2014年营运资本外文翻译--中小企业营运资金管理（节选）

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1、3150 英文单词， 17000 英文字符 ，中文 5300 字 文献出处： Baos Caballero S, Garca Teruel P J, Martnez Solano P. Working capital management in SMEsJ. Accounting & Finance, 2014, 50(3):511-527. Working capital management in SMEs Sonia Ban os-Caballero, Pedro J. Garc a-Teruel, Pedro Mart nez-Solano Abstract This paper an

2、alyses the determinants of Cash Conversion Cycle (CCC) for small- and medium-sized rms. It has been found that these rms have a target CCC length to which they attempt to converge, and that they try to adjust to their target quickly. The results also show that it is longer for older rms and companie

3、s with greater cash ows. In contrast, rms with more growth opportunities, and rms with higher leverage, investment in xed assets and return on assets have a more aggressive working capital policy. Key words: Cash conversion cycle; Working capital; Market imperfections; SMEs 1. Introduction Corporate

4、 nance literature has traditionally focused on the study of long-term nancial decisions such as the structure of capital, investments, dividends and rm valuations. However, Smith (1980) suggests that working capital management is important because of its eects on a rms protability and risk, and cons

5、equently its value. Following this line of argument, some more recent studies have focused on how reduction of the measures of working capital improves a rms protability (Jose et al., 1996; Shin and Soenen, 1998; Deloof, 2003; Padachi, 2006; Garcia-Teruel and Martinez-Solano, 2007a; Raheman and Nasr

6、, 2007). However, much less attention has been given to the determinants of working capital management; a search of the literature identied only two previous studies (Chiou et al., 2006; Kieschnich et al., 2006) focused on larger rms, but there is no evidence from small and medium-size enterprises (SMEs), despite the fact that ecient working capital management is particularly important for smaller rms (Peel and Wilson, 1996; Peel et al., 2000). Most of an SME