制造業(yè)庫存與財務(wù)績效的關(guān)系【外文翻譯】

1、外文翻譯OntherelationshipbetweeninventyfinancialperfmanceinmanufacturingcompaniesMaterialSource:01443577.htmAuth:VedranCapkunAriPekkaHameriLawrenceA.Weiss1.IntroductionThedominantthemeoftheoperationsmanagementliteratureovert

2、hepastcenturyhasbeentoimproveoperationalperfmance.Thiscanbeachievedbyreducingtheleadtimefromrawmaterialstofinishedgoods(fastercycletimes)reducingtheamountofwasteintheprocess(managingtheinputoutputquality)byreducingthequa

3、ntityofphysicalunitsheldbythefirm(wkingwithsupplierscustomers).Numeroustechniqueshavebeenproposedtoachievethisgoalincluding:businessprocessreengineeringtotalqualitymanagementSupplychainintegrationjustintime(JIT)leanthink

4、ingagilemanufacturingactivitybasedmanagement.Theinherentlogicofthesetechniquesisselfevidentwidelyaccepted.Themajityofsuccessstiesinoperationsmanagementstemfromsmallsampleresearchintheautomotivemachineryjobshop(assembly)i

5、ndustries.Thesestudiesdocumentincreasedmarketsharehigherprofitabilitygreaterproductqualityffirmsthathaveemployedtheabovetechniquestoimprovetheiroperations.Thispaperaimstoextendtheevidenceontheeffectsofimprovinginventyper

6、fmancewithalargesamplestudyanexaminationoftotalaswellasthediscretecomponentsofinventyinadditiontoanexaminationbothacrossallmanufacturingfirmswithinmanufacturingindustries.Weanalyzetherelationshipbetweenrawmaterials(RMI)w

7、kinprocess(WIP)finishedgoods(FGI)totalinventy(INV)perfmance(inventyperfmance)totheprofitabilityofoperatingactivities(financialperfmance)ofUSmanufacturingfirmsinthe19802005period.Fthepurposeofthisstudyweuseinventylevelssc

8、aledbysalesasameasureofinventyperfmance.Wefindthatimprovingafirm’sinventyperfmance(loweringtheinventytosalesratio)yieldsbetterfinancialperfmancemeasuredbothatthegrossprofitatthereviewwesetourhypothesesas:H1a.Afirm’sinven

9、typerfmancewillbepositivelycrelatedwiththefirm’sfinancialperfmance.H1b.Thecrelationbetweenafirm’sinventyperfmancefinancialperfmancewillbepresentacrossmanufacturingindustries.H2a.Theperfmanceofallthreediscretecomponentsof

10、afirm’sinventy(RMIWIPFGI)willbepositivelycrelatedwiththefirm’sfinancialperfmance.H2b.Thecrelationbetweentheperfmanceofallthreediscretecomponentsofafirm’sinventythefirm’sfinancialperfmancewillbepresentacrossmanufacturingi

11、ndustries.Priliteratureindicatesthatafirm’sstrategicchoicecansimultaneouslyimpactinventyfinancialperfmance(KetokiviSchroeder2004MendelsonParlakturk2008).Fexamplefirmspositioningthemselvestoprovidetheircustomerswithhighse

12、rvicelevelsmayholdgreaterlevelsofinventy(bothinquantityvariety)resultinginapositivecrelationbetweeninventylevelsfinancialperfmance.Wecontrolfthisbyusingchangesin(asopposedtolevelsof)inventyperfmancefinancialperfmance.Byl

13、ookingatchangesovertimeanegativecrelationbetweeninventyfinancialperfmanceindicatesthattheeffectexistsovertimebetweenfirmswithinthesamestrategy.Firmscanalsochangestrategies(thatisdecidetospecializetheirproductlinetherebyr

14、educingthenumberofproductsintheirptfoliotheiroverallinventy).Tocontrolfthispossibilityweanalyzefirms’improvementsbetweentwotimeperiodsovertheentiresampleperiodseparatelytherebyeliminatingthepotentialimpactoffirms’decisio

15、nstochangetheirstrategicchoiceonourresults.Inventyperfmancefinancialperfmancecanalsobeinfluencedbysalessurprises(Gauretal.2005).Mespecificallyifafirmmisses(beats)itssalestargetitwillhaveahigher(lower)levelofinventylower(

16、higher)profitthanprojected.Wecontrolfthisintwoways.Firstweusebothannualquarterlydatafinventyfinancialperfmanceovera26yearperiod(fsimplicitywepresentonlyannualdata).Thelongtimeperiodreducesanypotentialimpactofasalessurpri