外文翻譯--現(xiàn)金流對營運(yùn)資本管理的影響和資金投資

1、<p><b>　　中文2653字</b></p><p><b>　　外文翻譯</b></p><p><b>　　原文 </b></p><p>　　The Cash Flow Implications of Managing Working Capital and Capital In

2、vestment</p><p>　　Material Source: Journal of Business & Economic Studies</p><p>　　Author: Russell P. Boisjoly</p><p>　　INTRODUCTION</p><p>　　In recent years major

3、corporations have discovered that there are important cash flow streams available to them if they aggressively manage their working capital accounts (accounts receivable, inventory, accounts payable, and advance payments

4、).While some have argued that cash flows generated through working capital management (improving inventory turnover, aggressive accounts receivable collection policies or supplier management programs, lengthening account

5、s payable payment periods, etc.) are t</p><p>　　This issue is important to examine not only to determine if changes in management practices have impacted cash flow and value creation, but also to investigate

6、 whether ratio norms may have changed and shifted the benchmarks for comparisons between firms. Furthermore, these benchmarks are derived from the measures of central tendency, but the appropriate use of these benchmarks

7、 may be influenced (or biased) by the third (skewness) and fourth (kurtosis) moments of the ratio distributions or indust</p><p>　　Previous studies show that distributions of financial ratios exhibit positiv

8、e skewness and departures from normality. However there have been no attempts to explain the source of the skewness. If management has engaged in practices that should attenuate mean deviations, skewness, or kurtosis, th

9、en there may be evidence of this that can be discovered by following firms over time. If distributions have shifted (mean, variance, skewness, and/or kurtosis), then a longitudinal investigation may lead </p><

10、p>　　HYPOTHESIS FORMULATION</p><p>　　This study will look at the distributional properties of several financial ratios tied to the working capital management and capital investment processes of the firm. W

11、e will investigate whether there is evidence to support the acceptance of the hypotheses that corporations, especially the largest firms, have become more vigorous in managing their working capital processes or capital i

12、nvestment practices to generate significant improvements in cash flow. Specifically, corporations may have impro</p><p>　　Hypothesis 1: There has been a significant improvement in the management of accounts

13、receivable that has led to a significant improvement in the accounts receivable turnover during the period 1990 to 2004. </p><p>　　Hypothesis 1a: The distribution of the accounts receivable turnover ratio ha

14、s become more positively skewed over the 1990-2004 time period. </p><p>　　Hypothesis 2: There has been a significant improvement in the management of inventory that has led to a significant improvement in th

15、e inventory turnover during the period 1990 to 2004. </p><p>　　Hypothesis 2a: The distribution of the inventory turnover ratio has become more positively skewed over the 1990-2004 time period. </p>

16、<p>　　Hypothesis 3: There has been a significant improvement in the management of accounts payable that has led to a significant decrease in the accounts payable turnover during the period 1990 to 2004. </p>

17、<p>　　Hypothesis 3a: The distribution of the accounts payable turnover ratio has become more negatively skewed over the 1990-2004 time period. </p><p>　　Hypothesis 4: There has been a significant impro

18、vement in the management of working capital that has led to a significant improvement in the working capital per share during the period 1990 to 2004. </p><p>　　Hypothesis 4a: The distribution of the working

19、 capital per share ratio has become more positively skewed over the 1990-2004 time period </p><p>　　Hypothesis 5: There has been a significant improvement in the management of working capital that has led to

20、 a significant improvement in the cash flow per share during the period 1990 to 2004. </p><p>　　Hypothesis 5a: The distribution of the cash flow per share ratio has become more positively skewed over the 199

21、0-2004 time period. </p><p>　　Hypothesis 6: There has been a significant improvement in the management of capital expenditures that has led to a significant reduction in the investment ratio during the perio

22、d 1990 to 2004. </p><p>　　Hypothesis 6a: The distribution of the investment ratio has become less positively skewed over the 1990-2004 time period. </p><p>　　METHODOLOGY</p><p>　　Th

23、e empirical tests of these hypotheses were conducted on an original sample of 50 selected at random from the 2005 Fortune 500. We excluded banking institutions and firms from the oil and gas industries since they have un

