營(yíng)運(yùn)資金管理對(duì)中小企業(yè)的盈利能力的影響[外文翻譯]

1、<p>　　本科畢業(yè)論文（設(shè)計(jì)）</p><p>　　外 文 翻 譯</p><p><b>　　原文：</b></p><p>　　Effects Of Working Capital Management On Sme Profitability</p><p>　　The corporate fin

2、ance 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, among other

3、 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 the current

4、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). On the one

5、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 price fluct

6、uations, 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 financing th

7、at 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 discounts ar

8、e 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 studies</p>

9、<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 average number

10、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 ca

11、sh 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 liabilities

12、 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 external finance i

13、n 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 of the curr

14、ent 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 literature in two way

15、s. 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 markets (La Porta

16、, 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 conversion cyc

17、le also improves the firm’s profitability.</p><p>　　We obtained the data used in this study from the AMADEUS database. This database was developed by Bureau van Dijk, and contains financial and economic data

18、 on European companies. </p><p>　　The sample comprises small and medium-sized firms from Spain. The selection of SMEs was carried out according to the requirements established by the European Commission’s re

19、commendation 96/280/CE of 3 April, 1996, on the definition of small and medium-sized firms. Specifically, we selected those firms meeting the following criteria for at least three years: a) have fewer than 250 employees;

20、 b) turn over less than €40 million; and c) possess less than €27 million of total assets. </p><p>　　In addition to the application of those selection criteria, we applied a series of filters. Thus, we elimi

21、nated the observations of firms with anomalies in their accounts, such as negative values in their assets, current assets, fixed assets, liabilities, current liabilities, capital, depreciation, or interest paid. We remov

22、ed observations of entry items from the balance sheet and profit and loss account exhibiting signs that were contrary to reasonable expectations. Finally, we eliminated 1 per</p><p>　　In order to introduce t

23、he effect of the economic cycle on the levels invested in working capital, we obtained information about the annual GDP growth in Spain from Eurostat.</p><p>　　In order to analyze the effects of working capi

24、tal management on the firm’s profitability, 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 r

25、egards to the independent variables, we measured 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 day

26、s accounts receivable (AR) is calculated as 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, t

27、he higher its investment in accounts receivable.</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

28、 held by the firm. Longer storage times represent 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

29、 firms to pay their suppliers. We calculated this as 365 × [accounts payable/purchases]. The higher the value, the longer firms take to settle their payment commitments to their suppliers.</p><p>　　Cons

30、idering these three periods jointly, we estimated 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 account

31、s payable. The longerthe cash conversion cycle, 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 i

32、ntroduced as control variables the size of the 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(D

33、EBT) as the ratio of debt to liabilities. Dellof (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 asse

34、ts are a significant part</p><p>　　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 GDP

35、GR, which measures the annual GDP growth.</p><p>　　Current assets and liabilities have a series of distinct characteristics according to the sector of activity in which the firm operates. Thus, Table I repor

36、ts the return on assets and number of days accounts receivable, days of inventory, and days accounts payable by sector of activity. The mining industry and services sector are the two sectors with the highest return on t

37、heir assets, with a value of 10 percent. Firms that are dedicated to agriculture, trade (wholesale or retail), transport and</p><p>　　With regard to the average periods by sector, we find, as we would expect

38、, that the firms dedicated to the retail trade, with an average period of 38 days, take least time to collect payments from their customers. Construction sector firms grant their customers the longest period in which to

39、pay – more than 145 days. Next, we find mining sector firms, with a number of days accounts receivable of 116 days. We also find that inventory is stored longest in agriculture, while stocks are stored least</p>&

40、lt;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 €6 million; their return on assets is around 8 percent;

41、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 sample firms have seen their sales grow by almost 13 percent

42、annually on average, and 24.74 percent of their liabilities is taken u</p><p>　　Source: Pedro Juan García-Teruel and Pedro Martínez-Solano ,2006.“Effects of Working Capital Management on SME Profit

43、ability” .International Journal of Managerial Finance ,vol. 3, issue 2, April,pages 164-167.</p><p><b>　　譯文：</b></p><p>　　營(yíng)運(yùn)資金管理對(duì)中小企業(yè)的盈利能力的影響</p><p>　　公司理財(cái)著作歷來(lái)把注意力集中在了長(zhǎng)期

