英国小企业运营资金管理重点-----外文翻译.doc
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英国小企业运营资金管理重点-----外文翻译,摘要从英国小公司中大量的随机抽样，并检查它们的运营资金管理模式。在运用资金管理模式的11到工作程序中检测出相当大的变化。通过主成分析和聚类分析确认得到了运营资金管理的四种不同类型模式。前三种类型把关注点分别放在现金管理、股票管理、债务管理上，但是第四种模式很少采取任何行动在运营资金管理上。大多数学者讨论资金数量和经营的...
内容介绍
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摘要
从英国小公司中大量的随机抽样，并检查它们的运营资金管理模式。在运用资金管理模式的11到工作程序中检测出相当大的变化。通过主成分析和聚类分析确认得到了运营资金管理的四种不同类型模式。前三种类型把关注点分别放在现金管理、股票管理、债务管理上，但是第四种模式很少采取任何行动在运营资金管理上。大多数学者讨论资金数量和经营的重点的影响。多种Logistic回归分析表明，成功独立的选择的自变量受到四种模式的歧视。最终结果显示：小公司只有在把精力投放在运营资金集中管理方面才能获得他们期望的边际收益。建立因果关系的困难非常的突出，对学者、政策制定者和从业人员的影响也被披露出来。
结论与启示
这项研究的目的是鼓励更多类似的研究，而不仅仅提供与小公司工作程序相关运营资金管理模式的观点。在本研究中三种理论指导了独立变量的选择。资源基础观强调，小企业应采取与特质和资源捆绑式的运营资金管理模式。代理理论确定了小型企业和大型企业之间的外部利益影响。交易费用理论表明：如果他们察觉发现他们能够提供最高边际收益，小公司可能把资源投资于特定领域的营运资金管理。
Abstract
Working capital management routines of a large random sample of small companies in the UK are examined. Considerable variability in the take-up of 11 working capital management routines was detected. Principal components analysis and cluster analysis confirm the identification of four distinct ‘types’ of companies with regard to patterns of working capital management. The first three ‘types’ of companies focused upon cash management, stock or debtors routines respectively, whilst the fourth ‘type’ were less likely to take-up any working capital management routines. Influences on the amount and focus of working capital management are discussed. Multinomial logistic regression analysis suggests that the selected independent variables successfully discriminated between the four ‘types’ of companies. The results suggest that small companies focus only on areas of working capital management where they expect to improve marginal returns. The difficulties of establishing causality are highlighted and implications for academics, policy-makers and practitioners are reported.
从英国小公司中大量的随机抽样，并检查它们的运营资金管理模式。在运用资金管理模式的11到工作程序中检测出相当大的变化。通过主成分析和聚类分析确认得到了运营资金管理的四种不同类型模式。前三种类型把关注点分别放在现金管理、股票管理、债务管理上，但是第四种模式很少采取任何行动在运营资金管理上。大多数学者讨论资金数量和经营的重点的影响。多种Logistic回归分析表明，成功独立的选择的自变量受到四种模式的歧视。最终结果显示：小公司只有在把精力投放在运营资金集中管理方面才能获得他们期望的边际收益。建立因果关系的困难非常的突出，对学者、政策制定者和从业人员的影响也被披露出来。
结论与启示
这项研究的目的是鼓励更多类似的研究，而不仅仅提供与小公司工作程序相关运营资金管理模式的观点。在本研究中三种理论指导了独立变量的选择。资源基础观强调，小企业应采取与特质和资源捆绑式的运营资金管理模式。代理理论确定了小型企业和大型企业之间的外部利益影响。交易费用理论表明：如果他们察觉发现他们能够提供最高边际收益，小公司可能把资源投资于特定领域的营运资金管理。
Abstract
Working capital management routines of a large random sample of small companies in the UK are examined. Considerable variability in the take-up of 11 working capital management routines was detected. Principal components analysis and cluster analysis confirm the identification of four distinct ‘types’ of companies with regard to patterns of working capital management. The first three ‘types’ of companies focused upon cash management, stock or debtors routines respectively, whilst the fourth ‘type’ were less likely to take-up any working capital management routines. Influences on the amount and focus of working capital management are discussed. Multinomial logistic regression analysis suggests that the selected independent variables successfully discriminated between the four ‘types’ of companies. The results suggest that small companies focus only on areas of working capital management where they expect to improve marginal returns. The difficulties of establishing causality are highlighted and implications for academics, policy-makers and practitioners are reported.
