1、外文翻译THERELATIONSHIPBETWEENWORKINGCAPITALMANAGEMENTANDPROFITABILITYOFLISTEDCOMPANIESMATERIALSOURCEELECTRONICCOPYAVAILABLEATHTTP/SSRNCOM/AUTHORIOANNISLAZARIDISABSTRACTINTHISPAPERWEINVESTIGATETHERELATIONSHIPOFCORPORATEPROFITABILITYANDWORKINGCAPITALMANAGEMENTWEUSEDASAMPLEOF131COMPANIESLISTEDINTHEATHENSS
2、TOCKEXCHANGEASEFORTHEPERIODOF20012004THEPURPOSEOFTHISPAPERISTOESTABLISHARELATIONSHIPTHATISSTATISTICALSIGNIFICANTBETWEENPROFITABILITY,THECASHCONVERSIONCYCLEANDITSCOMPONENTSFORLISTEDFIRMSINTHEASETHERESULTSOFOURRESEARCHSHOWEDTHATTHEREISSTATISTICALSIGNIFICANCEBETWEENPROFITABILITY,MEASUREDTHROUGHGROSSOPE
3、RATINGPROFIT,ANDTHECASHCONVERSIONCYCLEMOREOVERMANAGERSCANCREATEPROFITSFORTHEIRCOMPANIESBYHANDLINGCORRECTLYTHECASHCONVERSIONCYCLEANDKEEPINGEACHDIFFERENTCOMPONENTACCOUNTSRECEIVABLES,ACCOUNTSPAYABLES,INVENTORYTOANOPTIMUMLEVELINTRODUCTIONCAPITALSTRUCTUREANDWORKINGCAPITALMANAGEMENTARETWOAREASWIDELYREVISI
4、TEDBYACADEMIAINORDERTOPOSTULATEFIRMSPROFITABILITYWORKINGCAPITALMANAGEMENTHAVEBEENAPPROACHEDINNUMEROUSWAYSOTHERRESEARCHERSSTUDIEDTHEIMPACTOFOPTIMUMINVENTORYMANAGEMENTWHILEOTHERAUTHORSSTUDIEDTHEMANAGEMENTOFACCOUNTSRECEIVABLESINANOPTIMUMWAYTHATLEADSTOPROFITMAXIMISATION1ACCORDINGTODELOOF22003THEWAYTHATW
5、ORKINGCAPITALISMANAGEDHASASIGNIFICANTIMPACTONPROFITABILITYOFFIRMSTHISRESULTINDICATESTHATTHEREISACERTAINLEVELOFWORKINGCAPITALREQUIREMENTSWHICHPOTENTIALLYMAXIMISESRETURNSOTHERWORKONTHEFIELDOFWORKINGCAPITALMANAGEMENTFOCUSESONTHEROUTINESEMPLOYEDBYFIRMSTHISRESEARCHSHOWEDTHATFIRMSWHICHFOCUSONCASHMANAGEMEN
6、TWERELARGER,WITHFEWERCASHSALES,MORESEASONALITYANDPOSSIBLYMORECASHFLOWPROBLEMSWHILESMALLERFIRMSFOCUSEDMOREONSTOCKMANAGEMENTANDLESSPROFITABLEFIRMSWEREFOCUSEDONCREDITMANAGEMENTROUTINESITISSUGGESTEDTHATHIGHGROWTHFIRMSFOLLOWAMORERELUCTANTCREDITPOLICYTOWARDSTHEIRCUSTOMERS,WHILETHEYTIEUPMORECAPITALINTHEFOR
