會計畢業(yè)論文外文翻譯-- -跨行業(yè)的營運資金管理問題研究（節(jié)選）

1、<p>　　2000單詞，1.1萬英文字符，中文3700字</p><p>　　出處：Filbeck G, Krueger T M. An Analysis of Working Capital Management Results Across Industries[J]. American Journal of Business, 2005, 20(2):11-18.</p><

2、p>　　本科畢業(yè)論文外文資料翻譯</p><p>　　系 別： 經(jīng)濟系 </p><p>　　專 業(yè)： 會計學(xué) </p><p>　　姓 名： </p><p>　　學(xué) 號： </p><p&g

3、t;<b>　　外文原文</b></p><p>　　An Analysis of Working Capital Management Results across Industries</p><p>　　Greg Filbeck and Thomas M. Krueger</p><p><b>　　Abstract </

4、b></p><p>　　Firms are able to reduce financing costs and/or increase the funds available for expansion by minimizing the amount of funds tied up in current assets. We provide insights into the performance

5、 of surveyed firms across key components of working capital management by using the CFO magazine’s annual Working Capital Management Survey. We discover that significant differences exist between industries in working ca

6、pital measures across time. In addition, we discover that these measures for working cap</p><p>　　Introduction </p><p>　　The importance of efficient working capital management is indisputable. W

7、orking capital is the difference between resources in cash or readily convertible into cash (Current Assets) and organizational commitments for which cash will soon be required (Current Liabilities). The objective of wor

8、king capital management is to maintain the optimum balance of each of the working capital components. Business viability relies on the ability to effectively manage receivables, inventory, and payables. Firm</p>&

9、lt;p>　　A recent example of business attempting to maximize working capital management is the recurrent attention being given to the application of Six Sigma® methodology. Six Sigma® methodologies help compan

10、ies measure and ensure quality in all areas of the enterprise. When used to identify and rectify discrepancies, inefficiencies and erroneous transactions in the financial supply chain. Six Sigma® reduces Days Sales

11、Outstanding (DSO)，accelerates the payment cycle, improves customer satisfaction and r</p><p>　　Even in a business using Six Sigma® methodology, an “optimal” level of working capital management needs to

12、be identified. Industry factors may impact firm credit policy, inventory management and bill-paying activities. Some firms may be better suited to minimize receivables and inventory, while others maximize payables. Anoth

13、er aspect of “optimal” is the extent to which poor financial results can be tied to sub-optimal performance. Fortunately, these issues are testable with data published by CF</p><p>　　In addition to providing

14、 mean and variance values for the working capital measures and the overall metric, two issues will be addressed in this research. One research question is “are firms within a particular industry clustered together at con

15、sistent levels of working capital measures?” For instance, are firms in one industry able to quickly transfer sales into cash, while firms from another industry tend to have high sales levels for the particular level of

16、inventory. The other research questi</p><p>　　The following section presents a brief literature review. Next, the research method is described, including some information about the annual Working Capital Man

17、agement Survey published by CFO magazine. Findings are then presented and conclusions are drawn.</p><p>　　Related Literature </p><p>　　The importance of working capital management is not new to

18、the finance literature. Over twenty years ago, Largay and Stickney (1980) reported that the then-recent bankruptcy of W.T. Grant, a nationwide chain of department stores, should have been anticipated because the corporat

19、ion had been running a deficit cash flow from operations for eight of the last ten years of its corporate life. As part of a study of the Fortune 500’s financial management practices, Gilbert and Reichert (1995) find tha

20、t</p><p>　　Theoretical determination of optimal trade credit limits are the subject of many articles over the years (e.g. Schwartz 1974; Scherr 1996) with scant attention paid to actual accounts receivable m

21、anagement. Across a limited sample, Weinraub and Visscher (1998) observe a tendency of firms with low levels of current ratios to also have low levels of current liabilities. Simultaneously investigating accounts receiva

22、ble and payable issues. Hill·Sartoris and Ferguson (1984) find differences in the wa</p><p>　　Maness and Zietlow (2002. 51. 496) presents two models of value creation that incorporate effective short-te

23、rm financial management activities. However, these models are generic models and do not consider unique firm or industry influences. Maness and Zietlow discuss industry influences in a short paragraph that includes the o

24、bservation that “An industry a company is located in may have more influence on that company’s fortunes than overall GNP” (2002. 507). In fact, a careful review of this 627</p><p>　　An extensive survey of li

