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ID:11822865
大小:163.14 KB
页数:11页
时间:2018-07-14
《外文翻译--雅典证交所营运资金管理和上市公司盈利能力之间的关系》由会员上传分享,免费在线阅读,更多相关内容在教育资源-天天文库。
1、中文3646字原文:TherelationshipbetweenworkingcapitalmanagementandprofitabilityoflistedcompaniesintheAthensStockExchangeAbstractInthispaperweinvestigatetherelationshipofcorporateprofitabilityandworkingcapitalmanagement.Weusedasampleof131companieslistedintheAthensStockExchange(ASE
2、)fortheperiodof2001-2004.Thepurposeofthispaperistoestablisharelationshipthatisstatisticalsignificantbetweenprofitability,thecashconversioncycleanditscomponentsforlistedfirmsintheASE.Theresultsofourresearchshowedthatthereisstatisticalsignificancebetweenprofitability,measure
3、dthroughgrossoperatingprofit,andthecashconversioncycle.Moreovermanagerscancreateprofitsfortheircompaniesbyhandlingcorrectlythecashconversioncycleandkeepingeachdifferentcomponent(accountsreceivables,accountspayables,inventory)toanoptimumlevelIntroductionCapitalstructureandw
4、orkingcapitalmanagementaretwoareaswidelyrevisitedbyacademiainordertopostulatefirms’profitability.Workingcapitalmanagementhasbeenapproachedinnumerousways.Otherresearchersstudiedtheimpactofoptimuminventorymanagementwhileotherauthorsstudiedthemanagementofaccountsreceivablesin
5、anoptimumwaythatleadstoprofitmaximization.AccordingtoDeloof(2003)thewaythatworkingcapitalismanagedhasasignificantimpactonprofitabilityoffirms.Thisresultindicatesthatthereisacertainlevelofworkingcapitalrequirementswhichpotentiallymaximizesreturns.Otherworkonthefieldofworkin
6、gcapitalmanagementfocusesontheroutinesemployedbyfirms.Thisresearchshowedthatfirmswhichfocusoncashmanagementwerelarger,withfewercashsales,moreseasonalityandpossiblymorecashflowproblems.Whilesmallerfirmsfocusedmoreonstockmanagementandlessprofitablefirmswerefocusedoncreditman
7、agementroutines.Itissuggestedthathighgrowthfirmsfollowamorereluctantcreditpolicytowardstheircustomers,whiletheytieupmorecapitalintheformofinventory.Meanwhileaccountspayableswillincreaseduetobetterrelationsofsupplierswithfinancialinstitutionswhichdivertthisadvantageoffinanc
8、ialcosttotheirclients.AccordingtoWilner(2000)mostfirmsextensivelyusetradecreditdespiteits
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