營運(yùn)資金管理外文文獻(xiàn)翻譯

文獻(xiàn)出處:Enqvist,Julius,MichaelGraham,andJussiNikkinen."Theimpactofworkingcapitalmanagementonfirmprofitabilityindifferentbusinesscycles:evidencefromFinland."

ResearchinInternationalBusinessandFinance

32(2014):36-49.原文Theimpactofworkingcapitalmanagementonfirmprofitabilityindifferentbusinesscycles:EvidencefromFinland1.IntroductionThispaperinvestigatestheeffectofthebusinesscycleonthelinkbetweenworkingcapital,thedifferencebetweencurrentassetsandcurrentliabilities,andcorporateperformance.Efficientworkingcapitalmanagementisrecognizedasanimportantaspectoffinancialmanagementpracticesinallorganizationalforms.Inacknowledgementofthisimportance,the

CFOMagazine

publishesanannualstudyofcorporateworkingcapitalmanagementperformanceinmanycountries.Theextensiveliteratureindicatesthatitimpactsdirectlyoncorporateliquidity(

Kimetal.,1998

and

Opleretal.,1999),profitability(e.g.,

ShinandSoenen,1998,

Deloof,2003,

LazaridisandTryfonidis,2006

and

Ukaegbu,2014),andsolvency(e.g.,Berryman,1983

and

PeelandWilson,1994).Itisreasonabletoassumethateconomy-widefluctuationsexogenoustotheoperationsofthefirmplayanimportantroleinthedemandforfirms’productsandanyfinancingdecision.

KorajczykandLevy(2003),forinstance,suggestthatfirmstimedebtissuancebasedoneconomicconditions.Also,giventhatretainedearningsareasignificantcomponentofworkingcapital,businesscyclescanbesaidtoaffectallenterprisesfinancingsourcethroughitseffectoneconomicgrowthandsales.Forexample,whencompanysalesweakenitengendersearningdeclines,thereby,affectinganimportantsourceofworkingcapital.Therecentglobaleconomicdownturnwithcrimpingconsumerdemandisanexcellentexampleofthis.Thecrisis,characterizedbyplummetingsales,putasqueezeoncorporaterevenuesandprofitmargins,andsubsequently,workingcapitalrequirements.Thishasbroughtrenewedfocusonworkingcapitalmanagementatcompaniesallovertheworld.Theliteratureonworkingcapital,however,onlyincludesahandfulofstudiesexaminingtheimpactofthebusinesscycleonworkingcapital.Anearlystudyby

MervilleandTavis(1973)

examinedtherelationshipbetweenfirmworkingcapitalpoliciesandbusinesscycle.Morerecentstudieshaveinvestigatedthedegreetowhichfirms’relianceonbankborrowingtofinanceworkingcapitaliscyclical(EinarssonandMarquis,2001),thesignificanceoffirms’externaldependenceforfinancingneedsonthelinkbetweenindustrygrowthandbusinessthecycleintheshortterm(BraunandLarrain,2005),andtheinfluenceofbusinessindicatorsonthedeterminantsofworkingcapitalmanagement(Chiouetal.,2006).Thesestudieshaveindependentlylinkedworkingcapitaltocorporateprofitabilityandthebusinesscycle.Nostudy,tothebestofourknowledge,hasexaminedthesimultaneousworkingcapital–profitabilityandbusinesscycleeffects.Thereisthereforeasubstantialgapintheliteraturewhichthispaperseekstofill.Firmsmayhaveanoptimallevelofworkingcapitalthatmaximizestheirvalue.However,optimallevelsmaychangetoreflectbusinessconditions.Consequently,wecontributetotheliteraturebyre-examiningtherelationshipbetweenworkingcapitalmanagementandcorporateprofitabilitybyinvestigatingtherolebusinesscycleplaysinthisrelationship.WeinvestigatethisimportantrelationshipusingasampleoffirmslistedontheHelsinkiStockExchangeandanextendedstudyperiodof18years,between1990and2008.Finnishfirmstendtoreactstronglytochangesinthebusinesscycle,acharacteristicthatcanbeobservedfromthevolatilityoftheNasdaqOMXHelsinkistockindex.Theindexusuallydeclinesquicklyinpooreconomicstates,butalsomakesfastrecoveries.Finland,therefore,presentsanexcellentrepresentativeexampleofhowtheworkingcapital–profitabilityrelationshipmaychangeindifferenteconomicstates.ThechoiceofFinlandisalsosignificantasitalsooffersarepresentativeNordicperspectiveofthisimportantworkingcapital–profitabilityrelationship.Hithertonoacademicstudyhasexaminedtheworkingcapital–profitabilityrelationshipintheNordicregion,tothebestofourknowledge.SurveysonworkingcapitalmanagementintheNordicregioncarriedoutbyDanskeBank

