營運資金管理對中小企業(yè)盈利能力的影響【外文翻譯】_第1頁
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1、本科畢業(yè)論文（設計）外文翻譯原文：原文：EffectsofwkingcapitalmanagementonSMEprofitabilityAbstractTheobjectiveoftheresearchpresentedhereistoprovideempiricalevidenceabouttheeffectsofwkingcapitalmanagementontheprofitabilityofasampleofsmallmedi

2、umsizedSpanishfirms.Withthisinmindwecollectedapanelof8872SMEscoveringtheperiod19962002.Theresultswhicharerobusttothepresenceofendogeneitydemonstratethatmanagerscancreatevaluebyreducingtheirfirm’snumberofdaysaccountsrecei

3、vableinventies.Equallyshteningthecashconversioncyclealsoimprovesthefirm’sprofitability.IntroductionThecpatefinanceliteraturehastraditionallyfocusedonthestudyoflongtermfinancialdecisions.Researchershaveparticularlyoffered

4、studiesanalyzinginvestmentscapitalstructuredividendscompanyvaluationamongothertopics.Buttheinvestmentthatfirmsmakeinshttermassetstheresourcesusedwithmaturitiesofunderoneyearrepresentthemainshareofitemsonafirm’sbalanceshe

5、et.InfactinoursamplethecurrentassetsofsmallmediumsizedSpanishfirmsrepresent69.48percentoftheirassetsatthesametimetheircurrentliabilitiesrepresentmethan52.82percentoftheirliabilities.Wkingcapitalmanagementisimptantbecause

6、ofitseffectsonthefirm’sprofitabilityriskconsequentlyitsvalue(Smith1980).Ontheonehmaintaininghighinventylevelsreducesthecostofpossibleinterruptionsintheproductionprocessoflossofbusinessduetothescarcityofproductsreducessup

7、plycostsprotectsagainstpricefluctuationsamongotheradvantages(BlinderManccini1991).Ontheothergrantingtradecreditfavsthefirm’ssalesinnumberofdaysaccountsreceivableareoutstingreducinginventies.Meoverhefindsthatlessprofitabl

8、efirmswaitlongertopaytheirbills.Thesepreviousstudieshavefocusedtheiranalysisonlargerfirms.Howeverthemanagementofcurrentassetsliabilitiesisparticularlyimptantinthecaseofsmallmediumsizedcompanies.Mostofthesecompanies’asset

9、sareinthefmofcurrentassets.Alsocurrentliabilitiesareoneoftheirmainsourcesofexternalfinanceinviewoftheirdifficultiesinobtainingfundinginthelongtermcapitalmarkets(PetersenRajan1997)thefinancingconstraintsthattheyface(White

10、d1992FazzariPetersen1993).InthisrespectElliehausenWoken(1993)PetersenRajan(1997)DanielsonScott(2000)showthatsmallmediumsizedUSfirmsusevendfinancingwhentheyhaverunoutofdebt.Thusefficientwkingcapitalmanagementisparticularl

11、yimptantfsmallercompanies(PeelWilson1996).Inthiscontexttheobjectiveofthecurrentwkistoprovideempiricalevidenceabouttheeffectsofwkingcapitalmanagementonprofitabilityfapanelmadeupof8872SMEsduringtheperiod19962002.Thiswkcont

12、ributestotheliteratureintwoways.FirstnoprevioussuchevidenceexistsfthecaseofSMEs.WeuseasampleofSpanishSMEsthatoperatewithinthesocalledcontinentalmodelwhichisacterizedbyitslessdevelopedcapitalmarkets(LaPtaLpezdeSilanesShle

13、iferVishny1997)bythefactthatmostresourcesarechanneledthroughfinancialintermediaries(Pampilln2000).AllthissuggeststhatSpanishSMEshavefeweralternativesourcesofexternalfinanceavailablewhichmakesthemmedependentonshttermfinan

14、ceingeneralontradecreditinparticular.AsDemirgucKuntMaksimovic(2002)suggestfirmsoperatingincountrieswithmedevelopedbankingsystemsgrantmetradecredittotheircustomersatthesametimetheyreceivemefinancefromtheirownsuppliers.The

15、secondcontributionisthatunlikethepreviousstudiesbyShinSoenen(1998)Deloof(2003)inthecurrentwkwehaveconductedtestsrobusttothepossiblepresenceofendogeneityproblems.Theaimistoensurethattherelationshipsfoundintheanalysiscarri

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