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1、.外文翻译外文翻译之一The focus of working capital managementin UK small firms（节选）Author：Carole Howorth，Paul WestheadNationality：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 companies in the
2、 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 first three t
3、ypes 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 regression analysis
4、 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 causality are h
5、ighlighted and implications for academics, policy-makers and practitioners are reported.Conclusions and implicationsThe 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 capital managemen
6、t 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 identified the influe
7、nce 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 consistently highligh
8、ted, 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 UK. Evidence f
9、rom 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 successfully
10、discriminated 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 their efforts on
11、 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 companies. We can in
12、fer 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 the extent and focu
13、s 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 the utilisation of
14、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 capital where they
15、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. The complexity of
16、 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 problems, nor reduce
17、d 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 a similar way, th
18、e 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 the direction and
19、 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 contexts to identify the
20、 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
21、processes and dynamics of working capital management, as well as the complex strands of causality (Scapens, 1990). Policy-makers and practitioners seeking to increase the stock of professionally managed firms, might need to target their assistance towards owners of small firms who face attitudinal,
22、resource and operational barriers to the utilization of working capital management routines. Presented evidence suggests that small companies should not be viewed as a homo generous entity with regard to their working capital management routines.Policy-makers and practitioners need to appreciate thi
23、s diversity and they may use the presented evidence to tailor assistance to the needs of particular types of companies, rather than providing blanket” support to all firms irrespective of aspirations or resources.Policy-makers and practitioners need to appreciate the management time constraint faced
24、 by many small firms. Time constraints not only limit the amount of time for working capital management , but also the amount of time available to assess whether changes to current working capital management policy would be worthwhile. Moreover, we might expect improved skills to lead to more effici
25、ent use of time but small firm managers will require powerful evidence to convince them of the benefits of investing time in financial skills training. The take-up of routines (and financial skills training) could be increased if it was conclusively confirmed that firms significantly improve their p
26、erformance after introducing appropriate working capital management routines. Additional longitudinal, qualitative and multivariate statistical evidence is warranted that explores whether the take-up of working capital management routines by small firms is subsequently associated with superior level