44、財(cái)務(wù)決策研究，研究者詳細(xì)的提供了投資決策分析、資本結(jié)構(gòu)、股利分配或公司估值等主題的研究，但是企業(yè)投資形成的短期資產(chǎn)和以一年內(nèi)到期方式使用的資源，表現(xiàn)為公司資產(chǎn)負(fù)債表的有關(guān)下昂目的主要部分。實(shí)際上，在我們抽樣調(diào)查的中小型西班牙企業(yè)的流動(dòng)資產(chǎn)占他們總資產(chǎn)的69.48%，同時(shí)他們的流動(dòng)負(fù)債同時(shí)占到他們的負(fù)債總額的52.82%。</p><p>　　營(yíng)運(yùn)資金管理之所以重要是因?yàn)樗鼤?huì)影響到公司的收益與風(fēng)險(xiǎn)水平以及公司價(jià)值（

45、史密斯，1980）。一方面，維持較高的庫(kù)存水平可以降低生產(chǎn)過(guò)程中的中斷產(chǎn)生的成本的可能性，或減少了企業(yè)因產(chǎn)品的稀缺造成的商業(yè)損失，降低供應(yīng)成本并使價(jià)格免受波動(dòng)影響等優(yōu)勢(shì)（布林德和曼克思尼，1991）。另一方面，公司以各種方式授予的商業(yè)信用有利于公司的銷售。信用交易可以充當(dāng)一種有效的降價(jià)手段（布倫南，馬科斯毛維克和則遲勒，1988年；彼得森和納簡(jiǎn)，1997），在需求緊縮的時(shí)期可以激勵(lì)客戶增加商品需求（艾莫瑞，1987）。允許客戶檢查他們收

46、到的商品是否符合約定數(shù)量和質(zhì)量，并確保服務(wù)合同有效執(zhí)行（史密斯，1987），并幫助企業(yè)加強(qiáng)了與他們的客戶之間的長(zhǎng)期合作關(guān)系（史密斯，1999）。然而,大力投資于公司庫(kù)存及貿(mào)易信貸可能會(huì)減少利潤(rùn)?？梢赃@樣說(shuō)，投資于流動(dòng)資產(chǎn)越多，企業(yè)面臨的風(fēng)險(xiǎn)越低，而企業(yè)所獲得的利潤(rùn)也就越低。</p><p>　　另一方面，商業(yè)信用是一種自發(fā)性的資金來(lái)源，降低了所需的經(jīng)費(fèi)綁定在存貨和客戶帳戶的款項(xiàng)。不過(guò)，我們應(yīng)該認(rèn)識(shí)到如果提前付款可

47、享受折扣，從供應(yīng)商的獲得融資其隱性成本非常高。事實(shí)上機(jī)會(huì)成本可能超過(guò)20%,這取決于折扣比例和折扣期限（維爾納和史密斯，1999)。在這方面，過(guò)去的研究已經(jīng)分析了貿(mào)易信貸成本高，發(fā)現(xiàn)只有當(dāng)他們自己沒(méi)有其他可提供更多的資金來(lái)源融資渠道時(shí)公司才會(huì)與賣(mài)方信貸融資（彼得森和納簡(jiǎn)，1994年和1997年）。</p><p>　　決定投資多少在存貨和客戶帳戶，接受多少來(lái)自于供應(yīng)商的信貸，已反映在公司的現(xiàn)金轉(zhuǎn)換周期上，它表示從

48、公司必須開(kāi)始支付其供應(yīng)商的日期開(kāi)始時(shí)到收到客戶的款項(xiàng)之間的平均天數(shù)。以前的一些研究已經(jīng)采用這種方式分析縮短現(xiàn)金轉(zhuǎn)換周期對(duì)公司的盈利能力的積極或消極的影響。具體來(lái)說(shuō)，施尼和索能(1998)分析了1974年至1994年期間在美國(guó)證券交易所上市股票的樣本的現(xiàn)金轉(zhuǎn)換周期和盈利能力，他們的研究結(jié)果顯示，在合理范圍內(nèi)減少現(xiàn)金轉(zhuǎn)換周期可以增加企業(yè)的盈利能力。最近，迪羅夫（2003）分析了1992-1996年期間的一些比利時(shí)的大公司，他的研究結(jié)果證實(shí)，

