بررسی رابطه بین اجزای مدیریت سرمایه در گردش با نقدشوندگی و سودآوری شرکتهای صنایع غذایی پذیرفته شده در بورس اوراق بهادار تهران
محورهای موضوعی : فصلنامه علمی -پژوهشی تحقیقات اقتصاد کشاورزیمحمد کاوسی کلاشمی 1 , پریسا خلیق خیاوی 2
1 - استادیار گروه اقتصاد کشاورزی، دانشکده علوم کشاورزی، دانشگاه گیلان.
2 - دکتری اقتصاد کشاورزی، مدرس دانشگاه آزاد اسلامی واحد رشت.
کلید واژه: دادههای ترکیبی, نسبت‌های جاری مالی, شاخص‌های مالی, چرخه نقد شوندگی, شرکت های صنایع غذایی,
چکیده مقاله :
هدف از این مطالعه، بررسی تأثیر سرمایه در گردش بر نقدشوندگی و سودآوری شرکتهای صنایع غذایی پذیرفته شده در بورس اوراق بهادار تهران میباشد. جامعه آماری پژوهش دربرگیرنده تمامی شرکتهای صنایع غذایی پذیرفته شده در بورس اوراق بهادار تهران در سالهای 1388 تا 1392 است که با استفاده از دادههای ترکیبی مورد مطالعه قرار گرفتهاند. در این پژوهش از متغیرهای نسبت جاری، نسبت بدهیهای جاری به کل دارایی، نسبت کل بدهی به کل دارایی و نسبت دارایی جاری به کل دارایی به عنوان شاخص سرمایه در گردش استفاده شد. نتایج تجربی نشان دادند که بین نسبت دارایی جاری به بدهی جاری و سودآوری رابطه مثبت و معنیدار آماری وجود دارد، اما بین نسبت بدهی جاری به کل دارایی و نسبت کل بدهی به کل دارایی با سودآوری رابطه منفی و معنیدار آماری وجود دارد. هم‌چنین، بین نسبت دارایی جاری به کل داراییها و سودآوری رابطه معنیدار آماری وجود ندارد. بررسی رابطه بین اجزای مدیریت سرمایه در گردش و نقدینگی نشان داد که بین نسبت بدهی جاری به کل دارایی و نقدینگی رابطه منفی و معنیدار آماری وجود دارد. از سوی دیگر، بین نسبت دارایی جاری به کل داراییها و نقدینگی رابطه مثبت و معنیدار آماری وجود دارد. افزون بر این، بین نسبت دارایی جاری به بدهی جاری و نسبت کل بدهی به کل دارایی با نقدینگی رابطه معنیداری آماری وجود ندارد.
The purpose of this study was to investigate the effect of working capital on liquidity and profitability of food industry companies listed in the Tehran Stock Exchange. The study community consisted of all food industry companies listed in Tehran stock exchange during 2009-2013 which were studied using panel data. This research used the variables of current ratio, current assets to current liabilities ratio, current assets to total assets ratio, current liabilities to total assets ratio and debt to total assets ratio as working capital index. Empirical results showed there is positive relationship between current assets to current liabilities Ratio, but there is negative relationship between current liabilities to total assets ratio and debt to total assets ratio with profitability. Also there is not any statistically significant between current assets to total assets ratio and profitability. The relationship between the components of working capital management with liquidity showed that there is negative relationship between current assets to current liabilities ratio with liquidity. On the other hand, there is positive relationship between current assets to total assets ratio with liquidity. Furthermore, there is not any statistically significant between current assets to current liabilities ratio and debt to total assets ratio with liquidity.
Abdollrahman, S. (2007). A note on working capital management and corporate profitability of Japanese firms, Financial Practice and Education. 8: pp. 37-45.
- Amihud, Y. & Mendelson, H. (1986). Asset pricing and the bid-ask spread. Journal of financial economics. 17: pp. 223-249.
