Working capital management and corporate performance：Case of Malaysia【外文翻译】.doc

1、1本科毕业论文外文翻译外文文献译文标题营运资金的管理及企业绩效马来西亚的情况下资料来源JOURNALOFMODERNACCOUNTINGANDAUDITING,ISSN15486583,USA,NOV2009,VO15,NO11SERIALNO54作者MAZARIYAWATI,MNANNUAR,HTAUFIQ,ASABDULRAHIM流动资金是一个非常重要的问题在财务决策,因为它是一个投资资产的一部分,需要适当的金融投资。营运资金在金融决策时因为它涉及到投资和融资在短期内的时期经常被忽视。然而,这是一个坚实的财政管理的重要组成部分的决定。一个最优的营运资本管理预计积极贡献创造企业价值。此外,它

2、也可作为抑制在财务业绩。因为他并不为股本回报率STANGER,2001。虽然,它应该是至关重要的公司维持他们的短期投资,因为它会使这个公司在长时的能力。现金转换周期作为衡量营运资金的管理,关键时刻需要在营运资金管理维护其流动性在日常运作,确保其运转平稳、满足其义务ELJELLY,2004。然而,这并不是一个简单的工作,因为管理者必须确保经营运行在电喷高效有利可图的方式。有不匹配的可能性的流动资产和流动负债在这个过程中。如果这一切发生的时候,公司的经理无法做到的话,它将会影响到公司的成长与获利。这将进一步导致财务危机,以及终于公司破产。在传统观点现金转换周期之间的关系衡量营运资本管理和利润是其他

3、条件不变时。公司现金转换周期短,更好的一个企业盈利性。这说明,更少的时间一美元套牢在流动资产和较少的外部融资。而现金转换周期越长,会损害公司的概率。究其原因,公司有较低的流动性会影响公司的风险。然而,如果一个公司有更高层次的应收帐款由于慷慨贸易信贷波尔波特会导致冰长现金转换周期。在这种情况下,现金转换周期将不再增加利润。因此,传统的观点不能适用于所有的情况。困境是营运资本管理以达到所需的贸易之间的流动性和利润SMITH，1980；RAHEMANANDNASR,2007。指理论的风险和回报,投资有更多的风险将导致更多2的回报。因此,公司具有高流动性的年代营运资本可能低风险低收益然后。相反,如果一

4、个公司的营运资金流动性较低,面对高风险高收益的结果。这个问题在这里就是在营运资金管理,公司必须考虑所有项目在两个帐户,并试图平衡风险和回报。本研究的目的是希望为一个重要的元素对财务管理营运资金的管理。这是几乎敬谢不敏在马来西亚的或很少的研究做了这个地区。营运资本管理及其对利润的增长是集中在本研究中。要查看一个特定目标之间的关系在营运资本管理和盈利能力的泪腺年期,建立了两者之间的关系的流动性和盈利性目标的公司之间的关系,探讨采用公司债务和收益。大多数之前的研究集中在发达市场PEELANDWILSON,1996SHINANDSOENON,1998DELOOF,2003。因此研究该问题可以对营运资本

5、管理新兴资本市场提供额外的洞察力和不同的证据。这将肯定丰富的金融文献对这个问题的看法。此外,该研究的结果将提供公司管理者如何创造更好的洞察在电喷提出资金管理工作有能力最大化公司价值。作为一个结果将树立信心,投资者投资那家公司。此外,投资者的投资信心在马来西亚会影响经济的增长。这个研究的结果也会协助厂商实施新政策套政策对于工作在马来西亚,以确保资本市场持续经济增长。在意图上,发现高效的营运资本管理与企业的盈利能力的关系后，SHIN和SOENEN1998使用NTC作为衡量营运资金的管理。NTC和CCC是基本相同的，所有的三个组成部分是以百分比表示的销售。使用NTC的原因是因为它可以是一个简单的设备

6、来估计额外的融资需求方面的工作表示作为一个功能的预计销售增长。这是利用通过产业和营运资本的强度的关系进行相关分析和回归分析的方法。使用基于统计抽样的58985个公司年涵盖期间1975年至1994年，在所有情况下，他们发现公司的NTC周期和它的盈利能力存在强大的负相关关系。此外,较短的NTC伴随着更高的风险是股票的回报。换句话说,SHIN和SOENEN1998建议一种可能为公司创造股东价值的方法就是减少公司的NTC。一个重要行业的效应存在对公司的营运资本投资有影响是一个很好的认识。一个原因是由于没有单一的政策是必要的最佳所有公司MOYER,MCGUIGAN，DELOOF,2003RAHEMENA

7、NDNASR,2007，本研究也表明公司经理应该关注减少现金转换时期的创作意图股东财富。4外文文献原文TITLEWORKINGCAPITALMANAGEMENTANDCORPORATEPERFORMANCECASEOFMALAYSIAMATERIALSOURCEJOURNALOFMODERNACCOUNTINGANDAUDITING，ISSN15486583，USA,NOV2009，VO15，NO11SERIALNO54AUTHORMAZARIYAWATI,MNANNUAR,HTAUFIQ,ASABDULRAHIMWORKINGCAPITALISANIMPORTANTISSUEDURINGFI