7、MOFINVENTORYMEANWHILEACCOUNTSPAYABLESWILLINCREASEDUETOBETTERRELATIONSOFSUPPLIERSWITHFINANCIALINSTITUTIONSWHICHDIVERTTHISADVANTAGEOFFINANCIALCOSTTOTHEIRCLIENTSACCORDINGTOWILNER2000MOSTFIRMSEXTENSIVELYUSETRADECREDITDESPITEITSAPPARENTGREATERCOST,ANDTRADECREDITINTERESTRATESCOMMONLYEXCEED18PERCENT5INADDI
8、TIONTOTHATHESTATESTHATIN1993AMERICANFIRMSEXTENDEDTHEIRCREDITTOWARDSCUSTOMERSBY15TRILLIONDOLLARSSIMILARLYDELOOF2003FOUNDOUTTHROUGHSTATISTICSFROMTHENATIONALBANKOFBELGIUMTHATIN1997ACCOUNTSPAYABLEWERE13OFTHEIRTOTALASSETSWHILEACCOUNTSRECEIVABLESANDINVENTORYACCOUNTEDFOR17AND10RESPECTIVELYSUMMERSANDWILSON2
9、000REPORTTHATINTHEUKCORPORATESECTORMORETHAN80OFDAILYBUSINESSTRANSACTIONSAREONCREDITTERMS6THERESEEMSTOBEASTRONGRELATIONBETWEENTHECASHCONVERSIONCYCLEOFAFIRMANDITSPROFITABILITYTHETHREEDIFFERENTCOMPONENTSOFCASHCONVERSIONCYCLEACCOUNTSPAYABLES,ACCOUNTSRECEIVABLESANDINVENTORYCANBEMANAGEDINDIFFERENTWAYSINOR
10、DERTOMAXIMISEPROFITABILITYORTOENHANCETHEGROWTHOFACOMPANYSOMETIMESTRADECREDITISAVEHICLETOATTRACTNEWCUSTOMERSMANYFIRMSAREPREPAREDTOCHANGETHEIRSTANDARDCREDITTERMSINORDERTOWINNEWCUSTOMERSANDTOGAINLARGEORDERSINADDITIONTOTHATCREDITCANSTIMULATESALESBECAUSEITALLOWSCUSTOMERSTOASSESSPRODUCTQUALITYBEFOREPAYING
11、8THEREFOREITISUPTOTHEINDIVIDUALCOMPANYWHETHERAMARKETINGAPPROACHSHOULDBEFOLLOWEDWHENMANAGINGTHEWORKINGCAPITALTHROUGHCREDITEXTENSIONHOWEVERTHEFINANCIALDEPARTMENTOFSUCHACOMPANYWILLFACECASHFLOWANDLIQUIDITYPROBLEMSSINCECAPITALWILLBEINVESTEDINCUSTOMERSANDINVENTORYRESPECTIVELYINORDERTOHAVEMAXIMUMVALUE,EQUI
12、LIBRIUMSHOULDBEMAINTAINEDINRECEIVABLESPAYABLESANDINVENTORYACCORDINGTOPIKECHENG2001CREDITMANAGEMENTSEEKSTOCREATE,SAFEGUARDANDREALISEAPORTFOLIOOFHIGHQUALITYACCOUNTSRECEIVABLEGIVENTHESIGNIFICANTINVESTMENTINACCOUNTSRECEIVABLEBYMOSTLARGEFIRMS,CREDITMANAGEMENTPOLICYCHOICESANDPRACTICESCOULDHAVEIMPORTANTIMP
13、LICATIONSFORCORPORATEVALUE9SUCCESSFULMANAGEMENTOFRESOURCESWILLLEADTOCORPORATEPROFITABILITY,BUTHOWCANWEMEASUREMANAGEMENTSUCCESSSINCEAPERIODOFCREDITGRANTINGMIGHTLEADTOINCREASEDSALESANDMARKETSHAREWHILSTACCOMPANIEDBYDECREASEDPROFITABILITYORTHEOPPOSITESINCEWORKINGCAPITALMANAGEMENTISBESTDESCRIBEDBYTHECASH