24、ique characteristics and two firms selected at random were eliminated from consideration because they were in bankruptcy. The final viable sample was 48 spread across industries and then Delphi declared bankruptcy during

25、 the analysis period. Data were collected from Compustat f</p><p>　　The purpose of this study is to determine whether any evidence exists to support the hypotheses stated above. And, if any of the hypotheses

26、 are confirmed, this would be one of the first studies to attribute empirical results for financial ratios to changes in management practices over time. </p><p>　　EMPIRICAL RESULTS</p><p>　　The

27、data were analyzed and summary statistics were calculated for the sample firms.It reports the means of five financial ratios of interest: accounts receivable turnover, inventory turnover, accounts payable turnover, worki

28、ng capital per share, and cash flow per share. As expected, account receivable turnover and inventory turnover increase monotonically over the 15 year time period. Corporations have focused on improving these measures us

29、ing a variety of managerial techniques. In managing acco</p><p><b>　　譯文 </b></p><p>　　現(xiàn)金流對營運(yùn)資本管理的影響和資金投資</p><p>　　資料來源: 商業(yè)雜志和經(jīng)濟(jì)研究</p><p>　　作者: Russell P. Bo

30、isjoly</p><p><b>　　相關(guān)介紹</b></p><p>　　近年來很多大型企業(yè)發(fā)現(xiàn)，如果他們能積極地管理其營運(yùn)資金帳戶(應(yīng)收賬款， 存貨， 應(yīng)付帳款，以及預(yù)付款)，就能擁有大量的現(xiàn)金流。然而一些人認(rèn)為，那些通過營運(yùn)資金管理 (提高存貨周轉(zhuǎn)率，積極的應(yīng)收帳款催收政策或者是供應(yīng)商管理程序， 延長應(yīng)付帳款付款期等) 而產(chǎn)生的現(xiàn)金流量是暫時(shí)的。所以，并不能

31、說明在內(nèi)部價(jià)值創(chuàng)造過程(業(yè)務(wù)模型) 中會有根本的好轉(zhuǎn)，關(guān)于這些做法有相關(guān)的實(shí)驗(yàn)性證據(jù): (1) 已改變了相關(guān)的財(cái)務(wù)比率的基本概率分布;(2) 在持續(xù)數(shù)年間，而不是只有2或 3年里，已經(jīng)被馬爾福德和伊利預(yù)測到，他們曾聲稱改變是暫時(shí)的或是臨時(shí)的; (3) 在考慮營運(yùn)資本管理政策時(shí)，這些變化對市場價(jià)值的影響是肯定的(或是消極的);(4) 我們通過企業(yè)是否能充分地理解現(xiàn)金流模型，來妥善進(jìn)行實(shí)證試驗(yàn)或預(yù)測現(xiàn)金流量。除了管理政策，我們可能考慮那些在

32、技術(shù)和金融環(huán)境的變化下而產(chǎn)生的變化。典型的 DSO 或 ACP比例通過信貸功能的信用卡公司外包已經(jīng)從根本上削弱了 多數(shù)的推銷商。此外 在討論期間，短期利率下降必然影響有關(guān) WC 政策，使得企業(yè)不太愿意持有現(xiàn)金，也許更愿意增加短期負(fù)債。</p><p>　　這個(gè)問題很重要，不僅要審查，以確定管理實(shí)務(wù)的改變是否已經(jīng)影響了現(xiàn)金流和創(chuàng)造價(jià)值，而且也要調(diào)查比率基準(zhǔn)是否已經(jīng)改變， 在企業(yè)之間已經(jīng)替換了類似的基準(zhǔn)。此外，這些基

33、準(zhǔn)是來自集中趨勢測量，但這些基準(zhǔn)的適當(dāng)應(yīng)用也可能受到比率分派或者是產(chǎn)業(yè)效果或者財(cái)政狀況的影響(或有偏差) ，影響可能是三分之一(偏斜度) 或在第四(峰態(tài)) 。如果存在偏差，或者偏差的存在能產(chǎn)生一定的影響，那么適當(dāng)?shù)幕鶞?zhǔn)在某一程度上可能會偏離平均數(shù)、中位數(shù)，或者在模式上也有一定的偏差。在過去，一些研究人員會排除異常值。例如，他們從研究中引入偏度，為了對違反常態(tài)負(fù)責(zé); 或者他們對數(shù)據(jù)提出平方根或?qū)?shù)轉(zhuǎn)換來恢復(fù)或更接近正常的做法。這些調(diào)整理論