andErnst&Youngin2009show,however,thatmanycompaniesratedtheirworkingcapitalmanagementperformanceasaverage,withagrowingfocusonoptimizingworkingcapitalinthefuture.Thesurveysare,however,silentonhowthisaverageperformanceaffectedprofitability.Thisgivesfurtherimpetusforourstudy.Ourresultspointtoanumberofinterestingfindings.First,wefindthatfirmscanenhancetheirprofitabilitybyincreasingworkingcapitalefficiency.ThisisasignificantresultbecausemanyNordicfirmsfindithardtoturngoodpolicyintentionsonworkingcapitalmanagementintoreality(ErnstandYoung,2009).Economically,firmsmaygainbypayingincreasingattentiontoefficientworkingcapitalpractices.Ourempiricalfinding,therefore,shouldmotivatefirmstoimplementnewworkprocessesasamatterofnecessity.Wealsofoundthatworkingcapitalmanagementisrelativelymoreimportantinloweconomicstatesthanintheeconomicboomstate,implyingworkingcapitalmanagementshouldbeincludedinfirms’financialplanning.ThisfindingcorroboratesevidencefromthesurveyresultsintheNordicregion.Specifically,thesurveyresultsby

ErnstandYoung(2009)

indicatethatthelargestpotentialforimprovementinworkingcapitalcouldbefoundwithintheoptimizationofinternalprocesses.Thissuggeststhatthisareaisnotprioritizedintimesofbusinessgrowthwhichistypicalofthegeneraleconomicexpansionperiodsandisexposedineconomicdownturns.Theremainderofthispaperisorganizedasfollows:Section

2

presentsabriefreviewoftheliteraturepresentsthehypothesesforempiricaltesting.Sections

3

and

4

discussdataandmodelstobeestimated.TheempiricalresultsarepresentedinSection

5

andSection

6

concludes.2.Relatedliteratureandhypotheses2.1.LiteraturereviewManyfirmshaveinvestedsignificantamountsinworkingcapitalandanumberofstudieshaveexaminedthedeterminantsofthisinvestment.Forexample

Kimetal.(1998)

and

Opleretal.(1999),

Chiouetal.(2006)

andD’Melloetal.(2008)

findthattheavailabilityofexternalfinancingisadeterminantofliquidity.Thusrestrictedaccesstocapitalmarketsrequiresfirmstoholdlargercashreserves.Otherstudiesshowthatfirmswithweakercorporategovernancestructuresholdsmallercashreserves(Harfordetal.,2008).Furthermorefirmswithexcesscashholdingaswellasweakshareholderrightsundertakemoreacquisitions.Howeverthereisahigherlikelihoodofvalue-decreasingacquisitions(Harford,1999).

KieschnickandLaplante(2012)

provideevidencelinkingworkingcapitalmanagementtoshareholderwealth.Theyfindthattheincrementaldollarinvestedinnetoperatingcapitalislessvaluablethantheincrementaldollarheldincashfortheaveragefirm.Thefindingsreportedinthepaperfurthersuggestthatthevaluationoftheincrementaldollarinvestedinnetoperatingworkingissignificantlyinfluencedbyafirm'sfuturesalesexpectations,itsdebtload,itsfinancialconstraints,anditsbankruptcyrisk.Furtherthevalueoftheincrementaldollarextendedincredittoone'scustomershasagreatereffectonshareholderwealththantheincrementaldollarinvestedininventoriesfortheaveragefirm.Takentogethertheresultsindicatethesignificanceofworkingcapitalmanagementtothefirm'sresidualclaimants,andhowfinancingimpactstheseeffects.Athinthreadoftheliteraturelinksbusinesscyclestoworkingcapital.Inatheoreticalmodel,

MervilleandTavis(1973)

positthatinvestmentandfinancingdecisionsrelatingtoworkingcapitalshouldbemadeinchorusascomponentsofeachimpactontheoptimalpoliciesoftheothers.Theoptimalworkingcapitalpolicyofthefirmis,therefore,madewithinasystemscontext,componentsofwhicharerelatedspatiallyovertimeinachance-constrainedformat.Uncertaintyinthewiderbusinessenvironmentdirectlyaffectsthesystem.Forexample,shortrundemandfluctuationsdisruptanticipatedincomingcashflows,andthecollectionofreceivablesfacesincreaseduncertainty.Themodelprovidesastructureenablingcorporatemanagerstosolvecomplexinventoryandcreditpoliciesforshorttermfinancialplanning.Inanempiricalstudy,

EinarssonandMarquis(2001)

findthatthedegreetowhichcompaniesrelyonbankfinancingtocovertheirworkingcapitalrequirementsintheU.S.iscountercyclical;itincreasesasthestateoftheeconomyweakens.Furthermore,

BraunandLarrain(2005)

findthathighworkingcapitalrequirementsareakeydeterminantofabusiness’dependenceonexternalfinancing.Theyshowthatfirmsthatarehighlydependentonexternalfinancingaremoreaffectedbyrecessions,andshouldtakemoreprecautionsinpreparingfordeclinesintheeconomicenvironment,includingensuringasecurelevelofworkingcapitalreservesduringtimesofcrisis.Additionally,

