文档介绍：本科毕业论文(设计)外文翻译原文:EffectsOfWorkingCapitalManagementOnSmeProfitabilityThecorporatefinanceliteraturehastraditionallyfocusedonthestudyoflong-,capitalstructure,panyvaluation,-termassets,andtheresourcesusedwithmaturitiesofunderoneyear,representthemainshareofitemsonafirm’,inoursamplethecurrentassetsofsmallandmedium-,’sprofitabilityandrisk,andconsequentlyitsvalue(Smith,1980).Ontheonehand,maintaininghighinventorylevelsreducesthecostofpossibleinterruptionsintheproductionprocess,oroflossofbusinessduetothescarcityofproducts,reducessupplycosts,andprotectsagainstpricefluctuations,amongotheradvantages(ini,1991).Ontheother,grantingtradecreditfavorsthefirm’(Brennan,MaksimovicandZechner,1988;PetersenandRajan,1997),incentivizescustomerstoacquiremerchandiseattimesoflowdemand(Emery,1987),allowscustomerstocheckthatthemerchandisetheyreceiveisasagreed(quantityandquality)andtoensurethattheservicescontractedarecarriedout(Smith,1987),andhelpsfirmstostrengthenlong-termrelationshipswiththeircustomers(Ng,SmithandSmith,1999).However,,thegreatertheinvestmentincurrentassets,thelowertherisk,,,dependingonthediscountpercentageandthediscountperiodgranted(Wilner,2000;Ng,SmithandSmith,1999).Inthisrespect,previousstudieshaveanalyzedthehighcostoftradecredit,andfindthatfirmsfinancethemselveswithsellercreditwhen