外文譯文--營(yíng)運(yùn)資金管理對(duì)馬來(lái)西亞企業(yè)盈利能力的影響

1、<p><b>　　譯自：雜志《算盤》</b></p><p>　　營(yíng)運(yùn)資金管理對(duì)馬來(lái)西亞企業(yè)盈利能力的影響 </p><p>　　?? MA, Zariyawati a , MN, Annuar b and AS, Abdul Rahim c</p><p>　　a ,b & c a ,b & c Univerist

2、i Putra Malaysia, Malaysia.馬來(lái)西亞普特拉大學(xué)，馬來(lái)西亞 ABSTR</p><p>　　摘要：Working capital management is important part in firm financial management decision. An optimal working capital management is expected to contr

3、ibute positively to the creation of fir營(yíng)運(yùn)資本管理是企業(yè)財(cái)務(wù)管理決策的重要組成部分。最佳的營(yíng)運(yùn)資金管理能有助于積極地創(chuàng)造企業(yè)的價(jià)值。To reach optimal working capital management firm manager should control the trade off between profitability and liquidity accuratel為了達(dá)

4、到最佳的營(yíng)運(yùn)資本管理公司的管理者要準(zhǔn)確地控制盈利能力和流動(dòng)性之間的關(guān)系。The purpose of this study is to investigate the relationship between working capital management and</p><p>　　Keywords:  Working Capital Management, Cash Conversion Cy

5、cle, Profitability and Liquidity關(guān)鍵詞：營(yíng)運(yùn)資金管理，資金周轉(zhuǎn)周期，盈利能力和流動(dòng)性 </p><p>　　INTRODUCTION1 導(dǎo)論 </p><p>　　Working capital is an important issue during financial decision making since its being a part of i

6、nvestment in asset that requires appropriate financing investment. However, working capital always being disregard in financial decision making since it involve investment and financing in short term period. Further, als

7、o act as a restrain in financial performance, since it does not contribute to return on營(yíng)運(yùn)資金是一個(gè)重要的問題，因?yàn)樵谌谫Y決策其作為資產(chǎn)的一部分投資，需要適當(dāng)?shù)娜谫Y投資。然而，在做融資決策時(shí)，當(dāng)營(yíng)運(yùn)資金涉及當(dāng)短期投資和融資時(shí)，它總是被忽略。此外，還能抑制財(cái)務(wù)業(yè)績(jī)，因?yàn)樗鼰o(wú)助于</p><p>　　The crucial par

8、t in managing working capital is required maintaining its liquidity in day-to-day operation to ensure it's smooth running and meets its obligation (Eljelly, 2004). 營(yíng)運(yùn)資金管理中的重要環(huán)節(jié)是要維持日常運(yùn)作的流動(dòng)性，確保日常工作能順利進(jìn)行并且支付債務(wù)（Eljell

9、y，2004）Yet, this is not a simple task since managers must make sure that business operation is running in efficient and profitable manner.。然而，這不是一個(gè)簡(jiǎn)單的任務(wù)，因?yàn)槠髽I(yè)管理者要確保日常工作能以有效且能獲益的方式運(yùn)行。There are the possibilities of mismatch

10、 of current asset and current liability during th</p><p>　　In traditional view of relationship between cash conversion cycle (as measure of working capital management) and profitability is ceteris paribus.

11、 資金周轉(zhuǎn)周期（作為測(cè)量營(yíng)運(yùn)資金管理的工具）和企業(yè)的盈利能力在傳統(tǒng)觀念上是均等的。The shorter firm cash conversion cycle, the better a firm profitabilit如果企業(yè)的資金周轉(zhuǎn)周期短，則企業(yè)的盈利能力就好。While, the longer cash conversion cycle will hurt firm's probability. 同時(shí)，資金周轉(zhuǎn)周期較

