1、此文档是毕业设计外文翻译成品（ 含英文原文 +中文翻译），无需调整复杂的格式！下载之后直接可用，方便快捷！本文价格不贵 ,也就几十块钱！ 一辈子也就一次的事！ 外文标题 ： How does working capital management affect the profitability of Spanish SMEs? 外文作者： Sonia Baos-Caballero,Pedro J. Garca-Teruel,Pedro Martnez-Solano 文献出处 :Small Business Economics,39(2) :517529 英文 3439单词， 20580字符，中
2、文 5721汉字。 How does working capital management affect the profitability of Spanish SMEs? Abstract ： This paper analyzes the relation between working capital management and profitability for small and medium-sized enterprises (SMEs) by controlling for unobservable heterogeneity and possible endogeneit
3、y. Unlike previous studies, we examine a non-linear relation between these two variables. Our results show that there is a non- monotonic (concave) relationship between working capital level and firm profitability, which indicates that SMEs have an optimal working capital level that maximizes their
4、profitability. In addition, a robustness check of our results confirms that firms profitability decreases as they move away from their optimal level. Keywords: Cash conversion cycle,Working capital,profitability,SMEs 1Introduction The idea that working capital management affects a firms profitabilit
5、y and risk is generally accepted and has recently received considerable attention. Smith (1980), for instance, suggests that working capital management is important because of its effects on a firms profitability and risk and, consequently, on its value. Specifically, a more aggressive working capit
6、al policy (low investment in working capital) is associated with a higher return and higher risk, while a conservative working capital policy (high investment in working capital) supposes lower return and risk. Studies on working capital management and firm performance (Jose et al. 1996; Shin and Soenen 1998; Wang 2002; Deloof 2003; Garcia-Teruel and Martinez- Solano 2007; among others) have analyzed a linear relationship between a firms investment in working capital and its profitabil
