(zhuǎn)換周期?，F(xiàn)金轉(zhuǎn)換周期的計算是應(yīng)收賬款周轉(zhuǎn)天數(shù)加上存貨周轉(zhuǎn)天數(shù)減去應(yīng)付賬款周轉(zhuǎn)天數(shù)?，F(xiàn)金轉(zhuǎn)換周期越長，對流動資產(chǎn)的凈投資越大，對流動資產(chǎn)中的金融資產(chǎn)的需求就越大。 </p><p>　　我們作為公司規(guī)模的控制變量介紹這些變量，銷售收入的增長和它的杠桿作用。我們用資產(chǎn)對數(shù)規(guī)

67、模大小，用（銷售收入1—銷售收入0）/銷售收入0來衡量銷售增長，用負債的債務(wù)比率來衡量杠桿作用。戴魯夫（2003）在他的大比利時公司的研究中也認為固定金融資產(chǎn)占總資產(chǎn)的比率是一個可控變量。在他的研究中的一些公司，這些資產(chǎn)是總資產(chǎn)的重要組成部分。然而我們的研究集中在那些固定金融資產(chǎn)不重要的中小型企業(yè)。事實上，在我們的樣本中的公司幾乎不投資在固定金融資產(chǎn)上（平均值為3.92%，但是中位數(shù)為0.05%）。盡管如此，包括這個變量時結(jié)果仍不變。&

68、lt;/p><p>　　此外，由于良好的經(jīng)濟條件往往反映一家公司的盈利能力，我們使用衡量年均國內(nèi)生產(chǎn)總值增長的變量GDPGR來控制經(jīng)濟周期的進展。</p><p><b>　　3、樣本的描述</b></p><p>　　表格II提供了關(guān)于使用這些變量對作為一個整體的樣本的描述性統(tǒng)計信息。這些一般都是資產(chǎn)超過600萬歐元的小企業(yè)；它們的資產(chǎn)回報率約為

69、8%；它們的應(yīng)收賬款周轉(zhuǎn)天數(shù)約為96天；應(yīng)付賬款周轉(zhuǎn)天數(shù)非常相似，約為97天。和這些一起，樣本公司的銷售增長每年平均將近13%，它們負債中的24.74%通過借款還清。在分析期間（1996-2002），西班牙國內(nèi)生產(chǎn)總值以平均3.66%的增長率增長。</p><p><b>　　表 II</b></p><p><b>　　描述統(tǒng)計信息</b>&l

70、t;/p><p><b>　　結(jié)論</b></p><p>　　營運資金管理在是小型和中型企業(yè)的情況下尤其重要。這些公司的大多數(shù)資產(chǎn)是流動資產(chǎn)的形式。而且，流動負債是他們的主要外部資金來源之一。在這種情況下，當前的目標是提供西班牙中小型公司營運資金管理對公司盈利能力的影響的實證證據(jù)的樣本。為此，我們收集了涵蓋1996-2002年期間組成的一個小組的8872家中小型公司。&

71、lt;/p><p>　　根據(jù)以前的研究重點都集中在大型公司(斯津和索恩，1998；戴魯夫，2003)，這次分析的實施確定了中小型公司營運資金管理在價值產(chǎn)生的重要作用。我們發(fā)現(xiàn)一個中小型企業(yè)的盈利能力和它的應(yīng)收賬款天數(shù)和存貨天數(shù)存在著重大的負面關(guān)系。然而我們不能確認應(yīng)付賬款天數(shù)是否影響一個中小型企業(yè)在資產(chǎn)上的收益率，就像當我們控制可能產(chǎn)生的內(nèi)在性問題時這樣的關(guān)系就失去了它的意義。</p><p>