制造业库存与财务绩效的关系外文翻译.docVIP

外文翻译 On the relationship between inventory and financial performance in manufacturing companies MaterialSource:/0144-3577.htm Author: Vedran Capkun, Ari-Pekka Hameri, Lawrence A. Weiss 1. Introduction The dominant theme of the operations management literature over the past century has been to improve operational performance. This can be achieved by reducing the lead time from raw materials to finished goods (faster cycle times), reducing the amount of waste in the process (managing the input and output quality), and by reducing the quantity of physical units held by the firm (working with suppliers and customers). Numerous techniques have been proposed to achieve this goal, including: business process reengineering, total quality management, Supply chain integration, just-in-time (JIT), lean thinking, agile manufacturing, and activity-based management. The inherent logic of these techniques is self evident and widely accepted. The majority of success stories in operations management stem from small sample research in the automotive, machinery, and job-shop (assembly) industries. These studies document increased market share, higher profitability and greater product quality for firms that have employed the above techniques to improve their operations. This paper aims to extend the evidence on the effects of improving inventory performance with a large sample study, an examination of total as well as the discrete components of inventory, in addition to an examination both across all manufacturing firms and within manufacturing industries. We analyze the relationship between raw materials (RMI), work-in-process (WIP), finished goods (FGI), and total inventory (INV) performance(inventory performance) to the profitability of operating activities (financial performance) of US manufacturing firms in the 1980-2005 period. For the purpose of this study we use inventory levels scaled by sales as a measure of inventory performance. We find that improving a firm’s invento