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1、本科畢業(yè)論文（設(shè)計(jì)）外文翻譯原文：EffectsofworkingcapitalmanagementonSMEprofitabilityAbstractTheobjectiveoftheresearchpresentedhereistoprovideempiricalevidenceabouttheeffectsofworkingcapitalmanagementontheprofitabilityofasampleofsmallandmedium-sizedSpanishfirms.Withthisinmind,wecollectedapanelof8,872SMEs
2、coveringtheperiod1996-2002.Theresults,whicharerobusttothepresenceofendogeneity,demonstratethatmanagerscancreatevaluebyreducingtheirfirm’snumberofdaysaccountsreceivableandinventories.Equally,shorteningthecashconversioncyclealsoimprovesthefirm’sprofitability.IntroductionThecorporatefinance
3、literaturehastraditionallyfocusedonthestudyoflong-termfinancialdecisions.Researchershaveparticularlyofferedstudiesanalyzinginvestments,capitalstructure,dividendsorcompanyvaluation,amongothertopics.Buttheinvestmentthatfirmsmakeinshort-termassets,andtheresourcesusedwithmaturitiesofunderone
4、year,representthemainshareofitemsonafirm’sbalancesheet.Infact,inoursamplethecurrentassetsofsmallandmedium-sizedSpanishfirmsrepresent69.48percentoftheirassets,andatthesametimetheircurrentliabilitiesrepresentmorethan52.82percentoftheirliabilities.Workingcapitalmanagementisimportantbecauseo
5、fitseffectsonthefirm’sprofitabilityandrisk,andconsequentlyitsvalue(Smith,1980).Ontheonehand,maintaininghighinventorylevelsreducesthecostofpossibleinterruptionsintheproductionprocess,oroflossofbusinessduetothescarcityofproducts,reducessupplycosts,andprotectsagainstpricefluctuations,amongo
6、theradvantages(BlinderandManccini,1991).Ontheother,grantingtradecreditfavorsthefirm’ssalesinvariousways.Tradecreditcanactasaneffectivepricecut(Brennan,MaksimovicandZechner,1988;PetersenandRajan,1997),incentivizescustomerstoacquiremerchandiseattimesoflowdemand(Emery,1987),allowscustomerst
7、ocheckthatthemerchandisetheyreceiveisasagreed(quantityandquality)andtoensurethattheservicescontractedarecarriedout(Smith,1987),andhelpsfirmstostrengthenlong-termrelationshipswiththeircustomers(Ng,SmithandSmith,1999).However,firmsthatinvestheavilyininventoryandtradecreditc
