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外文翻译--对整个行业中营运资金管理的研究(适用于毕业论文外文翻译+中英文对照).doc
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毕业论文材料: 英文文献及译文课题名称: 苏州新创建设公司营运资金管理及案例分析专业财务管理学生姓名张文婷班级 BM 财管 061 学号 0651450117 指导教师马云波专业系主任卢新国完成日期二○一○年四月 1 An Analysis of Working Capital Management Results Across Industries Greg Filbeck .Schweser Study Program Thomas M. Krueger. University of Wisconsin-La Crosse Abstract Firms 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 ponents of working capital management by using the CFO magazine ’s 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. Introduction The importance of efficient working capital management is indisputable. Working capital is the difference between resources in cash or readily convertible into cash (Current Assets) mitments for which cash will soon be required (Current Liabilities). The objective of working capital management is to maintain the optimum balance of each of the working ponents. 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 amount 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 beone in which a balance is achieved between risk and efficiency. A recent example of business attempting to maximize working capital management is the recurrent attention being given to the application of Six Sigma ? methodology. Six Sigma ? methodologies panies measure and ensure quality in all areas of the enterprise. When used to identify and rectify discrepancies. inefficiencies and erroneous transactions in the financial supply chain. Six Sigma ? reduces Days Sales Outstanding (DSO). accelerates the payment cycle. improves customer satisfaction and reduces the necessary amount and cost of working capital needs. There appear tobe many ess stories. including Jennifer Towne ’s (2002) report ofa15 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. Waxer ’s (2003) study of multiple firms employing Six Sigma ? finds that it is really a “ get rich slow ” technique with a rate of return hovering in the 1.2 –4.5 percent range. Even ina business using Six Sigma ? methodology. an“ optimal ” level of working capital management needs tobe identified. Even ina business using Six Sigma ? methodology. an“ optimal ” level of working capital mana 内容来自淘豆网www.taodocs.com转载请标明出处.
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