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
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