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1、外文翻译OntherelationshipbetweeninventoryandfinancialperformanceinmanufacturingcompaniesMaterialSource:www.emeraldinsight.com/0144-3577.htmAuthor:VedranCapkun,Ari-PekkaHameri,LawrenceA.Weiss1.IntroductionThedominantthemeoftheoperationsmanagementliteratureoverthepastcenturyh
2、asbeentoimproveoperationalperformance.Thiscanbeachievedbyreducingtheleadtimefromrawmaterialstofinishedgoods(fastercycletimes),reducingtheamountofwasteintheprocess(managingtheinputandoutputquality),andbyreducingthequantityofphysicalunitsheldbythefirm(workingwithsuppliers
3、andcustomers).Numeroustechniqueshavebeenproposedtoachievethisgoal,including:businessprocessreengineering,totalqualitymanagement,Supplychainintegration,just-in-time(JIT),leanthinking,agilemanufacturing,andactivity-basedmanagement.Theinherentlogicofthesetechniquesisselfev
4、identandwidelyaccepted.Themajorityofsuccessstoriesinoperationsmanagementstemfromsmallsampleresearchintheautomotive,machinery,andjob-shop(assembly)industries.Thesestudiesdocumentincreasedmarketshare,higherprofitabilityandgreaterproductqualityforfirmsthathaveemployedtheab
5、ovetechniquestoimprovetheiroperations.Thispaperaimstoextendtheevidenceontheeffectsofimprovinginventoryperformancewithalargesamplestudy,anexaminationoftotalaswellasthediscretecomponentsofinventory,inadditiontoanexaminationbothacrossallmanufacturingfirmsandwithinmanufactu
6、ringindustries.Weanalyzetherelationshipbetweenrawmaterials(RMI),work-in-process(WIP),finishedgoods(FGI),andtotalinventory(INV)performance(inventoryperformance)totheprofitabilityofoperatingactivities(financialperformance)ofUSmanufacturingfirmsinthe1980-2005period.Forthep
7、urposeofthisstudyweuseinventorylevelsscaledbysalesasameasureofinventoryperformance.Wefindthatimprovingafirm’sinventoryperformance(loweringtheinventorytosalesratio)yieldsbetterfinancialperformancemeasuredbothatthegrossprofitandattheoperatingprofitlevels.DecomposingINVint
8、oitscomponentparts(RMI,WIP,andFGI)revealsthatthecorrelationisdrivenbyallthreediscreteinventorytypes.Thesizeoft
