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1、外文翻译原文EffectsofworkingcapitalmanagementonSMEprotabilityMaterialSource:InternationalJournalofManageriaFinanceVol.3No.2,2007Author:PedroJuanGarcı´a-Teruel,PedroMartı´nez-SolanoThecorporatefinanceliteraturehastraditionallyfocusedonthestudyoflong-termfinancialdecisions.Researchershavepar
2、ticularlyofferedstudiesanalyzing investments,capitalstructure,dividendsorcompanyvaluation,amongothertopics.Buttheinvestmentthatfirmsmakeinshort-termassets,andtheresourcesusedwith maturitiesofunderoneyear,representthemainshareofitemsonafirm’sbalancesheet.Infact,inthesampleusedinthepre
3、sentstudy,currentassetsofsmallandmedium-sizedSpanishfirmsrepresent69percentoftheirassets,andatthesametimetheircurrentliabilitiesrepresentmorethan52percentoftheirliabilities.Workingcapitalmanagementisimportantbecauseofitseffectsonthefirm’sprofitabilityandrisk,andconsequentlyitsvalue(Sm
4、ith,1980).Specifically,workingcapitalinvestmentinvolvesatradeoffbetweenprofitabilityandrisk.Decisionsthattendtoincreaseprofitabilitytendtoincreaserisk,andconversely,decisionsthatfocusonriskreductionwilltendtoreducepotentialprofitability.Gitman(1974)arguedthatthecashconversioncyclewasak
5、eyfactorinworkingcapitalmanagement.Actually,decisionsabouthowmuchtoinvestinthecustomerandinventoryaccounts,andhowmuchcredittoacceptfromsuppliers,arereflectedinthefirm’scashconversioncycle,whichrepresentstheaveragenumberofdaysbetweenthedatewhenthefirmmuststartpayingitssuppliersandtheda
6、tewhenitbeginstocollectpaymentsfromitsFinancialsupportfromFundacio´nCajaMurciaisgratefullyacknowledged.customers.Previousstudieshaveusedmeasuresbasedonthecashconversioncycletoanalyzewhethershorteningthiscyclehaspositiveornegativeeffectsonthefirm’sprofitability.Empiricalevidencerelati
7、ngworkingcapitalmanagementandprofitabilityingeneralsupportsthefactthataggressiveworkingcapitalpoliciesenhanceprofitability(Joseetal.,1996;ShinandSoenen,1998;forUScompanies;Deloof,2003;forBelgianfirms;Wang,2002;forJapanese7andTaiwanesefirms).Thissuggeststhatreducingworkingcapitalinvestm
8、entislikelytoleadtohigherp
