營(yíng)運(yùn)管理外文文獻(xiàn)+中文

AnAnalysisofWorkingCapitalManagementResultsAcrossIndustriesGregFilbeck.SchweserStudyProgramThomas M.Krueger. University ofWisconsin-LaCrosseAbstractFirmsareabletoreducefinancingcostsand/orincreasethefundsavailableforexpansionbyminimizingtheamountoffundstiedupincurrentassets.WeprovideinsightsintotheperformanceofsurveyedfirmsacrosskeycomponentsofworkingcapitalmanagementbyusingtheCFOmagazine’sannualWorkingCapitalManagementSurvey.Wediscoverthatsignificantdifferencesexistbetweenindustriesinworkingcapitalmeasuresacrosstime.Inaddition.wediscoverthatthesemeasuresforworkingcapitalchangesignificantlywithinindustriesacrosstime.IntroductionTheimportanceofefficientworkingcapitalmanagementisindisputable.Workingcapitalisthedifferencebetweenresourcesincashorreadilyconvertibleintocash(CurrentAssets)andorganizationalcommitmentsforwhichcashwillsoonberequired(CurrentLiabilities).Theobjectiveofworkingcapitalmanagementistomaintaintheoptimumbalanceofeachoftheworkingcapitalcomponents.Businessviabilityreliesontheabilitytoeffectivelymanagereceivables.inventory.andpayables.Firmsareabletoreducefinancingcostsand/orincreasethefundsavailableforexpansionbyminimizingtheamountoffundstiedupincurrentassets.Muchmanagerialeffortisexpendedinbringingnon-optimallevelsofcurrentassetsandliabilitiesbacktowardoptimallevels.Anoptimallevelwouldbeoneinwhichabalanceisachievedbetweenriskandefficiency.ArecentexampleofbusinessattemptingtomaximizeworkingcapitalmanagementistherecurrentattentionbeinggiventotheapplicationofSixSigma?methodology.SixSigma?methodologieshelpcompaniesmeasureandensurequalityinallareasoftheenterprise.Whenusedtoidentifyandrectifydiscrepancies.inefficienciesanderroneoustransactionsinthefinancialsupplychain.SixSigma?reducesDaysSalesOutstanding(DSO).acceleratesthepaymentcycle.improvescustomersatisfactionandreducesthenecessaryamountandcostofworkingcapitalneeds.Thereappeartobemanysuccessstories.includingJenniferTowne’s(2002)reportofa15percentdecreaseindaysthatsalesareoutstanding.resultinginanincreasedcashflowofapproximately$2millionatThibodauxRegionalMedicalCenter.Furthermore.baddebtsdeclinedfrom$3.4millionto$600.000.However.Waxer’s(2003)studyofmultiplefirmsemployingSixSigma?findsthatitisreallya“getrichslow”techniquewitharateofreturnhoveringinthe1.2 –4.5percentrange.?EveninabusinessusingSixSigmamethodologyan. “optimallevel ”ofworkingcapitalmanagementneedstobeidentified.EveninabusinessusingSixSigma?methodology.an “optimal ”levelofworkingcapitalmanagementneedstobeidentified.Industryfactorsmayimpactfirmcreditpolicy.inventorymanagement.andbill-payingactivities.Somefirmsmaybebettersuitedtominimizereceivablesandinventory.whileothersmaximizepayables.Anotheraspectof “optimal ”istheextenttowhichpoorfinancialresultscanbetiedtosub-optimalperformance.Fortunately.theseissuesaretestablewithdatapublishedbyCFOmagazine.whichclaimstobethesourceof “toolsandinformationforthefinancialexecutive. ”andarethesubjectofthisresearch.Inadditiontoprovidingmeanandvariancevaluesfortheworkingcapitalmeasuresandtheoverallmetric.twoissueswillbeaddressedinthisresearch.Oneresearchquestionis. “arefirmswithinaparticularindustryclusteredtogetheratconsistentlevelsofworkingcapitalmeasures? ”Forinstance.arefirmsinoneindustryabletoquicklytransfersalesintocash.whilefirmsfromanotherindustrytendtohavehighsaleslevelsfortheparticularlevelofinventory.Theotherresearchquestionis.“doesworkingcapitalmanagementperformanceforfirmswithinagivenindustrychangefromyear-to-year?”Thefollowingsectionpresentsabriefliteraturereview.Next.theresearchmethodisdescribed.includingsomeinformationabouttheannualWorkingCapitalManagementSurveypublishedbyCFOmagazine.Findingsarethenpresentedandconclusionsaredrawn.RelatedLiteratureTheimportanceofworkingcapitalmanagementisnotnewtothefinanceliterature.Overtwentyyearsago.LargayandStickney(1980)reportedthatthethen-recentbankruptcyofW.T.Grant.anationwidechainofdepartmentstores.shouldhavebeenanticipatedbecausethecorporationhadbeenrunningadeficitcashflowfromoperationsforeightofthelasttenyearsofitscorporatelife.AspartofastudyoftheFortune500’sfinancialmanagementpractices.GilbertandReichert(1995)findthataccountsreceivablemanagementmodelsareusedin59percentofthesefirmstoimproveworkingcapitalprojects.whileinventorymanagementmodelswereusedin60percentofthecompanies.Morerecently.Farragher.KleimanandSahu(1999)findthat55percentoffirmsintheS&PIndustrialindexcompletesomeformofacashflowassessment.butdidnotpresentinsightsregardingaccountsreceivableandinventorymanagement.orthevariationsofanycurrentassetaccountsorliabilityaccountsacrossindustries.Thus.mixedevidenceexistsconcerningtheuseofworkingcapitalmanagementtechniques.Theoreticaldeterminationofoptimaltradecreditlimitsarethesubjectofmanyarticlesovertheyears(e.g..Schwartz1974;Scherr1996).withscantattentionpaidtoactualaccountsreceivablemanagement.Acrossalimitedsample.WeinraubandVisscher(1998)observeatendencyoffirmswithlowlevelsofcurrentratiostoalsohavelowlevelsofcurrentliabilities.Simultaneouslyinvestigatingaccountsreceivableandpayableissues.Hill.Sartoris.andFerguson(1984)finddifferencesinthewaypaymentdatesaredefined.Payeesdefinethedateofpaymentasthedatepaymentisreceived.whilepayorsviewpaymentasthepostmarkdate.AdditionalWCMinsightacrossfirms.industries.andtimecanaddtothisbodyofresearch.1ManessandZietlow(2002.51.496)presentstwomodelsofvaluecreationthatincorporateeffectiveshort-termfinancialmanagementactivities.However.thesemodelsaregenericmodelsanddonotconsideruniquefirmorindustryinfluences.ManessandZietlowdiscussindustryinfluencesinashortparagraphthatincludestheobservationthat.