營運(yùn)管理 外文翻譯 外文文獻(xiàn) 英文文獻(xiàn) 對(duì)整個(gè)行業(yè)中營運(yùn)資金管理的研究

An Analysis of Working Capital Management Results Across Industries Greg Filbeck. Schweser Study Program Thomas M. Krueger. University of Wisconsin-La CrosseAbstract Firms are able to reduce financing costs and/or increase the funds available for expansion by minimizing the amount of funds tied up in current assets. We provide insights into the performance of surveyed firms across key components of working capital management by using the CFO magazines annual Working Capital Management Survey. We discover that significant differences exist between industries in working capital measures across time. In addition. we discover that these measures for working capital change significantly within industries across time. Introduction The importance of efficient working capital management is indisputable. Working capital is the difference between resources in cash or readily convertible into cash (Current Assets) and organizational commitments for which cash will soon be required (Current Liabilities). The objective of working capital management is to maintain the optimum balance of each of the working capital components. Business viability relies on the ability to effectively manage receivables. inventory. and payables. Firms are able to reduce financing costs and/or increase the funds available for expansion by minimizing the amount of funds tied up in current assets. Much managerial effort is expended in bringing non-optimal levels of current assets and liabilities back toward optimal levels. An optimal level would be one in which a balance is achieved between risk and efficiency. A recent example of business attempting to maximize working capital management is the recurrent attention being given to the application of Six Sigma methodology. Six Sigma methodologies help companies measure and ensure quality in all areas of the enterprise. When used to identify and rectify discrepancies. inefficiencies and erroneous transactions in the financial supply chain. Six Sigma reduces Days Sales Outstanding (DSO). accelerates the payment cycle. improves customer satisfaction and reduces the necessary amount and cost of working capital needs. There appear to be many success stories. including Jennifer Townes (2002) report of a 15 percent decrease in days that sales are outstanding. resulting in an increased cash flow of approximately $2 million at Thibodaux Regional Medical Center. Furthermore. bad debts declined from $3.4 million to $600.000. However. Waxers (2003) study of multiple firms employing Six Sigma finds that it is really a “get rich slow” technique with a rate of return hovering in the 1.2 4.5 percent range. Even in a business using Six Sigma methodology. an “optimal” level of working capital management needs to be identified. Even in a business using Six Sigma methodology. an “optimal” level of working capital management needs to be identified. Industry factors may impact firm credit policy. inventory management. and bill-paying activities. Some firms may be better suited to minimize receivables and inventory. while others maximize payables. Another aspect of “optimal” is the extent to which poor financial results can be tied to sub-optimal performance. Fortunately. these issues are testable with data published by CFO