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1、科技学院学生毕业设计（论文）外 文 译 文院（系） 经济管理学院 专业班级 会计学本科2006级 学生姓名 学 号 译 文 要 求1. 外文翻译必须使用签字笔，手工工整书写，或用A4纸打印。2. 所选的原文不少于2万字印刷字符，其内容必须与课题或专业方向紧密相关，注明详细出处。3. 外文翻译书文本后附原文（或复印件）。译 文 评 阅评阅要求：应根据学校“译文要求”，对学生译文的准确性、翻译数量以及译文的文字表述情况等作具体的评价。指导教师评语： 指导教师（签字） 年 月 日译自：杂志算盘营运资金管理对马来西亚企业盈利能力的影响。yy MA, Zariyawati a , MN, Annuar
2、b and AS, Abdul Rahim c a ,b & c Univeristi Putra Malaysia, Malaysia.马来西亚普特拉大学，马来西亚 ABSTR摘要：Working capital management is important part in firm financial management decision.An optimal working capital management is expected to contribute positively to the creation of fir营运资本管理是企业财务管理决策的重要组成部分。最佳的营运
3、资金管理能有助于积极地创造企业的价值。To reach optimal working capital management firm manager should control the trade off between profitability and liquidity accuratel为了达到最佳的营运资本管理公司的管理者要准确地控制盈利能力和流动性之间的关系。The purpose of this study is to investigate the relationship between working capital management and firm profit
4、ability. Cash conversion cycle is used as measure of working capital management. This study is used panel data of 1628 firm-year for the period of 1996-2006 that consist of six different economic sectors which are listed in Bursa Mala本研究的目的是调查营运资金管理和企业盈利能力之间的关系。资金周转周期被用作测试企业营运资金管理的能力。这项研究是用这包括1996-2
5、006年期间的1628家企业每年的面板数据，这些数据是由马来西亚交易所的6个不同经济部门中列出。The coefficient results of Pooled OLS regression analysis provide a strong negative significant relationship between cash conversion cycle and firm profiOLS回归系数分析结果提供强大的盈利能力和资金周转周期之间的重要反比关系。这表明，减少资金周转周期盈利增加的结果。在此目的上，为股东创造价值，公司的管理者要到关注资金周转周期的缩短直到完成的最佳水平
6、。 Keywords: Working Capital Management, Cash Conversion Cycle, Profitability and Liquidity关键词：营运资金管理，资金周转周期，盈利能力和流动性 INTRODUCTION1 导论 Working capital is an important issue during financial decision making since its being a part of investment in asset that requires appropriate financing investment. H
7、owever, working capital always being disregard in financial decision making since it involve investment and financing in short term period. Further, also act as a restrain in financial performance, since it does not contribute to return on营运资金是一个重要的问题，因为在融资决策其作为资产的一部分投资，需要适当的融资投资。然而，在做融资决策时，当营运资金涉及当
8、短期投资和融资时，它总是被忽略。此外，还能抑制财务业绩，因为它无助于净资产收益率（Sanger，2001年）。Though, it should be critical for to a firm to sustain their short term investment since it will ensure the ability of firm in longer period因此，对于一个公司来维持其短期投资来说，它应该是至关重要的，因为这将确保公司的长期利益。 The crucial part in managing working capital is required mai
9、ntaining its liquidity in day-to-day operation to ensure its smooth running and meets its obligation (Eljelly, 2004). 营运资金管理中的重要环节是要维持日常运作的流动性，确保日常工作能顺利进行并且支付债务（Eljelly，2004）Yet, this is not a simple task since managers must make sure that business operation is running in efficient and profitable ma
10、nner.。然而，这不是一个简单的任务，因为企业管理者要确保日常工作能以有效且能获益的方式运行。There are the possibilities of mismatch of current asset and current liability during this process.在此过程中有不匹配的流动资产与流动负债的可能性。If this happens and firms manager cannot manage it properly then it will affect firms growth and profitabilit如果发生这种情况与企业的管理者不能正确地
