131中英文雙語(yǔ)畢業(yè)設(shè)計(jì)外文文獻(xiàn)翻譯成品營(yíng)運(yùn)流動(dòng)周轉(zhuǎn)運(yùn)營(yíng)資金管理如何影響西班牙中小企業(yè)的盈利能力？

1、<p>　　此文檔是畢業(yè)設(shè)計(jì)外文翻譯成品（ 含英文原文+中文翻譯），無(wú)需調(diào)整復(fù)雜的格式！下載之后直接可用，方便快捷！本文價(jià)格不貴,也就幾十塊錢！一輩子也就一次的事！</p><p>　　外文標(biāo)題：How does working capital management affect the profitability of Spanish SMEs?</p><p>　　外文作者：

2、Sonia Baos-Caballero,Pedro J. García-Teruel,Pedro Martínez-Solano</p><p>　　文獻(xiàn)出處:Small Business Economics,39(2) :517–529</p><p>　　英文3439單詞，20580字符，中文5721漢字。</p><p>　　How do

3、es working capital management affect the profitability of Spanish SMEs?</p><p>　　Abstract ：This paper analyzes the relation between working capital management and profitability for small and medium-sized ent

4、erprises (SMEs) by controlling for unobservable heterogeneity and possible endogeneity. Unlike previous studies, we examine a non-linear relation between these two variables. Our results show that there is a non- monoton

5、ic (concave) relationship between working capital level and firm profitability, which indicates that SMEs have an optimal working capital level that maxim</p><p>　　Keywords: Cash conversion cycle,Working cap

6、ital,profitability,SMEs</p><p>　　1Introduction</p><p>　　The idea that working capital management affects a firm’s profitability and risk is generally accepted and has recently received considera

7、ble attention. Smith (1980), for instance, suggests that working capital management is important because of its effects on a firm’s profitability and risk and, consequently, on its value. Specifically, a more aggressive

8、working capital policy (low investment in working capital) is associated with a higher return and higher risk, while a conservative working ca</p><p>　　Studies on working capital management and firm performa

9、nce (Jose et al. 1996; Shin and Soenen 1998; Wang 2002; Deloof 2003; Garcia-Teruel and Martinez- Solano 2007; among others) have analyzed a linear relationship between a firm’s investment in working capital and its profi

10、tability. Their findings indicate that the lower the investment in working capital, the higher the profitability. However, they ignore, for example, the higher risk of loss of sales and interruptions in the production pr

11、ocess</p><p>　　The relation between working capital and a firm’s profitability may, consequently, be concave rather than linear, and might be better captured by a quadratic relationship. Unlike previous stud

12、ies, this paper con- tributes to the literature by analyzing the relationship between investment in working capital and profitability by taking into account the possible non-linearities of the working capital management–

13、profitability relation in order to test this risk and return trade-off between different</p><p>　　We use a sample of small and medium-sized Spanish firms for several reasons. Firstly, most previous studies h

14、ave basically focused on large firms (Jose et al. 1996; Shin and Soenen 1998; Wang 2002; Deloof 2003). Secondly, SMEs are subject to important financial constraints (Whited 1992; Fazzari and Petersen 1993; Audretsch and

15、Elston 1997) and have difficulties in obtaining funding in the long-term capital markets (Walker 1989; Petersen and Rajan 1997; and Scholtens 1999), which means that an ef</p><p>　　The results confirm our hy

16、pothesis that there is an inverted U-shaped relationship between working capital and profitability, which in turn indicates that both high and low working capital levels are associated with a lower profitability. The rel

17、ation between working capital and profitability is positive when firms hold low levels of working capital and becomes negative for higher levels of working capital. This allows us to confirm not only the greater profitab

18、ility effect but also the greater </p><p>　　The remainder of this paper is organized as follows. Section 2 outlines the theoretical links between working capital policy and profitability. Section 3 describes

19、 the model employed to analyze the relationship between working capital and a firm’s performance and the hypotheses to be tested. In Sect. 4, we describe the methodology and data used. The results are discussed in Sect.

