271.F我国企业“零营运资金”管理分析 外文原文.doc

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1、EFFECT OF WORKING CAPITAL MANAGEMENT ON PROFITABILITY OF FIRMS IN MALAYSIA 马，Zariyawati 1，锰，安努瓦尔b和砷，阿卜杜勒拉希姆 y MA, Zariyawati a , MN, Annuar b and AS, Abdul Rahim c 1，B和C Univeristi普特拉马来西亚，马来西亚。 a ,b & c Univeristi Putra Malaysia, Malaysia.Abstract：营运资本管理是企业财务管理决策的重要组成部分。资本管理的优化工作，可望作出积极的贡献价值创造的公司。 W

2、orking capital management is important part in firm financial management decision.An optimal working capital management is expected to contribute positively to the creation of firm value. 为了达到最佳的营运资本管理公司的经理要控制盈利能力和流动性之间的权衡准确。 To reach optimal working capital management firm manager should control th

3、e trade off between profitability and liquidity accurately. 本研究的目的是调查工作的盈利能力之间的关系资本管理和坚定的。现金转换周期被用作营运资金管理的措施。这项研究是用这包括1996-2006年期间的1628年的面板数据公司，马来西亚交易所的6个不同经济部门中列出。 The purpose of this study is to investigate the relationship between working capital management and firm profitability. Cash conversion

4、 cycle is used as measure of working capital management. This study is used panel data of 1628 firm-year for the period of 1996-2006 that consist of six different economic sectors which are listed in Bursa Malaysia. OLS回归系数分析结果汇集公司提供强大的盈利能力显着负现金转换周期之间的关系和。 The coefficient results of Pooled OLS regre

5、ssion analysis provide a strong negative significant relationship between cash conversion cycle and firm profitability. 这表明，减少现金转换期盈利增加的结果。 This reveals that reducing cash conversion period results to profitability increase. 因此，在目的上，为股东创造价值，公司的经理要到关注现金转换周期的缩短完成的最佳水平。 Thus, in purpose to create share

6、holder value, firm manager should concern on shorten of cash conversion cycle till accomplish optimal level. 关键词：营运资金管理，现金转换周期，盈利能力和流动性 Keywords: Working Capital Management, Cash Conversion Cycle, Profitability and Liquidity 引言 INTRODUCTION 周转资金是一个重要的问题，因为在金融决策其作为资产的一部分投资，需要适当的融资投资。然而，流动资金一直被忽视的金融决策

7、，因为它涉及投资和融资期限在短期内。此外，还作为一个金融抑制性能，因为它无助于净资产收益率（桑格，2001年）。 Working capital is an important issue during financial decision making since its being a part of investment in asset that requires appropriate financing investment. However, working capital always being disregard in financial decision making s

8、ince it involve investment and financing in short term period. Further, also act as a restrain in financial performance, since it does not contribute to return on equity (Sanger, 2001). 虽然，它应该是至关重要的一个公司来维持其短期投资，因为这将确保公司的期限较长的能力。 Though, it should be critical for to a firm to sustain their short term

9、 investment since it will ensure the ability of firm in longer period. 营运资金管理的重要组成部分，必须保持其运作的流动性在日常工作一天，以确保它的平稳运行并符合其义务（Eljelly，2004）。 The crucial part in managing working capital is required maintaining its liquidity in day-to-day operation to ensure its smooth running and meets its obligation (Elj

10、elly, 2004). 然而，这不是一个简单的任务，因为获利的方式管理人员必须确保业务和操作运行效率。 Yet, this is not a simple task since managers must make sure that business operation is running in efficient and profitable manner. 有流动负债的错配的可能性和流动资产在这个过程中。 There are the possibilities of mismatch of current asset and current liability during this

11、 process. 如果发生这种情况与企业的经理人不能正确地管理它，然后它会影响到公司的增长和盈利能力。 If this happens and firms manager cannot manage it properly then it will affect firms growth and profitability. 这将进一步导致金融危机，最终企业可以破产。 This will further lead to financial distress and finally firms can go bankrupt. 在资金管理的传统观点的转换之间的关系现金周期工作（如测量）和盈利能

12、力是其他条件不变。 In traditional view of relationship between cash conversion cycle (as measure of working capital management) and profitability is ceteris paribus. 该公司的现金转换周期短，效益较好的一家公司。 The shorter firm cash conversion cycle, the better a firm profitability. 这表明，时间少1美元融资绑在目前的资产，减少对外。 This shows that less

