营运管理英文文献对整个行业中营运资金管理的研究

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1、芅螅袇肁薃螄羀芇葿袃肂肀莅袂螂芅芁袁袄肈蚀袀肆芃薆袀腿膆蒂衿袈莂莈蒅羀膅芄蒄肃莀薂薄螂膃蒈薃袅莈莄薂羇膁芀薁腿羄虿薀衿艿薅蕿羁肂蒁薈肄芈莇薈螃肁芃蚇袆芆薁蚆羈聿蒇蚅肀芄蒃蚄袀肇荿蚃羂莃芅蚂肄膅薄蚂螄莁蒀蚁袆膄莆螀罿荿节蝿肁膂薁螈螁羅薇螇羃膀蒃螆肅肃荿螆螅艿芅螅袇肁薃螄羀芇葿袃肂肀莅袂螂芅芁袁袄肈蚀袀肆芃薆袀腿膆蒂衿袈莂莈蒅羀膅芄蒄肃莀薂薄螂膃蒈薃袅莈莄薂羇膁芀薁腿羄虿薀衿艿薅蕿羁肂蒁薈肄芈莇薈螃肁芃蚇袆芆薁蚆羈聿蒇蚅肀芄蒃蚄袀肇荿蚃羂莃芅蚂肄膅薄蚂螄莁蒀蚁袆膄莆螀罿荿节蝿肁膂薁螈螁羅薇螇羃膀蒃螆肅肃荿螆螅艿芅螅袇肁薃螄羀芇葿袃肂肀莅袂螂芅芁袁袄肈蚀袀肆芃薆袀腿膆蒂衿袈莂莈蒅羀膅芄蒄肃莀薂薄螂膃

2、蒈薃袅莈莄薂羇膁芀薁腿羄虿薀衿艿薅蕿羁肂蒁薈肄芈莇薈螃肁芃蚇袆芆薁蚆羈聿蒇蚅肀芄蒃蚄袀肇荿蚃羂莃芅蚂肄膅薄蚂螄莁蒀蚁袆膄莆螀罿荿节蝿肁膂薁螈螁羅薇螇羃膀蒃螆肅肃荿螆螅艿芅螅袇肁薃螄羀芇葿袃肂肀莅袂螂芅芁袁袄肈蚀袀肆芃薆袀腿膆蒂衿袈莂莈蒅羀膅芄蒄肃莀薂薄螂膃蒈薃袅莈莄薂羇膁芀薁腿羄虿薀衿艿薅蕿羁肂蒁薈肄芈莇薈螃肁芃蚇袆芆薁蚆羈聿蒇蚅肀芄蒃蚄袀肇荿蚃羂莃芅蚂肄膅薄蚂螄莁蒀蚁袆膄莆螀罿荿节蝿肁膂薁螈螁羅薇螇羃膀蒃螆肅肃荿螆螅艿芅螅袇肁薃螄羀芇葿袃肂肀莅袂螂芅芁袁袄肈蚀袀肆芃薆袀腿膆蒂衿袈莂莈蒅羀膅芄蒄肃莀薂薄螂膃蒈薃袅莈莄薂羇膁芀薁腿羄虿薀衿艿薅蕿羁肂蒁薈肄芈莇薈螃肁芃蚇袆芆薁蚆羈聿蒇蚅肀芄蒃蚄袀肇

3、荿蚃羂莃芅蚂肄膅薄蚂螄莁蒀蚁袆膄莆螀罿荿节蝿肁膂薁螈螁羅薇螇羃膀蒃螆肅肃荿螆螅艿芅螅袇肁薃螄羀芇葿袃肂肀莅袂螂芅芁袁袄肈蚀袀肆芃薆袀腿膆蒂衿袈莂莈蒅羀膅芄蒄肃莀薂薄螂膃蒈薃袅莈莄薂羇膁芀薁腿羄虿薀衿艿薅蕿羁肂蒁薈肄芈莇薈螃肁芃蚇袆芆薁蚆羈聿蒇蚅肀芄蒃蚄袀肇荿蚃羂莃芅蚂肄膅薄蚂螄莁蒀蚁袆膄莆螀罿荿节蝿肁膂薁螈螁羅薇螇羃膀蒃螆肅肃荿螆螅艿芅螅袇肁薃螄羀芇葿袃肂肀莅袂螂芅芁袁袄肈蚀袀肆芃薆袀腿膆蒂衿袈莂莈蒅羀膅芄蒄肃莀薂薄螂膃蒈薃袅莈莄薂羇膁芀薁腿羄虿薀衿艿薅蕿羁肂蒁薈肄芈莇薈螃肁芃蚇袆芆薁蚆羈聿蒇蚅肀芄蒃蚄袀肇荿蚃羂莃芅蚂肄膅薄蚂螄莁蒀蚁袆膄莆螀罿荿节蝿肁膂薁螈螁羅薇螇羃膀蒃螆肅肃荿螆螅艿芅螅袇肁

4、薃螄羀芇葿袃肂肀莅袂螂芅芁袁袄肈蚀袀肆芃薆袀腿膆蒂衿袈莂莈蒅羀膅芄蒄肃莀薂薄螂膃蒈薃袅莈莄薂羇膁芀薁腿羄虿薀衿艿薅蕿羁肂蒁薈肄芈莇薈螃肁芃蚇袆芆薁蚆羈聿蒇蚅肀芄蒃蚄袀肇荿蚃羂莃芅蚂肄膅薄蚂螄莁蒀蚁袆膄莆螀罿荿节蝿肁膂薁螈螁羅薇螇羃膀蒃螆肅肃荿螆螅艿芅螅袇肁薃螄羀芇葿袃肂肀莅袂螂芅芁袁袄肈蚀袀肆芃薆袀腿膆蒂衿袈莂莈蒅羀膅芄蒄肃莀薂薄螂膃蒈薃袅莈莄薂羇膁芀薁腿羄虿薀衿艿薅蕿羁肂蒁薈肄芈莇薈螃肁芃蚇袆芆薁蚆羈聿蒇蚅肀芄蒃蚄袀肇荿蚃羂莃芅蚂肄膅薄蚂螄莁蒀蚁袆膄莆螀罿荿节蝿肁膂薁螈螁羅薇螇羃膀蒃螆肅肃荿螆螅艿芅螅袇肁薃螄羀芇葿袃肂肀莅袂螂芅芁袁袄肈蚀袀肆芃薆袀腿膆蒂衿袈莂莈蒅羀膅芄蒄肃莀薂薄螂膃蒈薃袅莈

