集团企业资金集中管理外文翻译Word格式文档下载.docx
《集团企业资金集中管理外文翻译Word格式文档下载.docx》由会员分享,可在线阅读,更多相关《集团企业资金集中管理外文翻译Word格式文档下载.docx(7页珍藏版)》请在冰豆网上搜索。
![集团企业资金集中管理外文翻译Word格式文档下载.docx](https://file1.bdocx.com/fileroot1/2022-11/17/f663e17a-0c11-4aac-8efe-f92adb8020a4/f663e17a-0c11-4aac-8efe-f92adb8020a41.gif)
集团企业资金集中管理外文翻译@#@集团企业资金集中管理外文翻译@#@ @#@@#@Ⅲ.外文翻译@#@ @#@@#@外文翻译之一@#@Thefocusofworkingcapitalmanagement@#@inUKsmallfirms(节选)@#@ @#@@#@Author:
@#@CaroleHoworth,PaulWesthead@#@Nationality:
@#@NottinghamNG81BB,UK@#@Derivation:
@#@ManagementAccountingResearchNO.14,2003,PP.94–111@#@Abstract@#@WorkingcapitalmanagementroutinesofalargerandomsampleofsmallcompaniesintheUKareexamined.Considerablevariabilityinthetake-upof11workingcapitalmanagementroutineswasdetected.Principalcomponentsanalysisandclusteranalysisconfirmtheidentificationoffourdistinct‘types’ofcompanieswithregardtopatternsofworkingcapitalmanagement.Thefirstthree‘types’ofcompaniesfocuseduponcashmanagement,stockordebtorsroutinesrespectively,whilstthefourth‘type’werelesslikelytotake-upanyworkingcapitalmanagementroutines.Influencesontheamountandfocusofworkingcapitalmanagementarediscussed.Multinomiallogisticregressionanalysissuggeststhattheselectedindependentvariablessuccessfullydiscriminatedbetweenthefour‘types’ofcompanies.Theresultssuggestthatsmallcompaniesfocusonlyonareasofworkingcapitalmanagementwheretheyexpecttoimprovemarginalreturns.Thedifficultiesofestablishingcausalityarehighlightedandimplicationsforacademics,policy-makersandpractitionersarereported.@#@Conclusionsandimplications@#@Theaimofthisstudyhasbeentoencourageadditionalresearch,ratherthantoprovideanexhaustivereviewofallthefactorsassociatedwiththetake-upofworkingcapitalmanagementroutinesbysmallcompanies.Threetheoriesguidedtheselectionoftheindependentvariablesexploredinthisstudy.TheRBVhighlightedthatsmallfirmshaveidiosyncraticbundlesofresourcesassociatedwiththetake-upofworkingcapitalmanagementroutines.Agencytheoryidentifiedtheinfluenceofexternalstakeholdersaswellasdifferencesbetweensmallandlargefirms.Transactionscoststheoryindicatedthatsmallfirmsmightinvestresourcesinspecificareasofworkingcapitalmanagementiftheyperceivethemtoofferthehighestmarginalreturn.@#@Theresultsconsistentlyhighlighted,acrossavarietyofstatisticaltests,thatsmallfirmsarenotahomogenousgroupwithregardtoworkingcapitalmanagementroutines.Considerablevariabilitywasdetectedinthetake-upof11workingcapitalmanagementroutinesbyalargerandomsampleofsmallcompaniesintheUK.EvidencefromthePCAandtheclusteranalysisconfirmedtheidentificationoffourdistinct‘types’ofcompanieswithregardtothetake-upofworkingcapitalmanagementroutines.Moreover,evidencefromthemultinomiallogisticregressionanalysissuggeststhattheselectedindependentvariablessuccessfullydiscriminatedbetweenthefour‘types’ofcompanies.Twelveoutofthe18hypothesesweresupported.Afurthertwohypothesesshowedtheanticipatedrelationshipbutwerenotsignificantdiscriminatorsbetweenthe‘types’ofcompanies.@#@Evidencethatthemajorityofsmallcompaniesfocustheireffortsononeareaofworkingcapitalmanagementindicatesthatresourcesforworkingcapitalmanagementarelimited.However,astrikingfindingfromtheregressionanalysiswasthedetectionthatfirmswhichutilizefewerworkingcapitalmanagementroutineswerenotnecessarilysmallercompanies.Wecaninferherethatresourceconstraintspersemaynotbethemajorbarriertotheutilizationofworkingcapitalmanagementroutinesbysmallercompanies.Instead,theresultsprovideanindicationthattheperceivedmarginalreturnoncommittingresourcesmaybeamajorinfluenceontheextentandfocusofworkingcapitalmanagement.@#@However,weacknowledgethatacross-sectionalstudysuchasthisonecannotestablishcausalityandcanonlyprovideanindicationofassociationsthatwarrantfurtherinvestigation.Additionalstudiescouldusefullyexplorethestimulileadingtotheutilisationofworkingcapitalmanagementroutinesandthebarrierstotheirtake-up.Thedynamicsofworkingcapitalmanagementarecomplexandthelinkswithperformancearebidirectionalanddifficulttounravel.Smallcompaniesmayinvestresourcesintomanagingaparticularareaofworkingcapitalwheretheyareperformingbadlybecausethereturnsfromcontrollingtheproblemareaareperceivedtobehigh.Ifthedirectionofcausalityisnotunderstood,anoverlysimplisticconclusioninthisinstancecouldbethatinvestmentofmoreresourcesintoanarealeadstoworseperformance.Thecomplexityofcausalitymakesitdifficulttoestablishtheeffectofworkingcapitalmanagementroutinesontheperformanceofthefirm.Wecaninferthatfirmswithalowerpropensitytoundertakeworkingcapitalmanagementroutinesarenotsignificantlyassociatedwithincreasedcashflowproblems,norreducedprofitability.Thereissomeindicationthatthesemaybe‘lifestyle’firmsbutadditionalresearchisrequiredbef