資源描述：
《營(yíng)運(yùn)資金的管理對(duì)上市公司盈利能力的影響【外文翻譯】》由會(huì)員上傳分享，免費(fèi)在線閱讀，更多相關(guān)內(nèi)容在應(yīng)用文檔-天天文庫(kù)。
1、外文翻譯TherelationshipbetweenworkingcapitalmanagementandprofitabilityoflistedcompaniesMaterialSource:Electroniccopyavailableathttp://ssrn.com/Author:IoannisLazaridisAbstractInthispaperweinvestigatetherelationshipofcorporateprofitabilityandworkingcapitalmanagement.W
2、eusedasampleof131companieslistedintheAthensStockExchange(ASE)fortheperiodof2001-2004.Thepurposeofthispaperistoestablisharelationshipthatisstatisticalsignificantbetweenprofitability,thecashconversioncycleanditscomponentsforlistedfirmsintheASE.Theresultsofourresea
3、rchshowedthatthereisstatisticalsignificancebetweenprofitability,measuredthroughgrossoperatingprofit,andthecashconversioncycle.Moreovermanagerscancreateprofitsfortheircompaniesbyhandlingcorrectlythecashconversioncycleandkeepingeachdifferentcomponent(accountsrecei
4、vables,accountspayables,inventory)toanoptimumlevel.IntroductionCapitalstructureandworkingcapitalmanagementaretwoareaswidelyrevisitedbyacademiainordertopostulatefirms’profitability.Workingcapitalmanagementhavebeenapproachedinnumerousways.Otherresearchersstudiedth
5、eimpactofoptimuminventorymanagementwhileotherauthorsstudiedthemanagementofaccountsreceivablesinanoptimumwaythatleadstoprofitmaximisation1.AccordingtoDeloof2(2003)thewaythatworkingcapitalismanagedhasasignificantimpactonprofitabilityoffirms.Thisresultindicatesthat
6、thereisacertainlevelofworkingcapitalrequirementswhichpotentiallymaximisesreturns.Otherworkonthefieldofworkingcapitalmanagementfocusesontheroutinesemployedbyfirms.Thisresearchshowedthatfirmswhichfocusoncashmanagementwerelarger,withfewercashsales,moreseasonalityan
7、dpossiblymorecashflowproblems.Whilesmallerfirmsfocusedmoreonstockmanagementandlessprofitablefirmswerefocusedoncreditmanagementroutines.Itissuggestedthathighgrowthfirmsfollowamorereluctantcreditpolicytowardstheircustomers,whiletheytieupmorecapitalintheformofinven
8、tory.Meanwhileaccountspayableswillincreaseduetobetterrelationsofsupplierswithfinancialinstitutionswhichdivertthisadvantageoffinancialcosttotheirclients.AccordingtoWil
