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ID:8396375
大小:159.01 KB
页数:11页
时间:2018-03-26
《外文翻译--雅典证交所营运资金管理和上市公司盈利能力之间的关系》由会员上传分享,免费在线阅读,更多相关内容在工程资料-天天文库。
1、中文3646字原文:TherelationshipbetweenworkingcapitalmanagementandprofitabilityoflistedcompaniesintheAthensStockExchangeAbstractInthispaperweinvestigatetherelationshipofcorporateprofitabilityandworkingcapitalmanagement.Weusedasampleof131companieslistedintheAthensStockExchange(ASE)fortheperiod
2、of2001-2004.Thepurposeofthispaperistoestablisharelationshipthatisstatisticalsignificantbetweenprofitability,thecashconversioncycleanditscomponentsforlistedfirmsintheASE.Theresultsofourresearchshowedthatthereisstatisticalsignificancebetweenprofitability,measuredthroughgrossoperatingprof
3、it,andthecashconversioncycle.Moreovermanagerscancreateprofitsfortheircompaniesbyhandlingcorrectlythecashconversioncycleandkeepingeachdifferentcomponent(accountsreceivables,accountspayables,inventory)toanoptimumlevelIntroductionCapitalstructureandworkingcapitalmanagementaretwoareaswidel
4、yrevisitedbyacademiainordertopostulatefirms’profitability.Workingcapitalmanagementhasbeenapproachedinnumerousways.Otherresearchersstudiedtheimpactofoptimuminventorymanagementwhileotherauthorsstudiedthemanagementofaccountsreceivablesinanoptimumwaythatleadstoprofitmaximization.Accordingt
5、oDeloof(2003)thewaythatworkingcapitalismanagedhasasignificantimpactonprofitabilityoffirms.Thisresultindicatesthatthereisacertainlevelofworkingcapitalrequirementswhichpotentiallymaximizesreturns.Otherworkonthefieldofworkingcapitalmanagementfocusesontheroutinesemployedbyfirms.Thisresearc
6、hshowedthatfirmswhichfocusoncashmanagementwerelarger,withfewercashsales,moreseasonalityandpossiblymorecashflowproblems.Whilesmallerfirmsfocusedmoreonstockmanagementandlessprofitablefirmswerefocusedoncreditmanagementroutines.Itissuggestedthathighgrowthfirmsfollowamorereluctantcreditpoli
7、cytowardstheircustomers,whiletheytieupmorecapitalintheformofinventory.Meanwhileaccountspayableswillincreaseduetobetterrelationsofsupplierswithfinancialinstitutionswhichdivertthisadvantageoffinancialcosttotheirclients.AccordingtoWilner(2000)mostfirmsextensivelyusetradecreditdespiteits
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