magazine. which claims to be the source of “tools and information for the financial executive.” and are the subject of this research. In addition to providing mean and variance values for the working capital measures and the overall metric. two issues will be addressed in this research. One research question is. “are firms within a particular industry clustered together at consistent levels of working capital measures?” For instance. are firms in one industry able to quickly transfer sales into cash. while firms from another industry tend to have high sales levels for the particular level of inventory . The other research question is. “does working capital management performance for firms within a given industry change from year-to-year?” The following section presents a brief literature review. Next. the research method is described. including some information about the annual Working Capital Management Survey published by CFO magazine. Findings are then presented and conclusions are drawn.Related Literature The importance of working capital management is not new to the finance literature. Over twenty years ago. Largay and Stickney (1980) reported that the then-recent bankruptcy of W.T. Grant. a nationwide chain of department stores. should have been anticipated because the corporation had been running a deficit cash flow from operations for eight of the last ten years of its corporate life. As part of a study of the Fortune 500s financial management practices. Gilbert and Reichert (1995) find that accounts receivable management models are used in 59 percent of these firms to improve working capital projects. while inventory management models were used in 60 percent of the companies. More recently. Farragher. Kleiman and Sahu (1999) find that 55 percent of firms in the S&P Industrial index complete some form of a cash flow assessment. but did not present insights regarding accounts receivable and inventory management. or the variations of any current asset accounts or liability accounts across industries. Thus. mixed evidence exists concerning the use of working capital management techniques. Theoretical determination of optimal trade credit limits are the subject of many articles over the years (e.g. Schwartz 1974; Scherr 1996). with scant attention paid to actual accounts receivable management. Across a limited sample. Weinraub and Visscher (1998) observe a tendency of firms with low levels of current ratios to also have low levels of current liabilities. Simultaneously investigating accounts receivable and payable issues. Hill. Sartoris. and Ferguson (1984) find differences in the way payment dates are defined. Payees define the date of payment as the date payment is received. while payors view payment as the postmark date. Additional WCM insight across firms. industries. and time can add to this body of research. Maness and Zietlow (2002. 51. 496) presents two models of value creation that incorporate effective short-term financial management activities. However. these models are generic models and do not consider unique firm or industry influences. Maness and Zietlow discuss industry influences in a short paragraph that includes the observation that. “An industry a company is located in may have more influence on that companys fortunes than overall GNP” (2002. 