制造业库存与财务绩效的关系外文翻译

制造业库存与财务绩效的关系外文翻译外文翻译OntherelationshipbetweeninventoryandfinancialperformanceinmanufacturingcompaniesMaterialSource://0>./0144-3577.htmAuthor:VedranCapkun,Ari-PekkaHameri,LawrenceA.Weiss1.IntroductionThedominantthemeoftheoperationsmanagementliteratureoverthepastcenturyhasbeentoimproveoperationalperformance.Thiscanbeachievedbyreducingtheleadtimefromrawmaterialstofinishedgoodsfastercycletimes,reducingtheamountofwasteintheprocessmanagingtheinputandoutputquality,andbyreducingthequantityofphysicalunitsheldbythefirmworkingwithsuppliersandcustomers.Numeroustechniqueshavebeenproposedtoachievethisgoal,including:businessprocessreengineering,totalqualitymanagement,Supplychainintegration,just-in-timeJIT,leanthinking,agilemanufacturing,andactivity-basedmanagement.Theinherentlogicofthesetechniquesisselfevidentandwidelyaccepted.Themajorityofsuccessstoriesinoperationsmanagementstemfromsmallsampleresearchintheautomotive,machinery,andjob-shopassemblyindustries.Thesestudiesdocumentincreasedmarketshare,higherprofitabilityandgreaterproductqualityforfirmsthathaveemployedtheabovetechniquestoimprovetheiroperations.Thispaperaimstoextendtheevidenceontheeffectsofimprovinginventoryperformancewithalargesamplestudy,anexaminationoftotalaswellasthediscretecomponentsofinventory,inadditiontoanexaminationbothacrossallmanufacturingfirmsandwithinmanufacturingindustries.WeanalyzetherelationshipbetweenrawmaterialsRMI,work-in-processWIP,finishedgoodsFGI,andtotalinventoryINVperformanceinventoryperformancetotheprofitabilityofoperatingactivitiesfinancialperformanceofUSmanufacturingfirmsinthe1980-2005period.Forthepurposeofthisstudyweuseinventorylevelsscaledbysalesasameasureofinventoryperformance.Wefindthatimprovingafirm’sinventoryperformanceloweringtheinventorytosalesratioyieldsbetterfinancialperformancemeasuredbothatthegrossprofitandattheoperatingprofitlevels.DecomposingINVintoitscomponentpartsRMI,WIP,andFGIrevealsthatthecorrelationisdrivenbyallthreediscreteinventorytypes.Thesizeofthecorrelation,however,variessignificantlyacrossinventorytypesandacrossfinancialperformancemeasures.Theseresultsareconsistentwithandextendthoseofpriorresearch,inparticularthatofChenetal.2005andShahandShin2007.Wefurtheranalyzethechangesininventoryperformanceandfinancialperformanceovertimefrom1980through2005andfindadecreaseinINVlevelsscaledbysalesincreaseininventoryperformance,consistentwithRajagopalanandMalhotra2001andChenetal.2005.However,thedecompositionofINVintoitscomponentpartsrevealsthatthemaincomponentofthedecreaseinINVisthereductionoftheWIPinventory.Thissuggeststhatmanufacturingfirms’effortstoimprovetheirproductioninventoryperformanceisfocusedonWIPinventory.Thechangeinfinancialperformancemeasureswasmixedoverthe1980-2005sampleperiod.Regardlessofthetrendineitherinventoryperformanceorfinancialperformancemeasures,thecorrelationbetweeninventoryperformanceandfinancialperformanceremainspresentacrossallinventorytypesandfinancialperformancemeasures.Thisstudyexpandsourknowledgeoftherelationshipbetweenfirmlevelinventoryandfinancialperformance,which?asnotedbyShahandShin2007?