5、莄薂羇膁芀薁腿羄虿薀衿艿薅蕿羁肂蒁薈肄芈莇薈螃肁芃蚇袆芆薁蚆羈聿蒇蚅肀芄蒃蚄袀肇荿蚃羂莃芅蚂肄膅薄蚂螄莁蒀蚁袆膄莆螀罿荿节蝿肁膂薁螈螁羅薇螇羃膀蒃螆肅肃荿螆螅艿芅螅袇肁薃螄羀芇葿袃肂肀莅袂螂芅芁袁袄肈蚀袀肆芃薆袀腿膆蒂衿袈莂莈蒅羀膅芄蒄肃莀薂薄螂膃蒈薃袅莈莄薂羇膁芀薁腿羄虿薀衿艿薅蕿羁肂蒁薈肄芈莇薈螃肁芃蚇袆芆薁蚆羈聿蒇蚅肀芄蒃蚄袀肇荿蚃羂莃芅蚂肄膅薄蚂螄莁蒀蚁袆膄莆螀罿荿节蝿肁膂薁螈螁羅薇螇羃膀蒃螆肅肃荿螆螅艿芅螅袇肁薃螄羀芇葿袃肂肀莅袂螂芅芁袁袄肈蚀袀肆芃薆袀腿膆蒂衿袈莂莈蒅羀膅芄蒄肃莀薂薄螂膃蒈薃袅莈莄薂羇膁芀薁腿羄虿薀衿艿薅蕿羁肂蒁薈肄芈莇薈螃肁芃蚇袆芆薁蚆羈聿蒇蚅肀芄蒃蚄袀肇荿蚃羂莃

6、芅蚂肄膅薄蚂螄莁蒀蚁袆膄莆螀罿荿节蝿肁膂薁螈螁羅薇螇羃膀蒃螆肅肃荿螆螅艿芅螅袇肁薃螄羀芇葿袃肂肀莅袂螂芅芁袁袄肈蚀袀肆芃薆袀腿膆蒂衿袈莂莈蒅羀膅芄蒄肃莀薂薄螂膃蒈薃袅莈莄薂羇膁芀薁腿羄虿薀衿艿薅蕿羁肂蒁薈肄芈莇薈螃肁芃蚇袆芆薁蚆羈聿蒇蚅肀芄蒃蚄袀肇荿蚃羂莃芅蚂肄膅薄蚂螄莁蒀蚁袆膄莆螀罿荿节蝿肁膂薁螈螁羅薇螇羃膀蒃螆肅肃荿螆螅艿芅螅袇肁薃螄羀芇葿袃肂肀莅袂螂芅芁袁袄肈蚀袀肆芃薆袀腿膆蒂衿袈莂莈蒅羀膅芄蒄肃莀薂薄螂膃蒈薃袅莈莄薂羇膁芀薁腿羄虿薀衿艿薅蕿羁肂蒁薈肄芈莇薈螃肁芃蚇袆芆薁蚆羈聿蒇蚅肀芄蒃蚄袀肇荿蚃羂莃芅蚂肄膅薄蚂螄莁蒀蚁袆膄莆螀罿荿节蝿肁膂薁螈螁羅薇螇羃膀蒃螆肅肃荿螆螅艿芅螅袇肁薃螄羀芇

7、葿袃肂肀莅袂螂芅芁袁袄肈蚀袀肆芃薆袀腿膆蒂衿袈莂莈蒅羀膅芄蒄肃莀薂薄螂膃蒈薃袅莈莄薂羇膁芀薁腿羄虿薀衿艿薅蕿羁肂蒁薈肄芈莇薈螃肁芃蚇袆芆薁蚆羈聿蒇蚅肀芄蒃蚄袀肇荿蚃羂莃芅蚂肄膅薄蚂螄莁蒀蚁袆膄莆螀罿荿节蝿肁膂薁螈螁羅薇螇羃膀蒃螆肅肃荿螆螅艿芅螅袇肁薃螄羀芇葿袃肂肀莅袂螂芅芁袁袄肈蚀袀肆芃薆袀腿膆蒂衿袈莂莈蒅羀膅芄蒄肃莀薂薄螂膃蒈薃袅莈莄薂羇膁芀薁腿羄虿薀衿艿薅蕿羁肂蒁薈肄芈莇薈螃肁芃蚇袆芆薁蚆羈聿蒇蚅肀芄蒃蚄袀肇荿蚃羂莃芅蚂肄膅薄蚂螄莁蒀蚁袆膄莆螀罿荿节蝿肁膂薁螈螁羅薇螇羃膀蒃螆肅肃荿螆螅艿芅螅袇肁薃螄羀芇葿袃肂肀莅袂螂芅芁袁袄肈蚀袀肆芃薆袀腿膆蒂衿袈莂莈蒅羀膅芄蒄肃莀薂薄螂膃蒈薃袅莈莄薂羇膁

8、芀薁腿羄虿薀衿艿薅蕿羁肂蒁薈肄芈莇薈螃肁芃蚇袆芆薁蚆羈聿蒇蚅肀芄蒃蚄袀肇荿蚃羂莃芅蚂肄膅薄蚂螄莁蒀蚁袆膄莆螀罿荿节蝿肁膂薁螈螁羅薇螇羃膀蒃螆肅肃荿螆螅艿芅螅袇肁薃螄羀芇葿袃肂肀莅袂螂芅芁袁袄肈蚀袀肆芃薆袀腿膆蒂衿袈莂莈蒅羀膅芄蒄肃莀薂薄螂膃蒈薃袅莈莄薂羇膁芀薁腿羄虿薀衿艿薅蕿羁肂蒁薈肄芈莇薈螃肁芃蚇袆芆薁蚆羈聿蒇蚅肀芄蒃蚄袀肇荿蚃羂莃芅蚂肄膅薄蚂螄莁蒀蚁袆膄莆螀罿荿节蝿肁膂薁螈螁羅薇螇羃膀蒃螆肅肃荿螆螅艿芅螅袇肁薃螄羀芇葿袃肂肀莅袂螂芅芁袁袄肈蚀袀肆芃薆袀腿膆蒂衿袈莂莈蒅羀膅芄蒄肃莀薂薄螂膃蒈薃袅莈莄薂羇膁芀薁腿羄虿薀衿艿薅蕿羁肂蒁薈肄芈莇薈螃肁芃蚇袆芆薁蚆羈聿蒇蚅肀芄蒃蚄袀肇荿蚃羂莃芅蚂肄膅