11、管理它，然后它会影响到公司的增长和盈利能力。This will further lead to financial distress and finally firms can go bankrupt这将进一步导致金融危机，最终企业可能破产。 In traditional view of relationship between cash conversion cycle (as measure of working capital management) and profitability is ceteris paribus. 资金周转周期（作为测量营运资金管理的工具）和企业的盈利能力在传
12、统观念上是均等的。The shorter firm cash conversion cycle, the better a firm profitabilit如果企业的资金周转周期短，则企业的盈利能力就好。While, the longer cash conversion cycle will hurt firms probability. 同时，资金周转周期较长则对企业的盈利能力有影响。The reason is that firm having low liquidity that would affect firm原因是公司具有比较低能影响企业风险的流动性。However, if fir
13、m has higher level of account receivable due to the generous trade credit policy it would result to longer cash conversion cycle.但是，如果公司具有较高水平的应收应付款项，贸易信贷的宽松政策，这将导致资金周转周期较长。In this case, the longer cash conversion cycle will increase profitability在这种情况下，资金周转周期较长将增加盈利Thus, the traditional view cannot
14、 be applied to all circumstances.。因此，传统的观点不能适用于所有情况。 Dilemma in working capital management is to achieve desired trade off between liquidity and profitability (Smith, 1980; Raheman & Nasr, 2007). 营运资金管理的困境是实现预期的贸易流动性和盈利能力之间的取舍（Smith，1980; Raheman & Nasr，2007）。Referring to theory of risk and return,
15、investment with more risk will result to more return在谈到风险和收益理论，风险越大企业获利就越高。Thus, firms with high liquidity of working capital may have low risk then low profitability.因此，企业营运资金流动性越大风险就越小，收益也小。相反地，企业营运资金流动性越小风险就越大，收益也就越大。现在的问题是管理营运资金，公司必须考虑到这两个帐户中的所有项，并尝试平衡风险和回报。 The purpose of this study is hopefull
16、y to contribute towards a crucial element in financial management which working capital management. 这项研究的目的是希望在财务管理中的一个关键元素的营运资金管理作出贡献It is almost untouched in Malaysian or very little research has been done in this area.。这几乎是原封不动在马来西亚或很少研究已在此领域开展Working capital management and its effects on profita
17、bility is focused in this study.。营运资本管理和盈利能力的影响主要集中在这项研究。Specific objectives are to examine a relationship between working capital management and profitability over a 11 years period, to establish a relationship between the two objectives of liquidity and profitability of the firms and to investigat
18、e the relationship between debt used by the a firm and its profitability就营运资金管理与利润之间的关系进行一 11 年段在建立两个目标的流动性和盈利能力的公司之间的关系，并调查债务所使用的关系的具体目标是在一家公司和其盈利能力。Most previous study focus on develop market (Peel & Wilson, 1996; Shin & Soenon, 1998 and Deloof, 2003). 多数集中在先前的研究开发市场（Peel & Wilson, 1996; Shin & So
19、enon, 1998 and Deloof, 2003）。因此正在调查此问题可以提供额外的见解和也许不同的证据营运资金管理的新兴资本市场。这肯定会丰富财务文献对此问题。此外，这项研究的结果会提供企业管理人员更好地了解到如何创建高效的营运资金管理具有能够最大化公司的价值。这样一来，它将建立在那家公司投资的投资者的信心。 进一步，在马来西亚投资的投资者的信心会影响经济增长。这项研究的结果亦会协助决策者在马来西亚以确保经济持续增长中实现营运资本市场政策的新集。2文献评论LITERATURE REVIEW In intention to discover the relationship betwee
20、n efficient working capital management and firms profitability(Shin & Soenen, 1998) used net-trade cycle (NTC) as a measure of working capital management. 为了发现了有效的营运资金管理和企业的盈利能力（Shin & Soenen, 1998）NTC is basically equal to the CCC whereby all three components are expressed as a percentage of sales.