“Anindustryacompanyislocatedinmayhavemoreinfluenceonthatcompany’sfortunesthanoverallGNP ”(2002.507).Infact.acarefulreviewofthis627textbookfindsonlysporadicinformationonactualfirmlevelsofWCMdimensions.virtuallynothingonindustryfactorsexceptforsomeboxeditemswithtitlessuchas.“ShouldaRetailerOfferanIn-HouseCreditCard ”(128)andnothingonWCMstabilityovertime.Thisresearchwillattempttofillthisvoidbyinvestigatingpatternsrelatedtoworkingcapitalmeasureswithinindustriesandillustratedifferencesbetweenindustriesacrosstime.AnextensivesurveyoflibraryandInternetresourcesprovidedveryfewrecentreportsaboutworkingcapitalmanagement.ThemostrelevantsetofarticleswasWeiselandBradley’s(2003)articleoncashflowmanagementandoneofinventorycontrolasaresultofeffectivesupplychainmanagementbyHadley(2004).ResearchMethodTheCFORankingsThefirstannualCFOWorkingCapitalSurvey.ajointprojectwithRELConsultancyGroup.waspublishedintheJune1997issueofCFO(MintzandLezere1997).RELisaLondon.England-basedmanagementconsultingfirmspecializinginworkingcapitalissuesforitsgloballistofclients.Theoriginalsurveyreportsseveralworkingcapitalbenchmarksforpubliccompaniesusingdatafor1996.Eachcompanyisrankedagainstitspeersandalsoagainsttheentirefieldof1.000companies.RELcontinuestoupdatetheoriginalinformationonanannualbasis.RELusesthe“cashflowfromoperations ”valuelocatedonfirmcashflowstatementstoestimatecashconversionefficiency(CCE).Thisvalueindicateshowwellacompanytransformsrevenuesintocashflow.A“daysofworkingcapital”(DWC)valueisbasedonthedollaramountineachoftheaggregate.equally-weightedreceivables.inventory.andpayablesaccounts.The “daysofworkingcapital”(DNC)representsthetimeperiodbetweenpurchaseofinventoryonacccountfromvendoruntilthesaletothecustomer.thecollectionofthereceivables.andpaymentreceipt.Thus.itreflectsthecompany’sabilitytofinanceitscoreoperationswithvendorcredit.AdetailedinvestigationofWCMispossiblebecauseCFOalsoprovidesfirmandindustryvaluesfordayssalesoutstanding(A/R).inventoryturnover.anddayspayablesoutstanding(A/P).ResearchFindingsAverageandAnnualWorkingCapitalManagementPerformanceWorkingcapitalmanagementcomponentdefinitionsandaveragevaluesfortheentire1996–2000period.Acrossthenearly1.000firmsinthesurvey.cashflowfromoperations.definedascashflowfromoperationsdividedbysalesandreferredtoas“cashconversionefficiency”(CCE).averages9.0percent.Incorporatinga95percentconfidenceinterval.CCErangesfrom5.6percentto12.4percent.Thedaysworkingcapital(DWC).definedasthesumofreceivablesandinventoriesless2payablesdividedbydailysales.averages