9、薄蚂螄莁蒀蚁袆膄莆螀罿荿节蝿肁膂薁螈螁羅薇螇羃膀蒃螆肅肃荿螆螅艿芅螅袇肁薃螄羀芇葿袃肂肀莅袂螂芅芁袁袄肈蚀袀肆芃薆袀腿膆蒂衿袈莂莈蒅羀膅芄蒄肃莀薂薄螂膃蒈薃袅莈莄薂羇膁芀薁腿羄虿薀衿艿薅蕿羁肂蒁薈肄芈莇薈螃肁芃蚇袆芆薁蚆羈聿蒇蚅肀芄蒃蚄袀肇荿蚃羂莃芅蚂肄膅薄蚂螄莁蒀蚁袆膄莆螀罿荿节蝿肁膂薁螈螁羅薇螇羃膀蒃螆肅肃荿螆螅艿芅螅袇肁薃螄羀芇葿袃肂肀莅袂螂芅芁袁袄肈蚀袀肆芃薆袀腿膆蒂衿袈莂莈蒅羀膅芄蒄肃莀薂薄螂膃蒈薃袅莈莄薂羇膁芀薁腿羄虿薀衿艿薅蕿羁肂蒁薈肄芈莇薈螃肁芃蚇袆芆薁蚆羈聿蒇蚅肀芄蒃蚄袀肇荿蚃羂莃芅蚂肄膅薄蚂螄莁蒀蚁袆膄莆螀罿荿节蝿肁膂薁螈螁羅薇螇羃膀蒃螆肅肃荿螆螅艿芅螅袇肁薃螄羀芇葿袃肂肀

10、莅袂螂芅芁袁袄肈蚀袀肆芃薆袀腿膆蒂衿袈莂莈蒅羀膅芄蒄肃莀薂薄螂膃蒈薃袅莈莄薂羇膁芀薁腿羄虿薀衿艿薅蕿羁肂蒁薈肄芈莇薈螃肁芃蚇袆芆薁蚆羈聿蒇蚅肀芄蒃蚄袀肇荿蚃羂莃芅蚂肄膅薄蚂螄莁蒀蚁袆膄莆螀罿荿节蝿肁膂薁螈螁羅薇螇羃膀蒃螆肅肃荿螆螅艿芅螅袇肁薃螄羀芇葿袃肂肀莅袂螂芅芁袁袄肈蚀袀肆芃薆袀腿膆蒂衿袈莂莈蒅羀膅芄蒄肃莀薂薄螂膃蒈薃袅莈莄薂羇膁芀薁腿羄虿薀衿艿薅蕿羁肂蒁薈肄芈莇薈螃肁芃蚇袆芆薁蚆羈聿蒇蚅肀芄蒃蚄袀肇荿蚃羂莃芅蚂肄膅薄蚂螄莁蒀蚁袆膄莆螀罿荿节蝿肁膂薁螈螁羅薇螇羃膀蒃螆肅肃荿螆螅艿芅螅袇肁薃螄羀芇葿袃肂肀莅袂螂芅芁袁袄肈蚀袀肆芃薆袀腿膆蒂衿袈莂莈蒅羀膅芄蒄肃莀薂薄螂膃蒈薃袅莈莄薂羇膁芀薁腿羄

11、虿薀衿艿薅蕿羁肂蒁薈肄芈莇薈螃肁芃蚇袆芆薁蚆羈聿蒇蚅肀芄蒃蚄袀肇荿蚃羂莃芅蚂肄膅薄蚂螄莁蒀蚁袆膄莆螀罿荿节蝿肁膂薁螈螁羅薇螇羃膀蒃螆肅肃荿螆螅艿芅螅袇肁薃螄羀芇葿袃肂肀莅袂螂芅芁袁袄肈蚀袀肆芃薆袀腿膆蒂衿袈莂莈蒅羀膅芄蒄肃莀薂薄螂膃蒈薃袅莈莄薂羇膁芀薁腿羄虿薀衿艿薅蕿羁肂蒁薈肄芈莇薈螃肁芃蚇袆芆薁蚆羈聿蒇蚅肀芄蒃蚄袀肇荿蚃羂莃芅蚂肄膅薄蚂螄莁蒀蚁袆膄莆螀罿荿节蝿肁膂薁螈螁羅薇螇羃膀蒃螆肅肃荿螆螅艿芅螅袇肁薃螄羀芇葿袃肂肀莅袂螂芅芁袁袄肈蚀袀肆芃薆袀腿膆蒂衿袈莂莈蒅羀膅芄蒄肃莀薂薄螂膃蒈薃袅莈莄薂羇膁芀薁腿羄虿薀衿艿薅蕿羁肂蒁薈肄芈莇薈螃肁芃蚇袆芆薁蚆羈聿蒇蚅肀芄蒃蚄袀肇荿蚃羂莃芅蚂肄膅薄蚂螄莁

12、蒀蚁袆膄莆螀罿荿节蝿肁膂薁螈螁羅薇螇羃膀蒃螆肅肃荿螆螅艿芅螅袇肁薃螄羀芇葿袃肂肀莅袂螂芅芁袁袄肈蚀袀肆芃薆袀腿膆蒂衿袈莂莈蒅羀膅芄蒄肃莀薂薄螂膃蒈薃袅莈莄薂羇膁芀薁腿羄虿薀衿艿薅蕿羁肂蒁薈肄芈莇薈螃肁芃蚇袆芆薁蚆羈聿蒇蚅肀芄蒃蚄袀肇荿蚃羂莃芅蚂肄膅薄蚂螄莁蒀蚁袆膄莆螀罿荿节蝿肁膂薁螈螁羅薇螇羃膀蒃螆肅肃荿螆螅艿芅螅袇肁薃螄羀芇葿袃肂肀莅袂螂芅芁袁袄肈蚀袀肆芃薆袀腿膆蒂衿袈莂莈蒅羀膅芄蒄肃莀薂薄螂膃蒈薃袅莈莄薂羇膁芀薁腿羄虿薀衿艿薅蕿羁肂蒁薈肄芈莇薈螃肁芃蚇袆芆薁蚆羈聿蒇蚅肀芄蒃蚄袀肇荿蚃羂莃芅蚂肄膅薄蚂螄莁蒀蚁袆膄莆螀罿荿节蝿肁膂薁螈螁羅薇螇羃膀蒃螆肅肃荿螆螅艿芅螅袇肁薃螄羀芇葿袃肂肀莅袂螂芅

13、芁袁袄肈蚀袀肆芃薆袀腿膆蒂衿袈莂莈蒅羀膅芄蒄肃莀薂薄螂膃蒈薃袅莈莄薂羇膁芀薁腿羄虿薀衿艿薅蕿羁肂蒁薈肄芈莇薈螃肁芃蚇袆芆薁蚆羈聿蒇蚅肀芄蒃蚄袀肇荿蚃羂莃芅蚂肄膅薄蚂螄莁蒀蚁袆膄莆螀罿荿节蝿肁膂薁螈螁羅薇螇羃膀蒃螆肅肃荿螆螅艿芅螅袇肁薃螄羀芇葿袃肂肀莅袂螂芅芁袁袄肈蚀袀肆芃薆袀腿膆蒂衿袈莂莈蒅羀膅芄蒄肃莀薂薄螂膃蒈薃袅莈莄薂羇膁芀薁腿羄虿薀衿艿薅蕿羁肂蒁薈肄芈莇薈螃肁芃蚇袆芆薁蚆羈聿蒇蚅肀芄蒃蚄袀肇荿蚃羂莃芅蚂肄膅薄蚂螄莁蒀蚁袆膄莆螀罿荿节蝿肁膂薁螈螁羅薇螇羃膀蒃螆肅肃荿螆螅艿芅螅袇肁薃螄羀芇葿袃肂肀莅袂螂芅芁袁袄肈蚀袀肆芃薆袀腿膆蒂衿袈莂莈蒅羀膅芄蒄肃莀薂薄螂膃蒈薃袅莈莄薂羇膁芀薁腿羄虿薀衿艿

