外文翻譯--雅典證交所營(yíng)運(yùn)資金管理和上市公司盈利能力之間的關(guān)系

1、<p><b>　　中文3646字</b></p><p><b>　　原文：</b></p><p>　　The relationship between working capital management and</p><p>　　profitability of listed companies in

2、the Athens Stock Exchange</p><p><b>　　Abstract</b></p><p>　　In this paper we investigate the relationship of corporate profitability and working capital management. We used a sample

3、of 131 companies listed in the Athens Stock Exchange (ASE) for the period of 2001-2004. The purpose of this paper is to establish a relationship that is statistical significant between profitability, the cash conversion

4、cycle and its components for listed firms in the ASE. The results of our research showed that there is statistical significance between profitability, measure</p><p>　　Capital structure and working capital m

5、anagement are two areas widely revisited by academia in order to postulate firms’ profitability. Working capital management has been approached in numerous ways. Other researchers studied the impact of optimum inventory

6、management while other authors studied the management of accounts receivables in an optimum way that leads to profit maximization. According to Deloof (2003) the way that working capital is managed has a significant impa

7、ct on profitability o</p><p>　　Other work on the field of working capital management focuses on the routines employed by firms. This research showed that firms which focus on cash management were larger, wit

8、h fewer cash sales, more seasonality and possibly more cash flow</p><p>　　problems. While smaller firms focused more on stock management and less profitable firms were focused on credit management routines.

9、It is suggested that high growth firms follow a more reluctant credit policy towards their customers, while they tie up more capital in the form of inventory. Meanwhile accounts payables will increase due to better relat

10、ions of suppliers with financial institutions which divert this advantage of financial cost to their clients.</p><p>　　According to Wilner (2000) most firms extensively use trade credit despite its apparent

11、greater cost, and trade credit interest rates commonly exceed 18 percent. In addition to that he states that in 1993 American firms extended their credit towards customers by 1.5 trillion dollars. Similarly Deloof (2003)

12、 found out through statistics from the National Bank of Belgium that in 1997 accounts payable were 13% of their total assets while accounts receivables and inventory accounted for 17% and 10% </p><p>　　There

13、 seems to be a strong relation between the cash conversion cycle of a firm and its profitability. The three different components of cash conversion cycle (accounts payables, accounts receivables and inventory) can be man

14、aged in different ways in order to maximize profitability or to enhance the growth of a company. Sometimes trade credit is a vehicle to attract new customers. Many firms are prepared to change their standard credit terms

15、 in order to win new customers and to gain large orders</p><p>　　Data Collection and Variables</p><p>　　Data Collection</p><p>　　The data collected were from listed firms in the Ath

16、ens Stock Exchange Market. The reason we chose this market is primarily due to the reliability of the financial</p><p>　　statements. Companies listed in the stock market have an incentive to present profits&

17、lt;/p><p>　　if those exist in order to make their shares more attractive. Contrary to listed firms， non listed firms in Greece have less of an incentive to present true operational results and usually their fin

18、ancial statements do not reflect real operational and financial activity. Hiding profits in order to avoid corporate tax is a common tactic for non listed firms in Greece which makes them less of a suitable sample for an

19、alysis where one can draw inference，based on financial data, for working capital p</p><p>　　For the purpose of this research certain industries have been omitted due to their type of activity. We followed th

20、e classification of NACE(Classification of Economic Activities in the European Community) industries from which electricity and water, banking and financial institutions, insurance, rental and other services firms have b

21、een omitted. The original sample consisted of about 300 firms which narrowed down to 131 companies. The most recent period for which we had complete data was 2001-20</p><p><b>　　Variables</b><

22、/p><p>　　As mentioned earlier in the introduction the cash conversion cycle is used as a measure in order to gauge profitability. This measure is described by the following equation:</p><p>　　Cash

23、Conversion Cycle = No of Days A/R(Accounts Receivables)+ No of Days Inventory - No of Days A/P(Accounts Payables) (1)In turn the components of cash conversion cycle are given below:No of Days A/R = Accounts Receivable

24、s/Sales*365 (2)No of Days Inventory = Inventory/Cost of Goods Sold*365 (3)No of Days A/P = Accounts Payables/Cost of Goods Sold*365 (4)Another variable chosen for the model specification is that of company size mea

25、sured through the natural logarithm of sales. Shares an</p><p>　　financial assets is the following:</p><p>　　Fixed Financial Assets Ratio = Fixed Financial Assets/Total Assets(5)</p><

26、;p>　　This variable is used since for many listed companies financial assets comprise a significant part of their total assets. This variable will be used later on in order to obtain an indication how the relationship