21、使用网贸易周期 (NTC) 作为营运资金管理的措施。NTC 是基本上等于中央协调中心，让所有的三个组件都可以表示为一个销售额的百分比。因为它可以是一个容易的设备，以估计为额外的融资及财务需要，对营运资金表示为预期的销售增长的函数使用 NTC 原因。这种关系被研究使用相关回归分析行业和营运资金的强度。使用 Compustat 示例的 58,985 公司 1975 年-1994 年期间在所有的情况下他们发现，该公司的网络贸易周期的长度和其盈利能力强负关系。此外，短 NTC 关联较高风险调整后的股票回报。在其他的单词(Shin & Soenen, 1998)建议的一种可能方法创造股东价值的公司是通过
22、减少企业 NTC The study of (Shin & Soenen, 1998) consistent with later study on the same objective that done by (Deloof, 2003) by using sample of 1009 large Belgian non-financial firms for the period of 1992-1996. 符合同一目标的更高版本研究（Shin & Soenen, 1998） 的研究 (Deloof 2003) 由做 1992年-1996 年期间使用的 1009年大比利時非金融企业的示例
23、。但是，(Deloof 2003) 使用贸易信贷政策和库存策略由数天收帐款、应付帐款和存货，测量和现金转换周期作为营运资金管理的综合措施。他开创了总营业收入与天应收账款、库存和应付帐款的数目显著负关系。因此，他建议经理可以创造价值为其股东天收帐款和库存量的数量减少到一个合理的最低。他也表明不盈利的公司再等支付账单In other study, (Lyroudi & Lazaridis, 2000) use food industry Greek to examined the cash conversion cycle (CCC) as a liquidity indicator of the
24、 firms and tries to determine its relationship with the current and the quick ratios, with its component variables, and investigates the implications of the CCC in terms of profitability, indebtness and firm size.。在另一项研究（Lyroudi & Lazaridis, 2000）用希腊语审查食品工业作为流动性指标的公司的现金（CCC）的转换周期并试图确定其比例关系，与当前和快速，其组
25、成部分的变量，本中心的盈利能力，并探讨了在条件的影响的，indebtness和企业规模。The results of their study indicate that there is a significant positive relationship between the cash conversion cycle and the traditional liquidity measures of current and quick ratios他们的研究结果表明，存在显着的正相关关系快速比率之间的资金周转周期的电流，与传统的流动性措施。The cash conversion cyc
26、le also positively related to the return on assets and the net profit margin but had no linear relationship with the leverage ratio资金周转周期也呈正相关的资产净回报率和利润率，但并没有杠杆率的线性关系Conversely, the current and quick ratios had negative relationship with the debt to equity ratio, and a positive one with the times in
27、terest earned ratio. Finally, there is no difference between the liquidity ratios of large and small firms.。相反，目前的比例已快速股权比例呈负相关，与债务利息和1倍积极的与所赚取的比例。最后，有没有差异大，小企业之间的流动性比率。 3DATA AND VARIABLES 数据和变量 Data of this study is obtained from DataStream database which consists of financial statements listed fi
28、rms in Bursa Malaysia. 这项研究的数据是从数据库的数据流在马来西亚交易所上市的公司财务报表的组成。该样本是构建如下：Firms must be available during study period of year 1996 to year 2006.企业提供的数据必须在1996 年到 2006 年的研究期内可用。Because of the specific nature of their activities, firms in economic sector of Finance are excluded from the sample因为特殊性质的研究，财政部
29、门性质的企业被排除在样本。 Some firms with missing data were also removed. 丢失数据的一些公司也取消了。To analyse the effect of working capital management on economic rector, thus, economic sectors that have less than 10 firms were also removed from the sample.为了分析营运资金管理对经济部门的影响，因此，没有10家子公司的经济部门也有少于从样本中删除。Thus a balanced pane