13、of time a dollar tied up in current asset and less external financing. 同时，现金转换周期较长的公司将受到伤害的概率。 While, the longer cash conversion cycle will hurt firms probability. 原因是，公司具有低流动性，从而影响公司的风险。 The reason is that firm having low liquidity that would affect firms risk. 但是，如果公司具有较高水平的应收应付款项，贸易信贷的宽松政策，这将导致现金

14、转换周期较长。 However, if firm has higher level of account receivable due to the generous trade credit policy it would result to longer cash conversion cycle. 在这种情况下，现金转换周期较长将增加盈利。 In this case, the longer cash conversion cycle will increase profitability. 因此，传统的观点不能适用于所有情况。 Thus, the traditional view can

15、not be applied to all circumstances. 营运资金管理的困境，是实现理想的贸易流动性和盈利能力之间取得平衡（史密斯，1980年; Raheman和纳赛尔，2007年）。 Dilemma in working capital management is to achieve desired trade off between liquidity and profitability (Smith, 1980; Raheman & Nasr, 2007). 在谈到风险和收益理论，风险投资，更将导致更多的回报。 Referring to theory of risk a

16、nd return, investment with more risk will result to more return. 因此，基金公司工作的高流动性低风险则有可能获利能力低。 Thus, firms with high liquidity of working capital may have low risk then low profitability. 相反，企业具有资金流动性低的工作，面对高风险高收益的结果。这里的问题是资金管理工作，企业必须考虑到风险和回报所有的项目在这两个帐户，并尝试平衡。 Conversely, firm that has low liquidity o

17、f working capital, facing high risk results to high profitability. The issue here is in managing working capital, firm must take into consideration all the items in both accounts and try to balance the risk and return. 该研究目的是希望能出一分力资本管理的关键要素，财务管理的工作。 The purpose of this study is hopefully to contrib

18、ute towards a crucial element in financial management which working capital management. 这几乎是原封不动在马来西亚或很少研究已在此领域开展。 It is almost untouched in Malaysian or very little research has been done in this area. 营运资本管理和盈利能力的影响主要集中在这项研究。 Working capital management and its effects on profitability is focused i

19、n this study. 具体目标是审查管理期限及盈利超过11年营运资本之间的关系，建立一个盈利的盈利性之间的两个目标，公司的流动资金，并探讨其债务之间的关系所使用的坚定 Specific objectives are to examine a relationship between working capital management and profitability over a 11 years period, to establish a relationship between the two objectives of liquidity and profitability

20、of the firms and to investigate the relationship between debt used by the a firm and its profitability 多数集中在先前的研究开发市场（去皮及威尔逊，1996年;善与Soenon，1998年和Deloof，2003年）。 Most previous study focus on develop market (Peel & Wilson, 1996; Shin & Soenon, 1998 and Deloof, 2003). 因此，调查此问题的见解，并能提供更多的证据可能对不同的管理营运资本在

21、新兴资本市场。这必将丰富关于这一问题的金融文学。 Thus investigating this issue could provide additional insights and perhaps different evidence on the working capital management in emerging capital market. This will surely enrich the finance literature on this issue. 此外，此研究结果将提供公司管理人员更好地了解如何建立有效的营运资金管理，有能力最大化企业的价值的结果。作为一个，

22、它会在建立投资者的信心投资于该企业。 Additionally, the results of this study would provide firm managers better insights on how to create efficient working capital management that have ability to maximize firms value. As a result, it will build up confidence in investor to invest in that firm. 此外，投资者的信心在马来西亚的投资会影响经济增

23、长。 Further, the confidence of investors to invest in Malaysia will influence the growth of economic. 经济增长的结果，本研究也将有助于决策者资本市场新政策的实施工作就套在马来西亚，以确保连续的。 The results of this study would also assist policy-makers to implement new sets of policies regarding the working capital market in Malaysia to ensure c

24、ontinuous economic growth. 文学回顾 LITERATURE REVIEW 在无意间发现了管理效率的工作关系和资金管理公司的盈利能力（善与索能，1998）作为衡量工作的资金使用的净负温度系数贸易周期（。 In intention to discover the relationship between efficient working capital management and firms profitability(Shin & Soenen, 1998) used net-trade cycle (NTC) as a measure of working cap

25、ital management. NTC是基本上等于销售本中心，让所有三个组成部分是一个百分比表示。 NTC is basically equal to the CCC whereby all three components are expressed as a percentage of sales. 在使用负温度系数增长的原因，因为它可以是一个简单的设备估计需要额外的资金方面的工作表示销售预测，由于资本的功能。 The reason by using NTC because it can be an easy device to estimate for additional finan

