最小二乘法应收账款英文参考文献和翻译 第4页

The importance of this dimension is bolstered by the finding (Stern: 1993), that
the effect of ‘just-in-time’ inventory policies, which have driven US inventory sales
ratio to historically low levels, is not in evidence in the year-to-year inventory-sales ratio of the foreign affiliates of US parent firms during the 1982- 87 span.
(b) The Determinants of Receivables:
Receivables are another important part of the current assets. The individual size
and the total magnitude of receivables depends the nature and volume of the
business. There are, however, some common factors, which determine the value
of receivables in a company’s balance sheet. In the accounting literature, sales and
credit policy are emphasized as the major determinants of accounts receivable.

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III. THE DATA AND RESEARCH METHOD
The study is based on three behavioral equations. Closing inventories
(CLSTOCK), accounts receivable (DEBTRS) and sales revenue (SALES) are the
dependent variables of the equations. The equations are estimated by a Three-
Stage Least Square (3SLS) estimation technique.
The model is estimated from the pooled data of the annual audited accounts of
225 companies listed on the Karachi Stock Exchange. The accounts cover the period of 1980 to 1994, giving us 3,375 observations (225 companies and 15 years). The data for the model have been extracted from the annual reports of the listed companies. We applied the standard definitions of accounting variables as mentioned by the State bank of Pakistan in the 'Balance Sheet Analysis' (State Bank of Pakistan: 1995-96, 19990-91, 1986-87, 1982-83).
All the data are in million of Pakistani rupees. 'D6' and 'D7' are dummy variables. ‘Time’ is a trend variable, taking 1980 as one and so on. The description and abbreviated names of the variables are listed in table: 2. The justification for their
inclusion is discussed below:Delphi+Access报刊订阅系统设计论文+源码+ER图
A) Inventories:
The specification of closing inventories (CLSTOCK) is not a simple task.
Traditional studies in cost accounting suggest that Economic Order Quantity
(EOQ), and Buffer Stock levels are the most appropriate considerations in
inventory-holding decision. These considerations are based on the sales volume of
a product. We therefore, hypothesized that sales' volume (SALES) is one of the
major factors of closing inventories (CLSTOCK). A higher amount of sales
(SALES) implies a higher volume of closing inventories (CLSTOCK). It is also
hypothesized that receivable from debtors (DBTRS) is a substitute for closing
inventories (CLSTOCK). In the presence of a higher amount of receivables
(DBTRS) the volume of closing inventories (CLSTOCK) would thus be lower.
The time trend (TIME) is also an important factor in determining closing

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