25、brary and Internet resources provided very few recent reports about working capital management. The most relevant set of articles was Weisel and Bradley’s (2003) article on cash flow management and one of inventory contr

26、ol as a result of effective supply chain management by Hadley (2004). </p><p>　　Research Method</p><p>　　The first annual CFO Working Capital Survey, a joint project with REL Consultancy Group,

27、was published in the June 1997 issue of CFO (Mintz and Lezere 1997). REL is a London, England-based management consulting firm specializing in working capital issues for its global list of clients. The original survey re

28、ports several working capital benchmarks for public companies using data for 1996. Each company is ranked against its peers and also against the entire field of 1000 companies. REL continues </p><p>　　REL us

29、es the “cash flow from operations” value located on firm cash flow statements to estimate cash conversion efficiency (CCE). This value indicates how well a company transforms revenues into cash flow. A “days of working c

30、apital” (DWC) value is based on the dollar amount in each of the aggregate, equally-weighted receivables, inventory and payables accounts. The “days of working capital” (DWC) represents the time period between purchases

31、of inventory on account from vendor until the sale to </p><p>　　Research Findings</p><p>　　Average and Annual Working Capital Management Performance </p><p>　　Working capital manage

32、ment component definitions and average values for the entire 1996 – 2000 period. Across the nearly 1.000 firms in the survey, cash flow from operations, defined as cash flow from operations divided by sales and referred

33、to as “cash conversion efficiency” (CCE). Averages 9.0 percent. Incorporating a 95 percent confidence interval, CCE ranges from 5.6 percent to 12.4 percent. The day’s working capital (DWC), defined as the sum of receivab

34、les and inventories less payables divi</p><p>　　Industry Rankings on Overall Working Capital Management Performance </p><p>　　CFO magazine provides an overall working capital ranking for firms i

35、n its survey, using the following equation: Industry-based differences in overall working capital management are presented for the twenty-six industries that had at least eight companies included in the rankings each yea

36、r. In the typical year, CFO magazine ranks 970 companies during this period. Industries are listed in order of the mean overall CFO ranking of working capital performance. Since the best average ranking possible </p&g

37、t;<p>　　Conclusions </p><p>　　The research presented here is based on the annual ratings of working capital management published in CFO magazine. Our findings indicate a consistency in how industries

38、“stack up” against each other over time with respect to the working capital measures. However, the working capital measures themselves are not static (i.e. averages of working capital measures across all firms change ann

39、ually); our results indicate significant movements across our entire sample over time. Our findings are import</p><p>　　The ramifications of this study include the finding of distinct levels of WCM measures

40、for different industries, which tend to be stable over time. Many factors help to explain this discovery. The improving economy during the period of the study may have resulted in improved turnover in some industries, wh

41、ile slowing turnover may have been a signal of troubles ahead. Our results should be interpreted cautiously. Our study takes places over a short time frame during a generally improving market. </p><p>　　Furt

42、her research may take one of two lines. First, there could be a study of whether stock prices respond to CFO magazine’s publication of working capital management ratings. Second, there could be a study of which, if any,

43、of the working capital management components relate to share price performance. Given our results, these studies need to take industry membership into consideration when estimating stock price reaction to working capital

44、 management performance.</p><p><b>　　外文翻譯譯文</b></p><p>　　跨行業(yè)的營運資金管理問題研究</p><p>　　格雷格.福利貝克和托馬斯.克魯格</p><p><b>　　摘要</b></p><p>　　企業(yè)可以通

45、過降低融資成本或者減少資金在流動資產(chǎn)上的占用等方式來擴大自身現(xiàn)有的資金。我們在調(diào)查過程中，通過運用《首席財務(wù)官》雜志的年度營運資金調(diào)查報告提供了此報告中的關(guān)鍵組成部分。我們發(fā)現(xiàn)，行業(yè)間的跨時資金措施存在著明顯的差異。此外，這些措施在企業(yè)營運資金管理中實施后有了顯著改變。</p><p><b>　　引言</b></p><p>　　高效率的營運資金管理的重要性是不容置