20、5 and a robustness check is presented. Section 6 concludes the paper.</p><p>　　2Working capital policy and profitability</p><p>　　Lewellen et al. (1980) showed that, under perfect financial mark

21、ets, trade credit decisions do not influence firm value. However, capital markets are not perfect, and the literature has demonstrated the existence of optimal levels of all individual components of working capital, such

22、 as accounts receivable (Nadiri 1969; Emery 1984a), inventories (Ouyang et al. 2005) and accounts payable (Nadiri 1969). Based on this concept and taking into account the influence of working capital on both risk and<

23、/p><p>　　As noted in the Introduction, the way in which a firm manages its working capital can have a significant impact on both the risk (risk of loss of business and interruptions of production process) and p

24、rofitability. Specifically, working capital management practices that tend to enhance profitability tend to increase this risk and, conversely, practices that reduce the risk tend to decrease the performance expected.<

25、;/p><p>　　Since an additional investment in inventories or accounts receivable is usually associated with greater sales, a positive relation between working capital and profitability might be expected. Larger i

26、nventories can prevent interruptions in the production process and loss of business due to scarcity of products and can also reduce supply costs and price fluctuations (Blinder and Maccini 1991). In addition, they allow

27、firms to provide their customers with a better service and avoid high production</p><p>　　However, this additional investment in working capital may also adversely affect operating performance if the costs o

28、f a higher investment in working capital exceed the benefits of holding more inventories and/or of granting more trade credit to customers. Firstly, a firm might not assess the quality of the products bought before payin

29、g if such action reduces its received trade credit period (Deloof 2003), which might negatively affect profitability. Secondly, Soenen (1993) suggests that high in</p><p>　　As a result of the costs and benef

30、its of a higher investment in working capital, there may be an inverted U-shaped relationship between a firm’s profitability and investment in working capital and, hence, firms might have an optimal working capital level

31、 that balances costs and benefits and maximizes their profitability. Specifically, we expect firms’ profitability to rise as working capital increases until a certain working capital level is reached, given that the incr

32、eased profitability will n</p><p>　　The empirical evidence, however, is not consistent with the trade-off between profitability and risk hypothesis commented above (Jose et al. 1996; Shin and Soenen 1998; Wa

33、ng 2002; Deloof 2003; Garcia- Teruel and Martinez-Solano 2007; among others). These studies have analyzed a linear relationship between working capital and profitability, and their results suggest that firms can increase

34、 their performance by reducing their working capital levels. However, those findings ignore the risk of loss </p><p>　　3Model and hypotheses</p><p>　　This section describes the model employed fo

35、r testing the main hypothesis mentioned in the previous section, namely, that there exists a concave relation- ship between a firm’s operating profitability and investment in working capital. This would allow us to confi

36、rm that firms have an optimal working capital level at which their profitability is maximized.</p><p>　　We use the Cash Conversion Cycle (CCC) as a measure of working capital management as it has been the mo

37、st extensively used measure in such studies,given the criticism of static measures, such as current ratio and quick ratio (Emery 1984b; Soenen 1993). This variable is calculated as (accounts receivable/ sales) 9 365 ? (i

38、nventories/purchases) 9 365 - (accounts payable/purchases) 9 365. Thus, CCC deals with the management of accounts receivable, the management of inventories and the trade credit </p><p>　　4Methodology and dat

39、a</p><p>　　4.1Methodology</p><p>　　The estimation method was selected in order to avoid unobservable heterogeneity and the problem of possible endogeneity. Firms are heterogeneous, and there are

40、 always characteristics that might influence their profitability that are difficult to measure or hard to obtain and which are not in our model. Hence, we use panel data to eliminate the risk of obtaining biased results

41、(Hsiao 1985). We eliminate the individual effect by first taking differences. Moreover, we use the instrumental variable </p><p><b>　　4.2Data</b></p><p>　　This study utilizes a data

42、panel of non-financial Spanish small and medium-sized enterprises (SMEs). The data were obtained from the SABI (Iberian Balance Sheets Analysis System) database, developed by Bureau Van Dijk. This database contains accou

