【文章內(nèi)容簡(jiǎn)介】 he effects of working capital management on the firm39。s profitability, (operating ine + depreciation)/total asset (OI) as measure of profitability was used as the dependent variable. 為了分析管理盈利能力對(duì)公司的營(yíng)運(yùn)資金的影響，（營(yíng)業(yè)收入+折舊）/總資產(chǎn)衡量盈利能力（如其他投資）的變量作為依賴。With regards to the independent variables, working capital management was measured by cash conversion cycle (CCC).隨著自變量的問(wèn)候，營(yíng)運(yùn)資金管理是衡量資金周轉(zhuǎn)周期（CCC）認(rèn)證。CCC focuses on the length of time between when a firm makes payment and when firm receives cash ，公司收到現(xiàn)金流入之間的時(shí)間長(zhǎng)度時(shí)，使公司支付。The lower the value is better due to reveal that firm has high liquidity which easily converts its short term investment in current asset to ，以更好地顯示，由于公司具有很高的流動(dòng)性可以輕松轉(zhuǎn)換的短期資產(chǎn)投資在目前的現(xiàn)金。However, longer value of CCC indicate greater investment in current assets, and hence the greater the need for financing of current ，較長(zhǎng)CCC認(rèn)證表明更大的資產(chǎn)價(jià)值在目前的投資，因此需要更大的電流的資產(chǎn)融資。CCC is calculated as the number of days accounts receivable (AR) plus the number of days of inventory (INV) minus the number of days accounts payable (AR).CCC計(jì)算為應(yīng)收賬款的天數(shù)（AR）加存貨的天數(shù)（INV）的減去應(yīng)付賬款的天數(shù)占（AR）。 In this respect, AR is calculated as accounts receivable/ [sales/365]. 在這方面，AR是計(jì)算應(yīng)收賬款周轉(zhuǎn)天數(shù)應(yīng)收賬款/ [銷售收入/365]。AR represents the number of days that a firm takes to collect payments from its customer. We calculated the INV as inventories/ [sales/365]. AR代表了企業(yè)應(yīng)收賬款天數(shù)的，我們可以計(jì)算存活周轉(zhuǎn)天數(shù)為存貨/ [銷售收入/365。This variable reflects the average number of days of stock held by a firm這個(gè)變量反映了一個(gè)公司平均持有股票數(shù)天。Longer storage times represent a greater investment in inventory for a particular level of 。AP is calculated by accounts payable/ [cost of sale/365]. This measure indicates the average time firm takes to pay their suppliers. The higher the value, the longer firms take to settle their payment mitments to their suppliersAP的計(jì)算方法，應(yīng)付帳款/[ 銷售成本/365] 。這項(xiàng)措施表明公司的平均時(shí)間需支付其供應(yīng)商，數(shù)值越高，越長(zhǎng)的公司會(huì)解決他們對(duì)供應(yīng)商的付款承諾。 Control variables are introduced as the growth in firm sales and its leverage. 引入控制變量是為了增加企業(yè)的銷售收入和它的杠桿效應(yīng)。Sales growth (SG) is calculated by (Sales 1 – Sales 0 )/Sales 0 .The leverage (DR) measures by debt ratio as calculated by total debt over total （SG）的計(jì)算方法是（銷售1 銷售0）/銷售0。杠桿效應(yīng)（DR）的資產(chǎn)負(fù)債率措施的總債務(wù)超過(guò)總計(jì)算。In addition current ratio (CR) which calculated by current asset over current liability, was included as one of independent ，流動(dòng)比率（CR）的計(jì)算是通過(guò)當(dāng)前總資產(chǎn)除當(dāng)前流動(dòng)資產(chǎn)，The reason is current ratio always been used as measure of corporate liquidity 。 DESCRIPTIVE STATISTICS 4描述統(tǒng)計(jì) Table 2: Eleven Year Means and Standard Deviation for the Variables 表二：11年的均值和標(biāo)準(zhǔn)偏差的變量 變量 變量 經(jīng)濟(jì)部門 經(jīng)濟(jì)部門所有 All 231。 C 警務(wù)處處長(zhǎng) CP 知識(shí)產(chǎn)權(quán) IP 特等 PL 公關(guān) PR 給付 TS 其他投資 OI 意味著 Mean 性病開發(fā)。 Std Dev. CCCS的 CCCS 意味著 Mean 性病開發(fā)。 Std Dev. 華潤(rùn) CR 意味著 Mean 性病開發(fā)。 Std Dev. 何 DR 意味著 Mean 性病開發(fā)。 Std Dev. 法興 SG 意味著 Mean 性病開發(fā)。 Std Dev. Table 2 gives the descriptive statistics for variables that used in this study. 表2是用統(tǒng)計(jì)學(xué)方法描述研究的變量。The average profitability (OI) for the whole sample is % with Trade/Service (TS) sector having the highest profit of % and the lowest is Property (PR) sector with %％，收益率最高的是貿(mào)易/服務(wù)（TS）％，％。 CCCS is cash conversion cycle divide by 100. Sector Plantation (PL) is the lowest CCCS with 67 days and 344 days standard deviation. CCCS的是資金周轉(zhuǎn)周期除以100。林業(yè)（PL）標(biāo)準(zhǔn)差是天最低CCCS的67天，344天。The average of current ratio is and the lowest is sector of Construction (C) with ，最低是建筑業(yè)（C）。Due to the nature of business, sector of Construction and Industrial Product (IP) have more than 35% debt pare to total asset which % and % ，建筑業(yè)及工業(yè)（IP）已超過(guò)35％％％分別On average firms sales growth is % and the least sale growth by firm in sector of Consumer Product (CP) with only 10%.。％和工業(yè)（CP）銷售收入增長(zhǎng)最低只有10%。RESULTS AND ANALYSIS 5結(jié)果與分析 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 . 首先，檢查之間的關(guān)系是現(xiàn)金轉(zhuǎn)換期和堅(jiān)定的盈利能力。接下來(lái)，回歸分析應(yīng)用于集中采樣的6個(gè)經(jīng)濟(jì)部門 。 Correlation Analysis 相關(guān)分析 Spearman39。s Correlation analysis is used to see the relationship between working capital management and profitability. Spearman的相關(guān)分析是用來(lái)看到盈利之間的關(guān)系管理和營(yíng)運(yùn)資金。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 pvalues are listed in ，不要指望一個(gè)可變負(fù)管理和盈利能力之間的關(guān)系措施的營(yíng)運(yùn)資金。表三展示值結(jié)果相關(guān)系數(shù)和P 括號(hào)中列出。The result shows a negative relationship between CCCS and ：1負(fù)和其他投資之間的關(guān)系CCCS的。This me