制造业库存与财务绩效的关系【外文翻译】.doc

1、外文翻译ONTHERELATIONSHIPBETWEENINVENTORYANDFINANCIALPERFORMANCEINMANUFACTURINGCOMPANIESMATERIALSOURCEWWWEMERALDINSIGHTCOM/01443577HTMAUTHORVEDRANCAPKUN,ARIPEKKAHAMERI,LAWRENCEAWEISS1INTRODUCTIONTHEDOMINANTTHEMEOFTHEOPERATIONSMANAGEMENTLITERATUREOVERTHEPASTCENTURYHASBEENTOIMPROVEOPERATIONALPERFORMANCETH

2、ISCANBEACHIEVEDBYREDUCINGTHELEADTIMEFROMRAWMATERIALSTOFINISHEDGOODSFASTERCYCLETIMES,REDUCINGTHEAMOUNTOFWASTEINTHEPROCESSMANAGINGTHEINPUTANDOUTPUTQUALITY,ANDBYREDUCINGTHEQUANTITYOFPHYSICALUNITSHELDBYTHEFIRMWORKINGWITHSUPPLIERSANDCUSTOMERSNUMEROUSTECHNIQUESHAVEBEENPROPOSEDTOACHIEVETHISGOAL,INCLUDINGBU

3、SINESSPROCESSREENGINEERING,TOTALQUALITYMANAGEMENT,SUPPLYCHAININTEGRATION,JUSTINTIMEJIT,LEANTHINKING,AGILEMANUFACTURING,ANDACTIVITYBASEDMANAGEMENTTHEINHERENTLOGICOFTHESETECHNIQUESISSELFEVIDENTANDWIDELYACCEPTEDTHEMAJORITYOFSUCCESSSTORIESINOPERATIONSMANAGEMENTSTEMFROMSMALLSAMPLERESEARCHINTHEAUTOMOTIVE,

4、MACHINERY,ANDJOBSHOPASSEMBLYINDUSTRIESTHESESTUDIESDOCUMENTINCREASEDMARKETSHARE,HIGHERPROFITABILITYANDGREATERPRODUCTQUALITYFORFIRMSTHATHAVEEMPLOYEDTHEABOVETECHNIQUESTOIMPROVETHEIROPERATIONSTHISPAPERAIMSTOEXTENDTHEEVIDENCEONTHEEFFECTSOFIMPROVINGINVENTORYPERFORMANCEWITHALARGESAMPLESTUDY,ANEXAMINATIONOF

5、TOTALASWELLASTHEDISCRETECOMPONENTSOFINVENTORY,INADDITIONTOANEXAMINATIONBOTHACROSSALLMANUFACTURINGFIRMSANDWITHINMANUFACTURINGINDUSTRIESWEANALYZETHERELATIONSHIPBETWEENRAWMATERIALSRMI,WORKINPROCESSWIP,FINISHEDGOODSFGI,ANDTOTALINVENTORYINVPERFORMANCEINVENTORYPERFORMANCETOTHEPROFITABILITYOFOPERATINGACTIV

6、ITIESFINANCIALPERFORMANCEOFUSMANUFACTURINGFIRMSINTHE19802005PERIODFORTHEPURPOSEOFTHISSTUDYWEUSEINVENTORYLEVELSSCALEDBYSALESASAMEASUREOFINVENTORYPERFORMANCEWEFINDTHATIMPROVINGAFIRMSINVENTORYPERFORMANCELOWERINGTHEINVENTORYTOSALESRATIOYIELDSBETTERFINANCIALPERFORMANCEMEASUREDBOTHATTHEGROSSPROFITANDATTHE

7、OPERATINGPROFITLEVELSDECOMPOSINGINVINTOITSCOMPONENTPARTSRMI,WIP,ANDFGIREVEALSTHATTHECORRELATIONISDRIVENBYALLTHREEDISCRETEINVENTORYTYPESTHESIZEOFTHECORRELATION,HOWEVER,VARIESSIGNIFICANTLYACROSSINVENTORYTYPESANDACROSSFINANCIALPERFORMANCEMEASURESTHESERESULTSARECONSISTENTWITHANDEXTENDTHOSEOFPRIORRESEARC