12、長(zhǎng)則對(duì)企業(yè)的盈利能力有影響。The reason is that firm having low liquidity that would affect firm'原因是公司具有比較低能影響企業(yè)風(fēng)險(xiǎn)的流動(dòng)性。However, if firm has higher leve</p><p>　　Dilemma in working capital management is to achieve desir

13、ed trade off between liquidity and profitability (Smith, 1980; Raheman & Nasr, 2007). 營(yíng)運(yùn)資金管理的困境是實(shí)現(xiàn)預(yù)期的貿(mào)易流動(dòng)性和盈利能力之間的取舍（Smith，1980; Raheman & Nasr，2007）。Referring to theory of risk and return, investment with more

14、 risk will result to more return在談到風(fēng)險(xiǎn)和收益理論，風(fēng)險(xiǎn)越大企業(yè)獲利就越高。Thus, firms with high liquidity of working capital may have low risk then low profitability.因此，企業(yè)營(yíng)運(yùn)資金流動(dòng)性越大風(fēng)險(xiǎn)就越小，收益也小。相反地，企業(yè)營(yíng)運(yùn)資金流動(dòng)性越小風(fēng)險(xiǎn)就越大，收益也就越大?，F(xiàn)在的問題是管理營(yíng)運(yùn)資金，公司必須考慮到

15、這兩個(gè)帳戶中的所有項(xiàng)，</p><p>　　The purpose of this study is hopefully to contribute towards a crucial element in financial management which working capital management. 這項(xiàng)研究的目的是希望在財(cái)務(wù)管理中的一個(gè)關(guān)鍵元素的營(yíng)運(yùn)資金管理作出貢獻(xiàn)It is almost u

16、ntouched in Malaysian or very little research has been done in this area.。這幾乎是原封不動(dòng)在馬來(lái)西亞或很少研究已在此領(lǐng)域開展Working capital management and its effects on profitability is focused in this study.。營(yíng)運(yùn)資本管理和盈利能力的影響主要集中在這項(xiàng)研究。Specific ob

17、jectives are to examine a relationship between working capital management and profitability ov</p><p>　　Most previous study focus on develop market (Peel & Wilson, 1996; Shin & Soenon, 1998 and Deloo

18、f, 2003). 多數(shù)集中在先前的研究開發(fā)市場(chǎng)（Peel & Wilson, 1996; Shin & Soenon, 1998 and Deloof, 2003）。因此正在調(diào)查此問題可以提供額外的見解和也許不同的證據(jù)營(yíng)運(yùn)資金管理的新興資本市場(chǎng)。這肯定會(huì)豐富財(cái)務(wù)文獻(xiàn)對(duì)此問題。此外，這項(xiàng)研究的結(jié)果會(huì)提供企業(yè)管理人員更好地了解到如何創(chuàng)建高效的營(yíng)運(yùn)資金管理具有能夠最大化公司的價(jià)值。這樣一來(lái)，它將建立在那家公司投資的投資

19、者的信心。 進(jìn)一步，在馬來(lái)西亞投資的投資者的信心會(huì)影響經(jīng)濟(jì)增長(zhǎng)。這項(xiàng)研究的結(jié)果亦會(huì)協(xié)助決策者在馬來(lái)西亞以確保經(jīng)濟(jì)持續(xù)增長(zhǎng)中實(shí)現(xiàn)營(yíng)運(yùn)資本市場(chǎng)政策的新集。</p><p>　　2文獻(xiàn)評(píng)論LITERATURE REVIEW </p><p>　　In intention to discover the relationship between efficient working capita

20、l management and firm's profitability(Shin & Soenen, 1998) used net-trade cycle (NTC) as a measure of working capital management. 為了發(fā)現(xiàn)了有效的營(yíng)運(yùn)資金管理和企業(yè)的盈利能力（Shin & Soenen, 1998）NTC is basically equal to the CCC