27、and participation of one firm to others affects its profitability. Another variable used in order to perform regression analysis later on, includes financial debt measured through the following equation:</p><p

28、>　　Financial Debt Ratio = (Short Term Loans + Long Term Loans)/Total Assets (6) This is used in order to establish relation between the external financing of the firm and its total assets.</p><p>　　Finall

29、y the dependent variable used is that of gross operating profit. In order to obtain this variable we subtract cost of goods sold from total sales and divide the result with total assets minus financial assets.</p>

30、<p>　　Gross Operating Profit = (Sales - COGS)/(Total Assets - Financial Assets (7) The reason for using this variable instead of earnings before interest tax depreciation amortization (EBITDA) or profits before or

31、after taxes is because we want to associate operating ‘success’ or ‘failure’ with an operating ratio and relate this variable with other operating variables (i.e cash conversion cycle). Moreover we want to exclude the pa

32、rticipation of any financial activity from operational activity that mig</p><p>　　So far we established a framework of literature and data analysis in order to investigate the impact of working capital manag

33、ement on profitability. In order to shed more light on the relationship of working capital management on firms’ profitability we use regression analysis. In the following proposed models we examine the endogenous variabl

34、e which is profitability (measured through operational profitability as mentioned in section 2 (ii) by equation (7)) against six exogenous variables and in</p><p>　　Conclusion</p><p>　　This pape

35、r adds to existing literature such as Shin and Soenen (1998) who found a strong negative relationship between the cash conversion cycle and corporate profitability for listed American firms for the 1975- 1994 period and

36、Deloof (2003) who found negative relationship between profitability and number of days accounts receivable, inventories and accounts payable of Belgian firms for the period 1992-1996.</p><p>　　So far we obse

37、rved a negative relationship between profitability (measured through gross operating profit) and the cash conversion cycle which was used as a measure of working capital management efficacy. Therefore it seems that opera

38、tional profitability dictates how managers or owners will act in terms of managing the working capital of the firm. We observed that lower gross operating profit is associated with an increase in the number days of accou

39、nts payables. The above could lead to the conc</p><p>　　Source: Ioannis Lazaridis and Dimitrios Tryfonidis ,2006 “The relationship between working capital management and profitability of listed companies in

40、the Athens Stock Exchange” . Journal of Financial Management and Analysis, vol. 19，no.l， January-June. pp. 150-159.</p><p><b>　　譯文:</b></p><p>　　雅典證交所營(yíng)運(yùn)資金管理和上市公司盈利能力之間的關(guān)系</p>

41、<p><b>　　摘要</b></p><p>　　在本文中我們調(diào)查營(yíng)運(yùn)資金管理與公司盈利能力的關(guān)系。我們以131家在雅 典證券交易所（ASE)上市的公司在2001-2004年這一期間為一個(gè)示例。本文的 目的是建立一種具有統(tǒng)計(jì)意義的在盈利能力，現(xiàn)金周轉(zhuǎn)周期和在ASE的上市公 司的其他組成部分之間的關(guān)系。我們的研究結(jié)果顯示在盈利能力，通過(guò)凈營(yíng)業(yè)利 潤(rùn)測(cè)算和現(xiàn)金周轉(zhuǎn)周期三者之間具有統(tǒng)

42、計(jì)意義。更多的管理者能夠?yàn)樗麄兊墓?創(chuàng)造利潤(rùn)通過(guò)正確處理現(xiàn)金周轉(zhuǎn)周期和保持每一個(gè)組成部分（應(yīng)收賬款，應(yīng)付賬 款，存貨）都處在最佳水平。</p><p><b>　　引言</b></p><p>　　假定公司是盈利的情況下，資本結(jié)構(gòu)和營(yíng)運(yùn)資金管理是兩個(gè)在學(xué)術(shù)上有很多 重復(fù)地方的概念。營(yíng)運(yùn)資金管理已經(jīng)有很多的方法。一些研究人員研究的是最佳 存貨管理帶來(lái)的影響力，而另一些

43、人則研究的是最適合應(yīng)收賬款管理的方法，從 而導(dǎo)致利潤(rùn)最大化。根據(jù)戴魯夫(003)的說(shuō)法，營(yíng)運(yùn)資金管理在公司的盈利能力 方面有重大影響。這個(gè)結(jié)果表明了要實(shí)現(xiàn)資金潛在的最大化返回就必須要有一個(gè) 確定的營(yíng)運(yùn)資金需求。</p><p>　　其他在營(yíng)運(yùn)資金管理領(lǐng)域的工作主要集中在例行雇用人員的公司。這些研究 顯示那些大公司關(guān)注更多的現(xiàn)金管理，更少的現(xiàn)金銷(xiāo)售，更多的季節(jié)性問(wèn)題和可 能存在的更多現(xiàn)金流量問(wèn)題。而小公司則更關(guān)注庫(kù)