14、CONVERSIONCYCLEWEWILLTRYTOESTABLISHALINKBETWEENPROFITABILITYANDMANAGEMENTOFTHECASHCONVERSIONCYCLETHISSIMPLEEQUATIONENCOMPASSESALLTHREEVERYIMPORTANTASPECTSOFWORKINGCAPITALMANAGEMENTITISANINDICATIONOFHOWLONGAFIRMCANCARRYONIFITWASTOSTOPITSOPERATIONORITINDICATESTHETIMEGAPBETWEENPURCHASEOFGOODSANDCOLLECT
15、IONOFSALESTHEOPTIMUMLEVELOFINVENTORIESWILLHAVEADIRECTEFFECTONPROFITABILITYSINCEITWILLRELEASEWORKINGCAPITALRESOURCESWHICHINTURNWILLBEINVESTEDINTHEBUSINESSCYCLE,ORWILLINCREASEINVENTORYLEVELSINORDERTORESPONDTOHIGHERPRODUCTDEMANDSIMILARLYBOTHCREDITPOLICYFROMSUPPLIERSANDCREDITPERIODGRANTEDTOCUSTOMERSWILL
16、HAVEANIMPACTONPROFITABILITYINORDERTOUNDERSTANDTHEWAYWORKINGCAPITALISMANAGEDCASHCONVERSIONCYCLEANDITSCOMPONENTSWILLBESTATISTICALLYANALYSEDINTHISPAPERWEINVESTIGATETHERELATIONSHIPBETWEENWORKINGCAPITALMANAGEMENTANDFIRMSPROFITABILITYFOR131LISTEDCOMPANIESINTHEATHENSSTOCKEXCHANGEFORTHEPERIOD20012004THEPURP
17、OSEOFTHISPAPERISTOESTABLISHARELATIONSHIPTHATISSTATISTICALSIGNIFICANTBETWEENPROFITABILITY,THECASHCONVERSIONCYCLEANDITSCOMPONENTSFORLISTEDFIRMSINTHEASEATHENSSTOCKEXCHANGETHEPAPERISSTRUCTUREDASFOLLOWSINTHENEXTSECTIONWEPRESENTTHEVARIABLESUSEDASWELLASTHECHOSENSAMPLEOFFIRMSRESULTSOFTHEDESCRIPTIVESTATISTIC
18、SACCOMPANIEDWITHREGRESSIONMODELLINGRELATINGPROFITABILITYTHEDEPENDENTVARIABLEAGAINSTOTHERINDEPENDENTVARIABLESINCLUDINGCOMPONENTSOFTHECASHCONVERSIONCYCLE,INORDERTOTESTSTATISTICALSIGNIFICANCEFINALLYTHELASTSECTIONDISCUSSESTHEFINDINGSOFTHISPAPERANDCOMESUPWITHCONCLUSIONSRELATEDWITHWORKINGCAPITALMANAGEMENT
19、POLICIESANDPROFITABILITY2DATACOLLECTIONANDVARIABLESIDATACOLLECTIONTHEDATACOLLECTEDWEREFROMLISTEDFIRMSINTHEATHENSSTOCKEXCHANGEMARKETTHEREASONWECHOSETHISMARKETISPRIMARILYDUETOTHERELIABILITYOFTHEFINANCIALSTATEMENTSCOMPANIESLISTEDINTHESTOCKMARKETHAVEANINCENTIVETOPRESENTPROFITSIFTHOSEEXISTINORDERTOMAKETH