507). In fact. a careful review of this 627-page textbook finds only sporadic information on actual firm levels of WCM dimensions. virtually nothing on industry factors except for some boxed items with titles such as. “Should a Retailer Offer an In-House Credit Card” (128) and nothing on WCM stability over time. This research will attempt to fill this void by investigating patterns related to working capital measures within industries and illustrate differences between industries across time. An extensive survey of library and Internet resources provided very few recent reports about working capital management. The most relevant set of articles was Weisel and Bradleys (2003) article on cash flow management and one of inventory control as a result of effective supply chain management by Hadley (2004). Research MethodThe CFO Rankings The first annual CFO Working Capital Survey. a joint project with REL Consultancy Group. was published in the June 1997 issue of CFO (Mintz and Lezere 1997). REL is a London. England-based management consulting firm specializing in working capital issues for its global list of clients. The original survey reports several working capital benchmarks for public companies using data for 1996. Each company is ranked against its peers and also against the entire field of 1.000 companies. REL continues to update the original information on an annual basis. REL uses the “cash flow from operations” value located on firm cash flow statements to estimate cash conversion efficiency (CCE). This value indicates how well a company transforms revenues into cash flow. A “days of working capital” (DWC) value is based on the dollar amount in each of the aggregate. equally-weighted receivables. inventory. and payables accounts. The “days of working capital” (DNC) represents the time period between purchase of inventory on acccount from vendor until the sale to the customer. the collection of the receivables. and payment receipt. Thus. it reflects the companys ability to finance its core operations with vendor credit. A detailed investigation of WCM is possible because CFO also provides firm and industry values for days sales outstanding (A/R). inventory turnover. and days payables outstanding (A/P). Research FindingsAverage and Annual Working Capital Management Performance Working capital management component definitions and average values for the entire 1996 2000 period . Across the nearly 1.000 firms in the survey. cash flow from operations. defined as cash flow from operations divided by sales and referred to as “cash conversion efficiency” (CCE). averages 9.0 percent. Incorporating a 95 percent confidence interval. CCE ranges from 5.6 percent to 12.4 percent. The days working capital (DWC). defined as the sum of receivables and inventories less payables divided by daily sales. averages 51.8 days and is very similar to the days that sales are outstanding (50.6). because the inventory turnover rate (once every 32.0 days) is similar to the number of days that payables are outstanding (32.4 days). In all instances. the standard deviation is relatively small. suggesting that these working capital management variables are consistent across CFO reports. Industry Rankings on Overall Working Capital Management Performance CFO magazine provides an overall working capital ranking for firms in its survey. using the