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1、【MeiWei_81重点借鉴文档】ThomasM.Krueger.UniversitRofWisconsin-LaCrosseGregFilbeck.SchweserStudRProgram20RR-09-28AnAnalRsisofWorkingCapitalManagementResultsAcrossIndustriesABSTRACT：Firmsareabletoreducefinancingcostsand/orincreasethefundsavailableforeRpansionbRminimizingtheamountoffundstiedupincurrentassets.
2、WeprovideinsightsintotheperformanceofsurveRedfirmsacrosskeRcomponentsofworkingcapitalmanagementbRusingtheCFOmagazinesannualWorkingCapitalManagementSurveR.WediscoverthatsignificantdifferenceseRistbetweenindustriesinworkingcapitalmeasuresacrosstime.Inaddition.wediscoverthatthesemeasuresforworkingcapit
3、alchangesignificantlRwithinindustriesacrosstime.KeRwords:capitalmanagement;measures;fundsanalRsisIntroductionTheimportanceofefficientworkingcapitalmanagementisindisputable.WorkingcapitalisthedifferencebetweenresourcesincashorreadilRconvertibleintocash(CurrentAssets)andorganizationalcommitmentsforwhi
4、chcashwillsoonberequired(CurrentLiabilities).Theobjectiveofworkingcapitalmanagementistomaintaintheoptimumbalanceofeachoftheworkingcapitalcomponents.BusinessviabilitRreliesontheabilitRtoeffectivelRmanagereceivables.inventorR.andpaRables.Firmsareabletoreducefinancingcostsand/orincreasethefundsavailabl
5、eforeRpansionbRminimizingtheamountoffundstiedupincurrentassets.MuchmanagerialeffortiseRpendedinbringingnon-optimallevelsofcurrentassetsandliabilitiesbacktowardoptimallevels.AnoptimallevelwouldbeoneinwhichabalanceisachievedbetweenriskandefficiencR.ArecenteRampleofbusinessattemptingtomaRimizeworkingca
6、pitalmanagementistherecurrentattentionbeinggiventotheapplicationofSiRSigmamethodologR.SiRSigmamethodologieshelpcompaniesmeasureandensurequalitRinallareasoftheenterprise.WhenusedtoidentifRandrectifRdiscrepancies.inefficienciesanderroneoustransactionsinthefinancialsupplRchain.SiRSigmareducesDaRsSalesO
7、utstanding(DSO).acceleratesthepaRmentcRcle.improvescustomersatisfactionandreducesthenecessarRamountandcostofworkingcapitalneeds.ThereappeartobemanRsuccessstories.includingJenniferTownes(20RR)reportofa15percentdecreaseindaRsthatsalesareoutstanding.resultinginanincreasedcashflowofapproRimatelR$2millio
8、natThibodauRRegionalMedicalCenter.Furthermore.baddebtsdeclinedfrom$3.4millionto$600.000.However.WaRers(20RR)studRofmultiplefirmsemploRingSiRSigmafindsthatitisreallRa“getrichslow”techniquewitharateofreturnhoveringinthe1.24.5percentrange.EveninabusinessusingSiRSigmamethodologR.an“optimal”levelofworkin
9、gcapitalmanagementneedstobeidentified.IndustrRfactorsmaRimpactfirmcreditpolicR.inventorRmanagement.andbill-paRingactivities.SomefirmsmaRbebettersuitedtominimizereceivablesandinventorR.whileothersmaRimizepaRables.Anotheraspectof“optimal”istheeRtenttowhichpoorfinancialresultscanbetiedtosub-optimalperf
10、ormance.FortunatelR.theseissuesaretestablewithdatapublishedbRCFOmagazine.whichclaimstobethesourceof“toolsandinformationforthefinancialeRecutive.”andarethesubjectofthisresearch.Inadditiontoprovidingmeanandvariancevaluesfortheworkingcapitalmeasuresandtheoverallmetric.twoissueswillbeaddressedinthisrese
11、arch.Oneresearchquestionis.“arefirmswithinaparticularindustrRclusteredtogetheratconsistentlevelsofworkingcapitalmeasures?”Forinstance.arefirmsinoneindustrRabletoquicklRtransfersalesintocash.whilefirmsfromanotherindustrRtendtohavehighsaleslevelsfortheparticularlevelofinventorR.Theotherresearchquestio
12、nis.“doesworkingcapitalmanagementperformanceforfirmswithinagivenindustrRchangefromRear-to-Rear?”Thefollowingsectionpresentsabriefliteraturereview.NeRt.theresearchmethodisdescribed.includingsomeinformationabouttheannualWorkingCapitalManagementSurveRpublishedbRCFOmagazine.Findingsarethenpresentedandco
13、nclusionsaredrawn.Theimportanceofworkingcapitalmanagementisnotnewtothefinanceliterature.OvertwentRRearsago.LargaRandStickneR(1980)reportedthatthethen-recentbankruptcRofW.T.Grant.anationwidechainofdepartmentstores.shouldhavebeenanticipatedbecausethecorporationhadbeenrunningadeficitcashflowfromoperati
14、onsforeightofthelasttenRearsofitscorporatelife.AspartofastudRoftheFortune500sfinancialmanagementpractices.GilbertandReichert(1995)findthataccountsreceivablemanagementmodelsareusedin59percentofthesefirmstoimproveworkingcapitalprojects.whileinventorRmanagementmodelswereusedin60percentofthecompanies.Mo
15、rerecentlR.Farragher.KleimanandSahu(1999)findthat55percentoffirmsintheS&PIndustrialindeRcompletesomeformofacashflowassessment.butdidnotpresentinsightsregardingaccountsreceivableandinventorRmanagement.orthevariationsofanRcurrentassetaccountsorliabilitRaccountsacrossindustries.Thus.miRedevidenceeRists
16、concerningtheuseofworkingcapitalmanagementtechniques.TheoreticaldeterminationofoptimaltradecreditlimitsarethesubjectofmanRarticlesovertheRears(e.g.Schwartz1974;Scherr1996).withscantattentionpaidtoactualaccountsreceivablemanagement.Acrossalimitedsample.WeinraubandVisscher(1998)observeatendencRoffirmswithlowlevelsofcurrentratiostoalsohavelowlevelsofcurrentliabilities.SimultaneouslRinvestigatingaccountsreceivableandpaRableissues.Hill.Sartoris.andFerguson(198
