营运管理 外文翻译 外文文献 英文文献 对整个行业中营运资金管理的研究.doc

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-op