following equation:Industry-based differences in overall working capital management are presented for the twenty-six industries that had at least eight companies included in the rankings each year. In the typical year. CFO magazine ranks 970 companies during this period. Industries are listed in order of the mean overall CFO ranking of working capital performance. Since the best average ranking possible for an eight-company industry is 4.5 (this assumes that the eight companies are ranked one through eight for the entire survey). it is quite obvious that all firms in the petroleum industry must have been receiving very high overall working capital management rankings. In fact. the petroleum industry is ranked first in CCE and third in DWC (as illustrated in Table 5 and discussed later in this paper). Furthermore. the petroleum industry had the lowest standard deviation of working capital rankings and range of working capital rankings. The only other industry with a mean overall ranking less than 100 was the Electric & Gas Utility industry. which ranked second in CCE and fourth in DWC. The two industries with the worst working capital rankings were Textiles and Apparel. Textiles rank twenty-second in CCE and twenty-sixth in DWC. The apparel industry ranks twenty-third and twenty-fourth in the two working capital measuresConclusions The research presented here is based on the annual ratings of working capital management published in CFO magazine. Our findings indicate a consistency in how industries “stack up” against each other over time with respect to the working capital measures. However. the working capital measures themselves are not static (i.e. averages of working capital measures across all firms change annually); our results indicate significant movements across our entire sample over time. Our findings are important because they provide insight to working capital performance across time. and on working capital management across industries. These changes may be in explained in part by macroeconomic factors. Changes in interest rates. rate of innovation. and competition are likely to impact working capital management. As interest rates rise. there would be less desire to make payments early. which would stretch accounts payable. accounts receivable. and cash accounts. The ramifications of this study include the finding of distinct levels of WCM measures for different industries. which tend to be stable over time. Many factors help to explain this discovery. The improving economy during the period of the study may have resulted in improved turnover in some industries. while slowing turnover may have been a signal of troubles ahead. Our results should be interpreted cautiously. Our study takes places over a short time frame during a generally improving market. In addition. the survey suffers from survivorship bias only the top firms within each industry are ranked each year and the composition of those firms within the industry can change annually. Further research may take one of two lines. First. there could be a study of whether stock prices respond to CFO magazines publication of working capital management ratings. Second. there could be a study of which. if any. of the working capital management components relate to share price performance. Given our results. these studies need to take industry membership into consideration when estimating stock price reaction to working capital management performance.