[雙語翻譯]營運資本外文翻譯--營運資金管理效率：馬來西亞中小企業研究

1、2780 英文單詞， 英文單詞，15400 英文字符，中文 英文字符，中文 4600 字文獻出處： 文獻出處：Kasiran F W, Mohamad N A, Chin O. Working Capital Management Efficiency: A Study on the Small Medium Enterprise in Malaysia [J]. Procedia Economics Efficiency index

2、; SME; Malaysia1. IntroductionEssentially, working capital management (WCM) is one of the most vital segments in firm’s financing decisions as an important stimulus towards firm’s performance. The importance of WCM t

3、owards firm’s achievement was considered as a traditional concept that was highlights in all standard corporate finance textbooks (Aktas, performance index of working capital management, utilization index of working cap

4、ital management and efficiency index of working capital management. The study found that the industry under this study did very well on performance of efficiency during the period. Shehzad et.al (2012), study on efficien

5、cy of the textile sector of the Pakistan companies on their working capital management for the year 2004 to 2009. Instead of using the conventional method, this study using efficiency index developed by Bhattacharya (199

6、7) and use these three indicators; performance index of working capital management, utilization index of working capital management and efficiency index of working capital management. According to the results, the indust

7、ry performance was at on the top of level of efficiency and its shows that they managed the working capital management properly during the empirical time span of study. The study done by Press, Valipour and Jamshidi (201

8、2) found that there are positive relationship between performance index, efficient index, and utilization index with the efficiency of the asset. However, the results show that cash conversion cycle inversely significant

9、 relationship on efficiency of the assets. He concluded that index developed by Bhattacharya is more promising as a proper indexes and more significant in determining the working capital management compared to the conven

10、tional one.Motivated by limited research from the Malaysia perspectives, to be specific, in small medium enterprise industry and based on the previous studies provided, this study thus forms the preliminary notion to ex

11、pand the topic regarding the working capital management on efficiency analysis particularly.3. MethodologyThe study analyse the Efficiency index of SME companies in Malaysia that was listed with SME Corporation of Malays

12、ia. A sample of 50 companies was retrieved from Suruhanjaya Syarikat Malaysia database for the period from 2009 to 2013.However only 24 companies was selected for analysis and the rest is omitted due to lack of required

13、information. The data is extract based on the income statement and balance sheet from the annual report of the company.For the measurement of WCM Efficiency, this study adopted the index develop by Bhattacharya (1997). B

14、hattacharya developed another tools for the measurement and examining the efficiency of the working capital management due to obstacles during implementation of the accounting ratios, such as lack of data and difficult t

15、ask due to the missing theory (Bhattacharya, 1997). Traditionally, based on the previous studies it shows that accounting ratios are the most important tools to measure the efficiency. Nonetheless, Bhattacharya (1997) ha

16、s composed an index, known as total efficiency index of the working capital management that was develop from the performance index, and utilization index. This study differentiated from the previous study by using the In

17、dex based on sample that was never been tested previously from Malaysia perspective. Basically, this current study undertakes Small Medium and Enterprise industry as a sample and chooses 24 companies in Malaysia as a pre

18、liminary test to measure the efficiency. The index used by Bhattacharya was based on sample of bigger company and presumably small firms and large firms are different from each other and the responsiveness of proficient

19、working capital management is still unclear (Javid ,2014) thus motivated the current study to apply this index.Bhattacharya (1997) suggest that to measure the whole efficiency of the working capital management, the first