雅典证交所营运资金管理和上市公司盈利能力之间的关系【外文翻译】

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1、本科毕业论文（设计）外文翻译原文：TherelationshipbetweenworkingcapitalmanagementandprofitabilityoflistedcompaniesintheAthensStockExchangeAbstractInthispaperweinvestigatetherelationshipofcorporateprofitabilityandworkingcapitalmanagement.Weusedasampleof131companieslist

2、edintheAthensStockExchange(ASE)fortheperiodof2001-2004.Thepurposeofthispaperistoestablisharelationshipthatisstatisticalsignificantbetweenprofitability,thecashconversioncycleanditscomponentsforlistedfirmsintheASE.Theresultsofourresearchshowedthatthere

3、isstatisticalsignificancebetweenprofitability,measuredthroughgrossoperatingprofit,andthecashconversioncycle.Moreovermanagerscancreateprofitsfortheircompaniesbyhandlingcorrectlythecashconversioncycleandkeepingeachdifferentcomponent(accountsreceivables

4、,accountspayables,inventory)toanoptimumlevel.IntroductionCapitalstructureandworkingcapitalmanagementaretwoareaswidelyrevisitedbyacademiainordertopostulatefirms’profitability.Workingcapitalmanagementhasbeenapproachedinnumerousways.Otherresearchersstud

5、iedtheimpactofoptimuminventorymanagementwhileotherauthorsstudiedthemanagementofaccountsreceivablesinanoptimumwaythatleadstoprofitmaximization.AccordingtoDeloof(2003)thewaythatworkingcapitalismanagedhasasignificantimpactonprofitabilityoffirms.Thisresu

6、ltindicatesthatthereisacertainlevelofworkingcapitalrequirementswhichpotentiallymaximizesreturns.Otherworkonthefieldofworkingcapitalmanagementfocusesontheroutinesemployedbyfirms.Thisresearchshowedthatfirmswhichfocusoncashmanagementwerelarger,withfewer

7、cashsales,moreseasonalityandpossiblymorecashflowproblems.Whilesmallerfirmsfocusedmoreonstockmanagementandlessprofitablefirmswerefocusedoncreditmanagementroutines.Itissuggestedthathighgrowthfirmsfollowamorereluctantcreditpolicytowardstheircustomers,wh

8、iletheytieupmorecapitalintheformofinventory.Meanwhileaccountspayableswillincreaseduetobetterrelationsofsupplierswithfinancialinstitutionswhichdivertthisadvantageoffinancialcosttotheirclients.AccordingtoWilner(2000)mostfirmsextensivelyusetradecreditde