外文翻譯:對(duì)整個(gè)行業(yè)中營運(yùn)資金管理的研究 格雷格Filbeck.Schweser學(xué)習(xí)計(jì)劃 托馬斯M克魯格.威斯康星大學(xué)拉克羅斯摘 要:企業(yè)能夠降低融資成本或者盡量減少綁定在流動(dòng)資產(chǎn)上的成立基金數(shù)額來用于擴(kuò)大現(xiàn)有的資金。我們提供了在調(diào)查公司時(shí)出具報(bào)告中的關(guān)鍵組成部分，調(diào)查公司營運(yùn)資金管理的報(bào)告是運(yùn)用首席財(cái)務(wù)官雜志的年度資金管理的調(diào)查報(bào)告。我們發(fā)現(xiàn)，行業(yè)間的明顯差異存在于跨時(shí)資金的工作措施上。此外，這些措施在企業(yè)營運(yùn)資金管理中實(shí)施后有了顯著改變。導(dǎo) 言高效率的營運(yùn)資金管理的重要性是不容置疑的。營運(yùn)資金是資源或隨時(shí)兌換成現(xiàn)金（流動(dòng)資產(chǎn)）和即將的現(xiàn)金需要（流動(dòng)負(fù)債）之間的差額。營運(yùn)資金管理的目標(biāo)是維持周轉(zhuǎn)的流動(dòng)資產(chǎn)和流動(dòng)負(fù)債都達(dá)到最佳平衡。商業(yè)可行性的能力依賴于有效的應(yīng)收賬款、庫存和應(yīng)付帳款的管理。企業(yè)能夠降低融資成本或增加通過最小化綁定在流動(dòng)資產(chǎn)上的成立基金數(shù)額的資金用于擴(kuò)大現(xiàn)有。太多的管理工作是消耗在帶動(dòng)流動(dòng)資產(chǎn)和負(fù)債水平回到最佳水平。最理想的水平是達(dá)到在風(fēng)險(xiǎn)和效率之間的平衡。一個(gè)最近企業(yè)的例子是其試圖最大限度地運(yùn)用營運(yùn)資金管理。這就是經(jīng)常受到重視的六西格瑪方法的應(yīng)用。六西格瑪方法適用于企業(yè)涉及所有范圍，能幫助公司測(cè)量和保證質(zhì)量。當(dāng)前這個(gè)方法用來識(shí)別和糾正錯(cuò)誤的交易效率差異及財(cái)務(wù)供應(yīng)鏈。六西格瑪方法減少每天天銷售最杰出，以達(dá)到加速支付周期、提高顧客滿意度、降低成本的數(shù)量和流動(dòng)資金的需求。似乎有許多成功的事例，包括珍妮湯的（2002）的關(guān)于銷售天數(shù)減少了百分之十五的優(yōu)秀的銷售報(bào)告。造成的結(jié)果是在蒂博多萬區(qū)域醫(yī)療中心產(chǎn)生的現(xiàn)金流量增加了大約200萬美元。此外，壞帳從340萬美元下降到60萬美元。然而，外克瑟的(2003)研究多個(gè)公司雇用六西格瑪發(fā)現(xiàn)它確實(shí)是一個(gè)“緩慢致富”技術(shù)與回報(bào)率懸停在1.2%-4.5%的范圍。即使在一個(gè)業(yè)務(wù)中使用.六西格瑪方法論的“最佳”的營運(yùn)資金管理需要被確認(rèn)即使在一個(gè)業(yè)務(wù)中使用，六西格瑪方法論的“最佳”的營運(yùn)資金管理需要被確認(rèn)。行業(yè)因素可能會(huì)影響企業(yè)的信貸政策、庫存管理和賬單支付活動(dòng)。一些公司可能會(huì)更適合盡量減少應(yīng)收賬款和存貨，而其他則適應(yīng)應(yīng)付款最大化。“最優(yōu)”的另一個(gè)方面是槽糕的財(cái)務(wù)成果卻是使用了最優(yōu)性能。幸運(yùn)的是，這些問題是可測(cè)試的并被首席財(cái)務(wù)官雜志所發(fā)表。這聲稱是“工具的來源和財(cái)務(wù)主管信息”即是本研究的主題。除了提供均值和營運(yùn)資金的措施和整體度量。這兩個(gè)問題將在本研究處其理差異值。一個(gè)研究問題是：“在特殊產(chǎn)業(yè)內(nèi)的企業(yè)一起采用同樣的的營運(yùn)資金管理措施就能使其的水平一致嗎？”例如，在同一行業(yè)的企業(yè)能夠迅速轉(zhuǎn)化為現(xiàn)金銷售（即有占應(yīng)收水平低）。而來自其他行業(yè)的企業(yè)往往有較高的銷售水平。特別是庫存水平（即存貨周轉(zhuǎn)率高）。另一個(gè)研究問題是，“企業(yè)營運(yùn)資金管理能否對(duì)企業(yè)績效在行業(yè)內(nèi)逐年改變起做作用？” 以下部分提供了一個(gè)簡短的文獻(xiàn)回顧。對(duì)下一步研究方法進(jìn)行了介紹，包括一些有關(guān)這個(gè)一年一度的營運(yùn)資金管理及財(cái)務(wù)官雜志公布的調(diào)查。調(diào)查是再提出和結(jié)論。相關(guān)文獻(xiàn) 營運(yùn)資金管理的重要性在于它并不是新的金融文學(xué)。20多年前，斯蒂克尼（1980）報(bào)告說。當(dāng)時(shí)的小波格蘭特的全國連鎖百貨公司相繼破產(chǎn)，應(yīng)該是因?yàn)楣窘?jīng)營了最后10年里經(jīng)營里有8年的經(jīng)營赤字，這早就作為一個(gè)世界500強(qiáng)的財(cái)務(wù)管理實(shí)踐研究的一部分。吉爾伯特和銳徹(1995)發(fā)現(xiàn)應(yīng)收賬款的管理模式在使用后，有百分之五十九的公司提高營運(yùn)資金項(xiàng)目，而庫存管理模型應(yīng)用于百分之六十的公司。最近，法瑞芬.克萊曼和薩胡（1999年）發(fā)現(xiàn)百分之五十五的公司中，標(biāo)準(zhǔn)普爾工業(yè)指數(shù)完成是某種形式的現(xiàn)金流量的評(píng)估，但并未提出關(guān)于應(yīng)收賬款和存貨管理的見解，或任何流動(dòng)資產(chǎn)的變化帳戶或各行業(yè)現(xiàn)有資產(chǎn)負(fù)債賬戶的變化。因此，混合證據(jù)表明有關(guān)營運(yùn)資金管理技術(shù)的使用。優(yōu)化貿(mào)易信貸限額理論是多年來自許多文章的主題（例如，施瓦茨1974年，謝爾1996年）注重實(shí)際的應(yīng)收賬款的管理。通過有限的樣本，溫勞布和菲斯海爾(1998)觀察到的趨勢(shì)是目前比率低的公司也有低水平的流動(dòng)負(fù)債。同時(shí)調(diào)查應(yīng)收賬款和應(yīng)付賬款的問題。希爾薩爾托里斯和弗格森（1984年）發(fā)現(xiàn)方式付款日期的不同的定義。收款人定義付款日期為收到貨款的日期，而付款人查看付款日期的郵戳，額外的協(xié)作平臺(tái)了解各企業(yè)、行業(yè)和時(shí)間能夠增加這方面的研究機(jī)構(gòu)?，斈崴己蜐商亓_（2002年）提供了兩個(gè)價(jià)值創(chuàng)造的模式。納入有效的短期的財(cái)務(wù)管理活動(dòng)。但是，這些模型都是通用的模型并沒有考慮獨(dú)特的企業(yè)或行業(yè)的影響?，斈崴己蜐商亓_談?wù)撘恍《萎a(chǎn)業(yè)影響包括那些“一個(gè)工業(yè)公司可能有更多的財(cái)富”公司可能影響整體國民生產(chǎn)總值。事實(shí)上，發(fā)現(xiàn)只有在實(shí)際的層面的營運(yùn)資金管理的公司有各級(jí)零星資料。