管理论文 外文文献 运营资金管理重点

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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