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1、外文翻譯原文EffectsofworkingcapitalmanagementonSMEprotabilityMaterialSource:InternationalJournalofManageriaFinanceVol.3No.2,2007Author:PedroJuanGarc?′a-Teruel,PedroMart?′nez-SolanoThecorporate?nanceliteraturehastraditionallyfocusedonthestudyoflong-term?nancialdecisions.Researchershavepar
2、ticularlyofferedstudiesanalyzing investments,capitalstructure,dividendsorcompanyvaluation,amongothertopics.Buttheinvestmentthat?rmsmakeinshort-termassets,andtheresourcesusedwith maturitiesofunderoneyear,representthemainshareofitemsona?rm’sbalancesheet.Infact,inthesampleusedinthepre
3、sentstudy,currentassetsofsmallandmedium-sizedSpanish?rmsrepresent69percentoftheirassets,andatthesametimetheircurrentliabilitiesrepresentmorethan52percentoftheirliabilities.Workingcapitalmanagementisimportantbecauseofitseffectsonthe?rm’spro?tabilityandrisk,andconsequentlyitsvalue(Sm
4、ith,1980).Speci?cally,workingcapitalinvestmentinvolvesatradeoffbetweenpro?tabilityandrisk.Decisionsthattendtoincreasepro?tabilitytendtoincreaserisk,andconversely,decisionsthatfocusonriskreductionwilltendtoreducepotentialpro?tability.Gitman(1974)arguedthatthecashconversioncyclewasak
5、eyfactorinworkingcapitalmanagement.Actually,decisionsabouthowmuchtoinvestinthecustomerandinventoryaccounts,andhowmuchcredittoacceptfromsuppliers,arere?ectedinthe?rm’scashconversioncycle,whichrepresentstheaveragenumberofdaysbetweenthedatewhenthe?rmmuststartpayingitssuppliersandtheda
6、tewhenitbeginstocollectpaymentsfromitsFinancialsupportfromFundacio′nCajaMurciaisgratefullyacknowledged.customers.Previousstudieshaveusedmeasuresbasedonthecashconversioncycletoanalyzewhethershorteningthiscyclehaspositiveornegativeeffectsonthe?rm’spro?tability.Empiricalevidencerelati
7、ngworkingcapitalmanagementandpro?tabilityingeneralsupportsthefactthataggressiveworkingcapitalpoliciesenhancepro?tability(Joseetal.,1996;ShinandSoenen,1998;forUScompanies;Deloof,2003;forBelgian?rms;Wang,2002;forJapanese7andTaiwanese?rms).Thissuggeststhatreducingworkingcapitalinvestm
8、entislikelytoleadtohigherp
