营运管理外文文献+中文文档格式.docx

营运管理外文文献+中文文档格式.docx

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GregFilbeck.SchweserStudyProgram

ThomasM.Krueger.UniversityofWisconsin-LaCrosse

Abstract

Firmsareabletoreducefinancingcostsand/orincreasethefundsavailableforexpansionbyminimizingtheamountoffundstiedupincurrentassets.WeprovideinsightsintotheperformanceofsurveyedfirmsacrosskeycomponentsofworkingcapitalmanagementbyusingtheCFOmagazine’sannualWorkingCapitalManagementSurvey.Wediscoverthatsignificantdifferencesexistbetweenindustriesinworkingcapitalmeasuresacrosstime.Inaddition.wediscoverthatthesemeasuresforworkingcapitalchangesignificantlywithinindustriesacrosstime.

Introduction

Theimportanceofefficientworkingcapitalmanagementisindisputable.Workingcapitalisthedifferencebetweenresourcesincashorreadilyconvertibleintocash（CurrentAssets）andorganizationalcommitmentsforwhichcashwillsoonberequired（CurrentLiabilities）.Theobjectiveofworkingcapitalmanagementistomaintaintheoptimumbalanceofeachoftheworkingcapitalcomponents.Businessviabilityreliesontheabilitytoeffectivelymanagereceivables.inventory.andpayables.Firmsareabletoreducefinancingcostsand/orincreasethefundsavailableforexpansionbyminimizingtheamountoffundstiedupincurrentassets.Muchmanagerialeffortisexpendedinbringingnon-optimallevelsofcurrentassetsandliabilitiesbacktowardoptimallevels.Anoptimallevelwouldbeoneinwhichabalanceisachievedbetweenriskandefficiency.

ArecentexampleofbusinessattemptingtomaximizeworkingcapitalmanagementistherecurrentattentionbeinggiventotheapplicationofSixSigma®

methodology.SixSigma®

methodologieshelpcompaniesmeasureandensurequalityinallareasoftheenterprise.Whenusedtoidentifyandrectifydiscrepancies.inefficienciesanderroneoustransactionsinthefinancialsupplychain.SixSigma®

reducesDaysSalesOutstanding（DSO）.acceleratesthepaymentcycle.improvescustomersatisfactionandreducesthenecessaryamountandcostofworkingcapitalneeds.Thereappeartobemanysuccessstories.includingJenniferTowne’s（2002）reportofa15percentdecreaseindaysthatsalesareoutstanding.resultinginanincreasedcashflowofapproximately$2millionatThibodauxRegionalMedicalCenter.Furthermore.baddebtsdeclinedfrom$3.4millionto$600.000.However.Waxer’s（2003）studyofmultiplefirmsemployingSixSigma®

findsthatitisreallya“getrichslow”techniquewitharateofreturnhoveringinthe1.2–4.5percentrange.

EveninabusinessusingSixSigma®

methodology.an“optimal”levelofworkingcapitalmanagementneedstobeidentified.

EveninabusinessusingSixSigma®

methodology.an“optimal”levelofworkingcapitalmanagementneedstobeidentified.Industryfactorsmayimpactfirmcreditpolicy.inventorymanagement.andbill-payingactivities.Somefirmsmaybebettersuitedtominimizereceivablesandinventory.whileothersmaximizepayables.Anotheraspectof“optimal”istheextenttowhichpoorfinancialresultscanbetiedtosub-optimalperformance.Fortunately.theseissuesaretestablewithdatapublishedbyCFOmagazine.whichclaimstobethesourceof“toolsandinformationforthefinancialexecutive.”andarethesubjectofthisresearch.

Inadditiontoprovidingmeanandvariancevaluesfortheworkingcapitalmeasuresandtheoverallmetric.twoissueswillbeaddressedinthisresearch.Oneresearchquestionis.“arefirmswithinaparticularindustryclusteredtogetheratconsistentlevelsofworkingcapitalmeasures?

”Forinstance.arefirmsinoneindustryabletoquicklytransfersalesintocash.whilefirmsfromanotherindustrytendtohavehighsaleslevelsfortheparticularlevelofinventory.Theotherresearchquestionis.“doesworkingcapitalmanagementperformanceforfirmswithinagivenindustrychangefromyear-to-year?

”

Thefollowingsectionpresentsabriefliteraturereview.Next.theresearchmethodisdescribed.includingsomeinformationabouttheannualWorkingCapitalManagementSurveypublishedbyCFOmagazine.Findingsarethenpresentedandconclusionsaredrawn.

RelatedLiterature

Theimportanceofworkingcapitalmanagementisnotnewtothefinanceliterature.Overtwentyyearsago.LargayandStickney（1980）reportedthatthethen-recentbankruptcyofW.T.Grant.anationwidechainofdepartmentstores.shouldhavebeenanticipatedbecausethecorporationhadbeenrunningadeficitcashflowfromoperationsforeightofthelasttenyearsofitscorporatelife.AspartofastudyoftheFortune500’sfinancialmanagementpractices.GilbertandReichert（1995）findthataccountsreceivablemanagementmodelsareusedin59percentofthesefirmstoimproveworkingcapitalprojects.whileinventorymanagementmodelswere