Chiouetal.(2006)

recognizetheimportanceofthestateoftheeconomyandincludesbusinessindicatorsintheirstudyofworkingcapitaldeterminants.Theyfindapositiverelationshipbetweenbusinessindicatorandworkingcapitalrequirements.Therelationshipbetweenprofitabilityandworkingcapitalmanagementinvariousmarketshasalsoattractedintenseinterest.Inacomprehensivestudy,

ShinandSoenen(1998)

documentastronginverserelationshipbetweenworkingcapitalefficiencyandprofitabilityacrossU.S.industries.Thisinverserelationshipissupportedby

Deloof(2003),

LazaridisandTryfonidis(2006),and

Garcia-TeruelandMartinez-Solano(2007)forBelgiannon-financialfirms,Greeklistedfirms,andSpanishsmallandmediumsizeenterprises(SME),respectively.Thereare,however,significantdivergencesintheresultsrelatingtotheeffectofthevariouscomponentsofworkingcapitalonprofitability.Forexample,whereas

Deloof(2003)

findanegativeandstatisticallysignificantrelationshipbetweenaccountpayableandprofitability,

Garcia-TeruelandMartinez-Solano(2007)

findnosuchmeasurableinfluencesinasampleofSpanishSMEs.2.2.HypothesesdevelopmentThecashconversioncycle(CCC),ausefulandcomprehensivemeasureofworkingcapitalmanagement,hasbeenwidelyusedintheliterature(seeforexample

Deloof,2003

and

Gilletal.,2010).TheCCC,measuredindays,isthelengthoftimebetweenacompany'sexpenditurefortheprocurementofrawmaterialsandthecollectionofsalesoffinishedgoods.Weadoptthisasourmeasureofworkingcapitalmanagementinthisstudy.PreviousstudieshaveestablishedalinkbetweenprofitabilityandtheCCCindifferentcountriesandmarketsegments.EfficientworkingcapitalmanagementpracticesaimstoshortentheCCCtooptimizetolevelsthatbestsuitestherequirementsofthespecificcompany(Hager,1976).AshortCCCindicatesquickcollectionofreceivablesanddelaysinpaymentstosuppliers.Thisisassociatedwithprofitabilitygiventhatitimprovescorporateefficiencyinitsuseofworkingcapital.

Deloof(2003),however,positsthatlowinventorylevels,tighttradecreditpoliciesandutilizingobtainedtradecreditasameansoffinancingcanincreaserisksofinventorystock-outs,decreasesalesstimulantsandincreaseaccountspayablecostsbyforgoinggivencashdiscounts.Managersmust,therefore,alwaysconsiderthetradeoffbetweenliquidityandprofitabilitywhenmanagingworkingcapital.Afasterriseinthecostofhigherinvestmentinworkingcapitalrelativetothebenefitsofholdingmoreinventoriesand/orgrantingtradecredittocustomersmayleadtodecreaseincorporateprofitability.

Deloof(2003),

Wang(2002),

LazaridisandTryfonidis(2006),and

Gilletal.(2010)

allproposeanegativerelationshipbetweenthecashconversioncycleandcorporateprofitability.Followingthis,weproposeageneralhypothesisstatingtheexpectednegativerelationshipbetweenthecashconversioncycleandcorporateprofitability:6.ConclusionsWorkingcapital,thedifferencebetweencurrentassetsandcurrentliabilities,isusedtofundabusiness’dailyoperationsduetothetimelagbetweenbuyingrawmaterialsforproductionandreceivingfundsfromthesaleofthefinalproduct.Withvastamountsinvestedinworkingcapital,itcanbeexpectedthatthemanagementoftheseassetswouldsignificantlyaffecttheprofitabilityofacompany.Consequently,companiesstrivetoachieveoptimizelevelsofworkingcapitalbypayingbillsaslateaspossible,turningoverinventoriesquickly,andcollectingonaccountreceivablesquickly.Theoptimallevel,though,mayvarytoreflectbusinessconditions.Thisstudyexaminestherolebusinesscycleplaysintheworkingcapital-corporateprofitabilityrelationshipusingasampleofFinnishlistedcompaniesfromyears1990to2008.Weutilizethecashconversioncycle(CCC),definedasthelengthoftimebetweenacompany'sexpenditurefortheprocurementofrawmaterialsandthecollectionofsalesoffinishedgoods,asourmeasureofworkingcapital.Wefurthermakeuseof2measuresofprofitability,returnonassetsandgrossoperatingincome.Wedocumentanegativerelationshipbetweencashconversioncycleandcorporateprofitability.Ourresultsalsoshowthatcompaniescanachievehigherprofitabilitylevelsbymanaginginventoriesefficientlyandloweringaccountsreceivablecollectiontimes.Furthermoreshorteraccountpayablecyclesenhancecorporateprofitability.Theseresults,whichlargelymirrorfindingsfromothercountries,indicateeffectivemanagementoffirm'stotalworkingcapitalaswellasitsindividualcomponentshasasignificanteffectoncorporateprofitabilitylevels.Ourresultsalsoshowthateconomiccondition