管理论文外文文献运营资金管理重点

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1、外文翻译ThefocusofworkingcapitalmanagementinUKsmallfirms（节选）Author：CaroleHoworth，PaulWestheadNationality：NottinghamNG81BB,UKDerivation:ManagementAccountingResearchNO.14,2003,PP.94–111AbstractWorkingcapitalmanagementroutinesofalargerandomsampleofsmallcompaniesintheUKare

2、examined.Considerablevariabilityinthetake-upof11workingcapitalmanagementroutineswasdetected.Principalcomponentsanalysisandclusteranalysisconfirmtheidentificationoffourdistinct‘types’ofcompanieswithregardtopatternsofworkingcapitalmanagement.Thefirstthree‘types’ofcom

3、paniesfocuseduponcashmanagement,stockordebtorsroutinesrespectively,whilstthefourth‘type’werelesslikelytotake-upanyworkingcapitalmanagementroutines.Influencesontheamountandfocusofworkingcapitalmanagementarediscussed.Multinomiallogisticregressionanalysissuggeststhatt

4、heselectedindependentvariablessuccessfullydiscriminatedbetweenthefour‘types’ofcompanies.Theresultssuggestthatsmallcompaniesfocusonlyonareasofworkingcapitalmanagementwheretheyexpecttoimprovemarginalreturns.Thedifficultiesofestablishingcausalityarehighlightedandimpli

5、cationsforacademics,policy-makersandpractitionersarereported.ConclusionsandimplicationsTheaimofthisstudyhasbeentoencourageadditionalresearch,ratherthantoprovideanexhaustivereviewofallthefactorsassociatedwiththetake-upofworkingcapitalmanagementroutinesbysmallcompani

6、es.Threetheoriesguidedtheselectionoftheindependentvariablesexploredinthisstudy.TheRBVhighlightedthatsmallfirmshaveidiosyncraticbundlesofresourcesassociatedwiththetake-upofworkingcapitalmanagementroutines.Agencytheoryidentifiedtheinfluenceofexternalstakeholdersaswel

7、lasdifferencesbetweensmallandlargefirms.Transactionscoststheoryindicatedthatsmallfirmsmightinvestresourcesinspecificareasofworkingcapitalmanagementiftheyperceivethemtoofferthehighestmarginalreturn.Theresultsconsistentlyhighlighted,acrossavarietyofstatisticaltests,t

8、hatsmallfirmsarenotahomogenousgroupwithregardtoworkingcapitalmanagementroutines.Considerablevariabilitywasdetectedinthetake-upof11workingcapitalm