[雙語翻譯]外文文獻翻譯--營運資金管理對不同商業(yè)周期公司盈利能力的影響來自芬蘭的案例（英文）

1、ResearchinInternationalBusinessandFinance32(2014)36–49ContentslistsavailableatScienceDirectResearchinInternationalBusiness andFinancejournalhomepage:www.elsevier.com/locate/ribafTheimpactofworkingcapitalmanagementon firm

2、profitabilityindifferentbusinesscycles: EvidencefromFinlandJuliusEnqvist a, MichaelGraham b,?, JussiNikkinen ca NordeaBank,Finlandb SchoolofBusinessStockholmUniversity,Swedenc DepartmentofAccountingandFinanceUniversity

3、ofVaasa,Finlandarti cl e i nfoArticlehistory:Received30August2013Receivedinrevisedform5March2014Accepted6March2014Availableonline15March2014Keywords:WorkingcapitalBusinesscyclesProfitabilityJELclassification:G30G31G

4、32ab s t ractThe recenteconomicdownturnof2007–2008has broughtrenewedfocuson workingcapital policies.In this paper we examinetheroleof businesscycleson the workingcapital–profitabilityrelation-shipusing asam

5、pleof Finnishlisted companiesover an 18-yearperiod.We find the impactof businesscycle on the workingcapital–profitabilityrelationshipis more pronouncedin economicdownturnsrelative to economicbooms. We fur

6、ther showthatthesignificanceof efficientinventorymanagementandaccountsreceivablesconversionperiodsincreaseduringperiodsof economicdownturns.Our resultsdemonstratethat active workingcapitalmanagementmattersand, thus,

7、 shouldbe includedin firms’finan-cialplanning.© 2014 ElsevierB.V. All rights reserved.1.IntroductionThispaperinvestigatestheeffectofthebusinesscycleonthelinkbetweenworkingcapital,thedif-ferencebetweencurrent

8、assetsandcurrentliabilities,andcorporateperformance.Efficientworking? Correspondingauthorat:StockholmUniversity,StockholmBusinessSchool,S-10691Stockholm,Sweden.Tel.:+4686747451.E-mailaddresses:julius.enqvist@nordea.com(J

9、.Enqvist),michael.graham@rmit.edu.au,mgr@fek.su.se(M.Graham),jn@uwasa.fi(J.Nikkinen).http://dx.doi.org/10.1016/j.ribaf.2014.03.0050275-5319/©2014ElsevierB.V.Allrightsreserved.38J.Enqvistetal./ResearchinInternational

10、BusinessandFinance32(2014)36–49thelargestpotentialforimprovementinworkingcapitalcouldbefoundwithintheoptimizationofinternalprocesses.Thissuggeststhatthisareaisnotprioritizedintimesofbusinessgrowthwhichistypicalofthegener

11、aleconomicexpansionperiodsandisexposedineconomicdownturns.Ourempiricalfindingshavepracticalusageespeciallyintheeventoftherecentfinancialcrisisof2007–2008andtheassociateddistressedstateoftheglobaleconomy.Theliquidityofman

12、ycom-paniescomesunderintensepressureandcashbecomesascarceresourceduetothetightcreditmarketconditionsanddecreaseddemandaroundsuchperiods.Evidently,thisconditionaccentuatestheimportanceofefficientworkingcapitalpractices.In

13、terestingly,aEurope-widesurveyonwork-ingcapitalindicatesthatverylittlehasbeendonetosignificantlyincreaseworkingcapitalefficiencybetween2004and2008,whichincludestheonsetofthecurrentfinancialcrisis(PwC,2009).Theeco-nomicim

14、plicationsofourresultsforcorporateliquiditypositionandimprovingprofitabilityhighlightstheimportanceofworkingcapitaltocompanies,notonlyintimesofdistress,butasadailyroutine.Generallyitmaybeadvantageousforfirmstosharpenthei

15、rforecastsoffutureeconomicconditionstoenablethemprepareadequateinvestmentsinworkingcapitalineconomicdownturns.Thismayincludeanalysesofcustomer-paymentprocesstounderstandwhycustomerspaywhentheypaytomitigateexcessreceivabl

16、esandprovideareferencepointifreceivablesfurtherincreaseasaresultofeconomichardship.Additionallyeconomicdownturnscouldleavecompanieswithexcessinventorythatcanbedifficulttoliquidate.Thusasuperiorforecastingwouldenablefirms

17、maintaineffectiveinventorybase.Thecrimpingconsumerdemandineconomicdownturnhasimportantimplicationsforeconomicpolicy.Firmsaregeneratorsofemploymentandincomeandeconomicpolicythatalleviatepressuresonworkingpolicymayhelpmain

18、tainthis.Reduceddemandineconomicdownturnsrapidlyexhauststheworkingcapitalofbusinesses.Economicpolicyaimedatboostingcashflowsoffirms,eitherdirectlyorindirectly,canbeofenormousbenefitinalleviatingpressureonworkingcapital.F

19、orinstance,governmentsmaypermitbusinessestoapplyaccelerateddepreciationforinvestmentsalreadyunder-taken.Additionallyanaffirmativeandpositivepolicyontaxcredits,cuts,deferralsandrefundsduringtheseperiodsmayincreasebusiness

20、abilitytofinanceworkingcapitalinternallyduringeconomicdownturns.Theremainderofthispaperisorganizedasfollows:Section2presentsabriefreviewoftheliteraturepresentsthehypothesesforempiricaltesting.Sections3and4discussdataandm

21、odelstobeestimated.TheempiricalresultsarepresentedinSection5andSection6concludes.2.Relatedliteratureandhypotheses2.1.LiteraturereviewManyfirmshaveinvestedsignificantamountsinworkingcapitalandanumberofstudieshaveexaminedt

22、hedeterminantsofthisinvestment.ForexampleKimetal.(1998)andOpleretal.(1999),Chiouetal.(2006)andD’Melloetal.(2008)findthattheavailabilityofexternalfinancingisadetermi-nantofliquidity.Thusrestrictedaccesstocapitalmarketsreq

23、uiresfirmstoholdlargercashreserves.Otherstudiesshowthatfirmswithweakercorporategovernancestructuresholdsmallercashreserves(Harfordetal.,2008).Furthermorefirmswithexcesscashholdingaswellasweakshareholderrightsundertakemor

24、eacquisitions.Howeverthereisahigherlikelihoodofvalue-decreasingacquisitions(Harford,1999).KieschnickandLaplante(2012)provideevidencelinkingworkingcapitalmanage-menttoshareholderwealth.Theyfindthattheincrementaldollarinve

25、stedinnetoperatingcapitalislessvaluablethantheincrementaldollarheldincashfortheaveragefirm.Thefindingsreportedinthepaperfurthersuggestthatthevaluationoftheincrementaldollarinvestedinnetoperatingworkingissignificantlyinfl

26、uencedbyafirm’sfuturesalesexpectations,itsdebtload,itsfinancialconstraints,anditsbankruptcyrisk.Furtherthevalueoftheincrementaldollarextendedincredittoone’scustomershasagreatereffectonshareholderwealththantheincrementald

27、ollarinvestedininventoriesfortheaveragefirm.Takentogethertheresultsindicatethesignificanceofworkingcapitalmanagementtothefirm’sresidualclaimants,andhowfinancingimpactstheseeffects.Athinthreadoftheliteraturelinksbusinessc