44、存管理，少數(shù)有利可圖的公司 則更多的關(guān)注例行的信用管理。這說(shuō)明了高發(fā)展的公司向它們的顧客跟隨實(shí)施了 一個(gè)更加勉強(qiáng)的信用政策，同時(shí)它們也以存貨的形式捆綁住了更多的資金（資 本）。與此同時(shí)應(yīng)付賬款會(huì)由于有更好的資源供應(yīng)商以及擁有向它們的客戶(hù)轉(zhuǎn)移 財(cái)務(wù)成本這個(gè)優(yōu)點(diǎn)的金融機(jī)構(gòu)而增加。</p><p>　　根據(jù)威爾納(2000)所說(shuō)，盡管貿(mào)易信貸要花費(fèi)明顯的更大的成本，大部分公 司還是廣泛地使用貿(mào)易信貸，而且貿(mào)易信貸的增長(zhǎng)

45、率通常超過(guò)18%。另外，威爾 納說(shuō)在1993年，美國(guó)的公司向它們的客戶(hù)延長(zhǎng)了 1.5萬(wàn)億美元的信用。同樣的， 戴魯夫也發(fā)現(xiàn)通過(guò)比利時(shí)中央銀行的統(tǒng)計(jì)，在1997年應(yīng)付賬款占它們總資產(chǎn)的 13%,而應(yīng)收賬款和存貨則分別占17%和10%。薩莫斯和威爾遜(2000)的報(bào)告中</p><p>　　說(shuō)，在英國(guó)，那些公司部門(mén)超過(guò)80%的日常業(yè)務(wù)交易使用信用條款。</p><p>　　一個(gè)公司的現(xiàn)金周轉(zhuǎn)周

46、期和它的盈利能力之間有著強(qiáng)烈的關(guān)系。為了追求效 益最大化和加快公司的發(fā)展，現(xiàn)金周轉(zhuǎn)周期的三個(gè)不同組成部分（應(yīng)付賬款，應(yīng) 收賬款，存貨）能夠以不同的方式管理。有時(shí)候貿(mào)易信貸是吸引新客戶(hù)的一種手 段，為了贏得新客戶(hù)和增加更多的訂單，許多公司正準(zhǔn)備改變他們的標(biāo)準(zhǔn)信用條 件。另外，信用可以刺激銷(xiāo)售，因?yàn)樗试S顧客在支付之前評(píng)估產(chǎn)品的質(zhì)量。因此它取決于通過(guò)授信，獨(dú)立公司能否在管理營(yíng)運(yùn)資金時(shí)沿用一種推銷(xiāo)的方法。然 而這樣的公司它的財(cái)務(wù)部門(mén)將面臨現(xiàn)金

47、流和資金流動(dòng)性問(wèn)題自從資金分別被投 資于顧客和存貨。為了實(shí)現(xiàn)價(jià)值最大化，應(yīng)收款和應(yīng)貨款以及存貨之間必須維持 平衡。根據(jù)派克和程(2001)，信用管理尋求創(chuàng)建，保障，以實(shí)現(xiàn)一個(gè)高質(zhì)量的應(yīng) 收賬款投資組合。信用管理政策的選擇和實(shí)踐對(duì)企業(yè)價(jià)值有重要意義，因此許多 大公司都用應(yīng)收賬款進(jìn)行重大投資。成功的資金管理可以導(dǎo)致公司盈利，但是我 們?cè)撊绾味攘抠M(fèi)用績(jī)效管理的成功，是由于一段時(shí)間的授信可能導(dǎo)致的銷(xiāo)售收入 和市場(chǎng)份額的增加，同時(shí)伴隨著獲利能力的

48、減少或者相反的情況？既然營(yíng)運(yùn)資金 管理是現(xiàn)金周轉(zhuǎn)周期的最好描述，我們將試圖在公司的盈利能力和現(xiàn)金周轉(zhuǎn)</p><p><b>　　數(shù)據(jù)收集和變量</b></p><p><b>　　1、數(shù)據(jù)收集</b></p><p>　　收集的數(shù)據(jù)來(lái)自雅典證券交易市場(chǎng)的上市公司。我們選擇這一市場(chǎng)的原因， 主要是由于財(cái)務(wù)報(bào)告的可靠性。在證

