2024年6月16日发(作者：)
中小企业营运资金管理中英文对照外文翻译文献
中小企业营运资金管理中英文对照外文翻译文献
(文档含英文原文和中文翻译)
中小企业营运资金管理中英文对照外文翻译文献
原文：
Effects of working capital management on SME profitability
Abstract
The objective of the research presented here is to provide empirical evidence
about the effects of working capital management on the profitability of a sample of
small and medium-sized Spanish firms. With this in mind, we collected a panel of
8,872 SMEs covering the period 1996-2002. The results, which are robust to the
presence of endogeneity, demonstrate that managers can create value by reducing
their firm’s number of days accounts receivable and inventories. Equally, shortening
the cash conversion cycle also improves the firm’s profitability.
Introduction
The corporate finance literature has traditionally focused on the study of
long-term financial decisions. Researchers have particularly offered studies analyzing
investments, capital structure, dividends or company valuation, among other topics.
But the investment that firms make in short-term assets, and the resources used with
maturities of under one year, represent the main share of items on a firm’s balance
sheet. In fact, in our sample the current assets of small and medium-sized Spanish
firms represent 69.48 percent of their assets, and at the same time their current
liabilities represent more than 52.82 percent of their liabilities.
Working capital management is important because of its effects on the firm’s
profitability and risk, and consequently its value (Smith, 1980). On the one hand,
maintaining high inventory levels reduces the cost of possible interruptions in the
production process, or of loss of business due to the scarcity of products, reduces
supply costs, and protects against price fluctuations, among other advantages (Blinder
and Manccini, 1991). On the other, granting trade credit favors the firm’s sales in
various ways. Trade credit can act as an effective price cut (Brennan, Maksimovic and
Zechner, 1988; Petersen and Rajan, 1997), incentivizes customers to acquire
merchandise at times of low demand (Emery, 1987), allows customers to check that
the merchandise they receive is as agreed (quantity and quality) and to ensure that the
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