20、EIRSHARESMOREATTRACTIVECONTRARYTOLISTEDFIRMS,NONLISTEDFIRMSINGREECEHAVELESSOFANINCENTIVETOPRESENTTRUEOPERATIONALRESULTSANDUSUALLYTHEIRFINANCIALSTATEMENTSDONOTREFLECTREALOPERATIONALANDFINANCIALACTIVITYHIDINGPROFITSINORDERTOAVOIDCORPORATETAXISACOMMONTACTICFORNONLISTEDFIRMSINGREECEWHICHMAKESTHEMLESSOFA
21、SUITABLESAMPLEFORANALYSISWHEREONECANDRAWINFERENCE,BASEDONFINANCIALDATA,FORWORKINGCAPITALPRACTICESFORTHEPURPOSEOFTHISRESEARCHCERTAININDUSTRIESHAVEBEENOMITTEDDUETOTHEIRTYPEOFACTIVITYWEFOLLOWEDTHECLASSIFICATIONOFNACE10INDUSTRIESFROMWHICHELECTRICITYANDWATER,BANKINGANDFINANCIALINSTITUTIONS,INSURANCE,RENT
22、ALANDOTHERSERVICESFIRMSHAVEBEENOMITTEDTHEORIGINALSAMPLECONSISTEDOFABOUT300FIRMSWHICHNARROWEDDOWNTO131COMPANIESTHEMOSTRECENTPERIODFORWHICHWEHADCOMPLETEDATAWAS20012004SOMEOFTHEFIRMSWERENOTINCLUDEDINTHEDATADUETOLACKOFINFORMATIONFORTHECERTAINPERIODFINALLYTHEFINANCIALSTATEMENTSWEREOBTAINEDFROMTHEICAPSA11
23、DATABASEOURANALYSISUSESSTACKEDDATAFORTHEPERIOD20012004WHICHRESULTSTO524TOTALOBSERVATIONSIIVARIABLESASMENTIONEDEARLIERINTHEINTRODUCTIONTHECASHCONVERSIONCYCLEISUSEDASAMEASUREINORDERTOGAUGEPROFITABILITYTHISMEASUREISDESCRIBEDBYTHEFOLLOWINGEQUATIONCASHCONVERSIONCYCLENOOFDAYSA/R12NOOFDAYSINVENTORYNOOFDAYS
24、A/P131INTURNTHECOMPONENTSOFCASHCONVERSIONCYCLEAREGIVENBELOWNOOFDAYSA/RACCOUNTSRECEIVABLES/SALES3652NOOFDAYSINVENTORYINVENTORY/COSTOFGOODSSOLD3653NOOFDAYSA/PACCOUNTSPAYABLES/COSTOFGOODSSOLD3654ANOTHERVARIABLECHOSENFORTHEMODELSPECIFICATIONISTHATOFCOMPANYSIZEMEASUREDTHROUGHTHENATURALLOGARITHMOFSALESSHA
25、RESANDPARTICIPATIONTOOTHERFIRMARECONSIDEREDASFIXEDFINANCIALASSETSTHEVARIABLEIWEUSEWHICHISRELATEDTOFINANCIALASSETSISTHEFOLLOWINGFIXEDFINANCIALASSETSRATIOFIXEDFINANCIALASSETS/TOTALASSETS5THISVARIABLEISUSEDSINCEFORMANYLISTEDCOMPANIESFINANCIALASSETSCOMPRISEASIGNIFICANTPARTOFTHEIRTOTALASSETSTHISVARIABLEW