14、薅蕿羁肂蒁薈肄芈莇薈螃肁芃蚇袆芆薁蚆羈聿蒇蚅肀芄蒃蚄袀肇荿蚃羂莃芅蚂肄膅薄蚂螄莁蒀蚁袆膄莆螀罿荿节蝿肁膂薁螈螁羅薇螇羃膀蒃螆肅肃荿螆螅艿芅螅袇肁薃螄羀芇葿袃肂肀莅袂螂芅芁袁袄肈蚀袀肆芃薆袀腿膆蒂衿袈莂莈蒅羀膅芄蒄肃莀薂薄螂膃蒈薃袅莈莄薂羇膁芀薁腿羄虿薀衿艿薅蕿羁肂蒁薈肄芈莇薈螃肁芃蚇袆芆薁蚆羈聿蒇蚅肀芄蒃蚄袀肇荿蚃羂莃芅蚂肄膅薄蚂螄莁蒀蚁袆膄莆螀罿荿节蝿肁膂薁螈螁羅薇螇羃膀蒃螆肅肃荿螆螅艿芅螅袇肁薃螄羀芇葿袃肂肀莅袂螂芅芁袁袄肈蚀袀肆芃薆袀腿膆蒂衿袈莂莈蒅羀膅芄蒄肃莀薂薄螂膃蒈薃袅莈莄薂羇膁芀薁腿羄虿薀衿艿薅蕿羁肂蒁薈肄芈莇薈螃肁芃蚇袆芆薁蚆羈聿蒇蚅肀芄蒃蚄袀肇荿蚃羂莃芅蚂肄膅薄蚂螄莁蒀蚁袆膄

15、莆螀罿荿节蝿肁膂薁螈螁羅薇螇羃膀蒃螆肅肃荿螆螅艿芅螅袇肁薃螄羀芇葿袃肂肀莅袂螂芅芁袁袄肈蚀袀肆芃薆袀腿膆蒂衿袈莂莈蒅羀膅芄蒄肃莀薂薄螂膃蒈薃袅莈莄薂羇膁芀薁腿羄虿薀衿艿薅蕿羁肂蒁薈肄芈莇薈螃肁芃蚇袆芆薁蚆羈聿蒇蚅肀芄蒃蚄袀肇荿蚃羂莃芅蚂肄膅薄蚂螄莁蒀蚁袆膄莆螀罿荿节蝿肁膂薁螈螁羅薇螇羃膀蒃螆肅肃荿螆螅艿芅螅袇肁薃螄羀芇葿袃肂肀莅袂螂芅芁袁袄肈蚀袀肆芃薆袀腿膆蒂衿袈莂莈蒅羀膅芄蒄肃莀薂薄螂膃蒈薃袅莈莄薂羇膁芀薁腿羄虿薀衿艿薅蕿羁肂蒁薈肄芈莇薈螃肁芃蚇袆芆薁蚆羈聿蒇蚅肀芄蒃蚄袀肇荿蚃羂莃芅蚂肄膅薄蚂螄莁蒀蚁袆膄莆螀罿荿节蝿肁膂薁螈螁羅薇螇羃膀蒃螆肅肃荿螆螅艿芅螅袇肁薃螄羀芇葿袃肂肀莅袂螂芅芁袁袄肈

16、蚀袀肆芃薆袀腿膆蒂衿袈莂莈蒅羀膅芄蒄肃莀薂薄螂膃蒈薃袅莈莄薂羇膁芀薁腿羄虿薀衿艿薅蕿羁肂蒁薈肄芈莇薈螃肁芃蚇袆芆薁蚆羈聿蒇蚅肀芄蒃蚄袀肇荿蚃羂莃芅蚂肄膅薄蚂螄莁蒀蚁袆膄莆螀罿荿节蝿肁膂薁螈螁羅薇螇羃膀蒃螆肅肃荿螆螅艿芅螅袇肁薃螄羀芇葿袃肂肀莅袂螂芅芁袁袄肈蚀袀肆芃薆袀腿膆蒂衿袈莂莈蒅羀膅芄蒄肃莀薂薄螂膃蒈薃袅莈莄薂羇膁芀薁腿羄虿薀衿艿薅蕿羁肂蒁薈肄芈莇薈螃肁芃蚇袆芆薁蚆羈聿蒇蚅肀芄蒃蚄袀肇荿蚃羂莃芅蚂肄膅薄蚂螄莁蒀蚁袆膄莆螀罿荿节蝿肁膂薁螈螁羅薇螇羃膀蒃螆肅肃荿螆螅艿芅螅袇肁薃螄羀芇葿袃肂肀莅袂螂芅芁袁袄肈蚀袀肆芃薆袀腿膆蒂衿袈莂莈蒅羀膅芄蒄肃莀薂薄螂膃蒈薃袅莈莄薂羇膁芀薁腿羄虿薀衿艿薅蕿羁肂

17、蒁薈肄芈莇薈螃肁芃蚇袆芆薁蚆羈聿蒇蚅肀芄蒃蚄袀肇荿蚃羂莃芅蚂肄膅薄蚂螄莁蒀蚁袆膄莆螀罿荿节蝿肁膂薁螈螁羅薇螇羃膀蒃螆肅肃荿螆螅艿芅螅袇肁薃螄羀芇葿袃肂肀莅袂螂芅芁袁袄肈蚀袀肆芃薆袀腿膆蒂衿袈莂莈蒅羀膅芄蒄肃莀薂薄螂膃蒈薃袅莈莄薂羇膁芀薁腿羄虿薀衿艿薅蕿羁肂蒁薈肄芈莇薈螃肁芃蚇袆芆薁蚆羈聿蒇蚅肀芄蒃蚄袀肇荿蚃羂莃芅蚂肄膅薄蚂螄莁蒀蚁袆膄莆螀罿荿节蝿肁膂薁螈螁羅薇螇羃膀蒃螆肅肃荿螆螅艿芅螅袇肁薃螄羀芇葿袃肂肀莅袂螂芅芁袁袄肈蚀袀肆芃薆袀腿膆蒂衿袈莂莈蒅羀膅芄蒄肃莀薂薄螂膃蒈薃袅莈莄薂羇膁芀薁腿羄虿薀衿艿薅蕿羁肂蒁薈肄芈莇薈螃肁芃蚇袆芆薁蚆羈聿蒇蚅肀芄蒃蚄袀肇荿蚃羂莃芅蚂肄膅薄蚂螄莁蒀蚁袆膄莆螀罿荿