8、H,INPARTICULARTHATOFCHENETAL2005ANDSHAHANDSHIN2007WEFURTHERANALYZETHECHANGESININVENTORYPERFORMANCEANDFINANCIALPERFORMANCEOVERTIMEFROM1980THROUGH2005ANDFINDADECREASEININVLEVELSSCALEDBYSALESINCREASEININVENTORYPERFORMANCE,CONSISTENTWITHRAJAGOPALANANDMALHOTRA2001ANDCHENETAL2005HOWEVER,THEDECOMPOSITIONOF

9、INVINTOITSCOMPONENTPARTSREVEALSTHATTHEMAINCOMPONENTOFTHEDECREASEININVISTHEREDUCTIONOFTHEWIPINVENTORYTHISSUGGESTSTHATMANUFACTURINGFIRMSEFFORTSTOIMPROVETHEIRPRODUCTIONINVENTORYPERFORMANCEISFOCUSEDONWIPINVENTORYTHECHANGEINFINANCIALPERFORMANCEMEASURESWASMIXEDOVERTHE19802005SAMPLEPERIODREGARDLESSOFTHETRE

10、NDINEITHERINVENTORYPERFORMANCEORFINANCIALPERFORMANCEMEASURES,THECORRELATIONBETWEENINVENTORYPERFORMANCEANDFINANCIALPERFORMANCEREMAINSPRESENTACROSSALLINVENTORYTYPESANDFINANCIALPERFORMANCEMEASURESTHISSTUDYEXPANDSOURKNOWLEDGEOFTHERELATIONSHIPBETWEENFIRMLEVELINVENTORYANDFINANCIALPERFORMANCE,WHICHASNOTEDB

11、YSHAHANDSHIN2007“ISNOTSTRAIGHTFORWARDINTHELITERATURE”FIRST,PRIORRESEARCHEXAMININGTHISRELATIONSHIPHASBEENLIMITEDTOSMALLSAMPLESTUDIESCONCENTRATEDINAFEWMANUFACTURINGINDUSTRIESBYCONTRAST,OURPAPERUSESALARGESAMPLEOFFIRMSACROSSALLMANUFACTURINGINDUSTRIESSECOND,DUETOTHEDIFFERENTIALIMPACTINVENTORYPERFORMANCEM

12、IGHTHAVEONPRODUCTIONANDOPERATINGCOSTS,WEMEASUREFINANCIALPERFORMANCEATBOTHTHEGROSSANDOPERATINGPROFITLEVELSTHIRD,WEINCORPORATETHEPOSSIBILITYRAISEDBYPRIORRESEARCHTHATTHESOURCES,COSTSANDBENEFITSOFINVENTORYIMPROVEMENTSCOULDBEVERYDIFFERENTBALAKRISHNANETAL,1996LIEBERMANETAL,1999LIEBERMANANDDEMEESTER,1999BY

13、ANALYZINGTHEINVENTORYPERFORMANCEOFTHEDISCRETECOMPONENTSOFINVENTORYRMI,WIP,ANDFGI,ANDTHEIRCORRELATIONWITHFINANCIALPERFORMANCETOOURKNOWLEDGE,THISISTHEFIRSTSTUDYTOEMPIRICALLYTESTTHESERELATIONSHIPS2RESEARCHQUESTIONS,SAMPLESELECTION,ANDMETHODOLOGYTHEOPERATIONSMANAGEMENTLITERATUREINDICATESFINANCIALPERFORM

14、ANCESHOULDBEATLEASTPARTIALLYEXPLAINEDBYINVENTORYPERFORMANCEFOLLOWINGTHELITERATUREREVIEWWESETOURHYPOTHESESASH1AAFIRMSINVENTORYPERFORMANCEWILLBEPOSITIVELYCORRELATEDWITHTHEFIRMSFINANCIALPERFORMANCEH1BTHECORRELATIONBETWEENAFIRMSINVENTORYPERFORMANCEANDFINANCIALPERFORMANCEWILLBEPRESENTACROSSMANUFACTURINGI

15、NDUSTRIESH2ATHEPERFORMANCEOFALLTHREEDISCRETECOMPONENTSOFAFIRMSINVENTORYRMI,WIP,ANDFGIWILLBEPOSITIVELYCORRELATEDWITHTHEFIRMSFINANCIALPERFORMANCEH2BTHECORRELATIONBETWEENTHEPERFORMANCEOFALLTHREEDISCRETECOMPONENTSOFAFIRMSINVENTORYANDTHEFIRMSFINANCIALPERFORMANCEWILLBEPRESENTACROSSMANUFACTURINGINDUSTRIESP

