营运管理__英文文献_对整个行业中营运资金管理的研究

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1、AnAnalysisofWorkingCapitalManagementResultsAcrossIndustriesGregFilbeck.SchweserStudyProgramThomasM.Krueger.UniversityofWisconsin-LaCrosseAbstractFirmsareabletoreducefinancingcostsand/orincreasethefundsavailableforexpansionbyminimizingtheamountoffundstiedupincurrentassets.Weprovidein

2、sightsintotheperformanceofsurveyedfirmsacrosskeycomponentsofworkingcapitalmanagementbyusingtheCFOmagazine’sannualWorkingCapitalManagementSurvey.Wediscoverthatsignificantdifferencesexistbetweenindustriesinworkingcapitalmeasuresacrosstime.Inaddition.wediscoverthatthesemeasuresforworki

3、ngcapitalchangesignificantlywithinindustriesacrosstime.IntroductionTheimportanceofefficientworkingcapitalmanagementisindisputable.Workingcapitalisthedifferencebetweenresourcesincashorreadilyconvertibleintocash(CurrentAssets)andorganizationalcommitmentsforwhichcashwillsoonberequired(

4、CurrentLiabilities).Theobjectiveofworkingcapitalmanagementistomaintaintheoptimumbalanceofeachoftheworkingcapitalcomponents.Businessviabilityreliesontheabilitytoeffectivelymanagereceivables.inventory.andpayables.Firmsareabletoreducefinancingcostsand/orincreasethefundsavailableforexpa

5、nsionbyminimizingtheamountoffundstiedupincurrentassets.Muchmanagerialeffortisexpendedinbringingnon-optimallevelsofcurrentassetsandliabilitiesbacktowardoptimallevels.Anoptimallevelwouldbeoneinwhichabalanceisachievedbetweenriskandefficiency.EveninabusinessusingSixSigma®methodology.an“

6、optimal”levelofworkingcapitalmanagementneedstobeidentified.Industryfactorsmayimpactfirmcreditpolicy.inventorymanagement.andbill-payingactivities.Somefirmsmaybebettersuitedtominimizereceivablesandinventory.whileothersmaximizepayables.Anotheraspectof“optimal”istheextenttowhichpoorfina

7、ncialresultscanbetiedtosub-optimalperformance.Fortunately.theseissuesaretestablewithdatapublishedbyCFOmagazine.whichclaimstobethesourceof“toolsandinformationforthefinancialexecutive.”andarethesubjectofthisresearch.Inadditiontoprovidingmeanandvariancevaluesfortheworkingcapitalmeasure

8、sandtheoverallmetri