外文翻译---银行的金融数据分析-金融财政(编辑修改稿)

外文翻译---银行的金融数据分析-金融财政(编辑修改稿)内容摘要：

eivable 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 (.. 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 (2020. 51. 496) presents two models of value creation that incorporate effective shortterm 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 pany is located in may have more influence on that pany’s fortunes than overall GNP” (2020. 507). In fact. a careful review of this 627page textbook finds 7 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 InHouse 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 Inter resources provided very few recent reports about working capital management. The most relevant set of articles was Weisel and Bradley’s (2020) article on cash flow management and one of inventory control as a result of effective supply chain management by Hadley (2020). Method The 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. Englandbased management consulting firm specializing in working capital issues for its global list of clients. The original survey reports several working capital benchmarks for public panies using data for 1996. Each pany is ranked against its peers and also against the entire field of panies. 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 pany transforms revenues into cash flow. A “days of working capital” (DWC) value is based on the dollar amount in each of the aggregate. equallyweighted 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. 8 the collection of the receivables. and payment receipt. Thus. it reflects the pany’s 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). Findings Average and Annual Working Capital Management Performance Working capital management ponent definitions and average values for the entire 1996 – 2020 period . Across the nearly 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 percent. Incorporating a 95 percent confidence interval. CCE ranges from percent to percent. The days working capital (DWC). defined as the sum of receivables and inventories less payables divided by daily sales. averages days and is very similar to the days that sales are outstanding (). because the inventory turnover rate (once every days) is similar to the number of days that payables are outstanding ( days). In all instances. the standard deviation is relatively small. suggesting that these working capital management variables are consistent across CFO reports. Rankings on Overall Working Ca。