cash conversion cycle其实相当于cash cycle，在财报中一般翻译为现金循环周期。现金循环周期是企业在经营中从付出现金到收到现金所需的平均时间。其英文释义如下：

The cash conversion cycle (CCC) is a metric that expresses the time (measured in days) that it takes for a company to convert its investments in inventory and other resources into cash flows from sales. Also called the net operating cycle or simply cash cycle, CCC attempts to measure how long each net input dollar is tied up in the production and sales process before it gets converted into cash received.

现金循环周期的变化会直接影响所需营运资金的数额。一般来说，存货周转期和应收账款周转期越长，应付账款周转期越短，所需营运资金数额就越大；相反，存货周转期和应收账款周转期越短，应付账款周转期越长，所需营运资金数额就越小。此外，营运资金周转的数额还受到偿债风险、收益要求和成本约束等因素的制约。

现金循环周期的计算公式如下：

现金循环周期

现金循环周期=存货转换期间+应收账款转换期间－应付账款递延期间=生产经营周期－应付账款平均付款期

cash conversion cycle= operating cycle- accounts payable deferral period

operating cycle= inventory conversion cycle+ average collection period

其中，平均应付账款期=365/（销售成本/应付账款）

accounts payable deferral period= 365/ (cost of goods sold/ accounts payable)

缩短存货周转期和应收账款周转期，延长应付账款付款期是缩短现金循环周期的基本途径。企业可以根据自身的实际情况，压缩收款流程、优化贷款支付过程如利用现金浮余量，支付帐户集中、展期付款、设立零余额帐户、远距离付款等方法，在合理的范围内尽量延长贷款支付的时间，加速现金流的周转，相应的提高了现金的利用效果，从而增加了企业的收益。

以下为相关双语示例，供参考：

The calculation of cash conversion cycle (days) is based on average inventory turnover (days) plus average debtors turnover (days) minus average creditors turnover (days). 

现金循环天数（日）乃按平均存货周转期（日）加平均应收账周转期（日）减平均应付账周转期（日）计算。

知识拓展

存货转换期间/inventory conversion cycle

系指把原物料或零组件制造为产品,并将产品售出所需之时间。