49、比利時(shí)企業(yè)通過(guò)減少應(yīng)收賬款的天數(shù)使他們的盈利能力非常優(yōu)秀并且減少了庫(kù)存。此外，他發(fā)現(xiàn)利潤(rùn)較少的企業(yè)需要更長(zhǎng)的時(shí)間來(lái)支付款項(xiàng)。</p><p>　　這些以前的研究都集中在大型企業(yè)的分析，然而，目前的流動(dòng)資產(chǎn)和負(fù)債管理對(duì)小型和中型公司而言也是十分重要的。這些公司的資產(chǎn)大多以流動(dòng)性資產(chǎn)的形式存在。另外，考慮到他們?cè)陂L(zhǎng)期資本市場(chǎng)上籌資的困難（彼得森和瑞簡(jiǎn)，1997）以及他們所面臨的融資約束(懷特德，1992；法然瑞和彼得

50、森，1993)，流動(dòng)負(fù)債成為他們主要的資金來(lái)源。在這方面，艾利豪森和沃肯（1993），彼得森和納簡(jiǎn)（1997）和丹尼爾森和斯科特（2000）表示，美國(guó)小型和中型公司當(dāng)他們已經(jīng)還清債還清債務(wù)時(shí)會(huì)利用賣(mài)方進(jìn)行融資。因此，高效的營(yíng)運(yùn)資金管理對(duì)規(guī)模較小的公司特別重要（皮爾和威爾森，1996）。</p><p>　　在此背景下，當(dāng)前工作的目標(biāo)是通過(guò)對(duì)1996年到2002期間的8872家中小型企業(yè)營(yíng)運(yùn)資金管理對(duì)其盈利能力的影

51、響的研究得出實(shí)證性證據(jù)，這項(xiàng)工作有兩個(gè)方面的貢獻(xiàn)。首先，以前沒(méi)有這樣的證據(jù)存在于中小企業(yè)的案件分析中。我們使用的西班牙中小企業(yè)的樣本，他們的經(jīng)營(yíng)采用的是所謂的以欠發(fā)達(dá)的資本市場(chǎng)為特點(diǎn)的歐洲模式（拉頗特，洛佩茲德賽南斯, 施萊弗和威施尼，1997），并且事實(shí)上大多數(shù)籌資來(lái)源于金融中介機(jī)構(gòu)（帕姆皮隆，2000）。這些都表明西班牙中小企業(yè)的可選擇的外部有效地融資渠道很少，這使得他們更多的依賴短期融資，特別是商業(yè)信用。正如德米庫(kù)克·昆

52、特和馬科斯毛維克（2002）所說(shuō)的，企業(yè)在有著比較發(fā)達(dá)的銀行系統(tǒng)的國(guó)家經(jīng)營(yíng)會(huì)給予更多的商業(yè)信用給他們的客戶，并且與此同時(shí)，他們從他們自己的供應(yīng)商那里獲得更多的資金。第二個(gè)貢獻(xiàn)是，不同于施尼和索能（1998）和迪羅夫（2003）以往的研究，當(dāng)前的工作我們已經(jīng)測(cè)試出了可能存在的內(nèi)生性問(wèn)題，其目的是確保在分析中發(fā)現(xiàn)是因?yàn)楝F(xiàn)金轉(zhuǎn)換周期影響公司盈利能力而不是反過(guò)來(lái)。</p><p>　　我們的研究結(jié)果表明，管理者可以通過(guò)減

53、少其公司的應(yīng)收賬款和庫(kù)存的周轉(zhuǎn)天數(shù)可以為公司創(chuàng)造價(jià)值。同樣，縮短資金周轉(zhuǎn)周期也可以提高公司的盈利能力。</p><p>　　我們從AMADEUS數(shù)據(jù)庫(kù)中得到了這項(xiàng)研究所需要的數(shù)據(jù)，這個(gè)數(shù)據(jù)庫(kù)由布魯范迪克進(jìn)行了升級(jí)，包含了歐洲公司的財(cái)務(wù)和經(jīng)濟(jì)數(shù)據(jù)。樣本包括來(lái)自西班牙的小型和中型公司，中小企業(yè)的選擇主要是根據(jù)歐盟委員會(huì)在1996年4月3日依據(jù)96/280/CE的規(guī)定對(duì)小型和中型公司的定義。具體來(lái)說(shuō)，我們選擇了的公司至