幾乎任何事物除了一些游戲項(xiàng)目，如盒裝行業(yè)因素?！叭绻碳姨峁┝艘粋€(gè)內(nèi)部的信用卡”。隨著時(shí)間的推移，沒有什么能影響營運(yùn)資金管理穩(wěn)定性。這項(xiàng)研究將試圖完善調(diào)查有關(guān)工作措施以填補(bǔ)行業(yè)內(nèi)資金模式這一空白，并說明說明行業(yè)間的跨時(shí)差異。一個(gè)對(duì)圖書館和網(wǎng)絡(luò)資源進(jìn)行廣泛的調(diào)查得到了很少的最新報(bào)告是關(guān)于營運(yùn)資金管理。最相關(guān)的文章是衛(wèi)瑟和布拉德利的(2003)現(xiàn)金流量管理和庫存管理作為一種有效的供應(yīng)鏈管理的途徑(2004)。研究方法第一次年度首席財(cái)務(wù)官營運(yùn)資金管理的調(diào)查。與REL顧問組的聯(lián)合項(xiàng)目，發(fā)表在1997年6月首席財(cái)務(wù)官雜志上。 REL是英國倫敦為基礎(chǔ)的管理咨詢公司，專門從事于流動(dòng)資金問題的服務(wù)，面向全球的客戶。原來的調(diào)查報(bào)告的營運(yùn)資金運(yùn)用數(shù)據(jù)的上市公司的標(biāo)準(zhǔn)為1996年。每家公司對(duì)其同行的排名是針對(duì)整個(gè)領(lǐng)域的1000家公司.REL繼續(xù)更新以前年度基礎(chǔ)上的原始資料。REL使用的業(yè)務(wù)“現(xiàn)金流”的價(jià)值是對(duì)企業(yè)現(xiàn)金流量表作用于估計(jì)現(xiàn)金轉(zhuǎn)換效率（CCE）的。此值表示公司如何轉(zhuǎn)化現(xiàn)金流收入，一個(gè)“天的營運(yùn)資金”價(jià)值是基于金額之和，即每個(gè)應(yīng)收賬款、庫存、應(yīng)付帳款帳戶之和?！叭諣I運(yùn)資金”代表一個(gè)時(shí)期購買存貨從供應(yīng)商到銷售給客戶之間收集的應(yīng)收賬款、付款收據(jù)。因此，它反映了公司的核心融資業(yè)務(wù)能力與供應(yīng)商信用。一份詳細(xì)的調(diào)查營運(yùn)資金管理是可能的反應(yīng)出來的。因?yàn)楣臼紫?cái)務(wù)官也提供產(chǎn)業(yè)價(jià)值、工業(yè)銷售優(yōu)秀(天/ R)、存貨周轉(zhuǎn)、應(yīng)付款優(yōu)秀(天/ P)。研究發(fā)現(xiàn)年平均周轉(zhuǎn)和管理績效營運(yùn)資金管理部分的定義和整個(gè)96年至00年期間的平均值。在整個(gè)調(diào)查中近1000家的經(jīng)營活動(dòng)產(chǎn)生現(xiàn)金流?，F(xiàn)金除以銷售的作業(yè)流程被稱為“現(xiàn)金轉(zhuǎn)換效率”（CCE）的。平均九個(gè)百分點(diǎn)到百分之九十五的信心區(qū)間中，從5.6%至12.4%消費(fèi)支出超出范圍。日營運(yùn)資金（DWC）作為應(yīng)收款和庫存較少除以每日銷售的應(yīng)付款項(xiàng)，平均51.8天或非常相似的日子則為銷售的優(yōu)秀（50.6）。在所有情況下，標(biāo)準(zhǔn)差相對(duì)較小，這表明這些營運(yùn)資金的管理工作的變量都是和首席財(cái)務(wù)官的報(bào)告是一致的。行業(yè)排名整體工作性能影響資金管理首席財(cái)務(wù)官雜志提供了一個(gè)其調(diào)查公司間的整體營運(yùn)資金的排名。使用下列公式：在進(jìn)行整體營運(yùn)資金管理的差異比較行業(yè)中前26名。至少有八家公司在每年的排名中出現(xiàn)。在典型的年份中，首席財(cái)務(wù)官雜志在此期間970公司的排名。列出的平均周轉(zhuǎn)性能整體的工業(yè)企業(yè)中在首席財(cái)務(wù)官雜志中的排名順序。由于最佳的平均排名中8個(gè)最可能的公司在行業(yè)中是4.5（這個(gè)假設(shè)的8家公司的排名是通過八個(gè)整體調(diào)查之一）。但很顯然，在石油行業(yè)的所有企業(yè)必須有非常高的整體營運(yùn)資金管理的排名。事實(shí)上，石油行業(yè)是排名第一的現(xiàn)金轉(zhuǎn)換效率和第三名的日營運(yùn)資金。另外，石油工業(yè)的最低標(biāo)準(zhǔn)偏差范圍的排名和營運(yùn)資金流動(dòng)資金的排名。其他行業(yè)唯一的平均總體排名低于100是電和煤氣公用行業(yè)。他們現(xiàn)金轉(zhuǎn)換效率排名第二，日營運(yùn)資金排名第四。這兩個(gè)行業(yè)最大的資金排行是紡織品和服裝，紡織品排名第二十二的消費(fèi)支出和第二十六位營運(yùn)資金。服裝行業(yè)排名第二十三和第二十四在兩個(gè)采取的流動(dòng)資金的措施。結(jié) 論這里的研究是根據(jù)營運(yùn)資金管理公司的首席財(cái)務(wù)官雜志公布年度評(píng)級(jí)為基礎(chǔ)。我們的研究結(jié)果表明：在產(chǎn)業(yè)“較量”中隨著時(shí)間的推移，越來越受重視的營運(yùn)資金管理的措施。然而，周轉(zhuǎn)措施本身不是靜態(tài)的（即平均流動(dòng)資金措施在所有的企業(yè)每年的變化）；我們的結(jié)果表明，隨著時(shí)間的推移我們整個(gè)樣本有著重要的運(yùn)動(dòng)。我們的研究結(jié)果非常重要，因?yàn)樗鼈兲峁┒床炝Α９ぷ鲿r(shí)間在資金上的表現(xiàn)，針對(duì)各個(gè)行業(yè)營運(yùn)資金的管理。這些變化可能是解釋部分的宏觀經(jīng)濟(jì)因素、利率的變化、創(chuàng)新的速度和競(jìng)爭有可能影響營運(yùn)資金管理。由于利率上升，將有較少的愿望早日付款。這將延伸到應(yīng)付帳款、應(yīng)收帳款、現(xiàn)金帳戶，這項(xiàng)研究的影響，包括對(duì)不同層次的營運(yùn)資金管理措施。不同的行業(yè)往往會(huì)隨著時(shí)間的推移而得出穩(wěn)定的結(jié)論。許多因素有助于解釋這一發(fā)現(xiàn)，提高經(jīng)濟(jì)時(shí)期的研究可能導(dǎo)致在一些行業(yè)的營業(yè)額提高銷售額，也可能是一個(gè)困難的信號(hào)。我們的結(jié)果應(yīng)該小心謹(jǐn)慎的解釋。本研究以在普遍地方在短時(shí)間框架內(nèi)的市場(chǎng)改善。此外，調(diào)查遭受生存威脅的頂級(jí)公司偏移在每個(gè)行業(yè)排名和組成。每年的那些公司在行業(yè)排位可以改變。進(jìn)一步研究可以采取方法兩種之一。首先，可能會(huì)有一個(gè)研究是關(guān)于是否股票價(jià)格對(duì)首席財(cái)務(wù)官雜志的出版關(guān)于流動(dòng)資金管理等級(jí)的排名有影響。第二，有可能是一個(gè)研究關(guān)于如果任何營運(yùn)資金管理的措施，涉及到股票的價(jià)格時(shí)的表現(xiàn)。由于我們的研究結(jié)果，這些研究需要考慮到行業(yè)的成員在預(yù)測(cè)股票價(jià)格的反應(yīng)及營運(yùn)資金管理的性能。 來自:An Analysis of Working Capital Management Results Across IndustriesJ.Thomas M. Krueger.2005：10-18.8