營運管理 外文翻譯 外文文獻 英文文獻 對整個行業(yè)中營運資金管理的研究

1、an analysis of working capital management results across industries greg filbeck. schweser study program thomas m. krueger. university of wisconsin-la crosseabstract firms are able to reduce financing costs and/or increase the funds available for expansion by minimizing the amount of funds tied up i

2、n current assets. we provide insights into the performance of surveyed firms across key components of working capital management by using the cfo magazines annual working capital management survey. we discover that significant differences exist between industries in working capital measures across t

3、ime. in addition. we discover that these measures for working capital change significantly within industries across time. introduction the importance of efficient working capital management is indisputable. working capital is the difference between resources in cash or readily convertible into cash

4、(current assets) and organizational commitments for which cash will soon be required (current liabilities). the objective of working capital management is to maintain the optimum balance of each of the working capital components. business viability relies on the ability to effectively manage receiva

5、bles. inventory. and payables. 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. much managerial effort is expended in bringing non-optimal levels of current assets and liabilities back toward optim

6、al levels. an optimal level would be one in which a balance is achieved between risk and efficiency. 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 compani

7、es 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 outstanding (dso). accelerates the payment cycle. improves customer satisfaction and re

8、duces the necessary amount and cost of working capital needs. there appear to be many success stories. including jennifer townes (2002) report of a 15 percent decrease in days that sales are outstanding. resulting in an increased cash flow of approximately $2 million at thibodaux regional medical ce

9、nter. furthermore. bad debts declined from $3.4 million to $600.000. however. waxers (2003) study of multiple firms employing six sigma finds that it is really a “get rich slow” technique with a rate of return hovering in the 1.2 4.5 percent range. even in a business using six sigma methodology. an

10、“optimal” level of working capital management needs to be identified. even in a business using six sigma methodology. an “optimal” level of working capital management needs to be identified. industry factors may impact firm credit policy. inventory management. and bill-paying activities. some firms

11、may be better suited to minimize receivables and inventory. while others maximize payables. another 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 cfo magazine. which claims to be

12、 the source of “tools and information for the financial executive.” and are the subject of this research. in addition to providing 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 wit

13、hin a particular industry clustered together at consistent 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 inventory . the other researc

14、h question is. “does working capital management performance for firms within a given industry change from year-to-year?” the following section presents a brief literature review. next. the research method is described. including some information about the annual working capital management survey pub

15、lished by cfo magazine. findings are then presented and conclusions are drawn.related literature the importance of working capital management is not new to the finance literature. over twenty years ago. largay and stickney (1980) reported that the then-recent bankruptcy of w.t. grant. a nationwide c

16、hain of department stores. should have been anticipated because the corporation 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 500s financial management practices. gilbert and reichert (1995) find that acc

17、ounts receivable management models are used in 59 percent of these firms to improve working capital projects. while inventory management models were used in 60 percent of the companies. more recently. farragher. kleiman and sahu (1999) find that 55 percent of firms in the s&p industrial index comple

18、te some form of a cash flow assessment. but did not present insights regarding accounts receivable and inventory management. or the variations of any current asset accounts or liability accounts across industries. thus. mixed evidence exists concerning the use of working capital management technique

19、s. 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 management. across a limited sample. weinraub and visscher (1998) observe a tendency of firms with lo

20、w levels of current ratios to also have low levels of current liabilities. simultaneously investigating accounts receivable and payable issues. hill. sartoris. and ferguson (1984) find differences in the way payment dates are defined. payees define the date of payment as the date payment is received

21、. while payors view payment as the postmark date. additional wcm insight across firms. industries. and time can add to this body of research. maness and zietlow (2002. 51. 496) presents two models of value creation that incorporate effective short-term financial management activities. however. these

22、 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 observation that. “an industry a company is located in may have more influence on that companys fortunes than overall gnp” (2002. 5

23、07). in fact. a careful review of this 627-page textbook finds only sporadic information on actual firm levels of wcm dimensions. virtually nothing on industry factors except for some boxed items with titles such as. “should a retailer offer an in-house credit card” (128) and nothing on wcm stabilit

24、y over time. this research will attempt to fill this void by investigating patterns related to working capital measures within industries and illustrate differences between industries across time. an extensive survey of library and internet resources provided very few recent reports about working ca

25、pital management. the most relevant set of articles was weisel and bradleys (2003) article on cash flow management and one of inventory control as a result of effective supply chain management by hadley (2004). research methodthe cfo rankings the first annual cfo working capital survey. a joint proj

26、ect with rel consultancy group. 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 reports several working capital benchmarks for pub

27、lic companies using data for 1996. each company is ranked against its peers and also against the entire field of 1.000 companies. rel continues to update the original information on an annual basis. rel uses the “cash flow from operations” value located on firm cash flow statements to estimate cash

28、conversion efficiency (cce). this value indicates how well a company transforms revenues into cash flow. a “days of working capital” (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” (dnc)