43、nt- ing and financial information for Spanish firms.</p><p>　　The sample comprises SMEs from Spain for the period 2002–2007. The selection of SMEs was carried out according to the requirements established un

44、der European Commission recommendation 2003/ 361/EC of 6 May, 2003, i.e. they had fewer than 250 employees, turned over less than 50 million euros and possessed less than 43 million euros worth of total assets. Finally,

45、we eliminated firms whose information was not available for at least 5 consecutive years,2 firms with lost values, cases with errors in</p><p>　　Table 1 gives the mean values of CCC by sector and year. In ad

46、dition, in the final column we present a t statistic on the difference of means to determine if the mean length of CCC held by firms in 2002 differs significantly from that held in 2007. We conducted this test under the

47、null hypothesis of equal means. Since the t statistic takes the value 3.09, the null hypothesis is rejected and, hence, it indicates that Spanish SMEs have increased their investment in working capital during this peri&l

48、t;/p><p>　　A more detailed description of the sample by size and sector is also given in Appendix. In Table 3 we present the correlations of the variables used in our model. As in Deloof (2003) and Garcia- Teru

49、el and Martinez-Solano (2007), we find that CCC and leverage are negatively correlated with profitability. These studies suggest that this is consistent with the view that the CCC may be too long and that shortening it m

50、ight increase profitability. The negative relation between leverage and profitabi</p><p>　　We also used a formal test to ensure that the multicollinearity problem is not present in our analyses. We calculate

51、d the variance inflation factor (VIF) for each independent variable included in our models. The largest VIF value is 1.48, so there is no multicollinarity problem in our sample because the value is far below 5 (Studenmun

52、d 1997).</p><p><b>　　5Results</b></p><p>　　The results obtained from model (1) are presented in Table 4. The gross operating income (PRO1) is used as dependent variable in column (1)

53、, while the net operating income (PRO2) is used in column (2). Our findings indicate that b3 is negative and significant in both equations, which confirms that firms have an optimal CCC that balances costs and benefits a

54、nd maximizes operating performance.3 In addition, it indicates, unlike previous studies, that profitability increases with the investment in </p><p>　　6Conclusions</p><p>　　This study offers new

55、 evidence on the relationship between working capital management and profitability by controlling for unobservable heterogeneity and possible endogeneity and, unlike previous studies,given the competing hypotheses of the

56、 effect of an increase in working capital on firm’s profitability, it analyzes a possible quadratic relation between these variables.</p><p>　　In contrast to previous findings, which indicate that the lower

57、the investment in working capital the more profitability, our results show that there is a concave relationship between working capital level and profitability; that is, firms have an optimal working capital level that b

58、alances costs and benefits and maximizes their profitability. It allows us to confirm not only the greater profitability effect, but also the greater risk effect for firms with low levels of working capital. In addit<

59、/p><p>　　Overall, this paper highlights the importance of good working capital management for firms due to the cost of over-investment and under-investment in working capital. Our findings have potentially impo

60、rtant implications for managers and in the literature on working capital management. On the one hand, they indicate that managers should aim to keep as close to the optimal cycle as possible and try to avoid any deviatio

61、n (either positive or negative) in order to maximize firm’s profitability. On t</p><p>　　As a limitation of our study, it should be noted that the mean size of the firms of our sample is higher than the mean

62、 size of the Spanish population of SMEs. This is due to the fact that in Spain smaller SMEs can prepare an abridged financial statement, which is therefore less elaborate and present less detailed information. Some of th

63、e information required for this study (for example, the value of accounts payable) is, therefore, unavailable for such firms.</p><p>　　References</p><p>　　Arellano, M., & Bond, S. (1991). So

64、me test of specification for panel data: Monte Carlo evidence and an application to employment equations. Review of Economics Studies, 58,277–297.</p><p>　　Audretsch, D. B., & Elston, J. A. (1997). Finan

65、cing the German mittelstand. Small Business Economics, 9, 97–110.</p><p>　　Ban?os-Caballero, S., Garcia-Teruel, P. J., & Mart´nez-Solano, P. (2010). Working capital management in SMEs. Accounting an