46、疑的。營運資金是現(xiàn)金或者是隨時可以兌換為現(xiàn)金（流動資產(chǎn)）的資產(chǎn)和即將成為現(xiàn)金需要的負(fù)債（流動負(fù)債）之間的差額。營運資金管理的目標(biāo)是維持流動資產(chǎn)與流動負(fù)債周轉(zhuǎn)的最佳平衡。商業(yè)可行性依賴于應(yīng)收賬款、存貨、應(yīng)付賬款的有效管理。企業(yè)可以通過降低融資成本，減少資金占用，以此來增加自有對外資金。在日常工作中，管理人員將太多的管理精力都放在把當(dāng)前的資產(chǎn)和負(fù)債的周轉(zhuǎn)由非最佳水平成長為最佳水平上。即實現(xiàn)效率和風(fēng)險之間的平衡。</p><

47、;p>　　最近的一個實例是企業(yè)運用六西格瑪方法試圖最大限度地加強營運資金管理。六西格瑪方法涉及企業(yè)所有經(jīng)營范圍，能幫助企業(yè)衡量和確保自身在各個領(lǐng)域中的質(zhì)量。當(dāng)前這個方法的運用是用來識別和糾正錯誤的交易效率差異及低效的財務(wù)供應(yīng)鏈。六西格瑪方法的運用原理是通過降低銷售回款周期、加速支付周期來降低成本、減少流動資金需求、提高顧客滿意度。似乎有許多成功的案例，包括珍妮弗（2002）的關(guān)于銷售天數(shù)減少了百分之十五的優(yōu)秀的銷售報告。從而使蒂博

48、多萬區(qū)域醫(yī)療中心產(chǎn)生的現(xiàn)金流量增加了大約200萬美元。同時，壞帳從340萬美元下降到60萬美元。但六西格瑪方法并不是十分完美的，外克瑟(2003)調(diào)查多個公司運用六西格瑪方法的有效性，研究顯示：六西格瑪方法確實是一個“緩慢致富”的技術(shù)，其回報率一直徘徊在1.2%-4.5%的范圍內(nèi)。</p><p>　　即使在使用六西格瑪方法的業(yè)務(wù)中，也需要對營運資金管理的“最佳”水平進行識別和確認(rèn)。行業(yè)因素可能會影響企業(yè)的信貸政

49、策、庫存管理和賬單支付活動。一些公司可能會更適合通過減少應(yīng)收賬款和存貨，來使得應(yīng)付賬款最大化。“最優(yōu)”的另一個方面是槽糕的財務(wù)業(yè)績卻使用了最優(yōu)性能。幸運的是，這些問題是可測試的而且被《首席財務(wù)官》雜志所發(fā)表。這聲稱是“金融高管工具和信息的來源”即是本研究的主題。</p><p>　　除了對營運資金的措施和整體度量提供均值和方差值外，還有兩個問題將在此研究。一個研究課題是“在特殊產(chǎn)業(yè)內(nèi)的企業(yè)采用同樣的營運資金管理措

50、施產(chǎn)生的營運資金管理水平就能一致嗎？”例如，在同個行業(yè)的公司能夠迅速減少應(yīng)收占用資金，采用現(xiàn)金銷售；而其他行業(yè)的公司往往有較高的庫存水平和銷售水平。另一個研究的課題是：“在行業(yè)內(nèi)，企業(yè)營運資金管理能否促進對企業(yè)績效的逐年改變？”</p><p>　　以下部分是一個簡短的文獻(xiàn)回顧。針對下一步研究方法進行了介紹，包含有關(guān)此次一年一度的營運資金管理及《首席財務(wù)官》雜志公布的調(diào)查。</p><p>

51、;<b>　　相關(guān)文獻(xiàn)</b></p><p>　　營運資金管理的重要性對金融文獻(xiàn)來說并不是新的內(nèi)容。在20多年前，斯蒂克尼（1980）報告稱：格蘭特，一個全國連鎖百貨公司相繼破產(chǎn)，原因在于公司在最后經(jīng)營的10年里，出現(xiàn)了8年的經(jīng)營赤字。作為世界500強的財務(wù)管理實踐研究的一部分，吉爾伯特和賴克特（1995）發(fā)現(xiàn)應(yīng)收賬款的管理模式在使用后，有59%的公司提高營運資金項目，而庫存管理模型應(yīng)用于

52、60%的公司。最近，法瑞芬.克萊曼和薩胡（1999）發(fā)現(xiàn) 55%的公司運用標(biāo)準(zhǔn)普爾工業(yè)指數(shù)完成了某種形式的現(xiàn)金流評估,但并未提出關(guān)于應(yīng)收賬款和存貨管理的見解或任何變化的流動資產(chǎn)帳戶和各行業(yè)現(xiàn)有資產(chǎn)負(fù)債賬戶的變化。因此，混合證據(jù)表明是出現(xiàn)了有關(guān)營運資金管理技術(shù)的使用。</p><p>　　優(yōu)化貿(mào)易信貸限額理論的確定是多年來自許多文章的主題（例如，施瓦茨1974年，謝爾1996年）而很少注重實際的應(yīng)收賬款的管理。在有