34、上會讓 “基準(zhǔn)” 保持不變。但是，有大量證據(jù)表明財(cái)務(wù)比率呈現(xiàn)正偏態(tài)分布。</p><p>　　以往的研究表明，財(cái)務(wù)比率呈現(xiàn)正偏態(tài)分布和反常態(tài)分布。但是大家也沒 有嘗試著去解釋怎么會產(chǎn)生偏度。如果管理層在實(shí)際過程中減弱平均偏差，偏度或者峰度，那么經(jīng)過一段時(shí)間，通過所舉例的企業(yè)可能會找到相關(guān)的證據(jù)。如果比率分布在一段時(shí)間內(nèi)轉(zhuǎn)移，然后一項(xiàng)縱向研究可能有助于確定轉(zhuǎn)移是暫時(shí)的或長期的。如果分布有轉(zhuǎn)移(均值，方差，偏度和/或

35、峰度)，那么一個(gè)縱向調(diào)查可能會導(dǎo)致新的基準(zhǔn)或新基準(zhǔn)測量過程的建立， 以及研究對股票價(jià)格績效的影響。同樣，如果有證據(jù)證明比率分布在變化，那么我們有理由要重新審視價(jià)值創(chuàng)造過程和現(xiàn)金流量產(chǎn)生創(chuàng)造價(jià)值的因果關(guān)系。因此，出發(fā)點(diǎn)就是通過 50 家公司的一個(gè)原始樣品的縱向研究，以確定分布的轉(zhuǎn)移是由于營運(yùn)資金的管理和企業(yè)再投資政策的變化所造成的。 </p><p><b>　　假設(shè)規(guī)劃</b></p&

36、gt;<p>　　這項(xiàng)研究將著眼于營運(yùn)資金管理與企業(yè)資本投資過程的幾種財(cái)務(wù)比率的分布性質(zhì)。我們將調(diào)查是否有證據(jù)可以支持假設(shè)，那就是一些企業(yè)，特別是規(guī)模較大的企業(yè)，通過管理其營運(yùn)資金或資本投資實(shí)踐過程而產(chǎn)生更大的現(xiàn)金流，它們在這方面的成績顯得更加有力。具體來說，企業(yè)可能有完善的應(yīng)收賬款，存貨，應(yīng)付帳款，預(yù)付款管理。在這樣的條件下，相關(guān)的財(cái)務(wù)比率的分布就會有明顯的轉(zhuǎn)變。這樣的分布可能更多地會被認(rèn)為是企業(yè)政策，用來加速客戶付款或

37、延長供應(yīng)商支付現(xiàn)金的期限。此外，公司 如果在過去 15 年里生產(chǎn)力有很大的進(jìn)步，成果顯著就可能因此而降低該公司的再投資。如果一個(gè)企業(yè)在生產(chǎn)力上有明顯的提高，那么企業(yè)資本性投資的減少就會提高該企業(yè)的現(xiàn)金流狀況。</p><p>　　假設(shè) 1: 在 1990 至 2004 年期間， 應(yīng)收賬款管理很大程度上的改善促進(jìn)了應(yīng)收賬款周轉(zhuǎn)率的顯著提高。 </p><p>　　假設(shè) 1a: 在 1990年

38、至 2004年時(shí)間內(nèi)，應(yīng)收賬款周轉(zhuǎn)率的比例分配呈正偏態(tài)分布。 </p><p>　　假設(shè) 2: 在 1990 至 2004 年期間，庫存管理的改善使存貨周轉(zhuǎn)有很大的提高。</p><p>　　假設(shè) 2a: 在 1990 至 2004 年時(shí)間段，存貨周轉(zhuǎn)率的比例分配呈正偏態(tài)分布。 </p><p>　　假設(shè) 3: 1990 至 2004 年，應(yīng)付帳款管理顯著的改善，導(dǎo)

