毕业论文论文范文课程设计实践报告法律论文英语论文教学论文医学论文农学论文艺术论文行政论文管理论文计算机安全
您现在的位置: 毕业论文 >> 英语论文 >> 正文

应收账款现金流英文文献和翻译

更新时间:2014-11-27:  来源:毕业论文

Abstract 应收账款现金流英文文献和翻译

This  study  examines  accounts  receivable  turnover,  accounts  payable  turnover,  inventory
turnover, cash flow and working capital per share, and investment ratio for 50 of the largest
non-bank corporations over the period 1990-2004 to determine whether their  management
practices had an impact on their financial ratios and distributions. Aggressive management
of  working  capital  and  significant  increases  in  productivity  resulted  in  significant
improvements  in  cash  flow  per  share  and  reduced  corporate  reinvestment.  Furthermore,  it
appears  that  the  distribution  of  cash  flow  per  share  became  more  positively  skewed  and
working capital per share became less positively skewed during the 1990-2004 period.
Keywords: Cash flow, Working Capital, Capital Investment  涂鸦艺术宣传策划书

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) (Reason, 2004).
While  some  have  argued  (Mulford  and  Ely,  2003;  Fink,  2003,  2004)  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  creationprocess (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) (Cheng, Liu and Schaefer, 1996; Freeman
and Tse, 1992; Philips, 2002; and Givoly and Hayn, 2002), or (d) whether we understand the
model for cash flows through the firm adequately (Arcelus and Srinivasan, 1993) to properly
conduct empirical tests or forecast cash flows (Quirin, O’Bryan, Wilcox and Berry, 1999).
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. 2736

[1] [2] [3] [4] [5] [6] [7] [8] [9] [10] 下一页

应收账款现金流英文文献和翻译下载如图片无法显示或论文不完整,请联系qq752018766
设为首页 | 联系站长 | 友情链接 | 网站地图 |

copyright©751com.cn 辣文论文网 严禁转载
如果本毕业论文网损害了您的利益或者侵犯了您的权利,请及时联系,我们一定会及时改正。