51.8daysandisverysimilartothedaysthatsalesareoutstanding(50.6).becausetheinventoryturnoverrate(onceevery32.0days)issimilartothenumberofdaysthatpayablesareoutstanding(32.4days).Inallinstances.thestandarddeviationisrelativelysmall.suggestingthattheseworkingcapitalmanagementvariablesareconsistentacrossCFOreports.IndustryRankingsonOverallWorkingCapitalManagementPerformanceCFOmagazineprovidesanoverallworkingcapitalrankingforfirmsinitssurvey.usingthefollowingequation:Industry-baseddifferencesinoverallworkingcapitalmanagementarepresentedforthetwenty-sixindustriesthathadatleasteightcompaniesincludedintherankingseachyear.Inthetypicalyear.CFOmagazineranks970companiesduringthisperiod.IndustriesarelistedinorderofthemeanoverallCFOrankingofworkingcapitalperformance.Sincethebestaveragerankingpossibleforaneight-companyindustryis4.5(thisassumesthattheeightcompaniesarerankedonethrougheightfortheentiresurvey).itisquiteobviousthatallfirmsinthepetroleumindustrymusthavebeenreceivingveryhighoverallworkingcapitalmanagementrankings.Infact.thepetroleumindustryisrankedfirstinCCEandthirdinDWC(asillustratedinTable5anddiscussedlaterinthispaper).Furthermore.thepetroleumindustryhadtheloweststandarddeviationofworkingcapitalrankingsandrangeofworkingcapitalrankings.Theonlyotherindustrywithameanoverallrankinglessthan100wastheElectric&GasUtilityindustry.whichrankedsecondinCCEandfourthinDWC.ThetwoindustrieswiththeworstworkingcapitalrankingswereTextilesandApparel.Textilesranktwenty-secondinCCEandtwenty-sixthinDWC.Theapparelindustryrankstwenty-thirdandtwenty-fourthinthetwoworkingcapitalmeasuresConclusionsTheresearchpresentedhereisbasedontheannualratingsofworkingcapitalmanagementpublishedinCFOmagazine.Ourfindingsindicateaconsistencyinhowindustries“stackup”againsteachotherovertimewithrespecttotheworkingcapitalmeasures.However.theworkingcapitalmeasuresthemselvesarenotstatic(i.e..averagesofworkingcapitalmeasuresacrossallfirmschangeannually);ourresultsindicatesignificantmovementsacrossourentiresampleovertime.Ourfindingsareimportantbecausetheyprovideinsighttoworkingcapitalperformanceacrosstime.andonworkingcapitalmanagementacrossindustries.Thesechangesmaybeinexplainedinpartbymacroeconomicfactors.Changesininterestrates.rateofinnovation.andcompetitionarelikelytoimpactworkingcapitalmanagement.Asinterestratesrise.therewouldbelessdesiretomakepaymentsearly.whichwouldstretchaccountspayable.accountsreceivable.andcashaccounts.TheramificationsofthisstudyincludethefindingofdistinctlevelsofWCMmeasuresfordifferentindustries.whichtendtobestableovertime.Manyfactorshelptoexplainthisdiscovery.Theimprovingeconomyduringtheperiodofthestudymayhaveresultedinimprovedturnoverinsomeindustries.whileslowingturnovermayhavebeenasignaloftroublesahead.Ourresultsshouldbeinterpretedcautiously.Ourstudytakesplacesoverashorttimeframeduringagenerallyimprovingmarket.Inaddition.thesurveysuffersfromsurvivorshipbias–onlythetopfirmswithineach3industryarerankedeachyearandthecompositionofthosefirmswithintheindustrycanchangeannually.Furtherresearchmaytakeoneoftwolines.First.therecouldbeastudyofwhetherstockpricesrespondtoCFOmagazine’spublicationofworkingcapitalmanagementratings.Second.therecouldbeastudyofwhich.ifany.oftheworkingcapitalmanagementcomponentsrelatetosharepriceperformance.Givenourresults.thesestudiesneedtotakeindustrymembershipintoconsiderationwhenestimatingstockpricereactiontoworkingcapitalmanagementperformance.4外文翻譯:對(duì)整個(gè)行業(yè)中營(yíng)運(yùn)資金管理的研究格雷格Filbeck.Schweser 學(xué)習(xí)計(jì)劃托馬斯M克魯格.威斯康星大學(xué)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(dòng)資產(chǎn)上的成立基金數(shù)額來(lái)用于擴(kuò)大現(xiàn)有的資金。我們提供了在調(diào)查公司時(shí)出具報(bào)告中的關(guān)鍵組成部分，調(diào)查公司營(yíng)運(yùn)資金管理的報(bào)告是運(yùn)用首席財(cái)務(wù)官雜志的年度資金管理的調(diào)查報(bào)告。我們發(fā)現(xiàn)，行業(yè)間的明顯差異存在于跨時(shí)資金的工作措施上。此外，這些措施在企業(yè)營(yíng)運(yùn)資金管理中實(shí)施后有了顯著改變。導(dǎo)言高效率的營(yíng)運(yùn)資金管理的重要性是不容置疑的。營(yíng)運(yùn)資金是資源或隨時(shí)兌換成現(xiàn)金（流動(dòng)資產(chǎn)）和即將的現(xiàn)金需要（流動(dòng)負(fù)債）之間的差額。營(yíng)運(yùn)資金管理的目標(biāo)是維持周轉(zhuǎn)的流動(dòng)資產(chǎn)和流動(dòng)負(fù)債都達(dá)到最佳平衡。商業(yè)可行性的能力依賴(lài)于有效的應(yīng)收賬款、庫(kù)存和應(yīng)付帳款的管理。企業(yè)能夠降低融資成本或增加通過(guò)最小化綁定在流動(dòng)資產(chǎn)上的成立基金數(shù)額的資金用于擴(kuò)大現(xiàn)有。太多的管理工作是消耗在帶動(dòng)流動(dòng)資產(chǎn)和負(fù)債水平回到最佳水平。最理想的水平是達(dá)到在風(fēng)險(xiǎn)和效率之間的平衡。一個(gè)最近企業(yè)的例子是其試圖最大限度地運(yùn)用營(yíng)運(yùn)資金管理。這就是經(jīng)常受到重視的六西格瑪方法的應(yīng)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(cè)量和保證質(zhì)量。當(dāng)前這個(gè)方法用來(lái)識(shí)別和糾正錯(cuò)誤的交易效率差異及財(cái)務(wù)供應(yīng)鏈。六西格瑪方法減少每天天銷(xiāo)售最杰出，以達(dá)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(dòng)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(xiāo)售天數(shù)減少了百分之十五的優(yōu)秀的銷(xiāo)售報(bào)告。 造成的結(jié)果是在蒂博多萬(wàn)區(qū)域醫(yī)療中心產(chǎn)生的現(xiàn)金流量增加了大約 200萬(wàn)美元。此外，壞帳從340萬(wàn)美元下降到 60萬(wàn)美元。然而，外克瑟的 (2003)研究多個(gè)公司雇用六西格瑪發(fā)現(xiàn)它確實(shí)是一個(gè)“緩慢致富”技術(shù)與回報(bào)率懸停在 1.2%-4.5%的范圍。即使在一個(gè)業(yè)務(wù)中使用 .六西格瑪方法論的“最佳”的營(yíng)運(yùn)資金管理需要被確認(rèn)即使在一個(gè)業(yè)務(wù)中使用，六西格瑪方法論的“最佳”的營(yíng)運(yùn)資金管理需要被確認(rèn)。行業(yè)因素可能會(huì)影響企業(yè)的信貸政策、庫(kù)存管理和賬單支付活動(dòng)。一些公5司可能會(huì)更適合盡量減少應(yīng)收賬款和存貨， 而其他則適應(yīng)應(yīng)付款最大化。 “最優(yōu)”的另一個(gè)方面是槽糕的財(cái)務(wù)成果卻是使用了最優(yōu)性能。幸運(yùn)的是，這些問(wèn)題是可測(cè)試的并被首席財(cái)務(wù)官雜志所發(fā)表。這聲稱(chēng)是“工具的來(lái)源和財(cái)務(wù)主管信息”即是本研究的主題。除了提供均值和營(yíng)運(yùn)資金的措施和整體度量。這兩個(gè)問(wèn)題將在本研究處其理差異值。