【導(dǎo)讀】到企業(yè)的生死存亡。本文在研究總結(jié)前人研究成果的基礎(chǔ)上，著重探討基。節(jié)來(lái)分析煤炭企業(yè)如何進(jìn)行營(yíng)運(yùn)資金管理。制中存在的問(wèn)題，并結(jié)合該企業(yè)生產(chǎn)經(jīng)營(yíng)的特點(diǎn)，提出具體的改進(jìn)措施，使該銷售和收款流程得到科學(xué)、合理的控制和運(yùn)行。運(yùn)資金的管理研究當(dāng)中去,推動(dòng)營(yíng)運(yùn)資金管理理論和方法體系的創(chuàng)新。

　　

【正文】 esearch is focusing on 32 working capital management and its effects on profitability. 2 The study of working capital management Objectives of the Study The main objectives are: ? To establish a relationship between Working Capital Management and Profitability over a period of five years from 202006 to 202010. ? To find out the effects of different ponents of working capital management on profitability. ? To Study a relationship between the objectives of liquidity and profitability of the Bharat Petroleum Corporation Ltd. ? To draw conclusion about relationship of working capital management and profitability of Bharat Petroleum Corporation Ltd. ? To ascertain the working capital leverage (WCL) for examining the sensitivity of ROI to changes in the level of working capital of the pany. Data Source: The study is mainly based on secondary sources of information. The required data have been collected from published Annual Reports of the BPCL. And also from the published Annual Reports of the Public Enterprise Survey by the Ministry of Petroleum, Govt. of India over the period of five years . 202006 to 202010. For collecting relevant data for the purpose of conducting this study inter surfing has also been made for obtaining the requisite and latest information. Editing, classification and tabulation of the financial data collected from the above mentioned sources have been done as per requirement of the study. Methodology of Study For the analysis of data some important ratios relating to working capital management and the ratios which are significant to measures of profitability 33 have been calculated on the basis of data available of the Bharat Petroleum Corporation Ltd. (BPCL). The ratios which have been applied for highlighting the efficiency of working capital management are Current Ratio (CR). Quick Ratio (QR), Current Assets to Total Assets Ratio (CATAR), Current Assets to Sales Ratio (CASR), Working Capital Turnover Ratio (WCTR), Inventory Turnover Ratio (ITR). Debtors Turnover Ratio (DTR) and Cash Turnover Ratio (CTR) and the measure of profitability which has been selected is Return on Investment (ROI). For measuring the degree of relationship between the working capital management and the profitability Pearson39。s simple correlation coefficient have been applied taking into account their degree. For judging the joint influence of the selected measures relating to working capital management on the profitability, multiple correlation analysis has been applied. In order to assess the joint effect of the selected measures of working capital management on the profitability, multiple regression analysis has been used. Further to examine whether the puted values of correlation coefficients, partial regression coefficients are statistically significant or not, 39。t39。 test has been used and whether the multiple correlation coefficient (R) is statistically significant or not. 39。F39。 test has been used. In addition to this, to judge the effectiveness or the reliability of this relationship the multiple coefficient of determination (denoted by R2) has been used and it is defined as the ratio of explained variation to the total variation of the dependent variable (ROI). For measuring the sensitivity of ROI to changes in the level of working capital, working capital leverage (WCL) has been puted. Findings of the Study Analysis of Correlation between the selected ratios relating to Working Capital Management and the measure of Profitability: an attempt has been made to measure the impact of working capital on profitability by puting Karl Pearson39。s correlation coefficients between ROI and the selected measures 34 relating to the working capital management. Table I shows that the correlation coefficient between ROI and CR is () 0,34 which indicates “tbat” there is a negative association between the profitability and the current ratio of the pany and the correlation coefficient is found to be statistically significant both at five percent and one percent levels respectively. This significant correlation coefficient implies that there is significant association between ROI and CR of the pany during the study period. It is observed from the correlation coefficient between ROI and LR during the period under study is negative and is calculated at () which is found to be statistically significant both at five percent and one percent levels respectively. It also reveals that there is a negative relationship between the ROI and QR. It is evident from these two ratios that the higher the pany39。s margin of safety to the “shortterm” creditors, the lower is the profitability of the pany. 3 Conclusions of study Focus on channel management, working capital management model is to establish a cooperative relationship with channel partners, and strive to improve working capital management enterprises throughout the channels, and strive to achieve winwin even win. By analyzing the Qingdao Haier Representative practices and experiences on working capital management, we can at this stage the working capital of the appliance industry listed panies pipe. Management draws the following conclusions: The working capital management should focus on channel management Based on channel management, working capital management model to study sale of the entire channel. Household electrical appliance enterprises in the daytoday operations should focus on training and development of channel relationships, channel relationships will inevitably accelerate the turnover of working capital. Appliance manufacturers in order to longterm development 35 should focus on channel management, the establishment of strategic partnerships with suppliers, manage all aspects of the production process, select the favorable marketin