16、RIORLITERATUREINDICATESTHATAFIRMSSTRATEGICCHOICECANSIMULTANEOUSLYIMPACTINVENTORYANDFINANCIALPERFORMANCEKETOKIVIANDSCHROEDER,2004MENDELSONANDPARLAKTURK,2008FOREXAMPLE,FIRMSPOSITIONINGTHEMSELVESTOPROVIDETHEIRCUSTOMERSWITHHIGHSERVICELEVELSMAYHOLDGREATERLEVELSOFINVENTORYBOTHINQUANTITYANDVARIETY,RESULTIN

17、GINAPOSITIVECORRELATIONBETWEENINVENTORYLEVELSANDFINANCIALPERFORMANCEWECONTROLFORTHISBYUSINGCHANGESINASOPPOSEDTOLEVELSOFINVENTORYPERFORMANCEANDFINANCIALPERFORMANCEBYLOOKINGATCHANGESOVERTIME,ANEGATIVECORRELATIONBETWEENINVENTORYANDFINANCIALPERFORMANCEINDICATESTHATTHEEFFECTEXISTSOVERTIMEBETWEENFIRMSANDW

18、ITHINTHESAMESTRATEGYFIRMSCANALSOCHANGESTRATEGIESTHATIS,DECIDETOSPECIALIZETHEIRPRODUCTLINETHEREBYREDUCINGTHENUMBEROFPRODUCTSINTHEIRPORTFOLIOANDTHEIROVERALLINVENTORYTOCONTROLFORTHISPOSSIBILITY,WEANALYZEFIRMSIMPROVEMENTSBETWEENTWOTIMEPERIODSANDOVERTHEENTIRESAMPLEPERIODSEPARATELYTHEREBYELIMINATINGTHEPOT

19、ENTIALIMPACTOFFIRMSDECISIONSTOCHANGETHEIRSTRATEGICCHOICEONOURRESULTSINVENTORYPERFORMANCEANDFINANCIALPERFORMANCECANALSOBEINFLUENCEDBYSALESSURPRISESGAURETAL,2005MORESPECIFICALLY,IFAFIRMMISSESBEATSITSSALESTARGETITWILLHAVEAHIGHERLOWERLEVELOFINVENTORYANDLOWERHIGHERPROFITTHANPROJECTEDWECONTROLFORTHISINTWO

20、WAYSFIRST,WEUSEBOTHANNUALANDQUARTERLYDATAFORINVENTORYANDFINANCIALPERFORMANCEOVERA26YEARPERIODFORSIMPLICITYWEPRESENTONLYANNUALDATATHELONGTIMEPERIODREDUCESANYPOTENTIALIMPACTOFASALESSURPRISEINAGIVENYEARSECOND,WEANALYZETHETIMETRENDOFBOTHINVENTORYPERFORMANCEANDFINANCIALPERFORMANCEACONTINUALIMPROVEMENTISU

21、NLIKELYTORESULTFROMAGIVENYEARSINCORRECTSALESFORECASTADDITIONALLY,THISEFFECTISTYPICALOFFIRMSINTHERETAILINDUSTRYGAURETAL,2005,ANDISUNLIKELYTOIMPACTOURSAMPLEWHICHISRESTRICTEDTOMANUFACTURINGFIRMSTHECOMPUSTATDATABASEISUSEDBOTHTORETRIEVETHESTANDARDIZEDINDUSTRIALCLASSIFICATIONSICCODESASWELLASTOCOLLECTANNUA

22、LANDQUARTERLYFINANCIALREPORTDATATHESICCODESAREUSEDTORESTRICTTHESAMPLETOMANUFACTURINGFIRMSSICCODES2000TO3999ANDTOSEPARATETHEMBYINDUSTRYFAMAANDFRENCH,1997,INDUSTRYCLASSIFICATIONTOCOMPUTETHECHANGEINOURVARIABLESASDEFINEDBELOW,WEREQUIREATLEASTTWOCONSECUTIVEPERIODSWITHFINANCIALREPORTINGDATAANDEXCLUDEDATAW