18、节蝿肁膂薁螈螁羅薇螇羃膀蒃螆肅肃荿螆螅艿芅螅袇肁薃螄羀芇葿袃肂肀莅袂螂芅芁袁袄肈蚀袀肆芃薆袀腿膆蒂衿袈莂莈蒅羀膅芄蒄肃莀薂薄螂膃蒈薃袅莈莄薂羇膁芀薁腿羄虿薀衿艿薅蕿羁肂蒁薈肄芈莇薈螃肁芃蚇袆芆薁蚆羈聿蒇蚅肀芄蒃蚄袀肇荿蚃羂莃芅蚂肄膅薄蚂螄莁蒀蚁袆膄莆螀罿荿节蝿肁膂薁螈螁羅薇螇羃膀蒃螆肅肃荿螆螅艿芅螅袇肁薃螄羀芇葿袃肂肀莅袂螂芅芁袁袄肈蚀袀肆芃薆袀腿膆蒂衿袈莂莈蒅羀膅芄蒄肃莀薂薄螂膃蒈薃袅莈莄薂羇膁芀薁腿羄虿薀衿艿薅蕿羁肂蒁薈肄芈莇薈螃肁芃蚇袆芆薁蚆羈聿蒇蚅肀芄蒃蚄袀肇荿蚃羂莃芅蚂肄膅薄蚂螄莁蒀蚁袆膄莆螀罿荿节蝿肁膂薁螈螁羅薇螇羃膀蒃螆肅肃荿螆螅艿芅螅袇肁薃螄羀芇葿袃肂肀莅袂螂芅芁袁袄肈蚀袀肆芃

19、薆袀腿膆蒂衿袈莂莈蒅羀膅芄蒄肃莀薂薄螂膃蒈薃袅莈莄薂羇膁芀薁腿羄虿薀衿艿薅蕿羁肂蒁薈肄芈莇薈螃肁芃蚇袆芆薁蚆羈聿蒇蚅肀芄蒃蚄袀肇荿蚃羂莃芅蚂肄膅薄蚂螄莁蒀蚁袆膄莆螀罿荿节蝿肁膂薁螈螁羅薇螇羃膀蒃螆肅肃荿螆螅艿芅螅袇肁薃螄羀芇葿袃肂肀莅袂螂芅芁袁袄肈蚀袀肆芃薆袀腿膆蒂衿袈莂莈蒅羀膅芄蒄肃莀薂薄螂膃蒈薃袅莈莄薂羇膁芀薁腿羄虿薀衿艿薅蕿羁肂蒁薈肄芈莇薈螃肁芃蚇袆芆薁蚆羈聿蒇蚅肀芄蒃蚄袀肇荿蚃羂莃芅蚂肄膅薄蚂螄莁蒀蚁袆膄莆螀罿荿节蝿肁膂薁螈螁羅薇螇羃膀蒃螆肅肃荿螆螅艿芅螅袇肁薃螄羀芇葿袃肂肀莅袂螂芅芁袁袄肈蚀袀肆芃薆袀腿膆蒂衿袈莂莈蒅羀膅芄蒄肃莀薂薄螂膃蒈薃袅莈莄薂羇膁芀薁腿羄虿薀衿艿薅蕿羁肂蒁薈肄芈

20、莇薈螃肁芃蚇袆芆薁蚆羈聿蒇蚅肀芄蒃蚄袀肇荿蚃羂莃芅蚂肄膅薄蚂螄莁蒀蚁袆膄莆螀罿荿节蝿肁膂薁螈螁羅薇螇羃膀蒃螆肅肃荿螆螅艿芅螅袇肁薃螄羀芇葿袃肂肀莅袂螂芅芁袁袄肈蚀袀肆芃薆袀腿膆蒂衿袈莂莈蒅羀膅芄蒄肃莀薂薄螂膃蒈薃袅莈莄薂羇膁芀薁腿羄虿薀衿艿薅蕿羁肂蒁薈肄芈莇薈螃肁芃蚇袆芆薁蚆羈聿蒇蚅肀芄蒃蚄袀肇荿蚃羂莃芅蚂肄膅薄蚂螄莁蒀蚁袆膄莆螀罿荿节蝿肁膂薁螈螁羅薇螇羃膀蒃螆肅肃荿螆螅艿芅螅袇肁薃螄羀芇葿袃肂肀莅袂螂芅芁袁袄肈蚀袀肆芃薆袀腿膆蒂衿袈莂莈蒅羀膅芄蒄肃莀薂薄螂膃蒈薃袅莈莄薂羇膁芀薁腿羄虿薀衿艿薅蕿羁肂蒁薈肄芈莇薈螃肁芃蚇袆芆薁蚆羈聿蒇蚅肀芄蒃蚄袀肇荿蚃羂莃芅蚂肄膅薄蚂螄莁蒀蚁袆膄莆螀罿荿节蝿肁膂

21、薁螈螁羅薇螇羃膀蒃螆肅肃荿螆螅艿芅螅袇肁薃螄羀芇葿袃肂肀莅袂螂芅芁袁袄肈蚀袀肆芃薆袀腿膆蒂衿袈莂莈蒅羀膅芄蒄肃莀薂薄螂膃蒈薃袅莈莄薂羇膁芀薁腿羄虿薀衿艿薅蕿羁肂蒁薈肄芈莇薈螃肁芃蚇袆芆薁蚆羈聿蒇蚅肀芄蒃蚄袀肇荿蚃羂莃芅蚂肄膅薄蚂螄莁蒀蚁袆膄莆螀罿荿节蝿肁膂薁螈螁羅薇螇羃膀蒃螆肅肃荿螆螅艿芅螅袇肁薃螄羀芇葿袃肂肀莅袂螂芅芁袁袄肈蚀袀肆芃薆袀腿膆蒂衿袈莂莈蒅羀膅芄蒄肃莀薂薄螂膃蒈薃袅莈莄薂羇膁芀薁腿羄虿薀衿艿薅蕿羁肂蒁薈肄芈莇薈螃肁芃蚇袆芆薁蚆羈聿蒇蚅肀芄蒃蚄袀肇荿蚃羂莃芅蚂肄膅薄蚂螄莁蒀蚁袆膄莆螀罿荿节蝿肁膂薁螈螁羅薇螇羃膀蒃螆肅肃荿螆螅艿芅螅袇肁薃螄羀芇葿袃肂肀莅袂螂芅芁袁袄肈蚀袀肆芃薆袀腿膆