8、NANCIALDECISIONMAKINGSINCEITISBEINGAPARTOFINVESTMENTINASSETTHATREQUIRESAPPROPRIATEFINANCINGINVESTMENTHOWEVER，WORKINGCAPITALISALWAYSBEINGDISREGARDINFINANCIALDECISIONMAKINGSINCEITINVOLVEINVESTMENTANDFINANCINGINSHORTTERMPERIODHOWEVER,ITISANIMPORTANTCOMPONENTINFIRMFINANCIALMANAGEMENTDECISIONANOPTIMALWOR

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10、HCONVERSIONCYCLEISUSEDASMEASUREOFWORKINGCAPITALMANAGEMENT,THECRUCIALPARTINMANAGINGWORKINGCAPITALISREQUIREDMAINTAININGITSLIQUIDITYINDAYTODAYOPERATIONTOENSUREITSSMOOTHRUNNINGANDMEETSITSOBLIGATIONELJELLY，2004YET，THISISNOTASIMPLETASKSINCEMANAGERSMUSTMAKESURETHATBUSINESSOPERATIONISRUNNINGINEFFICIENTANDPR

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14、AGEMENTISTOACHIEVEDESIREDTRADEOFBETWEENLIQUIDITYANDPROFITABILITYSMITH，1980；RAHEMANANDNASR,2007REFERRINGTOTHEORYOFRISKANDRETURN，INVESTMENTWITHMORERISKWILLRESULTTOMORERETURNTHUS，FIRMSWITHHIGHLIQUIDITYOFWORKINGCAPITALMAYHAVELOWRISKTHENLOWPROFITABILITYCONVERSELY，AFIRMTHATHASLOWLIQUIDITYOFWORKINGCAPITAL，

15、FACINGHIGHRISKRESULTSTOHIGHPROFITABILITYTHEISSUEHEREISINMANAGINGWORKINGCAPITAL，FIRMMUSTTAKEINTOCONSIDERATIONALLTHEITEMSINBOTHACCOUNTSANDTRYTOBALANCETHERISKANDRETURNTHEPURPOSEOFTHISSTUDYISHOPEFULLYTOCONTRIBUTETOWARDSACRUCIALELEMENTINFINANCIALMANAGEMENTWHICHWORKINGCAPITALMANAGEMENTITISALMOSTUNTOUCHEDI

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17、BILITYOFTHEFIRMSANDTOINVESTIGATETHERELATIONSHIPBETWEENDEBTUSEDBYTHEAFIRMANDITSPROFITABILITYMOSTPREVIOUSSTUDIESFOCUSONDEVELOPEDMARKETPEELANDWILSON，1996；SHINANDSOENON，1998；DELOOF,2003THUSINVESTIGATINGTHISISSUECOULDPROVIDEADDITIONALINSIGHTSANDPERHAPSDIFFERENTEVIDENCEONTHEWORKINGCAPITALMANAGEMENTINEMERG

18、INGCAPITALMARKETTHISWILLSURELYENRICHTHEFINANCELITERATUREONTHISISSUEADDITIONALLY，THERESULTSOFTHISSTUDYWOULDPROVIDEFIRMMANAGERSBETTERINSIGHTSONHOWTOCREATEEFFICIENTWORKINGCAPITALMANAGEMENTTHATHAVEABILITYTOMAXIMIZEFIRMSVALUEASARESULTITWILLBUILDUPCONFIDENCEININVESTORTOINVESTINTHATFIRMFURTHER,THECONFIDENC

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20、FITABILITY，SHINANDSOENEN1998USEDNETTRADECYCLENTCASAMEASUREOFWORKINGCAPITALMANAGEMENTNTCISBASICALLYEQUALTOTHECCCWHEREBYALLTHREECOMPONENTSAREEXPRESSEDASAPERCENTAGEOFSALESTHEREASONBYUSINGNTCBECAUSEITCANBEANEASYDEVICETOESTIMATEFORADDITIONALFINANCINGNEEDSWITHREGARDTOWORKINGCAPITALEXPRESSEDASAFUNCTIONOFTH

21、EPROJECTEDSALESGROWTHTHISRELATIONSHIPISEXAMINEDUSINGCORRELATIONANDREGRESSIONANALYSIS，BYINDUSTRYANDWORKINGCAPITALINTENSITYUSINGACOMPUSTATSAMPLEOF58，985FIRMYEARSCOVERINGTHEPERIOD19751994，INALLCASES，THEYFOUND，ASTRONGNEGATIVERELATIONBETWEENTHELENGTHOFTHEFIRMSNETTRADECYCLEANDITSPROFITABILITYINADDITION，SH