30、l set of 1628 firm-year observations was obtained, with observations of 148 firms over 1996-2006 periods.这样就能获得1682家企业在1996年到2006年期间每年的面板数据。Table 1 shows the sample distribution by type of economic sector.表1显示了经济部门的样本分布。很多Numbers of firms for each economic sector are not balance.公司每个经济部门都不能平衡。Sector
31、 of Industrial Product is the major sample with 40 firms while the least is sector of property with 11 firms产品的工业部门是主要的40个样本企业与11家公司，而最少是部门的地产业。 Table 1: Sample Distribution for Year 1996-2006 表1：1996-2006年样本分布的年 Economic Sector 经济行业 No. of Firms 企业号 建筑业12 12 Consumer Product消费业 28 28 Industrial Pro
32、duct工业40 40 Plantation林业18 18 Property地产业11 11 Trade/Service贸易/服务业 39 39 Total 总 148 148 In order to analyze the effects of working capital management on the firms profitability, (operating income + depreciation)/total asset (OI) as measure of profitability was used as the dependent variable. 为了分析管理
33、盈利能力对公司的营运资金的影响，（营业收入+折旧）/总资产衡量盈利能力（如其他投资）的变量作为依赖。With regards to the independent variables, working capital management was measured by cash conversion cycle (CCC).随着自变量的问候，营运资金管理是衡量资金周转周期（CCC）认证。CCC focuses on the length of time between when a firm makes payment and when firm receives cash inflow.本
34、中心的重点时，公司收到现金流入之间的时间长度时，使公司支付。The lower the value is better due to reveal that firm has high liquidity which easily converts its short term investment in current asset to cash.该值越低，以更好地显示，由于公司具有很高的流动性可以轻松转换的短期资产投资在目前的现金。However, longer value of CCC indicate greater investment in current assets, and
35、hence the greater the need for financing of current assets.但是，较长CCC认证表明更大的资产价值在目前的投资，因此需要更大的电流的资产融资。CCC is calculated as the number of days accounts receivable (AR) plus the number of days of inventory (INV) minus the number of days accounts payable (AR).CCC计算为应收账款的天数（AR）加存货的天数（INV）的减去应付账款的天数占（AR）。
36、In this respect, AR is calculated as accounts receivable/ sales/365. 在这方面，AR是计算应收账款周转天数应收账款/ 销售收入/365。AR represents the number of days that a firm takes to collect payments from its customer. We calculated the INV as inventories/ sales/365. AR代表了企业应收账款天数的，我们可以计算存活周转天数为存货/ 销售收入/365。This variable refl
37、ects the average number of days of stock held by a firm这个变量反映了一个公司平均持有股票数天。Longer storage times represent a greater investment in inventory for a particular level of operations.长的存储时间表示的操作特定级别的库存中的更多投资。AP is calculated by accounts payable/ cost of sale/365. This measure indicates the average time fi
38、rm takes to pay their suppliers. The higher the value, the longer firms take to settle their payment commitments to their suppliersAP的计算方法，应付帐款/ 销售成本/365 。这项措施表明公司的平均时间需支付其供应商，数值越高，越长的公司会解决他们对供应商的付款承诺。 Control variables are introduced as the growth in firm sales and its leverage. 引入控制变量是为了增加企业的销售收入和
39、它的杠杆效应。Sales growth (SG) is calculated by (Sales 1 Sales 0 )/Sales 0 .The leverage (DR) measures by debt ratio as calculated by total debt over total asset.销售增长（SG）的计算方法是（销售1 -销售0）/销售0。杠杆效应（DR）的资产负债率措施的总债务超过总计算。In addition current ratio (CR) which calculated by current asset over current liability,