23、ITHOUTACONSECUTIVEPERIODWHEREEBITISEARNINGSBEFOREINTERESTSANDTAXESFORFIRMJINYEART,SALESARETOTALSALESFORFIRMJINYEART,ANDCOGSISCOSTOFGOODSSOLDFORFIRMJINYEARTUSINGBOTHGROSSPROFITGPANDEBITALLOWSUSTOANALYZETHEDETERMINANTSOFFINANCIALPERFORMANCEONTWOLEVELSTHEGPREFLECTSTHEADDEDVALUEASADIFFERENCEBETWEENSALES

24、ANDTHECOSTOFPRODUCTION,WHILEEBITPROXIESFORTHEPROFITABILITYOFTHEBUSINESSAFTERDEDUCTINGALLOPERATINGEXPENSES,NOTONLYTHEPRODUCTIONCOSTSUSINGEITHEREARNINGSBEFOREINTERESTS,TAXES,DEPRECIATIONANDAMORTIZATIONEBITDAORNETINCOMEAFTERTAXINSTEADOFEBITDOESNOTCHANGEOURRESULTSQUALITATIVELYWHENSCALEDBYSALES,GROSSANDO

25、PERATINGPROFITSREPRESENTGROSSANDOPERATINGMARGINPROFITABILITYOFFIRMSOPERATIONSOURRESULTSAREQUALITATIVELYUNCHANGEDWHENWEUSEANALTERNATIVEFINANCIALPERFORMANCEMEASUREEQUALINGGROSSANDOPERATINGPROFITSSCALEDBYTOTALASSETSTHESEFINANCIALPERFORMANCEMEASURES,ASOPPOSEDTOPROFITABILITYOFFIRMSOPERATIONS,REPRESENTTHE

26、RETURNONINVESTEDASSETSPALEPUETAL,2007,PP199207PASTLITERATUREPROVIDESUSWITHSEVERALPOSSIBLEMEASURESOFINVENTORYPERFORMANCEWHICHINCLUDESCALINGINVENTORYBYCOSTOFGOODSSOLDHUSONANDNANDA,1995,BYCOMBINATIONOFMATERIALCOSTSANDVALUEADDEDRAJAGOPALANANDMALHOTRA,2001ANDBYSALESCHENETAL,2005USINGANYOFTHESEMEASUREYIEL

27、DSQUALITATIVELYUNCHANGEDRESULTSALLTHEABOVEREGRESSIONSAREESTIMATEDUSINGORDINARYLEASTSQUAREOLS,WITHYEARANDINDUSTRYFIXEDEFFECTSASROBUSTNESSCHECKS,WECONTROLFORFIRMFIXEDEFFECTSUSINGFIXEDEFFECTSREGRESSIONSANDRANDOMEFFECTSUSINGRANDOMEFFECTSREGRESSIONSANDALSOUSETHEFAMAMACBETHREGRESSIONSFAMAANDMACBETH,1973AL

28、LTHESEALTERNATIVEMETHODSOMITTEDFROMTHEPRESENTATIONSUPPORTTHERESULTSOFOUROLSREGRESSIONS3EMPIRICALANALYSIS,RESULTSANDDISCUSSIONTOTESTWHETHERBETTERINVENTORYPERFORMANCEISPOSITIVELYCORRELATEDWITHBETTERFINANCIALPERFORMANCE,WECREATEASAMPLEOFUSMANUFACTURINGFIRMSWITHSICCODESFROM2000TO3999FROMTHECOMPUSTATDATA

29、BASEFORTHE19802005PERIODWEEXCLUDEALLFIRMYEAROBSERVATIONSWITHOUTDATAAVAILABLEONRMI,WIPINVENTORY,ORFGIWEALSOEXCLUDEALLFIRMYEAROBSERVATIONSWITHDATAUNAVAILABLEONSALES,COSTOFGOODSSOLDORTOTALASSETSPANELAOFTABLEISHOWSTHEDESCRIPTIVESTATISTICSFOROURFIRMYEARSAMPLEOFALLUSMANUFACTURINGFIRMS,CONTAINING52,254OBSE