22、ORTERNTCAREASSOCIATEDWITHHIGHERRISKADJUSTEDSTOCKRETURNSINOTHERWORDS，SHINANDSOENEN1998SUGGESTTHATONEPOSSIBLEWAYTHEFIRMTOCREATESHAREHOLDERVALUEISBYREDUCINGFIRMSNTCASIGNIFICANTINDUSTRYEFFECTSUBSISTSONAFIRMSINVESTMENTINWORKINGCAPITALISWELLRECOGNIZEDONEOFTHEREASONISDUETONOSINGLEPOLICYISNECESSARYOPTIMALTO

23、ALLFIRMMOYER，MCGUIGAN，KRETLOW,2003TOFURTHERINVESTIGATETHEIMPACTOFWORKINGCAPITALMANAGEMENTONFIRMPROFITABILITYWHETHERDIFFERENTINPARTICULARINDUSTRY，THEREGRESSIONANALYSESAREAPPLIEDTOEACHECONOMICSECTORINTHESAMPLETABLE5SUMMARIZESREGRESSIONRESULTBETWEENWORKINGCAPITALMANAGEMENTANDPROFITABILITYFOREACHECONOMI

24、CSECTORITREVEALSTHATALLECONOMICSECTORRELATIONSHIPBETWEENCCCANDOIISSIGNIFICANTLYNEGATIVEEXCEPTFORINDUSTRIALPRODUCTFORBOTHREGRESSIONS，WHILECONSUMERPRODUCTANDPLANTATIONFORFIXEDEFFECTREGRESSIONNOSIGNIFICANTBETWEENCCCANDOIFORBOTHREGRESSIONANALYSISFORINDUSTRIALPRODUCTMAYBECAUSEDBYNATUREOFBUSINESSTHATDEPEN

25、DMOREONLONGTERMASSETSCOMPARETOSHORTTERMASSETSTHATHAVEHIGHERLIQUIDITYPLANTATIONISTHEONLYONEECONOMICSECTORTHATHASSIGNIFICANTLYNEGATIVERELATIONSHIPBETWEENPROFITABILITYANDCURRENTRATIOFORBOTHREGRESSIONSINADDITION，CONSUMERPRODUCTALSOSIGNIFICANTLYNEGATIVEEVIDENTBYOLSBESIDES,PROPERTYSECTORHASHIGHLYPOSITIVES

26、IGNIFICANTBETWEENCURRENTRATIO7ANDPROFITABILITYWITHPVALUE00000THISISMAYCAUSEBYTHEHAVINGTHELOWESTPROFITABILITY,31COMPARETOOTHERSECTORSFURTHERMORE，NOSIGNIFICANTRELATIONSHIPBETWEENDEBTRATIOANDPROFITABILITYISFOUNDFORPROPERTYHOWEVER,HIGHLYNEGATIVESIGNIFICANTBETWEENDEBTRATIOANDPROFITABILITYISFOUNDINSECTORC

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28、TOINSIGNIFICANTRELATIONSHIPRESULTFORACROSSINDUSTRIESHOWEVERPLANTATIONSECTORPROVIDESTRONGEVIDENTOFAPOSITIVEASSOCIATIONBETWEENSALESGROWTHANDPROFITABILITYTHUSRESULTSTOINSIGNIFICANTRELATIONSHIPRESULTFORACROSSINDUSTRIESHOWEVERPLANTATIONSECTORPROVIDESTRONGEVIDENTOFAPOSITIVEASSOCIATIONBETWEENSALESGROWTHAND

29、PROFITABILITY（PVALUE0014300000RESPECTIVELYFORBOTHREGRESSIONTHISMAYRESULTSOFTHELOWESTCCCOFTHISSECTORWHICHIS67DAYSWORKINGCAPITALMANAGEMENTISANIMPORTANTPARTINFIRMFINANCIALMANAGEMENTDECISIONTHEABILITYOFTHEFIRMTOCONTINUOUSLYOPERATEINLONGERPERIODISDEPENDSONHOWTHEYDEALWITHINVESTMENTINWORKINGCAPITALMANAGEME

30、NTTHEOPTIMALOFWORKINGCAPITALMANAGEMENTCOULDBEACHIEVEDBYFIRMTHATMANAGETRADEOFBETWEENPROFITABILITYANDLIQUIDITYTHEOBJECTIVEOFTHISSTUDYISTOINVESTIGATETHERELATIONSHIPBETWEENWORKINGCAPITALMANAGEMENTANDFIRMPROFITABILITYRESULTSOFTHISSTUDYFOUNDTHATCASHCONVERSIONCYCLEARESIGNIFICANTLYNEGATIVEASSOCIATEDTOTHEFIRMPROFITABILITYCONSISTENTWITHPREVIOUSRESEARCHERSHINANDSOENEN，1998；DELOOF,2003；RAHEMENANDNASR,2007，THISSTUDYALSOSUGGESTSTHATFIRMMANGERSHOULDCONCERNONREDUCTIONOFCASHCONVERSIONPERIODININTENTIONOFCREATIONSHAREHOLDERWEALTH