【中英雙語】305關(guān)于公司企業(yè)資金現(xiàn)金流量財(cái)務(wù)績效有關(guān) 的外文文獻(xiàn)翻譯成品：現(xiàn)金流管理與制造公司的財(cái)務(wù)績效 一個(gè)縱向視角（中英文雙語對(duì)照）

1、此文檔是畢業(yè)設(shè)計(jì)外文翻譯成品（ 含英文原文+中文翻譯） ，無需調(diào)整復(fù)雜的格式！下載之后直接可用，方便快捷！本文價(jià)格不貴,也就幾十塊錢！一輩子也就一次的事！外文標(biāo)題：Cash Flow Management and Manufacturing Firm FinancialPerformance: A Longitudinal Perspective外文作者：James Kroes , Andrew S. Manikas文獻(xiàn)出處: Int

2、. J. Production Economics 148 (2018) 37 –50 (如覺得年份太老，可改為近 2 年，畢竟很多畢業(yè)生都這樣做)英文 6025 單詞，38944 字符(字符就是印刷符)，中文 8952 漢字。 （如果字?jǐn)?shù)多了，可自行刪減，大多數(shù)學(xué)校都是要求選取外文的一部分內(nèi)容進(jìn)行翻譯的。 ）Cash Flow Management and Manufacturing Firm Financial Performanc

3、e: A Longitudinal PerspectiveABSTRACT:A firm’s cash flow policies, which manage working capital in the form of cash receivables from customers, inventory holdings, and cash payments to suppliers, are inexorably linked to

4、 the firm’s operations. Building on earlier research, this study: (i) extends prior studies by examining the relationships between changes in cash flow measures and changes in firm financial performance using a longitudi

5、nal sample of firm data; and (ii) investigates the direction of the relationship between quarterly changes in cash flow positions and firm financial performance. This study is conducted using the Generalized Estimating E

6、quations (GEE) methodology to analyze a longitudinal sample of eight quarters of cash flow and financial performance data from 1,233 manufacturing firms. The analyses find that changes in the widely used Cash Conversion

7、Cycle (CCC) metric do not relate to changes in firm performance; however, changes in the less used Operating Cash Cycle (OCC) metric are found to be significantly associated with changes in Tobin’s q. This examination of

8、 how changes in specific cash flow measures relate to changes in Tobin’s q shows that both reductions in Accounts Receivables (measured as Days of Sales Outstanding [DSO]) and reductions in Inventory (measured as Days of

9、 Inventory Outstanding [DIO]) relate to firm financial performance improvements that persist for several quarters. Endogeneity tests of whether a firm’s cash flow management strategy leads receipts typically are managed

10、by the firm’s finance department, the three factors that influence cash flows are manipulated chiefly by operational decisions (Özbayraka & Akgün, 2006).Although the literature contains numerous studies tha

11、t examine the relationship among cash cycles, firm liquidity, and firm financial performance, this study explores several extensions of these previous efforts. First, because prior studies generally examine the relations

12、hip between snapshots of cash flow and performance measures from a static benchmarking perspective, this study explores the relationship between longitudinal changes in cash flow metrics and changes in firm financial per

13、formance over time. This approach will allow firms to determine which cash flow measures should be monitored and manipulated to track and improve firm performance. Second, because previous empirical cash flow studies typ

14、ically use datasets from a single time period (and those few studies that utilize multi-period data do not utilize methodologies that adjust for the longitudinal nature of the samples), this study conducts an empirical a

15、nalysis using a longitudinal data panel analysis methodology. This approach also facilitates the examination of possible time-lags in the relationship between changes in cash flow and firm financial performance. Finally,

16、 there is a question of endogeneity regarding whether a firm’s cash flow management strategy impacts the firm’s performance or whether the cash flow positions are a byproduct of a firm’s performance (Deloof, 2003). This

17、issue is examined by conducting Granger causality tests to shed light on the possible direction of the relationship between cash flow management actions and changes in performance.This analysis focuses on manufacturing f

18、irms that are publicly traded on the U.S. stock exchanges. This focus was chosen because manufacturers’ positions in the middle of integrated supply chains allow them to influence or be influenced by both suppliers and c

19、ustomers (Swaminathan et al., 1998). These interactions with both suppliers and customers also provide substantial opportunities for payment term flexibility between the parties. Additionally, compared to downstream supp

20、ly chain partners, manufacturers typically have more inventory flexibility in that they can choose whether to hold inventory as raw materials, work in process, or finished goods (Capkun et al., 2009). The next section di

21、scusses prior literature and develops the theoretical framework. The third section discusses the data sample and the study methodology and the fourth section presents the results. The final two sections discuss the impli