21、 whereby all three components are expressed as a percentage of sales.使用網(wǎng)貿(mào)易周期 (NTC) 作為營(yíng)運(yùn)資金管理的措施。NTC 是基本上等于中央?yún)f(xié)調(diào)中心，讓所有的三個(gè)組件都可以表示為一個(gè)銷售額的百分比。因?yàn)樗梢允且粋€(gè)容易的設(shè)備，以估計(jì)為額外的融資及財(cái)務(wù)需要，對(duì)營(yíng)運(yùn)資金表示為預(yù)期的銷售增長(zhǎng)的函數(shù)使用 NTC 原因。這種關(guān)系被研究使用相關(guān)回歸分析行業(yè)和營(yíng)運(yùn)資金的強(qiáng)度&l

22、t;/p><p>　　符合同一目標(biāo)的更高版本研究（Shin & Soenen, 1998） 的研究 (Deloof 2003) 由做 1992年-1996 年期間使用的 1009年大比利時(shí)非金融企業(yè)的示例。但是，(Deloof 2003) 使用貿(mào)易信貸政策和庫(kù)存策略由數(shù)天收帳款、應(yīng)付帳款和存貨，測(cè)量和現(xiàn)金轉(zhuǎn)換周期作為營(yíng)運(yùn)資金管理的綜合措施。他開創(chuàng)了總營(yíng)業(yè)收入與天應(yīng)收賬款、庫(kù)存和應(yīng)付帳款的數(shù)目顯著負(fù)關(guān)系。因此，

23、他建議經(jīng)理可以創(chuàng)造價(jià)值為其股東天收帳款和庫(kù)存量的數(shù)量減少到一個(gè)合理的最低。他也表明不盈利的公司再等支付賬單In other study, (Lyroudi & Lazaridis, 2000) use food industry Greek to examined the cash conversion cycle (CCC) as a liquidity indicator of the firms and tries to

24、determine its relationship with the current and the quick ratios, with its component vari</p><p>　　3DATA AND VARIABLES 數(shù)據(jù)和變量 </p><p>　　Data of this study is obtained from DataStream database whi

25、ch consists of financial statements listed firms in Bursa Malaysia. 這項(xiàng)研究的數(shù)據(jù)是從數(shù)據(jù)庫(kù)的數(shù)據(jù)流在馬來(lái)西亞交易所上市的公司財(cái)務(wù)報(bào)表的組成。該樣本是構(gòu)建如下：Firms must be available during study period of year 1996 to year 2006.企業(yè)提供的數(shù)據(jù)必須在1996 年到 2006 年的研究期內(nèi)可用。B

26、ecause of the specific nature of their activities, firms in economic sector of Finance are excluded from the sample因?yàn)樘厥庑再|(zhì)的研究，財(cái)政部門性質(zhì)的企業(yè)被排除在樣本。 Some firms with missing data were also removed. 丟失數(shù)據(jù)的一些公司也取消了。To analyse the e

27、f</p><p>　　Table 1: Sample Distribution for Year 1996-2006 表1：1996-2006年樣本分布的年 </p><p>　　In order to analyze the effects of working capital management on the firm's profitability, (operating

28、 income + depreciation)/total asset (OI) as measure of profitability was used as the dependent variable. 為了分析管理盈利能力對(duì)公司的營(yíng)運(yùn)資金的影響，（營(yíng)業(yè)收入+折舊）/總資產(chǎn)衡量盈利能力（如其他投資）的變量作為依賴。With regards to the independent variables, working capita

29、l management was measured by cash conversion cycle (CCC).隨著自變量的問候，營(yíng)運(yùn)資金管理是衡量資金周轉(zhuǎn)周期（CCC）認(rèn)證。CCC focuses on the length of time between when a firm makes payment and when firm receives</p><p>　　In this respect, A

30、R is calculated as accounts receivable/ [sales/365]. 在這方面，AR是計(jì)算應(yīng)收賬款周轉(zhuǎn)天數(shù)應(yīng)收賬款/ [銷售收入/365]。AR represents the number of days that a firm takes to collect payments from its customer. We calculated the INV as inventories/ [

31、sales/365]. AR代表了企業(yè)應(yīng)收賬款天數(shù)的，我們可以計(jì)算存活周轉(zhuǎn)天數(shù)為存貨/ [銷售收入/365。This variable reflects the average number of days of stock held by a firm這個(gè)變量反映了一個(gè)公司平均持有股票數(shù)天。Longer storage times represent a greater investment in inventory for a pa

32、rticular level of operations.長(zhǎng)的存儲(chǔ)時(shí)間表示的操作特定</p><p>　　Control variables are introduced as the growth in firm sales and its leverage. 引入控制變量是為了增加企業(yè)的銷售收入和它的杠桿效應(yīng)。Sales growth (SG) is calculated by (Sales 1 – S

33、ales 0 )/Sales 0 . The leverage (DR) measures by debt ratio as calculated by total debt over total asset.銷售增長(zhǎng)（SG）的計(jì)算方法是（銷售1 -銷售0）/銷售0。杠桿效應(yīng)（DR）的資產(chǎn)負(fù)債率措施的總債務(wù)超過(guò)總計(jì)算。In addition current ratio (CR) which calculated by curr

34、ent asset over current liability, was included as one of independent variable.此外，流動(dòng)比率（CR）的計(jì)算是通過(guò)當(dāng)前總資產(chǎn)除當(dāng)前流動(dòng)資產(chǎn)，The reason is current </p><p>　　DESCRIPTIVE STATISTICS 4描述統(tǒng)計(jì) </p><p

35、>　　Table 2: Eleven Year Means and Standard Deviation for the Variables 表二：11年的均值和標(biāo)準(zhǔn)偏差的變量 </p><p>　　Table 2 gives the descriptive statistics for variables that used in this study. 表2是用統(tǒng)計(jì)學(xué)方法描述研究的變量。The aver

36、age profitability (OI) for the whole sample is 6.1% with Trade/Service (TS) sector having the highest profit of 7.8% and the lowest is Property (PR) sector with 3.1%整個(gè)樣本的平均利潤(rùn)率為6.1％，收益率最高的是貿(mào)易/服務(wù)（TS）的行業(yè)達(dá)到7.8％，利潤(rùn)率最低的是地產(chǎn)業(yè)的3.

37、1％。 CCCS is cash conversion cycle divide by 100. Sector Plantation (PL) is the lowest CCCS with 67 days and 344 days standard deviation. CCCS的是資金周轉(zhuǎn)周期除以100。林業(yè)（PL）標(biāo)準(zhǔn)差是天最低CCCS的67</p><p>　　RESULTS AND ANALYSIS 5

38、結(jié)果與分析 </p><p>　　First, the relationship is examined between cash conversion period and firm profitability. Next, a regression analysis is applied to a pooled sample and six economic sectors . 首先，檢查之間的關(guān)系是現(xiàn)

39、金轉(zhuǎn)換期和堅(jiān)定的盈利能力。接下來(lái)，回歸分析應(yīng)用于集中采樣的6個(gè)經(jīng)濟(jì)部門 。 </p><p>　　Correlation Analysis 相關(guān)分析 </p><p>　　Spearman's Correlation analysis is used to see the relationship between working capital management and pro

40、fitability. Spearman的相關(guān)分析是用來(lái)看到盈利之間的關(guān)系管理和營(yíng)運(yùn)資金。If efficient working capital management increases profitability, one should expect a negative relationship between the measures of working capital management and profitabil

41、ity variable. Table 3 exhibit result of correlation coefficients and p-values are listed in parenthesis.如果有效的營(yíng)運(yùn)資金管理提高盈利能力，不要指望一個(gè)可變負(fù)管理和盈利能力之間的關(guān)系措施的營(yíng)運(yùn)資金。表三展示值結(jié)果相關(guān)系數(shù)和P -括號(hào)中列出。Th</p><p>　　Table 3 : Spearman Corr