一個(gè)研究問(wèn)題是：“在特殊產(chǎn)業(yè)內(nèi)的企業(yè)一起采用同樣的的營(yíng)運(yùn)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(xiāo)售（即有占應(yīng)收水平低）。而來(lái)自其他行業(yè)的企業(yè)往往有較高的銷(xiāo)售水平。特別是庫(kù)存水平（即存貨周轉(zhuǎn)率高）。另一個(gè)研究問(wèn)題是，“企業(yè)營(yíng)運(yùn)資金管理能否對(duì)企業(yè)績(jī)效在行業(yè)內(nèi)逐年改變起做作用？”以下部分提供了一個(gè)簡(jiǎn)短的文獻(xiàn)回顧。 對(duì)下一步研究方法進(jìn)行了介紹， 包括一些有關(guān)這個(gè)一年一度的營(yíng)運(yùn)資金管理及財(cái)務(wù)官雜志公布的調(diào)查。 調(diào)查是再提出和結(jié)論。相關(guān)文獻(xiàn)營(yíng)運(yùn)資金管理的重要性在于它并不是新的金融文學(xué)。 20多年前，斯蒂克尼（1980）報(bào)告說(shuō)。當(dāng)時(shí)的小波格蘭特的全國(guó)連鎖百貨公司相繼破產(chǎn)， 應(yīng)該是因?yàn)楣窘?jīng)營(yíng)了最后10年里經(jīng)營(yíng)里有8年的經(jīng)營(yíng)赤字，這早就作為一個(gè)世界500強(qiáng)的財(cái)務(wù)管理實(shí)踐研究的一部分。吉爾伯特和銳徹(1995)發(fā)現(xiàn)應(yīng)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(yíng)運(yùn)資金項(xiàng)目， 而庫(kù)存管理模型應(yīng)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(biāo)準(zhǔn)普爾工業(yè)指數(shù)完成是某種形式的現(xiàn)金流量的評(píng)估， 但并未提出關(guān)于應(yīng)收賬款和存貨管理的見(jiàn)解， 或任何流動(dòng)資產(chǎn)的變化帳戶或各行業(yè)現(xiàn)有資產(chǎn)負(fù)債賬戶的變化。因此，混合證據(jù)表明有關(guān)營(yíng)運(yùn)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(lái)自許多文章的主題 （例如，施瓦茨 1974年，謝爾1996年）注重實(shí)際的應(yīng)收賬款的管理。通過(guò)有限的樣本，溫勞布和菲斯海爾(1998)觀察到的趨勢(shì)是目前比率低的公司也有低水平的流動(dòng)負(fù)債。 同時(shí)調(diào)查應(yīng)收賬款和應(yīng)付賬款的問(wèn)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(tái)了解各企業(yè)、行業(yè)和時(shí)間能夠增加這方面的研究機(jī)構(gòu)。瑪尼思和澤特羅（2002年）提供了兩個(gè)價(jià)值創(chuàng)造的模式。納入有效的短期的財(cái)務(wù)管理活動(dòng)。但是，這些模型都是通用的模型并沒(méi)有考慮獨(dú)特的企業(yè)或行業(yè)的影響。瑪尼思和澤特羅談?wù)撘恍《萎a(chǎn)業(yè)影響包括那些“一個(gè)工業(yè)公司可能有更多的財(cái)富”公司可能影響整體國(guó)民生產(chǎn)總值。事實(shí)上，發(fā)現(xiàn)只有在實(shí)際的層面的營(yíng)運(yùn)資金管理的公司有各級(jí)零星資料。幾乎任何事物除了一些游戲項(xiàng)目，如盒裝行業(yè)因素?！叭绻碳姨峁┝艘粋€(gè)內(nèi)部的信用卡”。隨著時(shí)間的推移，沒(méi)有什么能影響營(yíng)運(yùn)資金管理穩(wěn)定性。這項(xiàng)研究將試圖完善調(diào)查有關(guān)工作措施以填補(bǔ)行業(yè)6內(nèi)資金模式這一空白，并說(shuō)明說(shuō)明行業(yè)間的跨時(shí)差異。一個(gè)對(duì)圖書(shū)館和網(wǎng)絡(luò)資源進(jìn)行廣泛的調(diào)查得到了很少的最新報(bào)告是關(guān)于營(yíng)運(yùn)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(kù)存管理作為一種有效的供應(yīng)鏈管理的途徑(2004)。研究方法第一次年度首席財(cái)務(wù)官營(yíng)運(yùn)資金管理的調(diào)查。 與REL顧問(wèn)組的聯(lián)合項(xiàng)目， 發(fā)表在1997年6月首席財(cái)務(wù)官雜志上。REL是英國(guó)倫敦為基礎(chǔ)的管理咨詢公司，專(zhuān)門(mén)從事于流動(dòng)資金問(wèn)題的服務(wù)，面向全球的客戶。原來(lái)的調(diào)查報(bào)告的營(yíng)運(yùn)資金運(yùn)用數(shù)據(jù)的上市公司的標(biāo)準(zhǔn)為1996年。每家公司對(duì)其同行的排名是針對(duì)整個(gè)領(lǐng)域的1000家公司.REL繼續(xù)更新以前年度基礎(chǔ)上的原始資料。REL使用的業(yè)務(wù)“現(xiàn)金流”的價(jià)值是對(duì)企業(yè)現(xiàn)金流量表作用于估計(jì)現(xiàn)金轉(zhuǎn)換效率（CCE）的。此值表示公司如何轉(zhuǎn)化現(xiàn)金流收入，一個(gè)“天的營(yíng)運(yùn)資金”價(jià)值是基于金額之和，即每個(gè)應(yīng)收賬款、庫(kù)存、應(yīng)付帳款帳戶之和?！叭諣I(yíng)運(yùn)資金”代表一個(gè)時(shí)期購(gòu)買(mǎi)存貨從供應(yīng)商到銷(xiāo)售給客戶之間收集的應(yīng)收賬款、付款收據(jù)。因此，它反映了公司的核心融資業(yè)務(wù)能力與供應(yīng)商