Foreign research on working capital

Foreign research on working capital management began in the 1930s and has been done in the long term After the formation of an important financial science system, the earliest research on the original concept of working capital analysis, Focusing on the optimization of financial structure and strategy research, as the research deepened, foreign researchers gradually started Industry differences in working capital management: Smith and Sell (1978) first analyzed some working capital in the United States The larger companies have concluded that there are significant differences in the characteristics of working capital management among different industries On. Sue Visscher and Weinraub (1998) extracted more than 200 in more than a dozen sectors including retail department stores and manufacturing The firm's empirical analysis as a sample shows the same conclusions as previous studies: between different industries There are obvious differences in the management mode of current assets and liabilities. They also pointed out: positive The working capital investment strategy leads to a relatively robust working capital financing strategy, but this view follows to not get too many references and approval. Juan Colina (2002) extends the theory of working capital management to the outside: he argues that working capital management is not Should be limited to current assets and current liabilities, he proposed from operating income to supply of raw materials, and production The detailed concept of working capital management for operating expenditure management, which refines working capital management to enterprise value creation Build each link, the concept of working capital management will be extended to the company's daily production and operation of the various management.