“isnotstraightforwardintheliterature〞.First,priorresearchexaminingthisrelationshiphasbeenlimitedtosmallsamplestudiesconcentratedinafewmanufacturingindustries.Bycontrast,ourpaperusesalargesampleoffirmsacrossallmanufacturingindustries.Second,duetothedifferentialimpactinventoryperformancemighthaveonproductionandoperatingcosts,wemeasurefinancialperformanceatboththegrossandoperatingprofitlevels.Third,weincorporatethepossibilityraisedbypriorresearchthatthesources,costsandbenefitsofinventoryimprovementscouldbeverydifferentBalakrishnanetal.,1996;Liebermanetal.,1999;LiebermanandDemeester,1999byanalyzingtheinventoryperformanceofthediscretecomponentsofinventoryRMI,WIP,andFGI,andtheircorrelationwithfinancialperformance.Toourknowledge,thisisthefirststudytoempiricallytesttheserelationships.2.Researchquestions,sampleselection,andmethodologyTheoperationsmanagementliteratureindicatesfinancialperformanceshouldbeatleastpartiallyexplainedbyinventoryperformance.Followingtheliteraturereviewwesetourhypothesesas:H1a.Afirm’sinventoryperformancewillbepositivelycorrelatedwiththefirm’sfinancialperformance.H1b.Thecorrelationbetweenafirm’sinventoryperformanceandfinancialperformancewillbepresentacrossmanufacturingindustries.H2a.Theperformanceofallthreediscretecomponentsofafirm’sinventoryRMI,WIP,andFGIwillbepositivelycorrelatedwiththefirm’sfinancialperformance.H2b.Thecorrelationbetweentheperformanceofallthreediscretecomponentsofafirm’sinventoryandthefirm’sfinancialperformancewillbepresentacrossmanufacturingindustries.Priorliteratureindicatesthatafirm’sstrategicchoicecansimultaneouslyimpactinventoryandfinancialperformanceKetokiviandSchroeder,2004;MendelsonandParlakturk,2021.Forexample,firmspositioningthemselvestoprovidetheircustomerswithhighservicelevelsmayholdgreaterlevelsofinventorybothinquantityandvariety,resultinginapositivecorrelationbetweeninventorylevelsandfinancialperformance.Wecontrolforthisbyusingchangesinasopposedtolevelsofinventoryperformanceandfinancialperformance.Bylookingatchangesovertime,anegativecorrelationbetweeninventoryandfinancialperformanceindicatesthattheeffectexistsovertimebetweenfirmsandwithinthesamestrategy.Firmscanalsochangestrategiesthatis,decidetospecializetheirproductlinetherebyreducingthenumberofproductsintheirportfolioandtheiroverallinventory.Tocontrolforthispossibility,weanalyzefirms’improvementsbetweentwotimeperiodsandovertheentiresampleperiodseparatelytherebyeliminatingthepotentialimpactoffirms’decisionstochangetheirstrategicchoiceonourresultsInventoryperformanceandfinancialperformancecanalsobeinfluencedbysalessurprisesGauretal.,2005.Morespecifically,ifafirmmissesbeatsitssalestargetitwillhaveahigherlowerlevelofinventoryandlowerhigherprofitthanprojected.Wecontrolforthisintwoways.First,weusebothannualandquarterlydataforinventoryandfinancialperformanceovera26-yearperiodforsimplicitywepresentonlyannualdata.Thelongtimeperiodreducesanypotentialimpactofasalessurpriseinagivenyear.Second,weanalyzethetimetrendofbothinventoryperformanceandfinancialperformance.Acontinualimprovementisunlikelytoresultfromagivenyear’sincorrectsalesforecast.Additionally,thiseffectistypicaloffirmsintheretailindustryGauretal.,2005,andisunlikelytoimpactoursamplewhichisrestrictedtomanufacturingfirms.TheCompustatdatabaseisusedbothtoretrievetheStandardizedIndustrialClassificationSICcodesaswellastocollectannualandquarterlyfinancialreportdata.TheSICcodesareusedtorestrictthesampletomanufacturingfirmsSICcodes2000to3999andtoseparatethembyindustryFamaandFrench,1997,industryclassification.Tocomputethechangeinourvariablesasdefinedbelow,werequireatleasttwoconsecutiveperiodswithfinancialreportingdataandexcludedatawithoutaconsecutiveperiodWhereEBITisearningsbeforeinterestsandtaxesforfirmjinyeart,Salesaretotalsalesforfirmjinyeart,andCOGSiscostofgoodssoldforfirmjinyeart.UsingbothgrossprofitGPandEBITallowsustoanalyzethedeterminantsoffinancialperformanceontwolevels.TheGPreflectstheaddedvalueasadifferencebetweensalesandthecostofproduction,whileEBITproxiesfortheprofitabilityofthebusinessafterdeductingalloperatingexpenses,notonlytheproductioncosts.Usingeitherearningsbeforeinterests,taxes,depreciationandamortizationEBITDAornetincomeaftertaxinsteadofEBITdoesnotchangeourresultsqualitatively.Whenscaledbysales,grossandoperatingprofitsrepresentgrossandoperatingmarginprofitabilityoffirm’soperations.Ourresultsarequalitativelyunchangedwhenweuseanalternativefinancialperformancemeasureequalinggrossandoperatingprofitsscaledbytotalassets.Thesefinancialperformancemeasures,asopposedtoprofitabilityoffirm’soperations,representthereturnoninvestedassetsPalepuetal.,2007,pp.199-207.PastliteratureprovidesuswithseveralpossiblemeasuresofinventoryperformancewhichincludescalinginventorybycostofgoodssoldHusonandNanda,1995,bycombinationofmaterialcostsandvalueaddedRajagopalanandMalhotra,2001andbysalesChenetal.,2005.UsinganyofthesemeasureyieldsqualitativelyunchangedresultsAlltheaboveregressionsareestimatedusingordinaryleastsquareOLS,withyearandindustryfixedeffects.Asrobustnesschecks,wecontrolforfirmfixedeffectsusingfixedeffectsregressionsandrandomeffectsusingrandomeffectsregressionsandalsousetheFama-MacBethregressionsFamaandMacBeth,1973.AllthesealternativemethodsomittedfromthepresentationsupporttheresultsofourOLSregressions.3.Empiricalanalysis,resultsanddiscussionTotestwhetherbetterinventoryperformanceispositivelycorrelatedwithbetterfinancialperformance,wecreateasampleofUSmanufacturingfirmswithSICcodesfrom2000to3999fromtheCompustatdatabaseforthe1980-2005period.Weexcludeallfirm-yearobservationswithoutdataavailableonRMI,WIPinventory,orFGI.Wealsoexcludeallfirm-yearobservationswithdataunavailableonsales,costofgoodssoldortotalassets.PanelAofTableIshowsthedescriptivestatisticsforourfirm-yearsampleofallUSmanufacturingfirms,containing52,254observations.ThedescriptivestatisticsshowallobservationsfoundintheCompustatdatabase,winsorizedatthe1percentlevel,forallfirm-yearavailablevariables.PanelBofTableIshowmedianvaluesforthefullsampleofallUSmanufacturingfirmsoverthe1980-2005period.OurfinancialperformancemeasuresshowamixedtrendwithmedianEBITSoperatingprofitdecreasingandmedianGPSgrossprofitincreasingoverthesampleperiod.ConsistentwithpriorstudiesonchangesininventoryperformanceRajagopalanandMalhotra,2001;Chenetal.,2005wealsofindanincreaseintheinventoryperformanceofRMIandWIPinventory.ThereisnoincreaseinFGIperformance.TheincreaseismostprevalentinWIPinventorywheretheperformancehasdoubled.Finally,weseparatelyanalyzethemanufacturingindustriesusingtheregressionmodelfromequation.TherelationshipbetweeninventoryRMI,WIP,andFGIperformanceandfinancialperformanceispresentinmostindustries.Thelowertheinventorypersalesdollar,thegreatertheoperatingprofit.Thisrelationshipholdsinun-tabulatedresultsformostindustriesusinganyoftheregressionmodelsdiscussedinthisstudy.TheimpactofdifferenttypesofinventoryRMI,WIP,orFGIonoperatingprofitvariessignificantlyandpredictablybetweenindustries.Inassemblyindustries,likeautomobiles,machinery,andcomputers,thereductionofallinventoriesimprovesoperatingprofit.Asourprioranalysisshows,thereductioninWIPdrivesthereductioninFGI,whichinturnallowsfirmstobemorereactive.Thisisespeciallytrueforindustriesproducingshortlife-cycleproductslikeelectronicequipment,inwhichcomponents,productionfacilitiesandproductstendtohaveevershorterlife-spans.Thisalsoapplies,toalesserextent,inhigh-techindustrieslikemedicalequipmentandinstruments.Bycontrast,theaboveresultisnotasevidentinbasiccommoditiesandprocessindustrieswhererelativelycheapRMIandWIPwillnotplayasimportantaroleonoperatingprofit.However,aproductionprocesswhichsatisfiesdemandefficientlywithalowFGIdoeshaveastrongimpactonoperatingprofits.Thisalsoappliestotextilesandotherfashionindustrieswhereproducts,onceinthemarket,needtobeconsumedrapidlybeforetheylosetheirattractiveness.4.ConclusionWeanalyzetherelationshipbetweeninventoryperformance,bothINVanditsdiscretecomponentsRMI,WIP,andFGI,andfinancialperformanceusingalargesamplestudyofUS-basedmanufacturingfirmsoverthe26-yearperiodfrom1980to2005.Ourresultsshowastrongcorrelationbetweeninventoryperformanceandfinancialperformanceacrossabroadarrayofmanufacturingindustries.Performanceoftotalaswellasallthreediscretecomponentsofinventoryispositivelyassociatedwithfinancialperformance.However,thestrengthofthecorrelationdiffersbetweeninventorytypes.FGIperformancehasthestrongestcorrelationwithfinancialperformance.BetweenWIPandFGIperformance,WIPinventoryperformancehasastrongercorrelationwiththeGPmeasuresoffinancialperformance,whilefinishedgoodinventoryperformancehasastrongercorrelationwithoperatingprofitmeasuresoffinancialperformance.Ourresultssupporttheoperationsmanagementliterature’sclaimthatamanagerialfocusonoperationsperformance?inparticularincreasesininventoryperformance?correlateswithsignificantvaluecreation.Ourresultsarebasedoncorrelationsanddonotprovecausalitybetweenourvariables.Furthermore,thispaperislimitedtodataavailableinpublicdatabasesandincludesonlypubliclylistedmanufacturingUSfirmsoverthe1980-2005sampleperiod.WhileoursampleconsistsofalargenumberoffirmsthatarerepresentativeoftheUSeconomy,theconclusionsofthispapershouldnotbegeneralizedbeyonditsscope.Thecollecteddataareforthefirmasasingleentity,anddonotaccountforthecomplexityoffirmsthatoperateinmorethanonemanufacturingfacility.Thedatausedinthispaperarereportedbyfirmsandassucharearesultofreportingincentivesandaccountingchoicesmade,whichmakethemnoisycomparedtocasestudiesandsurveys.Financialperformanceandinventoryperformancemeasuresandresultingfindingsusedinthispapershouldbeinterpretedaccordingly.However,priorliteraturehasdocumentedmanypositiveturnaroundsinmanufacturingcompaniesthroughthereductionofinventoriesandfasteroperations.Ourstatisticalanalysisfurthersupportsthehypothesisofacausalrelationshipbetweeninventoryperformanceandfinancialperformance.Foreverydaymanagersofmanufacturingcompanies,theunderlyingmessageofthispaperisdirectlylinkedwithboththeshort-andlong-termperformanceoftheirenterprise.Thestatisticalanalysisindicatesthatinmostindustriesinventoryperformancemaybeadecisivestrategicfactorwherefirmswhichdonotfocusoninventoryperformanceunderperformtheircompetitors.Whileourresultsshowapositivecorrelationbetweenalltheinventorycomponentsandimprovedfinancialperformance,managersshouldprobablyfocustheireffortsonreducingRMIwheretherelationshipisthestrongest.Whensettingupdevelopmentprojectsinmanufacturingfirms,supplierrelationshipsandpartneringappeartobeimportantissuesalongwiththeorganizationofthevalueaddingoperationsinsidethecompany.This,naturally,doesnotplaydowntheimportanceofaccessingreliableandrealtimemarketinformation.译文制造业库存与财务绩效的关系资料来源://./0144-3577.htm作者:VedranCapkun,Ari-PekkaHameri,LawrenceA.Weiss1.简介过去管理学研究旨在提高经营业绩。公司与供给商间是通过减少从原材料到成品的交货时间、减少浪费数量、减少物理单位的数量来实现的。实现这一目标的设想包括:业务流程再造、全面品质管理、供给链集成、准时生产、惊异思维、敏捷制造、作业本钱管理。以上设想广泛地被群众接受。大多数经营管理成功的案例源自于对汽车、机械原理、作业车间等行业的研究。通过增加市场份额、获得更高的利润和高质量来提高企业的运作。本文在通过延长影响的证据来对提高库存性能与大样本进行研究。离散组件库存应用于所有制造业企业。分析了原材料(RMI)、在制品(WIP)、成品(FGI)、总库存(INV)、性能之间的关系,如美国制造业1980-2005期间的经营活动盈利能力。发现改善公司的库存性能收益率更好的金融中心,以在总利润和营业利润水平德绩效来衡量。总库存组成局部显示是这三个离散库存类型驱使的相关性。相关的大小,在库存不同类型和财务业绩有明显分别。这些结果同先前研究的延伸相吻合,特别是Shah和Shin(2007)的研究。对库存性能与财务性能间的变化(从1980-2005)进行了探讨,发现库存性能增加,总库存水平下降,符合Rajagopalan和Malhotra(2001)等人研究成果。然而总库存的组成局部揭示了重要局部是减少库存的记录,说明生产型企业集中在提高在制品库存的性能。在这两种趋势下,库存表现与财务绩效表现之间的相关性仍然呈现在所有库存类型和财务指标中。研究扩展了企业层次关系的库存和财务业绩的知识。第一,关系进行调查局限于小样本研究集中在极少数制造业。通过比照,使用所有制造业为样本。第二,由于差异性的存在,库存性能可能会影响生产经营本钱,我们测量财务业绩在毛利和运行利润水平两个方面。第三,提供可能的研究显示,来源、本钱和收益对库存进步可能不同(BalKrishnan,1996;Lieberman,1999;Demeester,1999)通过分析与财务业绩 清单 安全隐患排查清单下载最新工程量清单计量规则下载程序清单下载家私清单下载送货清单下载 和其相关的分立元件的库存性能。这是首次研究它们的相关性。2.样本选择研究问题和方法运营管理学表示将会对企业财务绩效表现至少局部库存解释性能。在文献资料的根底上假设:H1a?一家公司的库存性能将积极与该公司的财务绩效关联起来。H1b?一家公司的库存性能和财务绩效的关系将反响在制造业。H2a?一家公司的库存(原材料、在制品和成品)的所有三个离散组件的性能将积极与公司的业绩关联起来。H2b?一家公司的库存的所有三个离散组件的性能与公司的业绩相关性将反响在整个制造业。。事先文学表示一家公司的战略选择可以同时影响库存和业绩(Ketokivi和施罗德,2004年;门德尔和Parlakturk,2021年)。定位自己的公司为其客户提供较高的效劳,例如举行更高水平的库存(无论在数量和品种),导致库存水平与财务绩效的积极关系。通过使用库存性能和经济性能的改变来进行控制。随着时间的推移,库存与财务绩效的负相关性表示影响存在随时间的公司之间和内部同样的策略。控制这种可能性,分析企业的改良在两个时间段分别在整个采样周期的潜在影响从而消除公司的决定改变他们的战略选择的结果。库存性能和财务性能也影响销售(Gaur等人,2005)。更具体地说如果一家公司未中销售目标,比预期会有较高(低)级别的库存和较低(更高)的利润,应控制这两种。首先,使用年度和季度库存数据在26年间的财政表现。其次,分析一段时间库存性能和财务性能趋势。同时利用数据库的检索 标准 excel标准偏差excel标准偏差函数exl标准差函数国标检验抽样标准表免费下载红头文件格式标准下载 工业分类的标准以及收集季度财务报表数据。上海国际赛车场的编码,用来限制样品给生产企业,以及把他们分开(Fama和French,1997年,工业分类)。至少需要连续两个财务报告时期的数据和排除不连续时期的数据来计算变量。J公司在t年获得的息税前利润,t年的销售是总销售,COGS是t年的销货本钱,使用毛利和息税前利润来分析两个级别的财务绩效。毛利反映不同附加值间的销售和生产本钱,同时扣除经营费用后的盈利能力。使用息税前利润,而不是利息、税费、折旧和摊销或净收益。用财务绩效相当于总资产总规模和经营利润来衡量,结果不变。不同于盈利能力的财务指标,代表了投资资产收益率。过去的文献提供了几种可能的 措施 《全国民用建筑工程设计技术措施》规划•建筑•景观全国民用建筑工程设计技术措施》规划•建筑•景观软件质量保证措施下载工地伤害及预防措施下载关于贯彻落实的具体措施 ,其中包括库存绩效的商品销售本钱