40、was included as one of independent variable.此外，流动比率（CR）的计算是通过当前总资产除当前流动资产，The reason is current ratio always been used as measure of corporate liquidity conventionally.原因是目前的流动资金比率一直是用来衡量企业的传统。 DESCRIPTIVE STATISTICS 4描述统计 Table 2: Eleven Year Means and Standard Deviation for the Variables 表二：11年的均值
41、和标准偏差的变量 变量 变量 经济部门 经济部门所有 All C 警务处处长 CP 知识产权 IP 特等 PL 公关 PR 给付 TS 其他投资 OI 意味着 Mean 0.0612 0.0612 0.0354 0.0354 0.0750 0.0750 0.0524 0.0524 0.0615 0.0615 0.0307 0.0307 0.0779 0.0779 性病开发。 Std Dev. 0.0912 0.0912 0.0718 0.0718 0.1003 0.1003 0.1077 0.1077 0.0680 0.0680 0.0720 0.0720 0.0767 0.0767 CCCS
42、的 CCCS 意味着 Mean 1.5136 1.5136 3.1723 3.1723 1.0810 1.0810 1.4037 1.4037 0.6768 0.6768 4.5501 4.5501 1.2082 1.2082 性病开发。 Std Dev. 3.2603 3.2603 4.0622 4.0622 1.8611 1.8611 2.4948 2.4948 3.4416 3.4416 6.9127 6.9127 2.6265 2.6265 华润 CR 意味着 Mean 2.1440 2.1440 1.6926 1.6926 2.1014 2.1014 1.9968 1.9968 3.
43、5361 3.5361 2.5547 2.5547 1.7191 1.7191 性病开发。 Std Dev. 2.8331 2.8331 1.1663 1.1663 3.6037 3.6037 2.2241 2.2241 4.5263 4.5263 2.5113 2.5113 1.7885 1.7885 何 DR 意味着 Mean 0.3072 0.3072 0.3857 0.3857 0.2719 0.2719 0.3538 0.3538 0.1758 0.1758 0.1807 0.1807 0.3497 0.3497 性病开发。 Std Dev. 0.3598 0.3598 0.1896
44、 0.1896 0.2443 0.2443 0.5424 0.5424 0.2207 0.2207 0.1690 0.1690 0.2464 0.2464 法兴 SG 意味着 Mean 0.1582 0.1582 0.1670 0.1670 0.0999 0.0999 0.1520 0.1520 0.2091 0.2091 0.1460 0.1460 0.1840 0.1840 性病开发。 Std Dev. 1.1882 1.1882 0.6209 0.6209 0.5441 0.5441 1.3214 1.3214 0.9360 0.9360 0.5352 0.5352 1.6163 1.6
45、163 Table 2 gives the descriptive statistics for variables that used in this study. 表2是用统计学方法描述研究的变量。The average profitability (OI) for the whole sample is 6.1% with Trade/Service (TS) sector having the highest profit of 7.8% and the lowest is Property (PR) sector with 3.1%整个样本的平均利润率为6.1，收益率最高的是贸易/服
46、务（TS）的行业达到7.8，利润率最低的是地产业的3.1。 CCCS is cash conversion cycle divide by 100. Sector Plantation (PL) is the lowest CCCS with 67 days and 344 days standard deviation. CCCS的是资金周转周期除以100。林业（PL）标准差是天最低CCCS的67天，344天。The average of current ratio is 2.1 and the lowest is sector of Construction (C) with 1.7目前的
47、比例平均为2.1，最低是建筑业（C）的1.7。Due to the nature of business, sector of Construction and Industrial Product (IP) have more than 35% debt compare to total asset which 38.6% and 35.4% respectively.由于公司性质，建筑业及工业（IP）已超过35的债务对总资产比的38.6和35.4分别On average firms sales growth is 15.8% and the least sale growth by firm in sector of Consumer Product (CP) with only 10%.。企业平均销售额增长15.8和工业（CP）销售收入增长最低只有10%。RESULTS AND ANALYSIS 5结果与分析 First, the relationship is examined between cash conversion period and firm profitability. Next, a regression analysis is applied to a pooled sample and six economic sectors . 首先，检查之间的关
