营运资金的管理对上市公司盈利能力的影响【外文翻译】

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1、外文翻译TherelationshipbetweenworkingcapitalmanagementandprofitabilityoflistedcompaniesMaterialSource:Electroniccopyavailableathttp://ssrn.com/Author:IoannisLazaridisAbstractInthispaperweinvestigatetherelationshipofcorporateprofitabilityandworkingcapitalmanagement.W

2、eusedasampleof131companieslistedintheAthensStockExchange(ASE)fortheperiodof2001-2004.Thepurposeofthispaperistoestablisharelationshipthatisstatisticalsignificantbetweenprofitability,thecashconversioncycleanditscomponentsforlistedfirmsintheASE.Theresultsofourresea

3、rchshowedthatthereisstatisticalsignificancebetweenprofitability,measuredthroughgrossoperatingprofit,andthecashconversioncycle.Moreovermanagerscancreateprofitsfortheircompaniesbyhandlingcorrectlythecashconversioncycleandkeepingeachdifferentcomponent(accountsrecei

4、vables,accountspayables,inventory)toanoptimumlevel.IntroductionCapitalstructureandworkingcapitalmanagementaretwoareaswidelyrevisitedbyacademiainordertopostulatefirms’profitability.Workingcapitalmanagementhavebeenapproachedinnumerousways.Otherresearchersstudiedth

5、eimpactofoptimuminventorymanagementwhileotherauthorsstudiedthemanagementofaccountsreceivablesinanoptimumwaythatleadstoprofitmaximisation1.AccordingtoDeloof2(2003)thewaythatworkingcapitalismanagedhasasignificantimpactonprofitabilityoffirms.Thisresultindicatesthat

6、thereisacertainlevelofworkingcapitalrequirementswhichpotentiallymaximisesreturns.Otherworkonthefieldofworkingcapitalmanagementfocusesontheroutinesemployedbyfirms.Thisresearchshowedthatfirmswhichfocusoncashmanagementwerelarger,withfewercashsales,moreseasonalityan

7、dpossiblymorecashflowproblems.Whilesmallerfirmsfocusedmoreonstockmanagementandlessprofitablefirmswerefocusedoncreditmanagementroutines.Itissuggestedthathighgrowthfirmsfollowamorereluctantcreditpolicytowardstheircustomers,whiletheytieupmorecapitalintheformofinven

8、tory.Meanwhileaccountspayableswillincreaseduetobetterrelationsofsupplierswithfinancialinstitutionswhichdivertthisadvantageoffinancialcosttotheirclients.AccordingtoWil