26、ILLBEUSEDLATERONINORDERTOOBTAINANINDICATIONHOWTHERELATIONSHIPANDPARTICIPATIONOFONEFIRMTOOTHERSAFFECTSITSPROFITABILITYANOTHERVARIABLEUSEDINORDERTOPERFORMREGRESSIONANALYSISLATERON,INCLUDESFINANCIALDEBTMEASUREDTHROUGHTHEFOLLOWINGEQUATIONFINANCIALDEBTRATIOSHORTTERMLOANSLONGTERMLOANS/TOTALASSETS6THISISUS
27、EDINORDERTOESTABLISHRELATIONBETWEENTHEEXTERNALFINANCINGOFTHEFIRMANDITSTOTALASSETSFINALLYTHEDEPENDENTVARIABLEUSEDISTHATOFGROSSOPERATINGPROFITINORDERTOOBTAINTHISVARIABLEWESUBTRACTCOSTOFGOODSSOLDFROMTOTALSALESANDDIVIDETHERESULTWITHTOTALASSETSMINUSFINANCIALASSETSGROSSOPERATINGPROFITSALESCOGS14/TOTALASSE
28、TSFINANCIALASSETS7THEREASONFORUSINGTHISVARIABLEINSTEADOFEARNINGSBEFOREINTERESTTAXDEPRECIATIONAMORTIZATIONEBITDAORPROFITSBEFOREORAFTERTAXESISBECAUSEWEWANTTOASSOCIATEOPERATINGSUCCESSORFAILUREWITHANOPERATINGRATIOANDRELATETHISVARIABLEWITHOTHEROPERATINGVARIABLESIECASHCONVERSIONCYCLEMOREOVERWEWANTTOEXCLUD
29、ETHEPARTICIPATIONOFANYFINANCIALACTIVITYFROMOPERATIONALACTIVITYTHATMIGHTAFFECTOVERALLPROFITABILITY,THUSFINANCIALASSETSARESUBTRACTEDFROMTOTALASSETS3DESCRIPTIVESTATISTICSTHEFOLLOWINGTABLEGIVESTHEDESCRIPTIVESTATISTICSOFTHECOLLECTEDVARIABLESTHETOTALOFOBSERVATIONSSUMSTON524ONAVERAGE168OFTOTALASSETSAREFINA
30、NCIALASSETSINCLUDINGPARTICIPATIONTOOTHERSUBSIDIARIESTOTALSALESHAVEAMEANOF1189MILLIONEUROSWHILETHEMEDIANIS319MILLIONTHEFIRMSINCLUDEDINOURSAMPLEHADANAVERAGEOF258NETOPERATINGPROFITTHECREDITPERIODGRANTEDTOTHEIRCUSTOMERSRANGEDAT148DAYSONAVERAGEMEDIAN130DAYSWHILETHEYPAIDTHEIRCREDITORSIN96DAYSONAVERAGEMEDI
31、AN73DAYSINVENTORYTAKESONAVERAGE136DAYSTOBESOLDMEDIAN104DAYSOVERALLTHEAVERAGECASHCONVERSIONCYCLERANGEDAT188DAYSMEDIAN165DAYS14COSTOFGOODSSOLD5VARIABLENMEANMEDIANTRMEANSTDEVSEMEANFIXEDFA5240,168150,098610,147440,184590,00806LNSALES52417,36417,27817,3461,4760,064SALES52411860404131910588611776313624177
32、3915832292FINDEBT5240,184970,169170,174520,170670,00746GROSSPR52424,58320,93423,57217,7950,777ACID015242,1441,1101,3646,5710,287INV01524136,90104,00123,04131,395,74A/R01524148,25130,00139,45104,194,55A/P0152496,1073,0082,58107,224,68CCC01524188,99165,00184,18209,379,15译文营运资金的管理对上市公司盈利能力的影响资料来源ELECTR