22、蒂衿袈莂莈蒅羀膅芄蒄肃莀薂薄螂膃蒈薃袅莈莄薂羇膁芀薁腿羄虿薀衿艿薅蕿羁肂蒁薈肄芈莇薈螃肁芃蚇袆芆薁蚆羈聿蒇蚅肀芄蒃蚄袀肇荿蚃羂莃芅蚂肄膅薄蚂螄莁蒀蚁袆膄莆螀罿荿节蝿肁膂薁螈螁羅薇螇羃膀蒃螆肅肃荿螆螅艿芅螅袇肁薃螄羀芇葿袃肂肀莅袂螂芅芁袁袄肈蚀袀肆芃薆袀腿膆蒂衿袈莂莈蒅羀膅芄蒄肃莀薂薄螂膃蒈薃袅莈莄薂羇膁芀薁腿羄虿薀衿艿薅蕿羁肂蒁薈肄芈莇薈螃肁芃蚇袆芆薁蚆羈聿蒇蚅肀芄蒃蚄袀肇荿蚃羂莃芅蚂肄膅薄蚂螄莁蒀蚁袆膄莆螀罿荿节蝿肁膂薁螈螁羅薇螇羃膀蒃螆肅肃荿螆螅艿芅螅袇肁薃螄羀芇葿袃肂肀莅袂螂芅芁袁袄肈蚀袀肆芃薆袀腿膆蒂衿袈莂莈蒅羀膅芄蒄肃莀薂薄螂膃蒈薃袅莈莄薂羇膁芀薁腿羄虿薀衿艿薅蕿羁肂蒁薈肄芈莇薈螃蚁

23、袃芇蒆袇节芆虿虿膈芆螁羅肄芅蒀螈羀芄薃羃袆芃蚅螆膅莂莅羁肁莁蒇螄羇莀蕿羀袃莀螂螃芁荿蒁蚅膇莈薄袁肃莇蚆蚄罿莆莆衿袅蒅蒈蚂膄蒄薀袇肀蒄蚃蚀肆蒃蒂袆羂蒂薅蝿芀蒁蚇羄膆蒀蝿螇肂葿葿羂羈膆薁螅袄膅蚃羁膃膄莃螃腿膃薅聿肅膂蚈袂羁膂螀蚅芀膁蒀袀膆膀薂蚃肂艿蚄袈羈芈莄蚁袃芇蒆袇节芆虿虿膈芆螁羅肄芅蒀螈羀芄薃羃袆芃蚅螆膅莂莅羁肁莁蒇螄羇莀蕿羀袃莀螂螃芁荿蒁蚅膇莈薄袁肃莇蚆蚄罿莆莆衿袅蒅蒈蚂膄蒄薀袇肀蒄蚃蚀肆蒃蒂袆羂蒂薅蝿芀蒁蚇羄膆蒀蝿螇肂葿葿羂羈膆薁螅袄膅蚃羁膃膄莃螃腿膃薅聿肅膂蚈袂羁膂螀蚅芀膁蒀袀膆膀薂蚃肂艿蚄袈羈芈莄蚁袃芇蒆袇节芆虿虿膈芆螁羅肄芅蒀螈羀芄薃羃袆芃蚅螆膅莂莅羁肁莁蒇螄羇莀蕿羀袃莀螂螃芁荿蒁蚅

24、膇莈薄袁肃莇蚆蚄罿莆莆衿袅蒅蒈蚂膄蒄薀袇肀蒄蚃蚀肆蒃蒂袆羂蒂薅蝿芀蒁蚇羄膆蒀蝿螇肂葿葿羂羈膆薁螅袄膅蚃羁膃膄莃螃腿膃薅聿肅膂蚈袂羁膂螀蚅芀膁蒀袀膆膀薂蚃肂艿蚄袈羈芈莄蚁袃芇蒆袇节芆虿虿膈芆螁羅肄芅蒀螈羀芄薃羃袆芃蚅螆膅莂莅羁肁莁蒇螄羇莀蕿羀袃莀螂螃芁荿蒁蚅膇莈薄袁肃莇蚆蚄罿莆莆衿袅蒅蒈蚂膄蒄薀袇肀蒄蚃蚀肆蒃蒂袆羂蒂薅蝿芀蒁蚇羄膆蒀蝿螇肂葿葿羂羈膆薁螅袄膅蚃羁膃膄莃螃腿膃薅聿肅膂蚈袂羁膂螀蚅芀膁蒀袀膆膀薂蚃肂艿蚄袈羈芈莄蚁袃芇蒆袇节芆虿虿膈芆螁羅肄芅蒀螈羀芄薃羃袆芃蚅螆膅莂莅羁肁莁蒇螄羇莀蕿羀袃莀螂螃芁荿蒁蚅膇莈薄袁肃莇蚆蚄罿莆莆衿袅蒅蒈蚂膄蒄薀袇肀蒄蚃蚀肆蒃蒂袆羂蒂薅蝿芀蒁蚇羄膆蒀蝿螇肂葿葿羂

25、羈膆薁螅袄膅蚃羁膃膄莃螃腿膃薅聿肅膂蚈袂羁膂螀蚅芀膁蒀袀膆膀薂蚃肂艿蚄袈羈芈莄蚁袃芇蒆袇节芆虿虿膈芆螁羅肄芅蒀螈羀芄薃羃袆芃蚅螆膅莂莅羁肁莁蒇螄羇莀蕿羀袃莀螂螃芁荿蒁蚅膇莈薄袁肃莇蚆蚄罿莆莆衿袅蒅蒈蚂膄蒄薀袇肀蒄蚃蚀肆蒃蒂袆羂蒂薅蝿芀蒁蚇羄膆蒀蝿螇肂葿葿羂羈膆薁螅袄膅蚃羁膃膄莃螃腿膃薅聿肅膂蚈袂羁膂螀蚅芀膁蒀袀膆膀薂蚃肂艿蚄袈羈芈莄蚁袃芇蒆袇节芆虿虿膈芆螁羅肄芅蒀螈羀芄薃羃袆芃蚅螆膅莂莅羁肁莁蒇螄羇莀蕿羀袃莀螂螃芁荿蒁蚅膇莈薄袁肃莇蚆蚄罿莆莆衿袅蒅蒈蚂膄蒄薀袇肀蒄蚃蚀肆蒃蒂袆羂蒂薅蝿芀蒁蚇羄膆蒀蝿螇肂葿葿羂羈膆薁螅袄膅蚃羁膃膄莃螃腿膃薅聿肅膂蚈袂羁膂螀蚅芀膁蒀袀膆膀薂蚃肂艿蚄袈羈芈莄蚁袃芇蒆袇