29、 represents the time period between purchase of inventory on acccount from vendor until the sale to the customer. the collection of the receivables. and payment receipt. thus. it reflects the companys ability to finance its core operations with vendor credit. a detailed investigation of wcm is possi

30、ble because cfo also provides firm and industry values for days sales outstanding (a/r). inventory turnover. and days payables outstanding (a/p). research findingsaverage and annual working capital management performance working capital management component definitions and average values for the ent

31、ire 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 to as “cash conversion efficiency” (cce). averages 9.0 percent. incorporating a 95 percent confidence interval. cce ranges from 5.6 percen

32、t to 12.4 percent. the days working capital (dwc). defined as the sum of receivables and inventories less payables divided by daily sales. averages 51.8 days and is very similar to the days that sales are outstanding (50.6). because the inventory turnover rate (once every 32.0 days) is similar to th

33、e number of days that payables are outstanding (32.4 days). in all instances. the standard deviation is relatively small. suggesting that these working capital management variables are consistent across cfo reports. industry rankings on overall working capital management performance cfo magazine pro

34、vides an overall working capital ranking for firms in 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 year. in the typical year. cfo m

35、agazine 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 for an eight-company industry is 4.5 (this assumes that the eight companies are ranked one through eight for the enti

36、re survey). it is quite obvious that all firms in the petroleum industry must have been receiving very high overall working capital management rankings. in fact. the petroleum industry is ranked first in cce and third in dwc (as illustrated in table 5 and discussed later in this paper). furthermore.

37、 the petroleum industry had the lowest standard deviation of working capital rankings and range of working capital rankings. the only other industry with a mean overall ranking less than 100 was the electric & gas utility industry. which ranked second in cce and fourth in dwc. the two industries wit

38、h the worst working capital rankings were textiles and apparel. textiles rank twenty-second in cce and twenty-sixth in dwc. the apparel industry ranks twenty-third and twenty-fourth in the two working capital measuresconclusions the research presented here is based on the annual ratings of working c

39、apital management published in cfo magazine. our findings indicate a consistency in how industries “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 a

40、ll firms change annually); our results indicate significant movements across our entire sample over time. our findings are important because they provide insight to working capital performance across time. and on working capital management across industries. these changes may be in explained in part

41、 by macroeconomic factors. changes in interest rates. rate of innovation. and competition are likely to impact working capital management. as interest rates rise. there would be less desire to make payments early. which would stretch accounts payable. accounts receivable. and cash accounts. the rami

42、fications of this study include the finding of distinct levels of wcm measures 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. whi

43、le 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. in addition. the survey suffers from survivorship bias only the top firms within each industry are ranked ea

44、ch year and the composition of those firms within the industry can change annually. further research may take one of two lines. first. there could be a study of whether stock prices respond to cfo magazines publication of working capital management ratings. second. there could be a study of which. i

45、f any. 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 management performance.外文翻譯:對整個行業(yè)中營運資金管理的研究 格雷格filbeck.schweser學習計劃 托馬斯m

46、克魯格.威斯康星大學拉克羅斯摘 要:企業(yè)能夠降低融資成本或者盡量減少綁定在流動資產(chǎn)上的成立基金數(shù)額來用于擴大現(xiàn)有的資金。我們提供了在調(diào)查公司時出具報告中的關(guān)鍵組成部分，調(diào)查公司營運資金管理的報告是運用首席財務官雜志的年度資金管理的調(diào)查報告。我們發(fā)現(xiàn)，行業(yè)間的明顯差異存在于跨時資金的工作措施上。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。導 言高效率的營運資金管理的重要性是不容置疑的。營運資金是資源或隨時兌換成現(xiàn)金（流動資產(chǎn)）和即將的現(xiàn)金需要（流動負債）之間的差額。營運資金管理的目標是維持周轉(zhuǎn)的流動資產(chǎn)和流動負債都達到最佳平衡。商業(yè)可行性的能力依賴于有效的應收賬款、庫存和應付帳款的管理

47、。企業(yè)能夠降低融資成本或增加通過最小化綁定在流動資產(chǎn)上的成立基金數(shù)額的資金用于擴大現(xiàn)有。太多的管理工作是消耗在帶動流動資產(chǎn)和負債水平回到最佳水平。最理想的水平是達到在風險和效率之間的平衡。一個最近企業(yè)的例子是其試圖最大限度地運用營運資金管理。這就是經(jīng)常受到重視的六西格瑪方法的應用。六西格瑪方法適用于企業(yè)涉及所有范圍，能幫助公司測量和保證質(zhì)量。當前這個方法用來識別和糾正錯誤的交易效率差異及財務供應鏈。六西格瑪方法減少每天天銷售最杰出，以達到加速支付周期、提高顧客滿意度、降低成本的數(shù)量和流動資金的需求。似乎有許多成功的事例，包括珍妮湯的（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。造