54、少三年應(yīng)符合下列條件：第一，少于250名員工；第二，營(yíng)業(yè)額少于40萬(wàn)歐元；第三，總資產(chǎn)不少于27萬(wàn)歐元。</p><p>　　除了這些選擇標(biāo)準(zhǔn)的應(yīng)用，我們還設(shè)置了一系列的過(guò)濾條件。因此，我們剔除了他們的帳戶的異?，F(xiàn)象，如負(fù)異常值的資產(chǎn)、流動(dòng)資產(chǎn)、固定資產(chǎn)、負(fù)債、流動(dòng)負(fù)債、資本、折舊或利息支付。我們會(huì)剔除一些會(huì)直接導(dǎo)致資產(chǎn)負(fù)債表和損益表表現(xiàn)出的與合理的期望值相反的一些因素。最后，我們剔除了由一些變量測(cè)試出的百分之一

55、的極端值。由于實(shí)施這些過(guò)濾器的結(jié)果，我們最終將獲得一個(gè)38464個(gè)觀測(cè)樣本。</p><p>　　為了介紹營(yíng)運(yùn)資本投資水平對(duì)經(jīng)濟(jì)周期的影響，我們從歐盟統(tǒng)計(jì)局獲得了西班牙國(guó)內(nèi)生產(chǎn)總值增長(zhǎng)情況的資料。</p><p>　　為了分析對(duì)公司的營(yíng)運(yùn)資本管理的影響盈利能力，我們使用資產(chǎn)回報(bào)率（ROA）為因變量的回報(bào)。我們定義這個(gè)變量為息稅前資產(chǎn)收益率的變量。</p><p>　

56、　至于自變量，我們通過(guò)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(lái)度量營(yíng)運(yùn)資本管理工作。在這方面，應(yīng)收賬款周轉(zhuǎn)天數(shù)（AR）的計(jì)算為365×[應(yīng)收賬款/銷售收入]。這個(gè)變量代表的是公司向客戶收取的款項(xiàng)所需的平均天數(shù)。該值越高，表示公司在應(yīng)收賬款上的投資越大。</p><p>　　我們通過(guò)365×[庫(kù)存量/購(gòu)買(mǎi)成本]計(jì)算出存貨周轉(zhuǎn)天數(shù)(INV)。這個(gè)變量反映了公司持有庫(kù)存的平均天數(shù)。更長(zhǎng)

57、的存儲(chǔ)時(shí)間表示在存貨上投資越大的一種特殊的經(jīng)營(yíng)方式。</p><p>　　應(yīng)付賬款周轉(zhuǎn)天數(shù)反映公司支付給他們的供應(yīng)商賬款的平均時(shí)間。我們計(jì)算這個(gè)值通過(guò)365×[應(yīng)付帳款/購(gòu)買(mǎi)成本]，該值越高，表明公司需要越長(zhǎng)的時(shí)間來(lái)履行其對(duì)他們的供應(yīng)商的付款承諾。</p><p>　　同時(shí)考慮這三個(gè)時(shí)期，我們估計(jì)出現(xiàn)金轉(zhuǎn)換周期。這個(gè)變量是通過(guò)應(yīng)收帳款周轉(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)計(jì)

58、算出的，現(xiàn)金轉(zhuǎn)換周期越長(zhǎng)，流動(dòng)資產(chǎn)凈投資就會(huì)越大，從而流動(dòng)性資產(chǎn)的融資需求就會(huì)增加。</p><p>　　這三個(gè)變量是作為控制變量，通過(guò)他們可以確定公司的大小，銷售的增長(zhǎng)水平以及其杠桿作用的大小。我們通過(guò)資產(chǎn)對(duì)數(shù)的測(cè)算出公司的大小，通過(guò)本期的銷售減去機(jī)器的銷售再除以機(jī)器的銷售計(jì)算出銷售增長(zhǎng)率，用資產(chǎn)負(fù)債率表示公司的杠桿水平。迪羅夫在比利時(shí)的大型公司的研究報(bào)告中（2003）也是把固定金融資產(chǎn)對(duì)總資產(chǎn)比作為控制變量。

