营运资金管理对中小企业的盈利能力的影响[外文翻译].doc

本文档来自高校大学生毕业论文答辩过程材料，版权归原作者所有，供下载者论文创作参考借鉴之用，请勿作商用！本科毕业论文(设计)外文翻译原文:EffectsOfWorkingCapitalManagementOnSmeProfitabilityThecorporatefinanceliteraturehastraditionallyfocusedonthestudyoflong-,capitalstructure,panyvaluation,-termassets,andtheresourcesusedwithmaturitiesofunderoneyear,representthemainshareofitemsonafirm’,inoursamplethecurrentassetsofsmallandmedium-,’sprofitabilityandrisk,andconsequentlyitsvalue(Smith,1980).Ontheonehand,maintaininghighinventorylevelsreducesthecostofpossibleinterruptionsintheproductionprocess,oroflossofbusinessduetothescarcityofproducts,reducessupplycosts,andprotectsagainstpricefluctuations,amongotheradvantages(ini,1991).Ontheother,grantingtradecreditfavorsthefirm’(Brennan,MaksimovicandZechner,1988;PetersenandRajan,1997),incentivizescustomerstoacquiremerchandiseattimesoflowdemand(Emery,1987),allowscustomerstocheckthatthemerchandisetheyreceiveisasagreed(quantityandquality)andtoensurethattheservicescontractedarecarriedout(Smith,1987),andhelpsfirmstostrengthenlong-termrelationshipswiththeircustomers(Ng,SmithandSmith,1999).However,,thegreatertheinvestmentincurrentassets,thelowertherisk,,,dependingonthediscountpercentageandthediscountperiodgranted(Wilner,2000;Ng,SmithandSmith,1999).Inthisrespect,previousstudieshaveanalyzedthehighcostoftradecredit,andfindthatfirmsfinancethemselveswithsellercreditwhen