1、 .外文翻译 -1 外文翻译之一 The focus of working capital management in UK small firms（节选） Author： Carole Howorth， Paul Westhead Nationality： Nottingham NG8 1BB, UK Derivation: Management Accounting Research NO.14,2003, PP.94111 Abstract Working capital management routines of a large random sample of small comp
2、anies in the UK are examined. Considerable variability in the take-up of 11 working capital management routines was detected. Principal components analysis and cluster analysis confirm the identification of four distinct types of companies with regard to patterns of working capital management. The f
3、irst three types of companies focused upon cash management, stock or debtors routines respectively, whilst the fourth type were less likely to take-up any working capital management routines. Influences on the amount and focus of working capital management are discussed. Multinomial logistic regress
4、ion analysis suggests that the selected independent variables successfully discriminated between the four types of companies. The results suggest that small companies focus only on areas of working capital management where they expect to improve marginal returns. The difficulties of establishing cau
5、sality are highlighted and implications for academics, policy-makers and practitioners are reported. Conclusions and implications The aim of this study has been to encourage additional research, rather than to provide an exhaustive review of all the factors associated with the take-up of working cap
6、ital management routines by small companies. Three theories guided the selection of the independent variables explored in this study. The RBV highlighted that small firms have idiosyncratic bundles of resources associated with the take-up of working capital management routines. Agency theory identif
7、ied the influence of external stakeholders as well as differences between small and large firms. Transactions costs theory indicated that small firms might invest resources in specific areas of working capital management if they perceive them to offer the highest marginal return. The results consist
8、ently highlighted, across a variety of statistical tests, that small firms are not a homogenous group with regard to working capital management routines. Considerable variability was detected in the take-up of 11 working capital management routines by a large random sample of small companies in the
9、UK. Evidence from the PCA and the cluster analysis confirmed the identification of four distinct types of companies with regard to the take-up of working capital management routines. Moreover, evidence from the multinomial logistic regression analysis suggests that the selected independent variables
10、 successfully discriminated -2 between the four types of companies. Twelve out of the 18 hypotheses were supported. A further two hypotheses showed the anticipated relationship but were not significant discriminators between the types of companies. Evidence that the majority of small companies focus
11、 their efforts on one area of working capital management indicates that resources for working capital management are limited. However, a striking finding from the regression analysis was the detection that firms which utilize fewer working capital management routines were not necessarily smaller com
12、panies. We can infer here that resource constraints per se may not be the major barrier to the utilization of working capital management routines by smaller companies. Instead, the results provide an indication that the perceived marginal return on committing resources may be a major influence on th
13、e extent and focus of working capital management. However, we acknowledge that a cross-sectional study such as this one cannot establish causality and can only provide an indication of associations that warrant further investigation. Additional studies could usefully explore the stimuli leading to t
14、he utilisation of working capital management routines and the barriers to their take-up. The dynamics of working capital management are complex and the links with performance are bidirectional and difficult to unravel. Small companies may invest resources into managing a particular area of working c
15、apital where they are performing badly because the returns from controlling the problem area are perceived to be high. If the direction of causality is not understood, an overly simplistic conclusion in this instance could be that investment of more resources into an area leads to worse performance.
16、 The complexity of causality makes it difficult to establish the effect of working capital management routines on the performance of the firm. We can infer that firms with a lower propensity to undertake working capital management routines are not significantly associated with increased cash flow pr
17、oblems, nor reduced profitability. There is some indication that these may be lifestyle firms but additional research is required before firm conclusions can be drawn. Currently, it is not clear whether these laggard working capital firms are underperforming or have untapped potential for growth. In
18、 a similar way, the direction of causality is not clear with regard to the link between the take-up of working capital management routines and the level of financial skills in a firm. This study employed a simple proxy measure of financial sophistication. Further research is warranted to investigate
19、 the direction and the strength of the links between the take-up of working capital management routines and financial management skills and training, education and prior experience. Additional multivariate statistical studies are also required in a variety of national, cultural and industrial contex
20、ts to identify the combination of internal and external environmental factors associated with the take-up of working capital management routines by different employment size bands of private firms (i.e. micro, small, medium and large).Qualitative studies and longitudinal research will provide fresh insights into the processes and dynamics of working capital management, as well as the complex strands of causality (Scapens, 1990).