26、cing needs with regard to working capital expressed as a function of the projected sales growth. 这种关系是研究利用相关和回归分析，按行业及营运资金的力度。 This relationship is examined using correlation and regression analysis, by industry and working capital intensity. 利用公司在所有58985年，占地1975至1994年期间的案件为Compustat样本，他们发现，A和盈利能力强负

27、周期长度之间的关系，公司的净贸易。此外，较短的负温度系数是风险与高调整后的股票收益。 Using a Compustat sample of 58,985 firm years covering the period 1975-1994, in all cases, they found, a strong negative relation between the length of the firms net-trade cycle and its profitability. In addition, shorter NTC are associated with higher risk

28、-adjusted stock returns. 换句话说，（善与索能，1998）表明，一个可能的方式，为股东创造价值的坚定NTC是通过减少公司的。 In other word, (Shin & Soenen, 1998) suggest that one possible way the firm to create shareholder value is by reducing firms NTC. 学习的（善与索能，1998年）1992-1996年符合后来的研究同样的目标，金融企业对期间所做- 1009通过使用大量的样本比利时非（Deloof），2003。 The study of (

29、Shin & Soenen, 1998) consistent with later study on the same objective that done by (Deloof, 2003) by using sample of 1009 large Belgian non-financial firms for the period of 1992-1996. 然而，（Deloof，2003年）使用的贸易政策和信贷政策是衡量库存的天数占应收，应付帐款，库存和营运资本管理的现金转换周期综合措施作为。 However, (Deloof, 2003) used trade credit po

30、licy and inventory policy are measured by number of days accounts receivable, accounts payable and inventories, and the cash conversion cycle as a comprehensive measure of working capital management. 他开创一个重大应付帐款负相关关系经营收入总额的库存和应收账款的天数和。因此，他建议，经理们可以创造最小值为他们的股东通过减少合理的天数占应收款和库存。 He founds a significant

31、negative relation between gross operating income and the number of days accounts receivable, inventories and accounts payable. Thus, he suggests that managers can create value for their shareholders by reducing the number of days accounts receivable and inventories to a reasonable minimum. 他还建议，企业利润

32、减少等待更长的时间来支付账单。 He also suggests that less profitable firms wait longer to pay their bills. 在另一项研究，（Lyroudi及拉扎里迪斯，2000年）用希腊语审查食品工业作为流动性指标的公司的现金CCC）的转换周期（并试图确定其比例关系，与当前和快速，其组成部分的变量，本中心的盈利能力，并探讨了在条件的影响的，indebtness和企业规模。 In other study, (Lyroudi & Lazaridis, 2000) use food industry Greek to examined th

33、e cash conversion cycle (CCC) as a liquidity indicator of the firms and tries to determine its relationship with the current and the quick ratios, with its component variables, and investigates the implications of the CCC in terms of profitability, indebtness and firm size. 他们的研究结果表明，存在显着的正相关关系快速比率之

34、间的现金转换周期的电流，与传统的流动性措施。 The results of their study indicate that there is a significant positive relationship between the cash conversion cycle and the traditional liquidity measures of current and quick ratios. 现金转换周期也呈正相关的资产净回报率和利润率，但并没有杠杆率的线性关系。 The cash conversion cycle also positively related to

35、 the return on assets and the net profit margin but had no linear relationship with the leverage ratios. 相反，目前的比例已快速股权比例呈负相关，与债务，利息和1倍积极的与所赚取的比例。最后，有没有差异大，小企业之间的流动性比率。 Conversely, the current and quick ratios had negative relationship with the debt to equity ratio, and a positive one with the times

36、interest earned ratio. Finally, there is no difference between the liquidity ratios of large and small firms. 数据和变量 DATA AND VARIABLES 研究数据，这是获得数据库的数据流包括在布尔萨马来西亚的公司财务报表中列出。 Data of this study is obtained from DataStream database which consists of financial statements listed firms in Bursa Malaysia.