39、致應(yīng)付賬款周轉(zhuǎn)期減少。 </p><p>　　假說 3a: 在 1990 年至 2004 年期間，應(yīng)付賬款周轉(zhuǎn)率的比率分布呈負(fù)偏態(tài)分布。 </p><p>　　假設(shè) 4: 1990 至 2004 年，營運(yùn)資金管理的顯著改善，明顯提高了資本份額。 </p><p>　　假說 4a: 在 1990 年至 2004 年期間，每股資本的比例分配呈正偏態(tài)分布。 </p&

40、gt;<p>　　假設(shè) 5: 1990 至 2004 年，營運(yùn)資金管理的改善，使每股現(xiàn)金流量有明顯的提高。假說 5a: 1990-2004 年時(shí)間段， 每股現(xiàn)金流的比例分配變得更加正偏。 </p><p>　　假說 6: 1990 至 2004 年期間，資本性支出管理的改善，使投資比例有明顯的減少。 </p><p>　　假設(shè) 6a: 投資比率的比例分配已成為低度正偏斜。 &

41、lt;/p><p><b>　　方法</b></p><p>　　我們從 2005 年的財(cái)富 500 強(qiáng)里隨機(jī)選擇了 50 個(gè)原始樣本進(jìn)行這些假說的實(shí)證檢驗(yàn)。 我們排除了 一些來自石油和天然氣行業(yè)的金融機(jī)構(gòu)和企業(yè)，因?yàn)樗麄冇歇?dú)特的特點(diǎn)，其中被隨機(jī)挑選出來的兩家企業(yè)也被淘汰了，由于這兩家企業(yè)已經(jīng)破產(chǎn)了。最后可行的樣本蔓延在 48 個(gè)行業(yè)里，然而在分析期間，德爾福卻宣布了破產(chǎn)

42、。我們通過電子計(jì)算機(jī)匯集數(shù)據(jù)庫來收集數(shù)據(jù)，這些數(shù)據(jù)分布在1990-2004 年期間，期間我們沒有控制財(cái)政年度結(jié)束日期。 在計(jì)算相關(guān)比率，經(jīng)過個(gè)人考慮后，一些企業(yè)將被淘汰，因?yàn)樗麄儧]有足夠的數(shù)據(jù)點(diǎn); 或是在修業(yè)期間已經(jīng)被收購或是通過收購形成的; 或是在研究期間已經(jīng)破產(chǎn)了; 或者他們沒有報(bào)告所需的數(shù)據(jù)類別， 而這些數(shù)據(jù)在延長期間的學(xué)習(xí)范圍內(nèi)是用來計(jì)算一些具體比率的。 這些樣本包括跨多種行業(yè)的非銀行金融機(jī)構(gòu)。 </p><

43、p>　　本研究的目的是確定是否有任何證據(jù)支持上述假說。而且，如果有任何的假設(shè)得到證實(shí)， 這將是由管理經(jīng)驗(yàn)做法而產(chǎn)生的關(guān)于財(cái)務(wù)比率的第一個(gè)研究，并且這些財(cái)務(wù)比率在管理實(shí)務(wù)方面會隨著時(shí)間的推移而不斷的變化。</p><p><b>　　實(shí)證結(jié)果</b></p><p>　　不管是對數(shù)據(jù)進(jìn)行分析，還是那些扼要的統(tǒng)計(jì)資料都是針對樣品中的企業(yè)而設(shè)計(jì)的。其中有五個(gè)計(jì)算財(cái)務(wù)比

44、率的方法: 應(yīng)收賬款周轉(zhuǎn)率，存貨周轉(zhuǎn)率，應(yīng)付帳款周轉(zhuǎn)，每股資本，每股現(xiàn)金流量。正如所預(yù)測的， 應(yīng)收賬款周轉(zhuǎn)率和存貨周轉(zhuǎn)率在 15 年的時(shí)間里單調(diào)增加。公司都是集中于提高那些多種管理技術(shù)的措施。 公司在管理應(yīng)收賬款方面采取了一些方法， 例如用更有力的收集程序;提供給那些付款相對較早的人更好的現(xiàn)金折扣優(yōu)惠，以盡早繳納; 采取折扣，即使一些折扣沒有付諸于實(shí)際; 代理應(yīng)收賬款，用提高產(chǎn)品質(zhì)量來減少應(yīng)收款項(xiàng)的爭論，而這些應(yīng)收款項(xiàng)在爭論還沒解決的時(shí)