30、RVATIONSTHEDESCRIPTIVESTATISTICSSHOWALLOBSERVATIONSFOUNDINTHECOMPUSTATDATABASE,WINSORIZEDATTHE1PERCENTLEVEL,FORALLFIRMYEARAVAILABLEVARIABLESPANELBOFTABLEISHOWMEDIANVALUESFORTHEFULLSAMPLEOFALLUSMANUFACTURINGFIRMSOVERTHE19802005PERIODOURFINANCIALPERFORMANCEMEASURESSHOWAMIXEDTRENDWITHMEDIANEBITSOPERATI

31、NGPROFITDECREASINGANDMEDIANGPSGROSSPROFITINCREASINGOVERTHESAMPLEPERIODCONSISTENTWITHPRIORSTUDIESONCHANGESININVENTORYPERFORMANCERAJAGOPALANANDMALHOTRA,2001CHENETAL,2005WEALSOFINDANINCREASEINTHEINVENTORYPERFORMANCEOFRMIANDWIPINVENTORYTHEREISNOINCREASEINFGIPERFORMANCETHEINCREASEISMOSTPREVALENTINWIPINVE

32、NTORYWHERETHEPERFORMANCEHASDOUBLEDFINALLY,WESEPARATELYANALYZETHEMANUFACTURINGINDUSTRIESUSINGTHEREGRESSIONMODELFROMEQUATIONTHERELATIONSHIPBETWEENINVENTORYRMI,WIP,ANDFGIPERFORMANCEANDFINANCIALPERFORMANCEISPRESENTINMOSTINDUSTRIESTHELOWERTHEINVENTORYPERSALESDOLLAR,THEGREATERTHEOPERATINGPROFITTHISRELATIO

33、NSHIPHOLDSINUNTABULATEDRESULTSFORMOSTINDUSTRIESUSINGANYOFTHEREGRESSIONMODELSDISCUSSEDINTHISSTUDYTHEIMPACTOFDIFFERENTTYPESOFINVENTORYRMI,WIP,ORFGIONOPERATINGPROFITVARIESSIGNIFICANTLYANDPREDICTABLYBETWEENINDUSTRIESINASSEMBLYINDUSTRIES,LIKEAUTOMOBILES,MACHINERY,ANDCOMPUTERS,THEREDUCTIONOFALLINVENTORIES

34、IMPROVESOPERATINGPROFITASOURPRIORANALYSISSHOWS,THEREDUCTIONINWIPDRIVESTHEREDUCTIONINFGI,WHICHINTURNALLOWSFIRMSTOBEMOREREACTIVETHISISESPECIALLYTRUEFORINDUSTRIESPRODUCINGSHORTLIFECYCLEPRODUCTSLIKEELECTRONICEQUIPMENT,INWHICHCOMPONENTS,PRODUCTIONFACILITIESANDPRODUCTSTENDTOHAVEEVERSHORTERLIFESPANSTHISALS

35、OAPPLIES,TOALESSEREXTENT,INHIGHTECHINDUSTRIESLIKEMEDICALEQUIPMENTANDINSTRUMENTSBYCONTRAST,THEABOVERESULTISNOTASEVIDENTINBASICCOMMODITIESANDPROCESSINDUSTRIESWHERERELATIVELYCHEAPRMIANDWIPWILLNOTPLAYASIMPORTANTAROLEONOPERATINGPROFITHOWEVER,APRODUCTIONPROCESSWHICHSATISFIESDEMANDEFFICIENTLYWITHALOWFGIDOE

36、SHAVEASTRONGIMPACTONOPERATINGPROFITSTHISALSOAPPLIESTOTEXTILESANDOTHERFASHIONINDUSTRIESWHEREPRODUCTS,ONCEINTHEMARKET,NEEDTOBECONSUMEDRAPIDLYBEFORETHEYLOSETHEIRATTRACTIVENESS4CONCLUSIONWEANALYZETHERELATIONSHIPBETWEENINVENTORYPERFORMANCE,BOTHINVANDITSDISCRETECOMPONENTSRMI,WIP,ANDFGI,ANDFINANCIALPERFORM

37、ANCEUSINGALARGESAMPLESTUDYOFUSBASEDMANUFACTURINGFIRMSOVERTHE26YEARPERIODFROM1980TO2005OURRESULTSSHOWASTRONGCORRELATIONBETWEENINVENTORYPERFORMANCEANDFINANCIALPERFORMANCEACROSSABROADARRAYOFMANUFACTURINGINDUSTRIESPERFORMANCEOFTOTALASWELLASALLTHREEDISCRETECOMPONENTSOFINVENTORYISPOSITIVELYASSOCIATEDWITHF