33、ONICCOPYAVAILABLEATHTTP/SSRNCOM/ABSTRACT931591作者IOANNISLAZARIDIS摘要本文研究了企业盈利能力与企业营运资本管理之间的关系。我们用一份在雅典证卷交易所ASE里从2001到2004年的交易的131家上市公司为例。本研究的目的是为了建立一个不断为上市公司提供盈利能力、现金转换周期及其组件之间的显著统计关系。研究结果表明,采用总营业利润和现金转换周期来达到盈利有统计的意义。此外经理可以通过正确处理现金转换周期和保持各个不同的组件账务应收款、应付账款、存货达到一种最佳的水平,从而为他们的公司创造利润。1介绍资本结构与营运资金的管理是在学术界的
34、两个领域中得到广泛的运用,来假设企业的盈利能力。营运资金的管理进行了探讨在众多的方式。营运资金的管理进行了众多的探讨方式。其他研究人员研究了最优库存管理的研究与其影响,而其他的应收账款管理的研究,这是最适宜的应收账款,使得利润最大化。根据DELOOF2003,流动资金管理对公司的利润有明显的影响。测试结果表明,有一定程度的流动资金需求构成潜在最大化地回报。其他营运资金的管理工作领域,重点是受雇于公司。这项研究指出公司突出现金管理比较大,销售使用更少的现金,更多的季节性并且尽可能多的现金流问题。当更小的公司更注重于库存管理,同时利润更少的公司都集中在信用管理周期。建议公司的高速增长需遵循更多的本
35、不愿对他们的客户使用的信用政策,而他们阻碍更多的资金形式的存在。与此同时应付款将增加归功于供应商的支付顾客的财务费用,达到金融机构转移的良好关系,而这也是转移的好处。根据WILNER2000,多数企业广泛使用贸易信贷,尽管需要明显的更大的成本,贸易信贷利率一般超过18。此外,他表示,在1993年美国公司针对客户扩展了他们的信用15万亿美元。同样通过DELOOF2003,比利时的国家银行的统计发现,在1997年应付账款的达到总资产的13,同时账户应收款及库存占17、10的分别。萨默斯和威尔逊2000报告说,在英国企业界超过80的日常商务交易都关系贷款。看来,公司现金转换周期和它的利润之间有很不寻
36、常的关系。现金转换周期的三个不同的地方(应付款、应收及库存)可以通过不同的方式实现最大化收益或者提高一个公司的增长。有时贸易信贷是一种工具,想能吸引新客户。许多公司正在准备改变他们的标准信用证条款,以赢得新客户并获得大订单。此外,信用额度会刺激销售,因为它允许公司评估产品质量在购买之前。因此单个公司是否“营销”的服务方针管理应该遵循通过营运资金授信。然而,由于资本将分别投资于客户和库存,财政部门将面临这种公司现金流和流动性问题。为了最大限度的价值,应该保留在应收款、应付款和存货三者之间的平衡。根据PIKECHENG2001,寻求创造信用管理,维护和实现的一个高质量的应收账款投资组合。大多数大公
37、司在应收帐款信用管理上做了的重要的投资,政策选择和实践对于公司价值具有重要影响。成功的管理资源将导致企业盈利,但我们要怎样计量管理成功因为一次的信贷的发放可能会导致销售额和市场占有率的增长,同时伴有减少收益或者相反的情况。既然营运资金的管理的最好的描述是现金转换周期,那我们将努力建立盈利能力和现金转换周期的管理之间的联系。这个简单的等式包含所有重要的三个方面的营运资金的管理。这就预示,一个公司多长时间能进行,一旦停止操作或时间之间的间隔预示着购买商品和收集的销售。最优水平的存货对利润有直接的影响,因为它会释放工作资本资源,而这也就会反过来被投资在商业循环,或将会增加应对产品需求的存货水平。同样
38、给予客户的供应商信用政策和信用期都是对盈利能力有影响的。为了了解流动资金管理的方式,对现金转换周期及其零部件进行了统计分析。本文研究了131家在雅典证券交易所的上市公司和20012004调整期间,营运资金的管理及公司的利润的关系。本研究的目的是为了建立一个盈利能力、现金转换周期及其在ASE雅典证券交易所上市公司部件之间的显著统计关系。本文结构如下。在下一节里,我们将介绍所用到的变量以及所选择的样本的公司。我们将用描述性统计结果和回归模型(盈利这个因变量依几个自变量而变化;而自变量中则包括现金转换周期的几个部分)来测试统计的显著性。最后,在结尾的一节里会讨论本篇论文得出的结果,然后作出有关营运资
