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1、激进的营运资本管理政策对企业盈利能力的影响外文翻译外文翻译ImpactofAggressiveWorkingCapitalManagementPolicyonFirms’ProfitabilityMaterialSource:////0>.Author:MianSajidNazir*andTalatAfza**IntroductionThecorporatefinanceliteraturehastraditionallyfocusedonthestudyoflong-termfinancialdecisions,particul
2、arlyinvestments,capitalstructure,dividendsorcompanyvaluationdecisions.However,short-termassetsandliabilitiesareimportantcomponentsoftotalassetsandneedtobecarefullyanalyzed.Managementoftheseshort-termassetsandliabilitieswarrantsacarefulinvestigationsincetheworkingcapit
3、almanagementplaysanimportantroleinafirm’sprofitabilityandriskaswellasitsvalueSmith,1980.Efficientmanagementofworkingcapitalisafundamentalpartoftheoverallcorporatestrategyincreatingtheshareholders’value.FirmstrytokeepanoptimallevelofworkingcapitalthatimizestheirvalueDe
4、loof,2003;HoworthandWesthead,2003andAfzaandNazir,2007.Ingeneral,fromtheperspectiveofChiefFinancialOfficerCFO,workingcapitalmanagementisasimpleandstraightforwardconceptofensuringtheabilityoftheorganizationtofundthedifferencebetweentheshort-termassetsandshort-termliabil
5、itiesHarris,2005.However,a‘Total’approachisdesiredasitcancoverallthecompany’sactivitiesrelatingtovendor,customerandproductHall,2002.Inpractice,workingcapitalmanagementhasbecomeoneofthemostimportantissuesintheorganizationswheremanyfinancialexecutivesarestrugglingtoiden
6、tifythebasicworkingcapitaldriversandanappropriatelevelofworkingcapitalLamberson,1995.Consequently,companiescanminimizeriskandimprovetheoverallperformancebyunderstandingtheroleanddriversofworkingcapitalmanagement.Afirmmayadoptanaggressiveworkingcapitalmanagementpolicyw
7、ithalowlevelofcurrentassetsasapercentageoftotalassets,oritmayalsobeusedforthefinancingdecisionsofthefirmintheformofhighlevelofcurrentliabilitiesasapercentageoftotalliabilities.Excessivelevelsofcurrentassetsmayhaveanegativeeffectonthefirm’sprofitability,whereasalowleve
8、lofcurrentassetsmayleadtoalowerlevelofliquidityandstockouts,resultingindifficultiesinmaintainingsmoothoperationsVanHorneandW