38、INANCIALPERFORMANCEHOWEVER,THESTRENGTHOFTHECORRELATIONDIFFERSBETWEENINVENTORYTYPESFGIPERFORMANCEHASTHESTRONGESTCORRELATIONWITHFINANCIALPERFORMANCEBETWEENWIPANDFGIPERFORMANCE,WIPINVENTORYPERFORMANCEHASASTRONGERCORRELATIONWITHTHEGPMEASURESOFFINANCIALPERFORMANCE,WHILEFINISHEDGOODINVENTORYPERFORMANCEHAS

39、ASTRONGERCORRELATIONWITHOPERATINGPROFITMEASURESOFFINANCIALPERFORMANCEOURRESULTSSUPPORTTHEOPERATIONSMANAGEMENTLITERATURESCLAIMTHATAMANAGERIALFOCUSONOPERATIONSPERFORMANCEINPARTICULARINCREASESININVENTORYPERFORMANCECORRELATESWITHSIGNIFICANTVALUECREATIONOURRESULTSAREBASEDONCORRELATIONSANDDONOTPROVECAUSAL

40、ITYBETWEENOURVARIABLESFURTHERMORE,THISPAPERISLIMITEDTODATAAVAILABLEINPUBLICDATABASESANDINCLUDESONLYPUBLICLYLISTEDMANUFACTURINGUSFIRMSOVERTHE19802005SAMPLEPERIODWHILEOURSAMPLECONSISTSOFALARGENUMBEROFFIRMSTHATAREREPRESENTATIVEOFTHEUSECONOMY,THECONCLUSIONSOFTHISPAPERSHOULDNOTBEGENERALIZEDBEYONDITSSCOPE

41、THECOLLECTEDDATAAREFORTHEFIRMASASINGLEENTITY,ANDDONOTACCOUNTFORTHECOMPLEXITYOFFIRMSTHATOPERATEINMORETHANONEMANUFACTURINGFACILITYTHEDATAUSEDINTHISPAPERAREREPORTEDBYFIRMSANDASSUCHAREARESULTOFREPORTINGINCENTIVESANDACCOUNTINGCHOICESMADE,WHICHMAKETHEMNOISYCOMPAREDTOCASESTUDIESANDSURVEYSFINANCIALPERFORMAN

42、CEANDINVENTORYPERFORMANCEMEASURESANDRESULTINGFINDINGSUSEDINTHISPAPERSHOULDBEINTERPRETEDACCORDINGLYHOWEVER,PRIORLITERATUREHASDOCUMENTEDMANYPOSITIVETURNAROUNDSINMANUFACTURINGCOMPANIESTHROUGHTHEREDUCTIONOFINVENTORIESANDFASTEROPERATIONSOURSTATISTICALANALYSISFURTHERSUPPORTSTHEHYPOTHESISOFACAUSALRELATIONS

43、HIPBETWEENINVENTORYPERFORMANCEANDFINANCIALPERFORMANCEFOREVERYDAYMANAGERSOFMANUFACTURINGCOMPANIES,THEUNDERLYINGMESSAGEOFTHISPAPERISDIRECTLYLINKEDWITHBOTHTHESHORTANDLONGTERMPERFORMANCEOFTHEIRENTERPRISETHESTATISTICALANALYSISINDICATESTHATINMOSTINDUSTRIESINVENTORYPERFORMANCEMAYBEADECISIVESTRATEGICFACTORW

44、HEREFIRMSWHICHDONOTFOCUSONINVENTORYPERFORMANCEUNDERPERFORMTHEIRCOMPETITORSWHILEOURRESULTSSHOWAPOSITIVECORRELATIONBETWEENALLTHEINVENTORYCOMPONENTSANDIMPROVEDFINANCIALPERFORMANCE,MANAGERSSHOULDPROBABLYFOCUSTHEIREFFORTSONREDUCINGRMIWHERETHERELATIONSHIPISTHESTRONGESTWHENSETTINGUPDEVELOPMENTPROJECTSINMAN

