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外文翻译
原文
The Cash Flow Implications of Managing Working Capital and Capital Investment
Material Source: Journal of Business Economic Studies
Author: Russell P. Boisjoly
INTRODUCTION
In recent years major corporations have discovered that there are important cash flow streams available to them if they aggressively manage their working capital accounts (accounts receivable, inventory, accounts payable, and advance payments).While some have argued that cash flows generated through working capital management (improving inventory turnover, aggressive accounts receivable collection policies or supplier management programs, lengthening accounts payable payment periods, etc.) are transitory and, therefore, are not indicative of a fundamental improvement in the internal value creation process (business model), there is limited empirical evidence on whether these practices (a) have changed the underlying probability distributions of the related financial ratios, (b) persisted over several years rather than just 2 or 3 years as implied by Mulford and Ely who purport that changes are transitory or temporary, (c) whether these changes in working capital management policies have impacted market values positively (or negatively) or (d) whether we understand the model for cash flows through the firm adequately to properly conduct empirical tests or forecast cash flows. In addition to managerial policies, one should probably consider changes in technology and changes in the financial environment. Typical DSO or ACP ratios have been radically lowered for most merchandisers by the nearly universal outsourcing of the credit function to credit card companies. Also, the decline of short-term interest rates most certainly affected WC policies during the period in question, making firms less willing to hold cash, and perhaps more willing to increase short-term liabilities.
This issue is important to examine not only to determine if changes in management practices have impacted cash flow a
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