39、金的管理政策和盈利的结论。数据采集和变量(1)数据采集收集的数据来自雅典股票交易市场的上市公司。我们之所以选择这个市场主要是由于财务报表的可靠性。公司在股票市场上呈现利润是会列出个人利益,这样是为了使他们的股票更具有吸引力。与上市公式相反的是,在希腊没有上市的公司缺乏激励完成真正运行的措施并且通常这类公司的财务报表反应出他们真实的运转和财政行为。隐藏公司利润对于那些在希腊没有上市的公司来说是一种普遍策略来避免缴纳所得税,这可使他们更少的成为可得出推论的适合分析的样本的个体。为了这个研究的目的,特定公司因为他们的活动种类而被忽略。我们接下来分类在NACE10里面的来之电力和水利,银行机构,租赁,
40、保险工业,并且忽略其他的服务行业公司,原始样本由131家公司组成,最重要的2001年到2004年的数据。许多公司的数据被包含,导致这个时期缺乏很多必要的信息,最后这些财务报表的数据来自ICAPSA11提供的数据,我们的分析运用了来自2001到2004年这个时期收集起来的数据并且得到了524个结果。(2)变量如前面提到的,在介绍现金转换周期作为措施,来表达盈利能力。这项措施如以下公式计算CASHCONVERSIONCYCLENOOFDAYSA/R12NOOFDAYSINVENTORYNOOFDAYSA/P131反过来,现金转换周期组成部分如下NOOFDAYSA/RACCOUNTSRECEIVAB
41、LES/SALES3652NOOFDAYSINVENTORYINVENTORY/COSTOFGOODSSOLD3653NOOFDAYSA/PACCOUNTSPAYABLES/COSTOFGOODSSOLD3654设定公司规模采用自然对数的销售,选择另一个变量的模型选择规格。另一家公司的股票分享和参与固定资产里减去金融资产的方式一样。我们使用与金融资产相关的变量,如下FIXEDFINANCIALASSETSRATIOFIXEDFINANCIALASSETS/TOTALASSETS5这个变量的使用是因为许多上市公司很大一部份的财务资产包括在他们的总资产里。这个变量将稍后被使用来获得一个想法,估计和
42、参与一个公司如何影响别人的利润的关系。使用进行回归分析另一个变量,然后,采用下列公式,包括金融债务FINANCIALDEBTRATIOSHORTTERMLOANSLONGTERMLOANS/TOTALASSETS6这是用在为了建立关系的外部融资公司和它的总资产。最后因变量的使用是总营业利润。为了获得这个变量,我们把总销售额减销售货物的成本,这样的处理与总资产与金融资产的关系是一样的。GROSSOPERATINGPROFITSALESCOGS14/TOTALASSETSFINANCIALASSETS7用这个变量来代替折旧及摊销前的利润EBITDA或者税后利润的原因是因为我们想把成功还是失败的工作
43、系数联合起来,并且用这个变量来和其他运营变量如下现金转换周期联系起来。而且,我们想排除任何财务活动的参与,运算活动可能会影响到总体盈利能力,从而金融资产从总资产中减去。3描述性统计下表给出了所有变量的描述性统计。总观察值N524。金融资产占总资产平均的168包括参与其他子公司。总销售额为1,1890,0000万欧元而平均值为319万元。这些公司,包括在我们的样品集里,平均运行的净利润有258。在信用期间内平均给予他们的顾客148天左右平均130天,而他们支付债权人平均在96天中位数为73天。库存平均销售为136天中位数为104天。总体平均现金转换周期在188天中位数为165天。5VARIABL
44、ENMEANMEDIANTRMEANSTDEVSEMEANFIXEDFA5240,168150,098610,147440,184590,00806LNSALES52417,36417,27817,3461,4760,064SALES524118604041319105886117763136241773915832292FINDEBT5240,184970,169170,174520,170670,00746GROSSPR52424,58320,93423,57217,7950,777ACID015242,1441,1101,3646,5710,287INV01524136,90104,00123,04131,395,74A/R01524148,25130,00139,45104,194,55A/P0152496,1073,0082,58107,224,68CCC01524188,9912165,00184,18209,379,15