45、UFACTURINGFIRMS,SUPPLIERRELATIONSHIPSANDPARTNERINGAPPEARTOBEIMPORTANTISSUESALONGWITHTHEORGANIZATIONOFTHEVALUEADDINGOPERATIONSINSIDETHECOMPANYTHIS,NATURALLY,DOESNOTPLAYDOWNTHEIMPORTANCEOFACCESSINGRELIABLEANDREALTIMEMARKETINFORMATION译文制造业库存与财务绩效的关系资料来源WWWEMERALDINSIGHTCOM/01443577HTM作者VEDRANCAPKUN,ARI

46、PEKKAHAMERI,LAWRENCEAWEISS1简介过去管理学研究旨在提高经营业绩。公司与供应商间是通过减少从原材料到成品的交货时间、减少浪费数量、减少物理单位的数量来实现的。实现这一目标的设想包括业务流程再造、全面品质管理、供应链集成、准时生产、惊异思维、敏捷制造、作业成本管理。以上设想广泛地被大众接受。大多数经营管理成功的案例源自于对汽车、机械原理、作业车间等行业的研究。通过增加市场份额、获得更高的利润和高质量来提高企业的运作。本文在通过延长影响的证据来对提高库存性能与大样本进行研究。离散组件库存应用于所有制造业企业。分析了原材料（RMI）、在制品（WIP）、成品（FGI）、总库存（

47、INV）、性能之间的关系，如美国制造业19802005期间的经营活动盈利能力。发现改善公司的库存性能收益率更好的金融中心，以在总利润和营业利润水平德绩效来衡量。总库存组成部分显示是这三个离散库存类型驱使的相关性。相关的大小，在库存不同类型和财务业绩有明显分别。这些结果同先前研究的延伸相吻合，特别是SHAH和SHIN（2007）的研究。对库存性能与财务性能间的变化（从19802005）进行了探讨，发现库存性能增加，总库存水平下降，符合RAJAGOPALAN和MALHOTRA（2001）等人研究成果。然而总库存的组成部分揭示了重要部分是减少库存的记录，表明生产型企业集中在提高在制品库存的性能。在这

48、两种趋势下，库存表现与财务绩效表现之间的相关性仍然呈现在所有库存类型和财务指标中。研究扩展了企业层次关系的库存和财务业绩的知识。第一，关系进行调查局限于小样本研究集中在极少数制造业。通过对比，使用所有制造业为样本。第二，由于差别性的存在，库存性能可能会影响生产经营成本，我们测量财务业绩在毛利和运行利润水平两个方面。第三，提供可能的研究显示，来源、成本和收益对库存进步可能不同（BALKRISHNAN，1996；LIEBERMAN，1999；DEMEESTER，1999）通过分析与财务业绩清单和其相关的分立元件的库存性能。这是首次研究它们的相关性。2样本选择研究问题和方法运营管理学表示将会对企业财

49、务绩效表现至少部分库存解释性能。在文献资料的基础上假设H1A一家公司的库存性能将积极与该公司的财务绩效关联起来。H1B一家公司的库存性能和财务绩效的关系将反应在制造业。H2A一家公司的库存（原材料、在制品和成品）的所有三个离散组件的性能将积极与公司的业绩关联起来。H2B一家公司的库存的所有三个离散组件的性能与公司的业绩相关性将反应在整个制造业。事先文学表示一家公司的战略选择可以同时影响库存和业绩（KETOKIVI和施罗德，2004年；门德尔和PARLAKTURK，2008年）。定位自己的公司为其客户提供较高的服务，例如举行更高水平的库存（无论在数量和品种），导致库存水平与财务绩效的积极关系。通过使用库存性能和经济性能的改变来进行控制。随着时间的推移，库存与财务绩效的负相关性表示影响存在随时间的公司之间和内部同样的策略。控制这种可能性，分析企业的改进在两个时间段分别在整个采样周期的潜在影响从而消除公司的决定改变他们的战略选择的结果。库存性能和财务性能也影响销售（GAUR等人，2005）。更具体地说如果一家公司未中销售目标，比预期会有较高（低）级别的库存和较低（更高）的利润，应控制这两种。首先，使用年度和季度库存数据在26年间的财政表现。其次，分析一段时间库存性能和财务性能趋势。同时利用数据库的检索标准工业分类的标准以及收集季度财务报表数据。上