27、s of performance. Best business practice evidence, from case studies, could also be utilised by policy-makers and practitioners to convince more owners of small firms of how specific working capital management routines can be used proactively to address constraints on business development. There is
28、clearly a need for a great deal more research in this area before the dynamics of working capital management are well understood.英国小企业运营资金管理重点（节选）作者：Carole Howorth，Paul Westhead国籍：Nottingham NG8 1BB, UK 原文出处: Management Accounting Research NO.14,2003,PP.94111摘要从英国小公司中大量的随机抽样，并检查它们的运营资金管理模式。在运用资金管理模式
29、的11到工作程序中检测出相当大的变化。通过主成分析和聚类分析确认得到了运营资金管理的四种不同类型模式。前三种类型把关注点分别放在现金管理、股票管理、债务管理上，但是第四种模式很少采取任何行动在运营资金管理上。大多数学者讨论资金数量和经营的重点的影响。多种Logistic回归分析表明，成功独立的选择的自变量受到四种模式的歧视。最终结果显示：小公司只有在把精力投放在运营资金集中管理方面才能获得他们期望的边际收益。建立因果关系的困难非常的突出，对学者、政策制定者和从业人员的影响也被披露出来。 结论与启示这项研究的目的是鼓励更多类似的研究，而不仅仅提供与小公司工作程序相关运营资金管理模式的观点。在本研
30、究中三种理论指导了独立变量的选择。资源基础观强调，小企业应采取与特质和资源捆绑式的运营资金管理模式。代理理论确定了小型企业和大型企业之间的外部利益影响。交易费用理论表明：如果他们察觉发现他们能够提供最高边际收益，小公司可能把资源投资于特定领域的营运资金管理。结果一贯强调的是，纵观各种各样的统计测试，小企业不是关于运营资金管理模式的同质群体。从英国小公司抽取大量的随即样本，样本公司实行的11种运营资金管理模式中产生相当大的变化被检测到。从PCA和聚类分析中得到的证据确认关于四种不同类型管理模式鉴定与公司实行的运营资金管理模式有关。此外，从多种Logistic回归分析的证据表明：成功独立的选择的自
31、变量受到四种模式的歧视。18种假设中的12种提供了支持，然而另外两个假说也表明了预期关系，但是不是那两种不同类型公司有意义的鉴别。有证据表明，大部分小公司努力把工作重心集中在运营资金管理的一方面，侧面反映出公司投入资金运营管理的资源有限。然而，从回归分析中惊奇发现的是：很少利用运营资金管理模式公司并不一定是规模较小公司。根据这点陈述，我们可以推断出，企业资源限制并一定是阻碍小公司企业实行运营资金管理模式的主要原因。相反，结果提供的迹象表明，能不能在有限的企业资金情况获得最优的期望边际收益是主要影响公司关注并实行运营资金管理模式的关键因素。但是我们必须要承认的是像这样的一个横截面研究方法无法建立
32、因果关系，只能提供一个值得进一步深入研究的指示。进一步的研究能够有效促进对运营资金管理模式的认知和加快促使企业实行资金管理模式。运营资金管理的运动是复杂多变的，与此同时与表现的联系是双向并且难以解开。小公司极有可能把企业的资金投资于流动资金管理然而他们运营较差的特定区域，因为他们认为从可以控制的领域获得的收益相对于其他方面较高。如果不能正确的理解因果关系，甚至是糟糕的情况，在这种条件下一个过于的简单的结论可能会吸引投资者更多的运营资金，这样导致更恶劣的处境。在企业管理运营方面，因果关系的复杂性可能使确认企业在运营资金管理的绩效更加困难。我们可以推断出，有比较低倾向的公司在进行运营资金管理模式的
33、时候不能有效解决现金流问题，致使削弱了企业的盈利能力。有一些迹象表明，这可能是公司的“生活方式”，再此公司得出去切的揭露之前但是需要进一步的研究。目前，那些落后的基金资金运营公司确实表现不佳或者有增长的潜力尚不清楚。以类似的方式，由于因果关系的方向不明确，就无法在公司内部将实行运营资金原理和公司的财务技能水平紧密联系一起。本研究采取简单的金融体系复杂化代理措施。需要深入的实验探究，用来明确研究方向和加强实行运营资金管理模式与财务管理技能、教育训练、以前积累的宝贵经验之间的联系。额外的多元统计研究也需要大量一个多家的、多种文化和产业背景去辨别内部因素和外部因素的结合，并且联系不同大小、就业情况的
34、私营企业实行的运营资金管理模式（例如微观管理，小型、中型和大型）。定性研究和纵向研究将提供新的关于工作过程和资金管理力度，以及复杂因果关系的见解(Scapens, 1990)。政策制定者和从业人员寻求，增加专业管理公司的股票，可能需要小公司拥有者的帮助，他们要面对消极态度、操作障碍的运营资金管理模式的帮助。有证据表明，小公司不应该被视为一个和运营资金管理模式的同质慷慨实体。政策制定者和从业人员需要珍惜这种多样性，他们应该利用有效证据去帮助各种类型公司的需求，而不是仅仅为所有公司资源和战略目标提供被子式的支持。政策制定者和从业人员需要珍惜有限的管理时间，这个对很多小公司的约束。由于时间紧张，不仅
35、限制了花费在经营资金管理上的时间，还有评估正在运行资金管理模型是否有效或者改变模型的时间。此外，我们可以期望更高的技术水平去提高时间的使用效率，但是小公司的管理者有力的证据去验证投资在财务管理技能培训上的资金的利弊。如果在引进适合的运营资金管理模型后确认能够决定性提高公司的管理行为能力，则需要增加模型（财务技能培训）的建立。纵向附加，需要定性和多元统计证据来判断在小公司实行运营资金管理模型是否可以提高公司管理水平达到质一样的飞跃。从案例研究得到的最佳业务时间经验可以利用政策制定者和从业人员说服小公司拥有者认可怎么样的运营资金管理模式可以运用到商业中去，并促进商业发展。在我们充分了解运营资金管理
36、模式的变动前，有一个明显的理由去增加更多的实验探究。外文翻译之二Optimal impulse control for a multidimensionalcash management systemwith generalized cost functions（节选）Auditor： Stefano BaccarinNationality：I-10122 Turin, ItalyDerivation：European Journal of Operational Research ，NO.196 ，2009， PP.198206AbstractWe consider the optimal
37、control of a multidimensional cash management system where the cash balances uctuate as a homogeneous diffusion process. We formulate the model as an impulse control problem on an unbounded domain with unbounded cost functions. Under general assumptions we characterize the value function as a weak s
