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【外文翻譯】

1、本科畢業(yè)論文（設(shè)計(jì)）外文翻譯原文：原文：TherelationshipbetweenwkingcapitalmanagementprofitabilityoflistedcompaniesintheAthensStockExchangeAbstractInthispaperweinvestigatetherelationshipofcpateprofitabilitywkingcapitalmanagement.Weusedasampl

2、eof131companieslistedintheAthensStockExchange(ASE)ftheperiodof20012004.ThepurposeofthispaperistoestablisharelationshipthatisstatisticalsignificantbetweenprofitabilitythecashconversioncycleitscomponentsflistedfirmsintheAS

3、E.Theresultsofourresearchshowedthatthereisstatisticalsignificancebetweenprofitabilitymeasuredthroughgrossoperatingprofitthecashconversioncycle.Meovermanagerscancreateprofitsftheircompaniesbyhlingcrectlythecashconversionc

4、yclekeepingeachdifferentcomponent(accountsreceivablesaccountspayablesinventy)toanoptimumlevel.IntroductionCapitalstructurewkingcapitalmanagementaretwoareaswidelyrevisitedbyacademiaindertopostulatefirms’profitability.Wkin

5、gcapitalmanagementhasbeenapproachedinnumerousways.Otherresearchersstudiedtheimpactofoptimuminventymanagementwhileotherauthsstudiedthemanagementofaccountsreceivablesinanoptimumwaythatleadstoprofitmaximization.AccdingtoDel

6、oof(2003)thewaythatwkingcapitalismanagedhasasignificantimpactonprofitabilityoffirms.Thisresultindicatesthatthereisacertainlevelofwkingcapitalrequirementswhichpotentiallymaximizesreturns.Otherwkonthefieldofwkingcapitalman

7、agementfocusesontheroutinesemployedbyfirms.Thisresearchshowedthatfirmswhichfocusoncashmanagementwerelargerwithfewercashsalesmeseasonalitypossiblymecashflowimplicationsfcpatevalue.Successfulmanagementofresourceswillleadto

8、cpateprofitabilitybuthowcanwemeasuremanagementsuccesssinceaperiodof‘creditgranting’mightleadtoincreasedsalesmarketsharewhilstaccompaniedbydecreasedprofitabilitytheoppositeSincewkingcapitalmanagementisbestdescribedbytheca

9、shconversioncyclewewilltrytoestablishalinkbetweenprofitabilitymanagementofthecashconversioncycle.Thissimpleequationencompassesallthreeveryimptantaspectsofwkingcapitalmanagement.Itisanindicationofhowlongafirmcancarryonifi

10、twastostopitsoperationitindicatesthetimegapbetweenpurchaseofgoodscollectionofsales.Theoptimumlevelofinventieswillhaveadirecteffectonprofitabilitysinceitwillreleasewkingcapitalresourceswhichinturnwillbeinvestedinthebusine

11、sscyclewillincreaseinventylevelsindertorespondtohigherproductdem.Similarlybothcreditpolicyfromsupplierscreditperiodgrantedtocustomerswillhaveanimpactonprofitability.Indertounderstthewaywkingcapitalismanagedcashconversion

12、cycleitscomponentswillbestatisticallyanalyzed.Inthispaperweinvestigatetherelationshipbetweenwkingcapitalmanagementfirms’profitabilityf131listedcompaniesintheAthensStockExchangeftheperiod20012004.Thepurposeofthispaperisto

13、establisharelationshipthatisstatisticalsignificantbetweenprofitabilitythecashconversioncycleitscomponentsflistedfirmsintheASE(AthensStockExchange).Thepaperisstructuredasfollows.Inthenextsectionwepresentthevariablesusedas

14、wellasthechosensampleoffirms.Resultsofthedeivestatisticsaccompaniedwithregressionmodelingrelatingprofitability(thedependentvariable)againstotherindependentvariablesincludingcomponentsofthecashconversioncycleindertotestst

15、atisticalsignificance.Finallythelastsectiondiscussesthefindingsofthispapercomesupwithconclusionsrelatedwithwkingcapitalmanagementpoliciesprofitability.DataCollectionVariables(i)DataCollectionThedatacollectedwerefromliste