49、券市場(chǎng)上市的公司對(duì)現(xiàn)在利潤(rùn)有一個(gè)刺激， 如果那些存在，可以使得它們的股票更加地有吸引力。與上市公司相反，希臘的 非上市公司在目前真正的業(yè)務(wù)結(jié)果上獲得較少的鼓勵(lì)，通常他們的財(cái)務(wù)報(bào)告不能 反映實(shí)際運(yùn)營(yíng)和財(cái)務(wù)活動(dòng)。隱藏利潤(rùn)以避免上交企業(yè)所得稅是希臘非上市公司的 一種慣用手法，但是這樣使得他們剩下更少合適的樣本來(lái)分析其中一個(gè)可以基于 財(cái)務(wù)數(shù)據(jù)的營(yíng)運(yùn)資金實(shí)踐作出的推論。</p><p>　　為了這個(gè)研究的目的，某些行業(yè)由于

50、他們的活動(dòng)類(lèi)型被省略。我們跟隨 NACE (歐洲共同體經(jīng)濟(jì)活動(dòng)的分類(lèi)）的行業(yè)分類(lèi)，那些來(lái)自電力和水，銀行和 金融機(jī)構(gòu)，保險(xiǎn)機(jī)構(gòu)，出租和其他服務(wù)公司已被省略。原始的樣本由大約300 家公司組成，而現(xiàn)在將范圍縮小至131家公司。我們獲得的完整數(shù)據(jù)的最近的期 間是2001至2004年。一些公司沒(méi)有包括在這些數(shù)據(jù)中是由于缺乏某些時(shí)期的信 息。最后，財(cái)務(wù)報(bào)表從ICAPSA (國(guó)際資本）數(shù)據(jù)庫(kù)中獲得。我們的分析使用了 2001年至2004年期間堆積

51、的數(shù)據(jù)，致使出現(xiàn)了 524條總意見(jiàn)。</p><p><b>　　2、變量</b></p><p>　　正如較早時(shí)在介紹中提到的，現(xiàn)金轉(zhuǎn)換周期是用來(lái)衡量盈利能力的一項(xiàng)指 標(biāo)。這項(xiàng)指標(biāo)被描述成以下方程：</p><p>　　現(xiàn)金轉(zhuǎn)換周期=應(yīng)收賬款周轉(zhuǎn)天數(shù)+存貨周轉(zhuǎn)天數(shù)一應(yīng)付賬款周轉(zhuǎn)天數(shù)（1) 反過(guò)來(lái)現(xiàn)金轉(zhuǎn)換周期的各個(gè)組成部分也可以被表示成：<

52、;/p><p>　　應(yīng)收賬款周轉(zhuǎn)天數(shù)=平均應(yīng)收賬款/銷(xiāo)售收入*365 (2)存貨周轉(zhuǎn)天數(shù)=存貨/銷(xiāo)貨成本*365 (3)應(yīng)付賬款周轉(zhuǎn)天數(shù)=平均應(yīng)付賬款/銷(xiāo)貨成本*365 (4 )為模型規(guī)格選擇的另一個(gè)變量是通過(guò)銷(xiāo)售的自然對(duì)數(shù)來(lái)衡量公司的大小。股 票和其他公司參股被認(rèn)為是公司的固定金融資產(chǎn)。我們用與金融資產(chǎn)相關(guān)的以下 變量i:固定金融資產(chǎn)比率=固定金融資產(chǎn)/總資產(chǎn)（5)使用此變量是因?yàn)樵S多上市公司的金

53、融資產(chǎn)占其總資產(chǎn)的重要部分。這個(gè)變 量將稍后使用為了獲得一間參與公司對(duì)其他公司的關(guān)系如何，如何影響它的盈利 能力的指示。另一個(gè)變量的使用是為了后面的回歸分析，包括通過(guò)以下方程式計(jì) 算的金融負(fù)債指標(biāo)：</p><p>　　金融負(fù)債比率=(短期貸款+長(zhǎng)期貸款）/總資產(chǎn)（6)</p><p>　　這個(gè)指標(biāo)的使用是為了確立公司的外部融資和其總資產(chǎn)之間的關(guān)系。</p><p&g

54、t;　　最后使用的相關(guān)變量是毛營(yíng)業(yè)利潤(rùn)。為了獲得此變量，我們從銷(xiāo)售總額中減 去銷(xiāo)貨成本，從總資產(chǎn)中減去金融資產(chǎn)來(lái)劃分結(jié)果。</p><p>　　毛營(yíng)業(yè)利潤(rùn)=(銷(xiāo)售收入一銷(xiāo)貨成本）/ (總資產(chǎn)一金融資產(chǎn))(7)</p><p>　　使用這個(gè)變量的原因是代替支付利息、稅收、折舊、攤銷(xiāo)前的收益或稅前或 稅后的利潤(rùn)，因?yàn)槲覀冊(cè)噲D用一個(gè)營(yíng)業(yè)比率關(guān)聯(lián)經(jīng)營(yíng)‘成功’或‘失敗’，并將 這個(gè)變量和其他經(jīng)營(yíng)變

