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【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【外文翻译】》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、本科毕业论文（设计）外文翻译原文：TherelationshipbetweenworkingcapitalmanagementandprofitabilityoflistedcompaniesintheAthensStockExchangeAbstractInthispaperweinvestigatetherelationshipofcorporateprofitabilityandworkingcapitalmanagement.Weusedasampleof131companieslistedintheAthensStockExchange(ASE)fortheperiodof200

2、1-2004.Thepurposeofthispaperistoestablisharelationshipthatisstatisticalsignificantbetweenprofitability,thecashconversioncycleanditscomponentsforlistedfirmsintheASE.Theresultsofourresearchshowedthatthereisstatisticalsignificancebetweenprofitability,measuredthroughgrossoperatingprofit,andthecashconv

3、ersioncycle.Moreovermanagerscancreateprofitsfortheircompaniesbyhandlingcorrectlythecashconversioncycleandkeepingeachdifferentcomponent(accountsreceivables,accountspayables,inventory)toanoptimumlevelIntroductionCapitalstructureandworkingcapitalmanagementaretwoareaswidelyrevisitedbyacademiainorderto

4、postulatefirms’profitability.Workingcapitalmanagementhasbeenapproachedinnumerousways.Otherresearchersstudiedtheimpactofoptimuminventorymanagementwhileotherauthorsstudiedthemanagementofaccountsreceivablesinanoptimumwaythatleadstoprofitmaximization.AccordingtoDeloof(2003)thewaythatworkingcapitalisma

5、nagedhasasignificantimpactonprofitabilityoffirms.Thisresultindicatesthatthereisacertainlevelofworkingcapitalrequirementswhichpotentiallymaximizesreturns.Otherworkonthefieldofworkingcapitalmanagementfocusesontheroutinesemployedbyfirms.Thisresearchshowedthatfirmswhichfocusoncashmanagementwerelarger,

6、withfewercashsales,moreseasonalityandpossiblymorecashflowproblems.Whilesmallerfirmsfocusedmoreonstockmanagementandlessprofitablefirmswerefocusedoncreditmanagementroutines.Itissuggestedthathighgrowthfirmsfollowamorereluctantcreditpolicytowardstheircustomers,whiletheytieupmorecapitalintheformofinven

7、tory.Meanwhileaccountspayableswillincreaseduetobetterrelationsofsupplierswithfinancialinstitutionswhichdivertthisadvantageoffinancialcosttotheirclients.AccordingtoWilner(2000)mostfirmsextensivelyusetradecreditdes