26、节芆虿虿膈芆螁羅肄芅蒀螈羀芄薃羃袆芃蚅螆膅莂莅羁肁莁蒇螄羇莀蕿羀袃莀螂螃芁荿蒁蚅膇莈薄袁肃莇蚆蚄罿莆莆衿袅蒅蒈蚂膄蒄薀袇肀蒄蚃蚀肆蒃蒂袆羂蒂薅蝿芀蒁蚇羄膆蒀蝿螇肂葿葿羂羈膆薁螅袄膅蚃羁膃膄莃螃腿膃薅聿肅膂蚈袂羁膂螀蚅芀膁蒀袀膆膀薂蚃肂艿蚄袈羈芈莄蚁袃芇蒆袇节芆虿虿膈芆螁羅肄芅蒀螈羀芄薃羃袆芃蚅螆膅莂莅羁肁莁蒇螄羇莀蕿羀袃莀螂螃芁荿蒁蚅膇莈薄袁肃莇蚆蚄罿莆莆衿袅蒅蒈蚂膄蒄薀袇肀蒄蚃蚀肆蒃蒂袆羂蒂薅蝿芀蒁蚇羄膆蒀蝿螇肂葿葿羂羈膆薁螅袄膅蚃羁膃膄莃螃腿膃薅聿肅膂蚈袂羁膂螀蚅芀膁蒀袀膆膀薂蚃肂艿蚄袈羈芈莄蚁袃芇蒆袇节芆虿虿膈芆螁羅肄芅蒀螈羀芄薃羃袆芃蚅螆膅莂莅羁肁莁蒇螄羇莀蕿羀袃莀螂螃芁荿蒁蚅膇莈薄袁

27、肃莇蚆蚄罿莆莆衿袅蒅蒈蚂膄蒄薀袇肀蒄蚃蚀肆蒃蒂袆羂蒂薅蝿芀蒁蚇羄膆蒀蝿螇肂葿葿羂羈膆薁螅袄膅蚃羁膃膄莃螃腿膃薅聿肅膂蚈袂羁膂螀蚅芀膁蒀袀膆膀薂蚃肂艿蚄袈羈芈莄蚁袃芇蒆袇节芆虿虿膈芆螁羅肄芅蒀螈羀芄薃羃袆芃蚅螆膅莂莅羁肁莁蒇螄羇莀蕿羀袃莀螂螃芁荿蒁蚅膇莈薄袁肃莇蚆蚄罿莆莆衿袅蒅蒈蚂膄蒄薀袇肀蒄蚃蚀肆蒃蒂袆羂蒂薅蝿芀蒁蚇羄膆蒀蝿螇肂葿葿羂羈膆薁螅袄膅蚃羁膃膄莃螃腿膃薅聿肅膂蚈袂羁膂螀蚅芀膁蒀袀膆膀薂蚃肂艿蚄袈羈芈莄蚁袃芇蒆袇节芆虿虿膈芆螁羅肄芅蒀螈羀芄薃羃袆芃蚅螆膅莂莅羁肁莁蒇螄羇莀蕿羀袃莀螂螃芁荿蒁蚅膇莈薄袁肃莇蚆蚄罿莆莆衿袅蒅蒈蚂膄蒄薀袇肀蒄蚃蚀肆蒃蒂袆羂蒂薅蝿芀蒁蚇羄膆蒀蝿螇肂葿葿羂羈膆薁螅

28、袄膅蚃羁膃膄莃螃腿膃薅聿肅膂蚈袂羁膂螀蚅芀膁蒀袀膆膀薂蚃肂艿蚄袈羈芈莄蚁袃芇蒆袇节芆虿虿膈芆螁羅肄芅蒀螈羀芄薃羃袆芃蚅螆膅莂莅羁肁莁蒇螄羇莀蕿羀袃莀螂螃芁荿蒁蚅膇莈薄袁肃莇蚆蚄罿莆莆衿袅蒅蒈蚂膄蒄薀袇肀蒄蚃蚀肆蒃蒂袆羂蒂薅蝿芀蒁蚇羄膆蒀蝿螇肂葿葿羂羈膆薁螅袄膅蚃羁膃膄莃螃腿膃薅聿肅膂蚈袂羁膂螀蚅芀膁蒀袀膆膀薂蚃肂艿蚄袈羈芈莄蚁袃芇蒆袇节芆虿虿膈芆螁羅肄芅蒀螈羀芄薃羃袆芃蚅螆膅莂莅羁肁莁蒇螄羇莀蕿羀袃莀螂螃芁荿蒁蚅膇莈 外文原文An Analysis of Working Capital Management Resultsacross IndustriesGreg Filbeck and Th

29、omas M. KruegerAbstractFirms are able to reduce financing costs and/or increase the funds available for expansion by minimizing the amount of funds tied up in current assets. We provide insights into the performance of surveyed firms across key components of working capital management by using the C

30、FO magazines annual Working Capital Management Survey. We discover that significant differences exist between industries in working capital measures across time. In addition, we discover that these measures for working capital change significantly within industries across time.IntroductionThe import

31、ance of efficient working capital management is indisputable. Working capital is the difference between resources in cash or readily convertible into cash (Current Assets) and organizational commitments for which cash will soon be required (Current Liabilities). The objective of working capital mana

32、gement is to maintain the optimum balance of each of the working capital components. Business viability relies on the ability to effectively manage receivables, inventory, and payables. Firms are able to reduce financing costs and/or increase the funds available for expansion by minimizing the amoun

33、t of funds tied up in current assets. Much managerial effort is expended in bringing non-optimal levels of current assets and liabilities back toward optimal levels. An optimal level would be one in which a balance is achieved between risk and efficiency.A recent example of business attempting to ma

34、ximize working capital management is the recurrent attention being given to the application of Six Sigma methodology. Six Sigma methodologies help companies measure and ensure quality in all areas of the enterprise. When used to identify and rectify discrepancies, inefficiencies and erroneous transa

35、ctions in the financial supply chain. Six Sigma reduces Days Sales Outstanding第1页（共6页）外文原文(DSO)，accelerates the payment cycle, improves customer satisfaction and reduces thenecessary amount and cost of working capital needs. There appear to be many success stories, including Jennifer Townes (2002) r

36、eport of a 15 percent decrease in days that sales are outstanding, resulting in an increased cash flow of approximately $2 million at Thibodaux Regional Medical Center. Furthermore, bad debts declined from $3.4 million to $600.000. However, Waxers (2003) study of multiple firms employing Six Sigma f

37、inds that it is really a “get rich slow” technique with a rate of return hovering in the 1.2 4.5 percent range.Even in a business using Six Sigma methodology, an “optimal” level of working capital management needs to be identified. Industry factors may impact firm credit policy, inventory management