- Asgharppor, H. & Reza zadeh, A. (2015). Determine the optimal portfolio stock by value at risk. Theories Applied Economics. 2(4): pp.93-118.
- Bardia, S.C. (1988). Working Capital Management. Japur Pointer Publisher. pp. 32-38.
- Batar, L. (2010). A Markov Decision Model for Selecting Optimal Credit Control Polices. Management Science. 18: pp. 519-525.
- Deloof, M. (2003). Does Working Capital Management Affect Profitability of Belgian Firms?. Journal of Business Finance and Accounting. 30: pp. 150-229.
- Fang V.W. & Noe Thomas., T. S. (2009). Stock market liquidity and firm value. Journal of Financial Economics. 94: pp. 150–169.
- Farmanara, A., Arefnezhad, M., & Jafari, M. (2016). The impact of working capital management and financial leverage on the profitability of some companies in Tehran Stock Exchange Financial economic and development journal. 10(34): pp. 167-187.
- Ghobadi, S. & Sheikh Sirjani, F. (2015). The relationship between working capital management and profitability of companies listed on the Tehran Stock Exchange. The second international conference on economics, management, accounting approach to value creation.
- Izadinia, N., & Taki, A. (2010). Studying the effect of working capital management on profitability potential of companies listed on Tehran Stock Exchange. Quarterly Financial Accounting. 2(5): PP.120-139.
- Kumar, M.S. & Aswathanarayana, T. (2015). An impact of negative working capital on profitability a case study of selected cement companies in India. International Journal of Applied Research.1 (9): pp. 170-173.
- Lazaridis, I. & Tryfonidis, D. (2006). Relationship between Working Capital Management and Profitability of Listed Companies in the Athens Stock Exchange. Journal of Financial Management and Analysis. 19(1).
- Kumar, M.S. & Aswathanarayana, T. (2015). An impact of negative working capital on profitability a case study of selected cement companies in India. International Journal of Applied Research.1 (9): pp. 170-173.
- Raheman, A. & Nasr, M. (2007). Working Capital Management and Profitability-Case of Pakistan Firms. International Review of Business Research Papers. 3: pp.279 – 300.
- Rehn, E. (2012). Effects of Working Capital Management on company Profitability. Master`s Thesis. Hanken Schoole of Economics.
- Reza Zadeh, J., and Heidarian, J. 2010. The effect of working capital management on profitability of Iranian companies. Accounting Studies. 2(7): pp. 20-23.
- Ryan, H. (1996). The Use of Financial Ratios as Measures of Determinants of Risk in the Determination of the Bid-Ask Spread, Journal of Financial and Strategic Decisions. Pp: 33-44.
- Setayesh, M.H., Kazem Nezhad, M., & Zolfaghari, M., (2008). Effect of disclosure quality on liquidity and current and future cost of common stock in the companies listed in Tehran Stock Exchange. Journal of Financial Accounting Research. 3(3): 55-74.
- Shin, H.H. and Soenen, L. (1998). Efficiency of Working Capital Management and Corporate Profitability. Financial Practice and Education. 8(2): pp. 37-45.
- Statistical Center of Iran. (2013). Results of industrial workshops census. 950 pages.
- Talebi, M. (1998). Assess the current status of working capital in Iranian companies. Thesis Ph.D. Tehran university.
- Venkatesh, P. & Chiang, R. (1986). Information Asymmetry and the Dealer’s Bid-ask Spread: A Case Study of Earnings and Dividend announcements. The Journal of Finance. 41(5): PP. 1089-1102.
- Washington. Shin, H. Efficiency of Working Capital and Corporate Profitability. Financial Practice and Education .8 (2): PP. 37-45.
- Yaghoub Nezhad, A., & Vakili Fard, H., and Babayi, A. (2010). The relationship between working capital management and profitability of the Tehran listed firms. Financial engineering and Portfolio management. 2: pp. 117-137.
پیوست‌ها
_||_