53、限的樣本，溫勞布和菲斯海爾(1998)觀察到的趨勢是目前比率低的公司流動負(fù)債水平也較低。同時調(diào)查應(yīng)收賬款和應(yīng)付賬款的問題。希爾·薩爾托里斯和弗格森（1984）發(fā)現(xiàn)了付款日期的不同方式的定義。收款人定義付款日期為收到貨款的日期，而付款人查看付款的郵戳日期。不同企業(yè)、行業(yè)和時間額外的洞察力可以添加到這個機構(gòu)的研究。</p><p>　　瑪尼思和澤特羅（2002）提供了兩種包含有效的短期財務(wù)管理的價值創(chuàng)造模式

54、。但是，這些模型都是通用的模型并沒有考慮到獨特的企業(yè)或行業(yè)的影響?，斈崴贾毖圆恢M和澤特羅探討行業(yè)的影響，其中有這么一段，“一個行業(yè)或公司的位置、領(lǐng)域可能對公司的命運和整體的國民生產(chǎn)總值產(chǎn)生巨大的影響”。事實上，仔細(xì)回顧這627頁教科書就會發(fā)現(xiàn)只有在實際的層面的營運資金管理的公司才會有各種零星資料。幾乎沒有關(guān)于行業(yè)因素除了一些盒裝的物品，比如“一個零售商提供的內(nèi)部信用卡”并沒有在一段時間內(nèi)穩(wěn)定營運資金管理。本文的研究將試圖通過調(diào)查有關(guān)工作

55、措施來填補行業(yè)內(nèi)資金模式這一空白，并說明行業(yè)間的跨時差異。</p><p>　　對圖書館和網(wǎng)絡(luò)資源進行了廣泛的調(diào)查，得到的最新報告很少是關(guān)于營運資金管理的。最相關(guān)的文章是衛(wèi)瑟和布拉德利(2003)《現(xiàn)金流量管理及庫存管理控制的研究》和哈德利第(2004)《有效的供應(yīng)鏈管理途徑》。</p><p><b>　　研究方法</b></p><p>　

56、　第一次年度CFO與REL咨詢集團的營運資金管理聯(lián)合調(diào)查項目，于1997年6月發(fā)表在《首席財務(wù)官》雜志上。REL是以英國倫敦為基礎(chǔ)的管理咨詢公司，面向全球客戶，專門解決營運資金管理問題。在最初的流動資金調(diào)查報告中，其使用的數(shù)據(jù)基準(zhǔn)是1996年上市公司的數(shù)據(jù)。每家公司對其同行的排名持反對態(tài)度，同時也針對整個領(lǐng)域的1000家公司。此外，REL將會不斷更新以前年度基礎(chǔ)上的原始資料與信息。 </p><p>　　REL使

57、用的業(yè)務(wù)“現(xiàn)金流”的價值是針對企業(yè)現(xiàn)金流量表來估計現(xiàn)金轉(zhuǎn)換效率（CCE）的。該值表示公司如何轉(zhuǎn)化成收入的現(xiàn)金流?！耙惶斓臓I運資金”價值是每個應(yīng)收賬款、存貨、應(yīng)付賬款賬戶金額之和?！叭諣I運資金”代表一個時期從供應(yīng)商購買存貨到銷售給客戶之間收集的應(yīng)收賬款、付款收據(jù)。因此，它反映了企業(yè)的核心融資業(yè)務(wù)能力和供應(yīng)商的信用。對于營運資金管理的詳細(xì)調(diào)查，是有可能是被反映出來的。因為《首席財務(wù)官》還提供了公司的行業(yè)價值、銷售回款（A/ R），存貨周轉(zhuǎn)天

58、數(shù)及應(yīng)付賬款（A / P）。</p><p><b>　　研究發(fā)現(xiàn)</b></p><p>　　每年的營運資金管理績效都比較相近</p><p>　　營運資本管理部分的定義為整個1996年至2000年期間的平均值。通過近1000家企業(yè)的調(diào)查，營運現(xiàn)金流，被定義為從銷售中分離的現(xiàn)金流，也被稱為“現(xiàn)金轉(zhuǎn)換效率”（CCE）。</p>&