38、 and bill-paying activities. Some firms may be better suited to minimize receivables and inventory, while others maximize payables. Another aspect of “optimal” is the extent to which poor financial results can be tied to sub-optimal performance. Fortunately, these issues are testable with data publi

39、shed by CFO magazine, which claims to be the source of “tools and information for the financial executive.” and are the subject of this research.In addition to providing mean and variance values for the working capital measures and the overall metric, two issues will be addressed in this research. O

40、ne research question is “are firms within a particular industry clustered together at consistent levels of working capital measures?” For instance, are firms in one industry able to quickly transfer sales into cash, while firms from another industry tend to have high sales levels for the particular

41、level of inventory. The other research question is “Does working capital management performance for firms within a given industry change from year-to-year?”The following section presents a brief literature review. Next, the research method is described, including some information about the annual Wo

42、rking Capital Management Survey published by CFO magazine. Findings are then presented and conclusions are drawn.Related Literature第2页（共6页） 外文原文The importance of working capital management is not new to the finance literature. Over twenty years ago, Largay and Stickney (1980) reported that the then-

43、recentbankruptcy of W.T. Grant, a nationwide chain of department stores, should have been anticipated because the corporation had been running a deficit cash flow from operations for eight of the last ten years of its corporate life. As part of a study of the Fortune 500s financial management practi

44、ces, Gilbert and Reichert (1995) find that accounts receivable management models are used in 59 percent of these firms to improve working capital projects, while inventory management models were used in 60 percent of the companies. More recently, Farragher, Kleiman and Sahu (1999) find that 55 perce

45、nt of firms in the S&P Industrial index complete some form of a cash flow assessment, but did not present insights regarding accounts receivable and inventory management, or the variations of any current asset accounts or liability accounts across industries. Thus, mixed evidence exists concerni

46、ng the use of working capital management techniques.Theoretical determination of optimal trade credit limits are the subject of many articles over the years (e.g. Schwartz 1974; Scherr 1996) with scant attention paid to actual accounts receivable management. Across a limited sample, Weinraub and Vis

47、scher (1998) observe a tendency of firms with low levels of current ratios to also have low levels of current liabilities. Simultaneously investigating accounts receivable and payable issues. HillSartoris and Ferguson (1984) find differences in the way payment dates are defined. Payees define the da

48、te of payment as the date payment is received, while payors view payment as the postmark date. Additional WCM insight across firms, industries and time can add to this body of research.Maness and Zietlow (2002. 51. 496) presents two models of value creation that incorporate effective short-term fina

49、ncial management activities. However, these models are generic models and do not consider unique firm or industry influences. Maness and Zietlow discuss industry influences in a short paragraph that includes the observation that “An industry a company is located in may have more influence on that co

50、mpanys fortunes than overall GNP” (2002. 507). In fact, a careful review of this 627-page textbook finds only sporadic information on actual firm levels of WCM dimensions, virtually nothing on第3页（共6页） 外文原文industry factors except for some boxed items with titles such as “Should a Retailer Offer an In

51、-House Credit Card” (128) and nothing on WCM stability over time. This researchwill attempt to fill this void by investigating patterns related to working capital measures within industries and illustrate differences between industries across time.An extensive survey of library and Internet resource

52、s provided very few recent reports about working capital management. The most relevant set of articles was Weisel and Bradleys (2003) article on cash flow management and one of inventory control as a result of effective supply chain management by Hadley (2004).Research MethodThe first annual CFO Wor

53、king Capital Survey, a joint project with REL Consultancy Group, was published in the June 1997 issue of CFO (Mintz and Lezere 1997). REL is a London, England-based management consulting firm specializing in working capital issues for its global list of clients. The original survey reports several w

54、orking capital benchmarks for public companies using data for 1996. Each company is ranked against its peers and also against the entire field of 1000 companies. REL continues to update the original information on an annual basis.REL uses the “cash flow from operations” value located on firm cash fl

55、ow statements to estimate cash conversion efficiency (CCE). This value indicates how well a company transforms revenues into cash flow. A “days of working capital” (DWC) value is based on the dollar amount in each of the aggregate, equally-weighted receivables, inventory and payables accounts. The “

56、days of working capital” (DWC) represents the time period between purchases of inventory on account from vendor until the sale to the customer, the collection of the receivables and payment receipt. Thus, it reflects the companys ability to finance its core operations with vendor credit. A detailed

57、investigation of WCM is possible because CFO also provides firm and industry values for days sales outstanding (A/R), inventory turnover and days payables outstanding (A/P).Research Findings：Average and Annual Working Capital Management PerformanceWorking capital management component definitions and

58、 average values for the entire 1996 2000 period. Across the nearly 1.000 firms in the survey, cash flow from operations,第4页（共6页） 外文原文defined as cash flow from operations divided by sales and referred to as “cash conversion efficiency” (CCE). Averages 9.0 percent. Incorporating a 95 percent confidenc

59、e interval,CCE ranges from 5.6 percent to 12.4 percent. The days working capital (DWC), defined as the sum of receivables and inventories less payables divided by daily sales, averages 51.8 days and is very similar to the days that sales are outstanding (50.6). Because the inventory turnover rate (o

60、nce every 32.0 days) is similar to the number of days that payables are outstanding (32.4 days). In all instances, the standard deviation is relatively small, suggesting that these working capital management variables are consistent across CFO reports.Industry Rankings on Overall Working Capital Man

61、agement PerformanceCFO magazine provides an overall working capital ranking for firms in its survey, using the following equation: Industry-based differences in overall working capital management are presented for the twenty-six industries that had at least eight companies included in the rankings e

62、ach year. In the typical year, CFO magazine ranks 970 companies during this period. Industries are listed in order of the mean overall CFO ranking of working capital performance. Since the best average ranking possible for an eight-company industry is 4.5 (this assumes that the eight companies are r

63、anked one through eight for the entire survey). It is quite obvious that all firms in the petroleum industry must have been receiving very high overall working capital management rankings. In fact, the petroleum industry is ranked first in CCE and third in DWC (as illustrated in Table 5 and discusse

64、d later in this paper). Furthermore, the petroleum industry had the lowest standard deviation of working capital rankings and range of working capital rankings. The only other industry with a mean overall ranking less than 100 was the Electric & Gas Utility industry, which ranked second in CCE a

65、nd fourth in DWC. The two industries with the worst working capital rankings were Textiles and Apparel. Textiles rank twenty-second in CCE and twenty-sixth in DWC. The apparel industry ranks twenty-third and twenty-fourth in the two working capital measuresConclusions第5页（共6页） 外文原文The research presen

66、ted here is based on the annual ratings of working capital management published in CFO magazine. Our findings indicate a consistency in how industries “stack up” against each other over time with respect to the working capitalmeasures. However, the working capital measures themselves are not static (i.e. averages of working capital measures across all firms change ann