集团企业资金集中管理外文翻译.docx

集团企业资金集中管理外文翻译.docx

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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