66、d Finance, 50, 511–527.</p><p>　　Benito, A. (2005). Financial pressure, monetary policy effects and inventories: Firm-level evidence from a market-based and a bank-based financial system. Economica, 72, 201–

67、224.</p><p>　　Benito, A., & Vlieghe, G. (2000). Stylised facts on UK corporate financial health, evidence from micro data. Bank of England Financial Stability Review, 1, 83–93.</p><p>　　Berg

68、er, A. N., & Udell, G. F. (1998). The economics of small business: The roles of private equity and debt markets in the financial growth cycle. Journal of Banking & Finance, 22, 613–673.</p><p>　　Blin

69、der, A. S., & Maccini, L. J. (1991). The resurgence of inventory research: What have we learned? Journal of Economic Survey, 5, 291–328.</p><p>　　Brennan, M., Maksimovic, V., & Zechner, J. (1988). Ve

70、ndor financing. Journal of Finance, 43, 1127–1141.</p><p>　　Conyon, M., & Murphy, K. (2000). The prince and the pauper? CEO pay in the United States and United Kingdom. The Economic Journal, 110, 640–671

71、.</p><p>　　Cun?at, V. (2007). Trade credit: Suppliers as debt collectors and insurance providers. Review of Financial Studies, 20, 491–527.</p><p>　　Deloof, M. (2003). Does working capital manag

72、ement affect profitability of Belgian firms? Journal of Business, Finance and Accounting, 30, 573–587.</p><p>　　Deloof, M., & Jegers, M. (1996). Trade credit, product quality, and intragroup trade: Some

73、European evidence. Financial Management, 25, 33–43.</p><p>　　Demirgurc-Kunt, A., & Maksimovic, V. (2002). Firms as financial intermediaries: Evidence from trade credit data. World Bank Policy Research Wo

74、rking Paper no. 2696. Washington D.C.: World Bank</p><p>　　Dyck, A., & Zingales, L. (2004). Private benefits of control: An international comparison. Journal of Finance, 59, 537–600.</p><p>

75、　　Emery, G. W. (1984a). A pure financial explanation for trade credit. Journal of Financial and Quantitative Analysis, 9, 271–285.</p><p><b>　　譯文：</b></p><p>　　營(yíng)運(yùn)資金管理如何影響西班牙中小企業(yè)的盈利能力

76、？</p><p>　　摘要：本文通過(guò)控制不可觀察的異質(zhì)性和可能的內(nèi)生性，分析了中小企業(yè)（SMEs）營(yíng)運(yùn)資金管理與盈利能力的關(guān)系。與以前的研究不同，我們研究了這兩個(gè)變量之間的非線性關(guān)系。我們的研究結(jié)果表明，營(yíng)運(yùn)資本水平與企業(yè)盈利能力之間存在非單調(diào)（凹）關(guān)系，這表明中小企業(yè)具有最大化其盈利能力的最佳營(yíng)運(yùn)資本水平。此外，對(duì)我們的結(jié)果的穩(wěn)健性檢查證實(shí)，企業(yè)的盈利能力隨著他們偏離最佳水平而下降。</p>&

77、lt;p>　　關(guān)鍵詞：現(xiàn)金轉(zhuǎn)換周期，營(yíng)運(yùn)資本，盈利能力，中小企業(yè)</p><p><b>　　1引言</b></p><p>　　營(yíng)運(yùn)資本管理影響公司的盈利能力和風(fēng)險(xiǎn)的想法被普遍接受，并且最近受到了相當(dāng)多的關(guān)注。例如，史密斯（1980）認(rèn)為，營(yíng)運(yùn)資本管理很重要，因?yàn)樗鼤?huì)影響公司的盈利能力和風(fēng)險(xiǎn)，從而影響公司的價(jià)值。具體而言，更積極的營(yíng)運(yùn)資本政策（營(yíng)運(yùn)資本投資低）