55、量相關(guān)聯(lián)。而且我們將可能會(huì)影響公司整體盈利能力的經(jīng) 營(yíng)活動(dòng)中排除任何金融活動(dòng)的參與，因此要從總資產(chǎn)中減去金融資產(chǎn)。</p><p><b>　　回歸分析</b></p><p>　　到目前為止我們建立了文學(xué)和數(shù)據(jù)的框架以調(diào)查營(yíng)運(yùn)資金管理對(duì)公司盈利 能力的影響。為了擺脫更多的發(fā)現(xiàn)營(yíng)運(yùn)資金管理和公司盈利能力的關(guān)系，我們使 用回歸分析。在以下建議模型中我們檢查與盈利能力（衡

56、量通過(guò)經(jīng)營(yíng)活動(dòng)的盈利 能力在第二部分變量的第7個(gè)方程中提到）相對(duì)的六外源變量和行業(yè)虛擬變量的 內(nèi)生變量。獨(dú)立變量是固定金融資產(chǎn)（通過(guò)方程5衡量），銷(xiāo)售自然對(duì)數(shù)，金融 負(fù)債比率（通過(guò)方程6衡量）和現(xiàn)金轉(zhuǎn)換周期。我們?cè)谇懊娴哪Ｐ椭邪烁鶕?jù) NACE編碼的行業(yè)虛擬變量。但是，為了有最低限度的自由度，我們使用NACE 分類(lèi)的一般部門(mén)來(lái)代替更詳細(xì)的四位代碼（四位代碼有77種不同類(lèi)別）。因此， NACE的部門(mén)總數(shù)是九，導(dǎo)致有八個(gè)行業(yè)虛擬變量(按順

57、序不屬于虛擬變量陷阱， 而是完全共線性或線性重合的情況）。</p><p><b>　　結(jié)論</b></p><p>　　這篇論文增加了例如斯津和索恩(1998)發(fā)現(xiàn)在1974?1994年這段時(shí)間美國(guó) 的上市公司在現(xiàn)金周轉(zhuǎn)周期和公司的盈利能力之間存在著強(qiáng)烈的否定關(guān)系；戴魯 夫（2003)發(fā)現(xiàn)1992?1996年間，比利時(shí)的上市公司在盈利能力，應(yīng)收賬款天數(shù)， 存貨和應(yīng)付

58、賬款之間存在著強(qiáng)烈的消極否定的關(guān)系。</p><p>　　到目前為止，我們觀察到用營(yíng)運(yùn)資金管理效用測(cè)算的在獲利能力（通過(guò)營(yíng)業(yè) 毛利測(cè)算）和現(xiàn)金周轉(zhuǎn)周期之間存在著否定關(guān)系。因此說(shuō)明經(jīng)營(yíng)獲利狀況支配著 管理者或業(yè)主將如何在公司的營(yíng)運(yùn)資金管理中起作用。我們觀察到低經(jīng)營(yíng)毛利與 增長(zhǎng)的應(yīng)付賬款天數(shù)有關(guān)。上述可以推出結(jié)論：盈利少的公司將等待更長(zhǎng)的時(shí)間 來(lái)利用資源供應(yīng)商給的信用有效期限支付貨款。應(yīng)收賬款和公司的盈利能力之間 的

59、否定關(guān)系表明了盈利少的公司為了減少它們的現(xiàn)金缺口在現(xiàn)金轉(zhuǎn)換周期內(nèi)將 減少他們的應(yīng)收賬款。同樣的，存貨銷(xiāo)售天數(shù)和公司盈利能力之間的否定關(guān)系也 表明了要是銷(xiāo)售量突然下降，隨著存貨的管理不善在經(jīng)營(yíng)利潤(rùn)費(fèi)用上將導(dǎo)致資金 的捆綁過(guò)剩。因此管理者能夠?yàn)樗麄兊墓緞?chuàng)造利潤(rùn)通過(guò)正確地管理現(xiàn)金周轉(zhuǎn)周 期和保持公司每一個(gè)組成部分（應(yīng)收賬款，應(yīng)付賬款，存貨）處于最佳水平。</p><p>　　出處：[希]阿馬納蒂迪斯.拉扎里迪斯&am