59、因?yàn)樵谒难芯恐杏幸恍┕镜倪@樣的資產(chǎn)是總資產(chǎn)的重要組成部分。然而，我們的研究著重于中小型企業(yè)，其固定金融資產(chǎn)不是很重要。事實(shí)上，我們的樣本公司在固定金融資產(chǎn)上的投資平均在百分之3.92的水平，上下浮動(dòng)百分之0.05。然而，即便包含了這個(gè)變量，測(cè)算結(jié)果也會(huì)保持不變的。</p><p>　　此外，由于良好的經(jīng)濟(jì)條件往往可以帶動(dòng)公司盈利能力的增長(zhǎng)，我們使用國(guó)內(nèi)生產(chǎn)總值這個(gè)變量來(lái)確定經(jīng)濟(jì)周期所處的階段。</p&g

60、t;<p>　　流動(dòng)資產(chǎn)及負(fù)債根據(jù)公司所屬行業(yè)運(yùn)營(yíng)活動(dòng)的不同都有著一系列各自不同的特征。因此，表一反映的是資產(chǎn)收益率和應(yīng)收賬款周轉(zhuǎn)天數(shù)，庫(kù)存天數(shù)和應(yīng)付賬款周轉(zhuǎn)天數(shù)。采礦業(yè)和服務(wù)業(yè)這兩個(gè)行業(yè)有著最高的資產(chǎn)回報(bào)率，高達(dá)百分之十。那些致力于農(nóng)業(yè)、貿(mào)易（批發(fā)或零售）、運(yùn)輸和公共服務(wù)的公司，其回報(bào)率都是低于百分之七的。</p><p>　　關(guān)于行業(yè)的平均周期，我們發(fā)現(xiàn)，正如我們所期望的那樣，從事零售貿(mào)易的公司

61、至少需要平均38天的時(shí)間才可以收回他們客戶的款項(xiàng)。建筑行業(yè)的公司授予其客戶最長(zhǎng)的支付時(shí)間，可以超過(guò)145天，接下來(lái)，我們發(fā)現(xiàn)采礦業(yè)公司，其應(yīng)收賬款周轉(zhuǎn)天數(shù)長(zhǎng)達(dá)116天。我們還發(fā)現(xiàn)，農(nóng)業(yè)的平均存貨周期最長(zhǎng)，運(yùn)輸業(yè)及公共服務(wù)業(yè)的平均庫(kù)存量最少。關(guān)于應(yīng)付帳款周轉(zhuǎn)天數(shù)，支付給供應(yīng)商的款項(xiàng)，零售商為56天低于批發(fā)商的77天。建筑行業(yè)和采礦業(yè)的公司還要更慢，平均支付給他們的供應(yīng)商的款項(xiàng)至少要超過(guò)140天。然而，正如我們所提到的，這些企業(yè)也給予他們自

62、己的客戶最長(zhǎng)的時(shí)間去付款?？紤]到所有的平均周期，我們注意到，只有交通和公共服務(wù)業(yè)的現(xiàn)金轉(zhuǎn)換周期為負(fù)。這是短期平均庫(kù)存行業(yè)的原因。在這方面，農(nóng)業(yè)和制造業(yè)的公司花費(fèi)最長(zhǎng)的時(shí)間產(chǎn)生現(xiàn)金，分別為95天和96天，因此需要最多的資源以維持其運(yùn)營(yíng)的資金需求。</p><p>　　表二提供了有關(guān)整個(gè)樣本中使用的變量的描述性數(shù)據(jù)。這些是一些擁有6百萬(wàn)歐元平均資產(chǎn)普通小企業(yè)，他們的資產(chǎn)收益率約為8%；應(yīng)收賬款周轉(zhuǎn)天數(shù)是96天左右；它

63、們的應(yīng)付賬款周轉(zhuǎn)天數(shù)近似于97天左右。還有，樣本公司的年平均銷售增長(zhǎng)將近13%，它們負(fù)債中的24.74%被借款占去。在分析期間（1996-2002年），西班牙的國(guó)內(nèi)生產(chǎn)總值年平均增長(zhǎng)率達(dá)到3.66%。</p><p>　　出處: 佩德羅·胡安·加西亞·特魯埃爾和佩德羅·馬丁內(nèi)斯·索拉諾，《營(yíng)運(yùn)資金管理對(duì)中小企業(yè)的盈利能力的影響》，國(guó)際金融管理,第三卷(2),200