78、與更高的回報(bào)和更高的風(fēng)險(xiǎn)相關(guān)聯(lián)，而保守的營(yíng)運(yùn)資本政策（營(yíng)運(yùn)資本的高投資）則假設(shè)回報(bào)和風(fēng)險(xiǎn)較低。</p><p>　　關(guān)于營(yíng)運(yùn)資本管理和公司業(yè)績(jī)的研究（Jose等人1996; Shin和Soenen 1998; Wang 2002; Deloof 2003; Garcia-Teruel和Martinez-Solano 2007;等）分析了公司對(duì)營(yíng)運(yùn)資本的投資之間的線性關(guān)系及其盈利能力。他們的研究結(jié)果表明，營(yíng)運(yùn)資本投

79、入越低，盈利能力越高。但是，例如，他們忽略了與低營(yíng)運(yùn)資金水平相關(guān)的銷售損失和生產(chǎn)過(guò)程中斷的風(fēng)險(xiǎn)較高。因此，可能存在營(yíng)運(yùn)資本水平，其中營(yíng)運(yùn)資本的減少會(huì)對(duì)公司的盈利能力產(chǎn)生負(fù)面影響。</p><p>　　因此，營(yíng)運(yùn)資本與企業(yè)盈利能力之間的關(guān)系可能是凹的而不是線性的，并且可能更好地通過(guò)二次關(guān)系來(lái)捕捉。與以往的研究不同，本文通過(guò)分析營(yíng)運(yùn)資本投資與盈利能力之間的關(guān)系，通過(guò)考慮營(yíng)運(yùn)資本管理 - 盈利關(guān)系的可能非線性來(lái)測(cè)試風(fēng)險(xiǎn)

80、和回報(bào)貿(mào)易，從而對(duì)文獻(xiàn)做出貢獻(xiàn) - 在不同的營(yíng)運(yùn)資金策略之間。此外，為了驗(yàn)證我們結(jié)果的穩(wěn)健性，我們采用了不同的方法。我們跟隨Tong（2008）測(cè)試了這種可能的二次關(guān)系。選擇本研究中應(yīng)用的估算方法是為了避免不可觀察的異質(zhì)性和可能的??內(nèi)生性，因?yàn)槿绻覀儾豢刂七@些問(wèn)題，估計(jì)結(jié)果可能會(huì)受到嚴(yán)重影響。具體而言，面板數(shù)據(jù)和廣義矩量法（GMM）用于估計(jì)我們的模型。</p><p>　　我們使用中小型西班牙公司的樣本有幾個(gè)

81、原因。首先，大多數(shù)先前的研究基本上集中在大公司（Jose等人，1996; Shin和Soenen，1998; Wang，2002; Deloof，2003）。其次，中小企業(yè)受到重要的財(cái)政限制（Whited 1992; Fazzari和Petersen 1993; Audretsch和Elston 1997），并且難以在長(zhǎng)期資本市場(chǎng)獲得資金（Walker 1989; Petersen and Rajan 1997;和Scholtens 1

82、999），這意味著有效的營(yíng)運(yùn)資金管理尤為重要（Peel和Wilson，1996; Peel等，2000）。沿著這條路線，Grablowsky（1984）和Kargar and Blumenthal（1994）認(rèn)為，營(yíng)運(yùn)資本管理可能對(duì)小公司的生存和發(fā)展至關(guān)重要。第三，研究西班牙企業(yè)的興趣源于這樣一個(gè)事實(shí)，即它們?cè)诿嫦蜚y行業(yè)的金融體系中運(yùn)作，而資本市場(chǎng)則欠發(fā)達(dá)（Schmidt和Tyrell，1997）。因此，我們的結(jié)果也可能對(duì)在具有類似金融

83、體系的國(guó)家建立的其他中小企業(yè)感興趣，事實(shí)上在大多數(shù)歐洲國(guó)家也是如此。西班牙公司幾乎沒(méi)</p><p>　　結(jié)果證實(shí)了我們的假設(shè)，即營(yíng)運(yùn)資本和盈利能力之間存在倒U型關(guān)系，這反過(guò)來(lái)表明高和低營(yíng)運(yùn)資本水平都與較低的盈利能力相關(guān)。當(dāng)企業(yè)持有低水平的營(yíng)運(yùn)資本并且對(duì)更高水平的營(yíng)運(yùn)資本變?yōu)樨?fù)面時(shí)，營(yíng)運(yùn)資本與盈利能力之間的關(guān)系是正面的。這使我們不僅可以確認(rèn)更高的盈利效應(yīng)，而且可以確認(rèn)營(yíng)運(yùn)資本水平較低的公司的風(fēng)險(xiǎn)影響更大。<

