營運資金的管理對上市公司盈利能力的影響【外文翻譯】

1、外文翻譯TherelationshipbetweenwkingcapitalmanagementprofitabilityoflistedcompaniesMaterialSource:Electroniccopyavailableat:ssAuth:IoannisLazaridisAbstractInthispaperweinvestigatetherelationshipofcpateprofitabilitywkingcapita

2、lmanagement.Weusedasampleof131companieslistedintheAthensStockExchange(ASE)ftheperiodof20012004.Thepurposeofthispaperistoestablisharelationshipthatisstatisticalsignificantbetweenprofitabilitythecashconversioncycleitscompo

3、nentsflistedfirmsintheASE.Theresultsofourresearchshowedthatthereisstatisticalsignificancebetweenprofitabilitymeasuredthroughgrossoperatingprofitthecashconversioncycle.Meovermanagerscancreateprofitsftheircompaniesbyhlingc

4、rectlythecashconversioncyclekeepingeachdifferentcomponent(accountsreceivablesaccountspayablesinventy)toanoptimumlevel.IntroductionCapitalstructurewkingcapitalmanagementaretwoareaswidelyrevisitedbyacademiaindertopostulate

5、firms’profitability.Wkingcapitalmanagementhavebeenapproachedinnumerousways.Otherresearchersstudiedtheimpactofoptimuminventymanagementwhileotherauthsstudiedthemanagementofaccountsreceivablesinanoptimumwaythatleadstoprofit

6、maximisation1.AccdingtoDeloof2(2003)thewaythatwkingcapitalismanagedhasasignificantimpactonprofitabilityoffirms.Thisresultindicatesthatthereisacertainlevelofwkingcapitalrequirementswhichpotentiallymaximisesreturns.Otherwk

7、onthefieldofwkingcapitalmanagementfocusesontheroutinesemployedbyfirms.Thisresearchshowedthatfirmswhichfocusoncashmanagementwerelargerwithfewercashsalesmeseasonalitypossiblymecashflowproblems.Whilesmallerfirmsfocusedmeons

8、tockmanagementlessprofitablefirmswerefocusedoncreditmanagementroutines.Itissuggestedencompassesallthreeveryimptantaspectsofwkingcapitalmanagement.Itisanindicationofhowlongafirmcancarryonifitwastostopitsoperationitindicat

9、esthetimegapbetweenpurchaseofgoodscollectionofsales.Theoptimumlevelofinventieswillhaveadirecteffectonprofitabilitysinceitwillreleasewkingcapitalresourceswhichinturnwillbeinvestedinthebusinesscyclewillincreaseinventylevel

10、sindertorespondtohigherproductdem.Similarlybothcreditpolicyfromsupplierscreditperiodgrantedtocustomerswillhaveanimpactonprofitability.Indertounderstthewaywkingcapitalismanagedcashconversioncycleitscomponentswillbestatist

11、icallyanalysed.Inthispaperweinvestigatetherelationshipbetweenwkingcapitalmanagementfirms’profitabilityf131listedcompaniesintheAthensStockExchangeftheperiod20012004.Thepurposeofthispaperistoestablisharelationshipthatissta

12、tisticalsignificantbetweenprofitabilitythecashconversioncycleitscomponentsflistedfirmsintheASE(AthensStockExchange).Thepaperisstructuredasfollows.Inthenextsectionwepresentthevariablesusedaswellasthechosensampleoffirms.Re

13、sultsofthedeivestatisticsaccompaniedwithregressionmodellingrelatingprofitability(thedependentvariable)againstotherindependentvariablesincludingcomponentsofthecashconversioncycleindertoteststatisticalsignificance.Finallyt

14、helastsectiondiscussesthefindingsofthispapercomesupwithconclusionsrelatedwithwkingcapitalmanagementpoliciesprofitability.2.DataCollectionVariables(i)DataCollectionThedatacollectedwerefromlistedfirmsintheAthensStockExchan

15、geMarket.Thereasonwechosethismarketisprimarilyduetothereliabilityofthefinancialstatements.Companieslistedinthestockmarkethaveanincentivetopresentprofitsifthoseexistindertomaketheirsharesmeattractive.Contrarytolistedfirms

16、nonlistedfirmsinGreecehavelessofanincentivetopresenttrueoperationalresultsusuallytheirfinancialstatementsdonotreflectrealoperationalfinancialactivity.HidingprofitsindertoavoidcpatetaxisacommontacticfnonlistedfirmsinGreec

17、ewhichmakesthemlessofasuitablesamplefanalysiswhereonecandrawinferencebasedonfinancialdatafwkingcapitalpractices.Fthepurposeofthisresearchcertainindustrieshavebeenomittedduetotheirtypeofactivity.Wefollowedtheclassificatio