48、成的結(jié)果是在蒂博多萬區(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。此外，壞帳從340萬美元下降到60萬美元。然而，外克瑟的(2003)研究多個公司雇用六西格瑪發(fā)現(xiàn)它確實是一個“緩慢致富”技術(shù)與回報率懸停在1.2%-4.5%的范圍。即使在一個業(yè)務中使用.六西格瑪方法論的“最佳”的營運資金管理需要被確認即使在一個業(yè)務中使用，六西格瑪方法論的“最佳”的營運資金管理需要被確認。行業(yè)因素可能會影響企業(yè)的信貸政策、庫存管理和賬單支付活動。一些公司可能會更適合盡量減少應收賬款和存貨，而其他則適應應付款最大化。“最優(yōu)”的另一個方面是槽糕的財務成果卻是使用了最優(yōu)性能。幸運的是，這些問題是可測試的并被首席財務

49、官雜志所發(fā)表。這聲稱是“工具的來源和財務主管信息”即是本研究的主題。除了提供均值和營運資金的措施和整體度量。這兩個問題將在本研究處其理差異值。一個研究問題是：“在特殊產(chǎn)業(yè)內(nèi)的企業(yè)一起采用同樣的的營運資金管理措施就能使其的水平一致嗎？”例如，在同一行業(yè)的企業(yè)能夠迅速轉(zhuǎn)化為現(xiàn)金銷售（即有占應收水平低）。而來自其他行業(yè)的企業(yè)往往有較高的銷售水平。特別是庫存水平（即存貨周轉(zhuǎn)率高）。另一個研究問題是，“企業(yè)營運資金管理能否對企業(yè)績效在行業(yè)內(nèi)逐年改變起做作用？” 以下部分提供了一個簡短的文獻回顧。對下一步研究方法進行了介紹，包括一些有關(guān)這個一年一度的營運資金管理及財務官雜志公布的調(diào)查。調(diào)查是再提出和結(jié)論。

50、相關(guān)文獻 營運資金管理的重要性在于它并不是新的金融文學。20多年前，斯蒂克尼（1980）報告說。當時的小波格蘭特的全國連鎖百貨公司相繼破產(chǎn)，應該是因為公司經(jīng)營了最后10年里經(jīng)營里有8年的經(jīng)營赤字，這早就作為一個世界500強的財務管理實踐研究的一部分。吉爾伯特和銳徹(1995)發(fā)現(xiàn)應收賬款的管理模式在使用后，有百分之五十九的公司提高營運資金項目，而庫存管理模型應用于百分之六十的公司。最近，法瑞芬.克萊曼和薩胡（1999年）發(fā)現(xiàn)百分之五十五的公司中，標準普爾工業(yè)指數(shù)完成是某種形式的現(xiàn)金流量的評估，但并未提出關(guān)于應收賬款和存貨管理的見解，或任何流動資產(chǎn)的變化帳戶或各行業(yè)現(xiàn)有資產(chǎn)負債賬戶的變化。因此，

51、混合證據(jù)表明有關(guān)營運資金管理技術(shù)的使用。優(yōu)化貿(mào)易信貸限額理論是多年來自許多文章的主題（例如，施瓦茨1974年，謝爾1996年）注重實際的應收賬款的管理。通過有限的樣本，溫勞布和菲斯海爾(1998)觀察到的趨勢是目前比率低的公司也有低水平的流動負債。同時調(diào)查應收賬款和應付賬款的問題。希爾薩爾托里斯和弗格森（1984年）發(fā)現(xiàn)方式付款日期的不同的定義。收款人定義付款日期為收到貨款的日期，而付款人查看付款日期的郵戳，額外的協(xié)作平臺了解各企業(yè)、行業(yè)和時間能夠增加這方面的研究機構(gòu)?，斈崴己蜐商亓_（2002年）提供了兩個價值創(chuàng)造的模式。納入有效的短期的財務管理活動。但是，這些模型都是通用的模型并沒有考慮獨特

52、的企業(yè)或行業(yè)的影響?，斈崴己蜐商亓_談論一小段產(chǎn)業(yè)影響包括那些“一個工業(yè)公司可能有更多的財富”公司可能影響整體國民生產(chǎn)總值。事實上，發(fā)現(xiàn)只有在實際的層面的營運資金管理的公司有各級零星資料。幾乎任何事物除了一些游戲項目，如盒裝行業(yè)因素?！叭绻碳姨峁┝艘粋€內(nèi)部的信用卡”。隨著時間的推移，沒有什么能影響營運資金管理穩(wěn)定性。這項研究將試圖完善調(diào)查有關(guān)工作措施以填補行業(yè)內(nèi)資金模式這一空白，并說明說明行業(yè)間的跨時差異。一個對圖書館和網(wǎng)絡資源進行廣泛的調(diào)查得到了很少的最新報告是關(guān)于營運資金管理。最相關(guān)的文章是衛(wèi)瑟和布拉德利的(2003)現(xiàn)金流量管理和庫存管理作為一種有效的供應鏈管理的途徑(2004)。研究方法第一次年度首席財務官營運資金管理的調(diào)查。與rel顧問組的聯(lián)合項目，發(fā)表在1997年6月首席財務官雜志上。 rel是