84、/p><p>　　本文的其余部分安排如下。第2節(jié)概述了營(yíng)運(yùn)資本政策與盈利能力之間的理論聯(lián)系。第3節(jié)描述了用于分析營(yíng)運(yùn)資本與公司績(jī)效之間關(guān)系的模型以及要測(cè)試的假設(shè)。在Sect。 4，我們描述了使用的方法和數(shù)據(jù)。結(jié)果在Sect中討論。 5和穩(wěn)健性檢查。第6節(jié)總結(jié)了論文。</p><p>　　2營(yíng)運(yùn)資本政策和盈利能力</p><p>　　Lewellen等人。 （1980）表

85、明，在完善的金融市場(chǎng)下，貿(mào)易信貸決策不會(huì)影響公司價(jià)值。然而，資本市場(chǎng)并不完美，文獻(xiàn)證明了營(yíng)運(yùn)資本的所有單個(gè)組成部分的最優(yōu)水平，如應(yīng)收賬款（Nadiri 1969; Emery 1984a），存貨（歐陽(yáng)等人，2005）和應(yīng)付賬款（納迪里1969年）。基于這一概念并考慮到營(yíng)運(yùn)資本對(duì)風(fēng)險(xiǎn)和盈利能力的影響，我們假設(shè)營(yíng)運(yùn)資本與企業(yè)盈利能力之間的關(guān)系可能是凹的而不是線性的。</p><p>　　如引言中所述，公司管理其營(yíng)運(yùn)資

86、本的方式可能對(duì)風(fēng)險(xiǎn)（業(yè)務(wù)損失和生產(chǎn)過(guò)程中斷的風(fēng)險(xiǎn)）和盈利能力產(chǎn)生重大影響。具體而言，傾向于提高盈利能力的營(yíng)運(yùn)資本管理實(shí)踐往往會(huì)增加這種風(fēng)險(xiǎn)，相反，降低風(fēng)險(xiǎn)的實(shí)踐往往會(huì)降低預(yù)期的績(jī)效。</p><p>　　由于庫(kù)存或應(yīng)收賬款的額外投資通常與更大的銷售額相關(guān)，因此可能會(huì)出現(xiàn)營(yíng)運(yùn)資本與盈利能力之間的正相關(guān)關(guān)系。較大的庫(kù)存可以防止由于產(chǎn)品稀缺而導(dǎo)致的生產(chǎn)過(guò)程中斷和業(yè)務(wù)損失，并且還可以降低供應(yīng)成本和價(jià)格波動(dòng)（Blinder

87、和Maccini 1991）。此外，它們?cè)试S公司為其客戶提供更好的服務(wù)，并避免因生產(chǎn)大幅波動(dòng)而產(chǎn)生的高生產(chǎn)成本（Schiff和Lieber，1974）。授予貿(mào)易信貸也會(huì)刺激銷售，因?yàn)樗试S買家在付款前驗(yàn)證產(chǎn)品和服務(wù)質(zhì)量（Smith 1987; Long et al.1993; Lee 和 Stowe 1993），因此，它減少了買賣雙方之間的不對(duì)稱信息。此外，當(dāng)難以區(qū)分產(chǎn)品時(shí)，貿(mào)易信貸是一個(gè)重要的供應(yīng)商選擇標(biāo)準(zhǔn)（Shipley和Davis

88、 1991;以及Deloof和Jegers 1996）;它被用作有效的降價(jià)（Brennan等人1988; Petersen和Rajan 1997）;它鼓勵(lì)顧客在需求低的時(shí)候購(gòu)買商品（Emery 1987）;它降低了交易成本（Ferris 1981; Emery 1987），它加強(qiáng)了長(zhǎng)期供應(yīng)商 - 客戶關(guān)系（Ng等人1999; Wilner 200</p><p>　　然而，如果營(yíng)運(yùn)資本投資的成本超過(guò)持有更多存貨和