42、elation Coefficients and Probabilities 表三：Spearman相關(guān)系數(shù)和概率 </p><p>　　Note: The p -value is given in parentheses 注：P值是在括號(hào)內(nèi) </p><p>　　Regression Analysis 回歸分析 </p><p>　　To further inve

43、stigate the impact of working capital management on profitability, the model used for the regressions analysis is expressed in the general form as given in equation below: 為了進(jìn)一步探討盈利能力的影響周轉(zhuǎn)資金管理上，該模型分析用于回歸是表現(xiàn)在一般形式的方程給出如

44、下： </p><p>　　Profitability = b 0 + b 1 CCC t + b 2 Current Ratio t + b 3 Debt Ratio t + b 4 Sales Growth t 盈利= b0 + b 1CCCt + B2目前比率t + b3負(fù)債比率t + b4銷售增長(zhǎng)t</p><p>　　The equation above is estimated

45、 using the regression-based framework Pooled Ordinary Least Squares (OLS) as employed by Shin & Soenon (1998). 上述方程估計(jì)用回歸為基礎(chǔ)的框架匯集普通最小二乘法（OLS）為）受聘于Shin & Soenon (1998)Model of this study differs by using CCC as a

46、 comprehensive measure of working capital management. 本研究模型采用不同的管理本中心作為周轉(zhuǎn)資金的綜合措施。The data set used for this part is pooled across firms and years, given a balanced panel data set of 1628 firm-year observations. This stud

47、y is also estimated by fixed effect m</p><p>　　Table 4: Regression for Profitability on Cash Conversion Cycle 表四：循環(huán)回歸的現(xiàn)金轉(zhuǎn)換為盈利 </p><p>　　Note: The p -value (robust for heteroscedasticity) is give

48、n in parentheses 注意： P值在括號(hào)內(nèi) </p><p>　　The regression results are present in Table 4. 回歸結(jié)果有4個(gè)存在于表。The results offer strong evidence of a negative relationship between the cash conversion cycle and firm prof

49、itability. The negative regression coefficient for CCCS is highly significant (p-value = 0.000 & 0.0046) for both regression implies that a firm with a relatively shorter period of cash conversion cycle is more profi

50、table. Therefore, reducing the firm's CCC is potential way for the firm to create additional shareholder value.結(jié)果提供</p><p>　　For conventional measure of liquidity that current ratio, it positively relate

51、d to profitability. This relationship that is not consistent to study Shin & Soenon (1998). 對(duì)于流動(dòng)性的常規(guī)措施，流動(dòng)比率，它正相關(guān)的盈利能力。這種關(guān)系是不相一致，研究新Shin ＆Soenon（1998）。However the positive relationship is not significant然而，積極的關(guān)系并不顯

52、著。Furthermore, current year profitability is negatively associated with current year's leverage which is measure by debt ratio此外，本年度盈利負(fù)相關(guān)本年度的杠桿比率是衡量債務(wù)。Both of debt ratio coefficients are also exhibit the hi</p>

53、<p>　　Analysis for Economic Sector 分析經(jīng)濟(jì)行業(yè) </p><p>　　A significant industry effect subsists on a firm's investment in working capital is well recognized. 工作的一項(xiàng)重要產(chǎn)業(yè)資本對(duì)存續(xù)上了公司的投資是眾所周知的。One of the re

54、ason is due to no single policy is necessary optimal to all firm (Moyer, Mcguigan, & Kretlow, 2003)原因之一是因?yàn)闆]有一個(gè)單一的政策是必要的優(yōu)化所有企業(yè)（莫耶，麥圭根和Kretlow，2003）。To further investigate the impact of working capital management on fi

55、rm profitability whether different in particular industry, the regression analyses are applied to each economic sector in the sample.為了進(jìn)一步探討</p><p>　　Table 5 summarizes regression result between working capi

56、tal management and profitability for each economic sector. 表5總結(jié)和盈利能力回歸結(jié)果之間的資金管理工作的每一個(gè)經(jīng)濟(jì)部門。 It reveals that all economic sector relationship between CCC and OI is significantly negative except for Industrial Product for

