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应收账款现金流英文文献和翻译 第2页

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This issue is important to examine not only to determine ifchanges in management 本文来自!辣~文^论#&网(原文请找腾讯3249,114
practices have impacted cash flow and value creation, butalso to investigate whether ratio
norms  may  have  changed  and  shifted  the  benchmarks  for  comparisons  between  firms
(McLeay, 1986, p. 217). Furthermore, these benchmarks are derived from the measures of
central tendency, but the appropriate use of these benchmarks may be influenced (or biased)
by the third (skewness) and fourth (kurtosis) moments of  the ratio distributions or industry
effects (Fieldsend, Longford, McLeay, 1987; Barnes, 1987; Salmi and Martikainen, 1994) or
financial  condition  (Chen  and  Shimerda,  1981).  If  the  bias  exists  and  if  the  skewness  is
significant,  then  the  appropriate  benchmarks  may  deviate  significantly  from  the  mean,
median,  or  mode.  In  the  past,  some  researchers  excluded  “outliers,”  e.g.,  introduced  by
skewness,  from  their  studies  because  they  were  responsible  for  departures  from  normality
(Frecka and Hopwood, 1983), or they made square root or logarithmic transformations to the
data  to  reestablish  or  more  nearly  approach  normality  (Deakin,  1976).  These  adjustments
theoretically would leave the “benchmarks” unaltered.  But, there is substantial evidence the
distributions  of  financial  ratios  exhibit  positive  skewness  (Ezzamel  and  Mar-Molinero,
1990; Ezzamel, Mar-Molinero and Beecher, 1987; and Ezzamel, Brodie and Mar-Molinero,
1987). 美菱冰箱营销策划书
Previous studies show that distributions of financial ratios exhibit positive skewness
and departures from normality. However there have been no attempts to explain the source
of  the  skewness.  If  management  has  engaged  in  practices  that  should  attenuate  mean
deviations, skewness, or kurtosis, then there may be evidence of this that can be discovered
by  following  firms  over  time.   If  ratio  distributions  have  shifted  over  time,  then  a
longitudinal  study  may  assist  in  determining  whether  the  shifts  are  transitory  or  long
standing.  If distributions  have  shifted (mean, variance, skewness, and/or kurtosis), then a
longitudinal  investigation  may  lead  to  the  establishment  of  new  benchmarks  or  a  new
benchmark measurement process, as well as examine the impact on stock price performance.
Also,  if  evidence  exists  for  ratio  distribution  shifts,  then  there  is  cause  to  reexamine  the
value creation process and the causality of cash flow generation to value creation. Therefore,
the starting point is this longitudinal study of an original sample of 50 firms to determine if
distributions  have  shifted  due  to  changes  in  working  capital  management  and  corporate
reinvestment policies.
HYPOTHESIS FORMULATION
This study will look at the distributional properties of several financial ratios tied to
the  working  capital  management  and  capital  investment  processes  of  the  firm.  We  will
investigate  whether  there  is  evidence  to  support  the  acceptance  of  the  hypotheses  that
corporations,  especially  the  largest  firms,  have  become  more  vigorous  in  managing  their
working  capital  processes  or  capital  investment  practices to  generate  significant
improvements in cash flow. Specifically, corporations  may have improved the management
of accounts receivable, inventory, accounts payable, and advance payments to such an extent
that distributions of the related financial ratios have  shifted significantly. The distributions
also  may  be  more  skewed  as  a  result  of  these  changes  in  corporate  policy  to  accelerate
customer  payments  or  extend  the  period  taken to  pay  suppliers.   In  addition,  corporations
may  have reduced their reinvestment  in the  firm  as a result of productivity  improvements

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