89、/或向客戶提供更多貿(mào)易信貸的利益，這種額外的營(yíng)運(yùn)資本投資也可能對(duì)經(jīng)營(yíng)業(yè)績(jī)產(chǎn)生不利影響。首先，如果此類行動(dòng)減少其收到的貿(mào)易信貸期（Deloof 2003），公司可能無(wú)法評(píng)估所購(gòu)買產(chǎn)品的質(zhì)量（Deloof 2003），這可能會(huì)對(duì)盈利能力產(chǎn)生負(fù)面影響。其次，Soenen（1993）認(rèn)為對(duì)營(yíng)運(yùn)資本的高投資也可能導(dǎo)致公司破產(chǎn)，因此他們的供應(yīng)商可能會(huì)切斷定期購(gòu)買商品的供應(yīng)（Cun?at 2007），或者在未付款的情況下，可以恢復(fù)并出售給另一個(gè)客戶。

90、第三，從庫(kù)存的角度來(lái)看，保持庫(kù)存可用也會(huì)產(chǎn)生某些成本，例如倉(cāng)庫(kù)租金，保險(xiǎn)和安全費(fèi)用，這些成本隨著庫(kù)存水平的增加而趨于上升（Kim 和 Chung 1990）。最后，金融文獻(xiàn)已經(jīng)證明，增加對(duì)流動(dòng)資產(chǎn)的投資會(huì)增加總資產(chǎn)而不會(huì)使盈利率按比例增加。</p><p>　　由于營(yíng)運(yùn)資本投資的成本和收益，企業(yè)的盈利能力與營(yíng)運(yùn)資本投資之間可能存在倒U型關(guān)系，因此，企業(yè)可能擁有平衡成本的最佳營(yíng)運(yùn)資本水平。利益并最大化其盈利能力。具

91、體而言，我們預(yù)計(jì)公司的盈利能力會(huì)隨著營(yíng)運(yùn)資本的增加而上升，直至達(dá)到某個(gè)營(yíng)運(yùn)資本水平，因?yàn)樵黾拥挠芰Σ粫?huì)抵消高風(fēng)險(xiǎn)承擔(dān)。相反，超出此優(yōu)勢(shì)，由于流動(dòng)資產(chǎn)的回報(bào)率較低，我們預(yù)計(jì)營(yíng)運(yùn)資本的增加與盈利能力的下降有關(guān)。也就是說(shuō)，我們預(yù)計(jì)公司的盈利能力和營(yíng)運(yùn)資本在低營(yíng)運(yùn)資本水平上會(huì)產(chǎn)生積極影響，而在較高水平則會(huì)產(chǎn)生負(fù)面影響。</p><p>　　然而，經(jīng)驗(yàn)證據(jù)與上文所述的盈利能力和風(fēng)險(xiǎn)假設(shè)之間的權(quán)衡不一致（Jose等人19

92、96; Shin和Soenen 1998; Wang 2002; Deloof 2003; Garcia-Teruel和Martinez-Solano 2007;等等）。這些研究分析了營(yíng)運(yùn)資本和盈利能力之間的線性關(guān)系，他們的結(jié)果表明企業(yè)可以通過(guò)降低營(yíng)運(yùn)資本水平來(lái)提高績(jī)效。然而，這些調(diào)查結(jié)果忽略了與低營(yíng)運(yùn)資金水平相關(guān)的生產(chǎn)過(guò)程中銷售損失和中斷的風(fēng)險(xiǎn)，這些風(fēng)險(xiǎn)也可能以非線性關(guān)系捕獲。</p><p><b>