38、olution ofa quasi-variational inequality in a weighted Sobolev space and we show the existence of an optimal policy. Moreover we prove the local uniform convergence of a nite element scheme to compute numerically the value function and the optimal cost. We compute the solution of the model in two-di
39、mensions with linear and distance cost functions, showing what are the shapes of the optimal policies in these two simple cases. Finally our third numerical experiment computes the solution in the realistic case of the cash concentration of two bank accounts made by a centralized treasury.Introducti
40、onThe cash management problem has been considered in the mathematical fnance literature only in dimension one. From the pioneer works of Baumol (1952), Tobin (1956), Miller and Orr(1966), it originated the main mathematical model used by the theory of the transactions and precautionary demand for mo
41、ney. The decisive improvement in solving the model was the use of the optimal control technique of impulse control”, introduced by Bensoussan and Lions (1973, 1975). Assuming linear holding/penalty costs,fixed plus proportional costs of control and the cash stock dynamics described by a generalized
42、Brownian motion, Constantinides and Richard (1978)first showed the existence of a simple optimal impulse policy of a control band type. Harrison et al.(1983), proved a similar result assuming a nonnegative constraint for the cash balance which implies that the lowest barrier is equal to zero and the
43、y also gave a simple numerical procedure to compute the three remaining optimal barriers. The assumption of a nonnegative minimum level for the cash balance is common to many papers (see Frenkel and Jovanovic, 1980; Chang, 1999; BarIlan et al., 2004), but it is basically due to technical difficultie
44、s in obtaining closed-form solutions for the more general case. However it is an essential feature of liquidity management to allow a negative cash balance (at some penalty rate) and as pointed out in Bar-Ilan (1990), the transaction demand for money should have to consider the possibility of overdr
45、aft cash facilities. In Baccarin (2002) the existence results of Constantinides and Richard(1978) are extended to the case of holding-penalty costs which have also a quadratic term .In that paper it is shown that as long as the penalty costs are nite the lowest barrier of the optimal policy is alway
46、s below zero and a simple numerical algorithm is given to compute the four critical numbers. In a recent paper, Bar-Ilane al.(2004) model the changes in the money stock by a superposition of a Brownian motion and a compound Poisson process Assuming the optimality of a control band policy they derive
47、 the relevant discounted costs as function of the barriers by using renewal and martingale techniques. This can allow to approximate the optimal control parameters numerically.ConclusionsIn this paper we have presented a general method to solve a multidimensional cash management problem. Our solutio
48、n allows the transaction costs and the holding/penalty costs to be nonlinear functions. Furthermore the cash stocks dynamics may be correlated and they may have drift and diffusion coefcients which can depend upon the state of the system. These general assumptions are very important to deal with rea
49、listic applications. Using the functional analysis techniques of Bensoussan and Lions we have shown that there always exists an optimal policy for our multidimensional cash management system. Moreover ,in order to compute the solution, we have proved the convergence of a numerical scheme which has a strong foundation in the the