37、该样本是构建如下。 The sample was constructed as follows. 企业必须提供在1996年一年的研究，至2006年。 Firms must be available during study period of year 1996 to year 2006. 由于金融的特殊性质的经济部门的活动中，公司被排除在样本。 Because of the specific nature of their activities, firms in economic sector of Finance are excluded from the sample. 丢失的数据，一

38、些公司也取消了。 Some firms with missing data were also removed. 为了分析影响校长的工作对经济资本管理，因此，这10家公司的经济部门也有少于从样本中删除。 To analyse the effect of working capital management on economic rector, thus, economic sectors that have less than 10 firms were also removed from the sample. 因此，一个平衡的小组意见的1628年公司成立一年，获得企业，148多观察199

39、6-2006年期间。 Thus a balanced panel set of 1628 firm-year observations was obtained, with observations of 148 firms over 1996-2006 periods. 表1显示了经济界的样本分布的类型。 Table 1 shows the sample distribution by type of economic sector. 公司只为每个经济部门都不能平衡。 Numbers of firms for each economic sector are not balance. 产品的

40、工业部门是主要的40个样本企业与11家公司，而至少是部门的财产。 Sector of Industrial Product is the major sample with 40 firms while the least is sector of property with 11 firms. 表1：1996-2006年样本分布的年 Table 1: Sample Distribution for Year 1996-2006 经济行业 Economic Sector 企业号 No. of Firms 施工 Construction 12 12 消费产品 Consumer Product 2

41、8 28 工业产品 Industrial Product 40 40 人工林 Plantation 18 18 财产 Property 11 11 贸易/服务 Trade/Service 39 39 总 Total 148 148 为了分析管理盈利能力对公司的营运资金的影响，（营业收入+折旧）/总资产衡量盈利能力（如其他投资）的变量作为依赖。 In order to analyze the effects of working capital management on the firms profitability, (operating income + depreciation)/tot

42、al asset (OI) as measure of profitability was used as the dependent variable. 随着自变量的问候，营运资金管理是）衡量现金转换周期（CCC认证。 With regards to the independent variables, working capital management was measured by cash conversion cycle (CCC). 本中心的重点时，公司收到现金流入之间的时间长度时，使公司支付。 CCC focuses on the length of time between

43、when a firm makes payment and when firm receives cash inflow. 该值越低，以更好地显示，由于公司具有很高的流动性可以轻松转换的短期资产投资在目前的现金。 The lower the value is better due to reveal that firm has high liquidity which easily converts its short term investment in current asset to cash. 但是，较长CCC认证表明更大的资产价值在目前的投资，因此需要更大的电流的资产融资。 Howe

44、ver, longer value of CCC indicate greater investment in current assets, and hence the greater the need for financing of current assets. CCC是库存计算为应收账款的天数（AR）的天数加（INV）的减去应缴的天数占（阿肯色州）。 CCC is calculated as the number of days accounts receivable (AR) plus the number of days of inventory (INV) minus the

45、number of days accounts payable (AR). 在这方面，AR是计算应收账款/ sales/365。 In this respect, AR is calculated as accounts receivable/ sales/365. 铁代表了天数的，一个公司需要收取客户支付其。我们计算智富，库存/ sales/365。 AR represents the number of days that a firm takes to collect payments from its customer. We calculated the INV as invento

46、ries/ sales/365. 这个变量反映了一个公司平均持有股票数天。 This variable reflects the average number of days of stock held by a firm. 储存较长时间代表了行动的具体水平，在更大的投资清单。 Longer storage times represent a greater investment in inventory for a particular level of operations. 美联社的计算方法，应付帐款/ sale/365 费用。这项措施表明公司的平均时间需支付其供应商。数值越高，越长的公

47、司会解决他们的付款承诺，他们的供应商。 AP is calculated by accounts payable/ cost of sale/365. This measure indicates the average time firm takes to pay their suppliers. The higher the value, the longer firms take to settle their payment commitments to their suppliers. 引入控制变量的杠杆公司的销售增长，其。 Control variables are introdu

48、ced as the growth in firm sales and its leverage. 销售增长（新加坡）的计算方法是（销售1 -销售0）/销售0。杠杆（DR）的资产负债率措施的总债务超过总计算。 Sales growth (SG) is calculated by (Sales 1 Sales 0 )/Sales 0 .The leverage (DR) measures by debt ratio as calculated by total debt over total asset. 此外，流动比率（CR）的债来计算电流的流动资产，被列为一个独立的变量。 In additi

49、on current ratio (CR) which calculated by current asset over current liability, was included as one of independent variable. 原因是目前的流动资金比率一直是用来衡量企业的传统。 The reason is current ratio always been used as measure of corporate liquidity conventionally. 描述统计 DESCRIPTIVE STATISTICS 表二：11年的均值和标准偏差的变量 Table 2: Eleven Year Means and Standard Deviation for the Variables 变量 VARIABLES 经济部门 ECONOMIC SECTORS 所有 All C 警务处处长 CP 知识产权 IP 特等 PL 公关 PR 给付 TS 其