59、lt;p>　　在平均9%到95％的置信區(qū)間中，CCE范圍在5.6％至12.4％之間浮動。當(dāng)天的營運資金（DWC），被定義為應(yīng)收賬款和按每天銷售分成（平均51.8天）的較少部分的應(yīng)付賬款之和，與優(yōu)秀銷售（50.6）是很相近的時段。所以，在此情況下，標(biāo)準(zhǔn)差相對較小，這表明這些營運資金理工作的變量和《首席財務(wù)官》的報告是一致的。</p><p>　　行業(yè)排名與總體營運資金管理績效相關(guān)</p><

60、;p>　　《首席財務(wù)官》雜志在其調(diào)查的企業(yè)間提供了一個整體的營運資金排名，使用了下列公式：在進行整體營運資金管理差異的研究時，比較行業(yè)中前26名。那么，至少有8家公司會在每年的排名中出現(xiàn)。在典型的年份中，《首席財務(wù)官》雜志繼續(xù)對在此期間的970家公司進行排名。依照產(chǎn)業(yè)整體平均工作資本績效來進行排名。在此可能會出現(xiàn)8公司行業(yè)最佳的平均排名為4.5（這個假定的8家企業(yè)的排名是通過8個整體調(diào)查之一）。明顯的是，屬于石油行業(yè)的所有企業(yè)都已

61、經(jīng)收到非常高的整體營運資金管理的排名。但事實上，石油行業(yè)是現(xiàn)金轉(zhuǎn)換效率排名第一，日營運資金排名第三。此外，石油行業(yè)有流動資金的排名和營運資金的排名范圍的最低標(biāo)準(zhǔn)偏差。而唯一平均總體排名低于100的行業(yè)是電和煤氣公用行業(yè)，他們的現(xiàn)金轉(zhuǎn)換效率排名第二位，日營運資金排名第四位。這兩個行業(yè)最大的資金排行是紡織品和服裝，紡織品的現(xiàn)金轉(zhuǎn)換效率排名第二十二位，營運資金排名第二十六位；服裝行業(yè)現(xiàn)金轉(zhuǎn)換效率排名第二十三位，營運資金排名第二十四位。<

62、/p><p><b>　　結(jié) 論</b></p><p>　　這項發(fā)表在《首席財務(wù)官》的研究被稱為“營運資金管理年度評級研究”。我們的研究結(jié)果表明：隨著時間的推移，在產(chǎn)業(yè)“較量”中越來越受重視的是營運資金管理的措施。然而，營運資金管理措施本身不是靜態(tài)的（即營運資金管理措施在各個企業(yè)都會發(fā)生變化）。我們的結(jié)果表明：隨著時間的推移，我們整個樣本顯示著重要的運動。我們的研究結(jié)果

63、非常重要，因為它們具有洞察力。針對各個行業(yè)營運資金的管理，資金的變化可以解釋為部分宏觀經(jīng)濟因素的影響；而利率的變化、創(chuàng)新的速度快慢和競爭性的強弱都有可能影響營運資金管理。當(dāng)利率上升時，企業(yè)會拖延付款時間，這同樣延伸到應(yīng)付帳款、應(yīng)收帳款、現(xiàn)金帳戶。</p><p>　　這項研究的具有強大的影響力，因為它提出了不同層次企業(yè)的營運資金管理措施。不同的行業(yè)都會隨著時間的推移而趨于穩(wěn)定。許多因素也有助于解釋這一發(fā)現(xiàn)。研究期

64、間，由于經(jīng)濟改善可能導(dǎo)致營業(yè)額在某些行業(yè)得到改進，而營業(yè)額放緩可能是一個麻煩的信號。我們應(yīng)該對結(jié)果進行謹(jǐn)慎的分析與解釋。本研究秉著在短時間使市場得到改善的宗旨，如果調(diào)查出現(xiàn)生存偏差，只有每年每個行業(yè)內(nèi)的頂尖公司排名，那這些公司在業(yè)內(nèi)的成分就可以改變。</p><p>　　進行下一步的研究可能會出現(xiàn)兩個方向。一方面，可能會出現(xiàn)一個關(guān)于股票價格與《首席財務(wù)官》雜志上營運資金管理排名關(guān)系的研究；另一方面，可能會研究營運