营运资金管理盈利能力英文文献和翻译 第5页

RESULTS AND ANALYSIS
   First, the relationship is examined between cash conversion period and firm profitability. Next, a regression analysis is applied to a pooled sample and six economic sectors .
 Correlation Analysis C#+SQL人事管理系统设计+数据库设计
   Spearman's Correlation analysis is used to see the relationship between working capital management and profitability.  If efficient working capital management increases profitability, one should expect a negative relationship between the measures of working capital management and profitability variable. Table 3 exhibit result of correlation coefficients and p-values are listed in parenthesis.  The result shows a negative relationship between CCCS and OI.  This means that result is support the expectation that a cash conversion cycle (CCC) is associated with higher profitability. However, the current ratio is, positively related to profitability. This reveals that CCC is measuring liquidity differently from the conventional current ratio.  Generally, traditional liquidity ratios such as current ratio have been understood that have lack in measuring the efficiency of the firm's working capital management.  For example is that they incorporate assets that are not readily convertible into cash and ignore the timing of cash conversion (Shin & Soenen, 1998).
 Table 3 : Spearman Correlation Coefficients and Probabilities
 Variables
 OI
 CCCS
 CR
 DR
 SG

 OI
 1.0000
   
  -----
   
 CCCS
 -0.2721
 1.0000
  
  (0.0000)
 -----
  
 CR
 0.3003
 0.0566
 1.0000
 
  (0.0000)
 (0.0223)
 -----
 
 DR
 -0.2879
 0.1332
 -0.6544
 1.0000

  (0.0000)
 (0.0000)
 (0.0000)
 -----

 SG
 0.2437
 -0.1904
 0.0667
 -0.0817
 1.0000

  (0.0000)
 (0.0000)
 (0.0071)
 (0.0010)
 -----

 Note: The p -value is given in parentheses
 Regression Analysis
   To further investigate the impact of working capital management on profitability, the model used for the regressions analysis is expressed in the general form as given in equation below: RFID盲人导航系统手持终端设计+PXA270盲人键盘设计
 Profitability = b 0 + b 1 CCC t + b 2 Current Ratio t + b 3 Debt Ratio t + b 4 Sales Growth t
   The equation above is estimated using the regression-based framework Pooled Ordinary Least Squares (OLS) as employed by Shin & Soenon (1998).  Model of this study differs by using CCC as a comprehensive measure of working capital management.  The data set used for this part is pooled across firms and years, given a balanced panel data set of 1628 firm-year observations. This study is also estimated by fixed effect model.  Where the fixed effects estimation assumes firm specific intercepts, which capture the effects of those variables that are particular to each firm and that are constant over time.  In all regressions, standard errors are calculated using White's correction for heteroscedasticity.

上一页  [1] [2] [3] [4] [5] [6] [7] [8] [9] 下一页

营运资金管理盈利能力英文文献和翻译 第5页下载如图片无法显示或论文不完整，请联系qq752018766