留学生Essay写作—营运资金管理及盈利能力
17页1、http:/ 留学生论文专业定制代写网站留学生Essay写作营运资金管理及盈利能力Working capital management(WCM)refers to management of a firms current assets and current liabilities,which is also a primary function that support firm daily operation such as used to funds its stock,credit sales, and credit purchases.The management of working capital is important in order to maintain its liquidity in day-to-day operation;to ensure it operation is running smoothly and meets its obligation(Eljelly,2004).A firm without sufficient cash flow
2、 will have difficulties to survive in the future as it will be unable to pay its obligations.Therefore,if a firm does not manage their liquidity position well,it will affect firms growth,survival and profitability(Shafii,2010).The trade-off between profitability and liquidity are essential,however most of the firms ultimate objective is to maximise profit,while disregarding the dilemma of liquidity.One objective should not be cost of the other because both of them have their important(Raheman&Na
3、sr, 2007). Jose et al.(1996)also point out this fact sayingfirms with glowing long term prospects and healthy bottom lines do not remain solvent without good liquidity management.For these reason WCM should be given proper consideration.However,the management of working capital is complex as it needs to manage a number of different components which are inter-linked to each others.The management needs to concern on account receivables, account payables,inventories and cash,as altering one compone
4、nt will affect the others.Therefore,firms need to identify the optimal level of working capital that can maximise firms value(Afza and Nazir,2007). According to Ganesan(2007),optimization of working capital means minimisation of related costs and maximisation of related income. Efficient WCM will increase firmsfree cash flow,which in turn increases the firmsgrowth opportunities and return to shareholders.Consequently, efficient WCM is crucial in order to maintaining firmssurvival, liquidity,solv
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