营运资金的管理对上市公司盈利能力的影响外文翻译（可编辑）

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1、营运资金的管理对上市公司盈利能力的影响外文翻译外文翻译TherelationshipbetweenworkingcapitalmanagementandprofitabilityoflistedcompaniesMaterialSource:Electroniccopyavailable////0>.rn/Author:IoannisLazaridisAbstractInthispaperweinvestigatetherelationshipofcorporateprofitabilityandworkingcapitalmanagement.We

2、usedasampleof131companieslistedintheAthensStockExchangeASEfortheperiodof2001-2004.Thepurposeofthispaperistoestablisharelationshipthatisstatisticalsignificantbetweenprofitability,thecashconversioncycleanditscomponentsforlistedfirmsintheASE.Theresultsofourresearchshowedthattherei

3、sstatisticalsignificancebetweenprofitability,measuredthroughgrossoperatingprofit,andthecashconversioncycle.Moreovermanagerscancreateprofitsfortheircompaniesbyhandlingcorrectlythecashconversioncycleandkeepingeachdifferentcomponentaccountsreceivables,accountspayables,inventorytoa

4、noptimumlevelIntroductionCapitalstructureandworkingcapitalmanagementaretwoareaswidelyrevisitedbyacademiainordertopostulatefirms’profitability.Workingcapitalmanagementhavebeenapproachedinnumerousways.Otherresearchersstudiedtheimpactofoptimuminventorymanagementwhileotherauthorsst

5、udiedthemanagementofaccountsreceivablesinanoptimumwaythatleadstoprofitimisation1.AccordingtoDeloof22003thewaythatworkingcapitalismanagedhasasignificantimpactonprofitabilityoffirms.Thisresultindicatesthatthereisacertainlevelofworkingcapitalrequirementswhichpotentiallyimisesretur

6、nsOtherworkonthefieldofworkingcapitalmanagementfocusesontheroutinesemployedbyfirms.Thisresearchshowedthatfirmswhichfocusoncashmanagementwerelarger,withfewercashsales,moreseasonalityandpossiblymorecashflowproblems.Whilesmallerfirmsfocusedmoreonstockmanagementandlessprofitablefir

7、mswerefocusedoncreditmanagementroutines.Itissuggestedthathighgrowthfirmsfollowamorereluctantcreditpolicytowardstheircustomers,whiletheytieupmorecapitalintheformofinventory.Meanwhileaccountspayableswillincreaseduetobetterrelationsofsupplierswithfinancialinstitutionswhichdivertth

8、isadvantageoffinancialcosttotheirclientsAccordingtoWil