57、 both regressions, while Consumer Product and Plantation for fixed effect regression. 它表明，所有經(jīng)濟(jì)部門CCC和其他投資之間的關(guān)系是顯著的負(fù)除工業(yè)產(chǎn)品都回歸，消費(fèi)類產(chǎn)品和人工林為固定效應(yīng)回歸No significant between CCC and OI for both regression analysis for Industrial Pro

58、duc</p><p>　　Plantation is the only one economic sector that has significantly negative relationship between profitability and current ratio for both regressions. 種植園是唯一一個(gè)經(jīng)濟(jì)部門的流動(dòng)比率顯著負(fù)相關(guān)關(guān)系，并為雙方之間的盈利能力回歸。In

59、addition, consumer product also significantly negative evident by OLS此外，消費(fèi)類產(chǎn)品也由蘇丹生命線顯著負(fù)相關(guān)明顯。Besides, Property sector ha此外，地產(chǎn)界 </p><p>　　Table 5: Regression for Profitability on Economic Sectors 表5：盈利回歸經(jīng)濟(jì)部門 &

60、lt;/p><p>　　Note: The p -value (robust for heteroscedasticity) is given in parentheses 注意： P值在括號(hào)內(nèi) </p><p>　　highly positive significant between current ratio and profitability with p-value = 0.0000

61、. This is may cause by the having the lowest profitability, 3.1% compare to other sectors在流動(dòng)比率和收益率中最有影響的P值等于0.0000。與其他行業(yè)相比，這是有可能造成的最低收益率3.1％的原因。 </p><p>　　Furthermore, no significant relationship between deb

62、t ratio and profitability is found for Property. 此外，沒有和盈利能力顯著負(fù)債比率之間關(guān)系的是地產(chǎn)業(yè)。However, highly negative significant between debt ratio and profitability is found in sector Consumer Product and Trade/service. These shows t

63、he both sector have fully utilise the firm leverage to generate firm profit然而，消費(fèi)業(yè)和貿(mào)易服務(wù)業(yè)在負(fù)債率和盈利能力間存在重大的反比關(guān)系。這些都顯示了這兩個(gè)行業(yè)充分利用企業(yè)的杠桿效應(yīng)來(lái)增大企業(yè)的利益。The evident shows in Table 3 that the profit of Consumer Product and Trade/Service

64、 are hig</p><p>　　It is probably of all sectors that not provide any significant relationship between sales growth and profitability thus results to insignificant relationship result for across industries.

65、 在沒有提供任何銷售增長(zhǎng)和盈利能力有重要關(guān)系的企業(yè)有可能導(dǎo)致跨行業(yè)之間沒有任何重要關(guān)系。However, Plantation sector provide strong evident of a positive association between sales growth and profitability (p-value = 0.0143 & 0.0000 respectively for both regressi

66、on).但是，種植業(yè)已經(jīng)提供足夠的證據(jù)來(lái)證明銷售收入的增長(zhǎng)和企業(yè)盈利能力有著一定的聯(lián)系（P回歸值分別為0.0143和0.0000）。 This may results of the lowe</p><p>　　CONCLUSION 6結(jié)論 </p><p>　　Working capital management is important part

67、in firm financial management decision. The ability of the firm to continuously operate in longer period is depends on how they deal with investment in working capital management. The optimal of working capital manag

68、ement is could be achieve by firm that manage the trade off between profitability and liquidity. 營(yíng)運(yùn)資本管理是企業(yè)財(cái)務(wù)管理決策的重要組成部分。該公司能夠在較長(zhǎng)時(shí)間連續(xù)運(yùn)行是取決于他們?nèi)绾螒?yīng)付營(yíng)運(yùn)資金管理中的投資。最佳的營(yíng)運(yùn)資金是可以通過(guò)企業(yè)管理好在流動(dòng)性和盈利能力之間的取舍來(lái)實(shí)現(xiàn)。The purpose of this study i