1、1本科毕业论文外文翻译外文文献译文标题营运资金管理与上市公司盈利能力之间关系资料来源HTTP冒号/WENKU点BAIDU点COM作者DRIOANNISLAZARIDS在研究企业的盈利能力的过程中，资本结构和营运资金管理这两个领域最近广受学术界的重视。关于营运资金管理的研究以前有过很多思路与方法，有的学者从最佳库存管理对营运资金的影响这个角度进行，而有些学者是从导致利润最大化的应收账款这个角度进行研究的。根据DELOOF22003显示称，营运资金的管理方式对企业的盈利能力将会产生重大影响，这一结果表明，存在一定水平的营运资金要求的同时也表明企业有要求得到最大化的回报。其他的学者将营运资金管理的重
2、点放在企业财务流程方面。这项研究表明将营运资金管理的重点放在现金管理上的企业将会面临现实中销售收入产生的现金特别少，而且还带有季节性的问题，这样的企业可能面临更多的现金问题。然而，规模小得企业会将营运资金管理的重点集中在库存管理上，那些盈利较少的企业则将营运资金管理的重点集中在信用管理。研究表明，那些高增长的企业为了占用更多的资金以便于投资而不是特别愿意对他们的客户使用信用政策，同时，由于与供应商以及金融机构建立了良好的合作关系，因此企业会将他们的财务成本转嫁给客户。一个公司的现金周转期和它的盈利能力似乎有着很紧密的关系，我们可以从现金周期所包含的三个方面，应收账款周转期、应付账款周转期、存货
3、周转期着手并且以不同的方法研究他们，以此来实现企业利润最大化，促进公司的增长。有时，贸易信贷是一种吸引新客户的方式，因此为了赢得新客户，获得大额订单，许多公司正在准备改变标准的信用条件。信贷可以刺激销售。这是因为它允许客户在付款前验证产品的质量，因此我们应该遵循个别公司通过信用政策来吸引客户的营销方法，然而，这样做会导致一家公司的财务部门将面临现金流和流动性问题，因为资金将分别投资在客户和库存。为了实现企业价值最大化，我们应该保持应收账款、应付账款及存货这三者的平衡。据PICK（2001）研究，信用管理旨在建立、维护和实现了高品质的应收账款组合，一个很明显的现象就是大多数大型企业对应收账款的显
4、著投资以及信用管理政策的选择和使用将会对企业价值产生重要的影响。我们都知道资源的成功管理将会增加企业的盈利能力，但是问题是我们应该怎样衡量成功的资源管理呢信用政策的使用一方面会导致销售额和市场份额的增加，另一方面会2导致利润率的减少，这不是有和成功的资源管理相反吗由于现金周转期能够更好地描述营运资金管理，因此我们尝试建立盈利能力和现金周转期之间的关系，这样做的目的是为了更好地理解现金周转期是如何影响营运资金管理的，同时也是为了做统计分析。在本文中，我们调查了20012004年期间的131家在雅典证券交易所的上市公司营运资金管理和企业的盈利能力之间的关系。本文的目的是建立一种模型来统计上市公司现
5、金周转期与企业盈利能力，运用回归模型对现金周转期的组成部分以及其他独立变量进行描述性统计，最后得出有关营运资金管理政策和企业盈利能力关系的结论。到目前为止，我们通过研究得出的有关现金周转期和盈利能力之间的负相关关系作为一种有效的营运资金管理措施。由此看来，盈利能力的好坏取决于经理或者业主将如何有效的管理公司的营运资金。我们通过观察得出降低经营毛利和增加应付账款的天数有关系。上述结论可能导致盈利较少的企业会利用供货商授予他们的信用期来拖延他们的账单。应收账款和企业的盈利能力之间的负相关关系表明，盈利较少的企业将继续减少其应收账款和现金转换周期，以减少他们的现金缺口。同样，库存天数和盈利能力之间负
6、相关关系表明在销售突然下降同时库存管理不善的情况下，将导致企业占用更多的资金，影响企业的利润。因此为了实现公司利润最大化，管理者应该正确处理现金周转期，并且保持现金周转期的组成部分（应收账款、应付账款、存货）的最佳水平。3外文文献原文TITLETHERELATIONSHIPBETWEENWORKINGCAPITALMANAGEMENTANDPROFITABILITYOFLISTEDCOMPANIESINTHEATHENSSTOCKEXCHANGEMATERIALSOURCEHTTP冒号/WENKU点BAIDU点COMAUTHORDRIOANNISLAZARIDISCAPITALSTRUCTUR
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