93、;　　3模型和假設(shè)</b></p><p>　　本節(jié)描述了用于測(cè)試上一節(jié)中提到的主要假設(shè)的模型，即企業(yè)的營(yíng)業(yè)利潤(rùn)率與營(yíng)運(yùn)資本投資之間存在著一種凹陷關(guān)系。這將使我們能夠確認(rèn)公司具有最佳的營(yíng)運(yùn)資本水平，以使其盈利能力最大化。</p><p>　　我們使用現(xiàn)金轉(zhuǎn)換周期（CCC）作為營(yíng)運(yùn)資本管理的衡量標(biāo)準(zhǔn)，因?yàn)樗沁@類研究中最廣泛使用的衡量指標(biāo)，因?yàn)閷?duì)靜態(tài)指標(biāo)的批評(píng)，如流動(dòng)比率和速動(dòng)比

94、率（Emery 1984b; Soenen 1993） 。此變量計(jì)算為（應(yīng)收賬款/銷售額）9 365？ （存貨/購(gòu)買）9 365 - （應(yīng)付賬款/購(gòu)買）9 365.因此，CCC處理應(yīng)收賬款管理，存貨管理和收到的貿(mào)易信貸，較短的CCC表明更積極的營(yíng)運(yùn)資本政策。之前的出版物報(bào)告了同時(shí)考慮這三個(gè)組成部分的重要性，因?yàn)樗鼈兿嗷ビ绊懸约肮镜挠芰蛢r(jià)值。例如，Schiff和Lieber（1974）指出了考慮庫(kù)存和應(yīng)收賬款政策之間相互關(guān)系的重

95、要性。</p><p><b>　　4方法學(xué)和數(shù)據(jù)</b></p><p><b>　　4.1方法</b></p><p>　　選擇估計(jì)方法是為了避免不可觀察的異質(zhì)性和可能的內(nèi)生性問(wèn)題。公司是異質(zhì)的，并且總有一些特征可能影響他們的盈利能力，這些特征難以衡量或難以獲得，而且不在我們的模型中。因此，我們使用面板數(shù)據(jù)來(lái)消除獲得有

96、偏見結(jié)果的風(fēng)險(xiǎn)（Hsiao 1985）。我們首先通過(guò)差異消除個(gè)體效應(yīng)。此外，我們使用工具變量估計(jì)方法來(lái)避免內(nèi)生性問(wèn)題，這可能存在于我們的分析中。我們使用Arellano和Bond（1991）提出的兩步GMM估計(jì)器，因?yàn)楸M管一個(gè)階段中工具變量的估計(jì)總是一致的，但如果擾動(dòng)表現(xiàn)出異方差性，則兩個(gè)階段的估計(jì)會(huì)提高效率。最后，我們應(yīng)該提到我們還通過(guò)引入八個(gè)行業(yè)假人來(lái)控制行業(yè)效應(yīng)。</p><p><b>　　4.

97、2數(shù)據(jù)</b></p><p>　　本研究利用西班牙非金融中小企業(yè)（SME）的數(shù)據(jù)小組。數(shù)據(jù)來(lái)自由Bureau Van Dijk開發(fā)的SABI（伊比利亞資產(chǎn)負(fù)債表分析系統(tǒng)）數(shù)據(jù)庫(kù)。該數(shù)據(jù)庫(kù)包含西班牙公司的賬戶和財(cái)務(wù)信息。</p><p>　　樣本包括2002 - 2007年期間來(lái)自西班牙的中小企業(yè)。中小企業(yè)的選擇是根據(jù)歐盟委員會(huì)2003年5月6日第2003/361 / EC

98、號(hào)建議的要求進(jìn)行的，即他們的雇員少于250人，上繳不到5000萬(wàn)歐元，價(jià)值不到4300萬(wàn)歐元?？傎Y產(chǎn)。最后，我們淘汰了至少連續(xù)5年無(wú)法獲得信息的公司，2家價(jià)值損失的公司，會(huì)計(jì)數(shù)據(jù)錯(cuò)誤的案例和所有變量提供的極值。我們獲得了一個(gè)由1008家西班牙中小企業(yè)組成的不平衡小組（5862年公司年度觀察）。</p><p>　　表1按部門和年份給出了CCC的平均值。此外，在最后一欄中，我們提供了關(guān)于平均值差異的t統(tǒng)計(jì)量，以確定