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ID:47931580
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页数:5页
时间:2019-11-06
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1、本文档系作者精心整理编辑,实用价值高。外文翻译ThefocusofworkingcapitalmanagementinUKsmallfirms(节选)Author:CaroleHoworth,PaulWestheadNationality:NottinghamNG81BB,UKDerivation:ManagementAccountingResearchNO.14,2003,PP.94–111AbstractWorkingcapitalmanagementroutinesofalargerandomsampleofsmallcom
2、paniesintheUKareexamined.Considerablevariabilityinthetake-upof11workingcapitalmanagementroutineswasdetected.Principalcomponentsanalysisandclusteranalysisconfirmtheidentificationoffourdistinct‘types’ofcompanieswithregardtopatternsofworkingcapitalmanagement.Thefirstthre
3、e‘types’ofcompaniesfocuseduponcashmanagement,stockordebtorsroutinesrespectively,whilstthefourth‘type’werelesslikelytotake-upanyworkingcapitalmanagementroutines.Influencesontheamountandfocusofworkingcapitalmanagementarediscussed.Multinomiallogisticregressionanalysissug
4、geststhattheselectedindependentvariablessuccessfullydiscriminatedbetweenthefour‘types’ofcompanies.Theresultssuggestthatsmallcompaniesfocusonlyonareasofworkingcapitalmanagementwheretheyexpecttoimprovemarginalreturns.Thedifficultiesofestablishingcausalityarehighlighteda
5、ndimplicationsforacademics,policy-makersandpractitionersarereported.ConclusionsandimplicationsTheaimofthisstudyhasbeentoencourageadditionalresearch,ratherthantoprovideanexhaustivereviewofallthefactorsassociatedwiththetake-upofworkingcapitalmanagementroutinesbysmallcom
6、panies.Threetheoriesguidedtheselectionoftheindependentvariablesexploredinthisstudy.TheRBVhighlightedthatsmallfirmshaveidiosyncraticbundlesofresourcesassociatedwiththetake-upofworkingcapitalmanagementroutines.Agencytheoryidentifiedtheinfluenceofexternalstakeholdersaswe
7、llasdifferencesbetweensmallandlargefirms.Transactionscoststheoryindicatedthatsmallfirmsmightinvestresourcesinspecificareasofworkingcapitalmanagementiftheyperceivethemtoofferthehighestmarginalreturn.Theresultsconsistentlyhighlighted,acrossavarietyofstatisticaltests,tha
8、tsmallfirmsarenotahomogenousgroupwithregardtoworkingcapitalmanagementroutines.Considerablevariabilitywasdetectedinthetake-up
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