【正文】 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。F39。t39。謝謝你們！ Appendix： Working Capital Management Impact of Profitability 1 The importance of working capital management Working capital management is very vital aspect in financial management of a business. A firm can be very profitable, but if this is not rendered into cash from operations within the same operating cycle, the firm would need to borrow to support its continued working capital needs. For this study various statistical tools such as correlation and multiple regressions lire used. The study es to conclusion that the increase in the profitability of the pany is less than the proportion to decrease in working capital. While the performance levels of business anization have traditionally been attributed to general managerial factors such as manufacturing, marketing and operations, working capital management may have a consequent impact on survival and growth of business anization. The management of working capital is important to the financial health of businesses of all sizes. The amounts invested in working capital are often high in proportion to the total assets employed and so it is vital that these amounts are used in an efficient and effective way. Therefore, there must be a tradeoff between these two objectives of the firms. One objective should not be at cost of the other because both have their importance. If we do not care about profit, we cannot survive for a longer period. On the other hand, if we do not care about liquidity, we may face the problem of insolvency or bankruptcy. For these reasons working capital management should be given proper consideration and will ultimately affect the profitability of the firm. This discussion of the importance of working capital management, its different ponents and its effects on profitability leads us to the problem statement which we will be analyzing. This research 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。教會(huì)我如何承受壓力和成長的更 快，更快的適應(yīng)工作適應(yīng)社會(huì)。 在這里還要感謝實(shí)習(xí)公司的現(xiàn)場指導(dǎo)老師們 ,教導(dǎo)我理論到實(shí)際的過渡，教會(huì)我工作里的點(diǎn)點(diǎn)滴滴。感謝您付出的每分每秒，學(xué)生在今后一定記得您給予我的思想和學(xué)習(xí)還有生活上的教育，認(rèn)認(rèn)真真的過好每一天。 ，我為她的工作熱情和認(rèn)真負(fù)責(zé)所折服，為她的不辭辛苦而感動(dòng)。誠摯的祝愿每一位恩師工作順心， 天天都有個(gè)好心情，生活幸?？鞓?。是你們的不辭辛勞，灌輸給我將來生活的技能。在的點(diǎn)點(diǎn)滴滴都成了感動(dòng)的因子，讓我舍不得離開這美麗的校園。 28 參考文獻(xiàn)： [1] W. D. Knight, 1972. Working Capital Management: Satisfying versus Optimization, Financial Management [J]. 1972, P3340. [2] Keith V. Smith, 1973. State of the Art of Working Capital Management, Financial Management [J]. [3]John J. Hampton amp。因此企業(yè)應(yīng)加大內(nèi)審力度，審計(jì)機(jī)構(gòu)的設(shè)置應(yīng)保證其獨(dú)立性和權(quán)威性，內(nèi)審的重點(diǎn)應(yīng)轉(zhuǎn)向內(nèi)部 27 控制制度的測試和監(jiān)督，這樣才能保證內(nèi)部控制的有效執(zhí)行。企業(yè)缺乏相應(yīng)的控制政策及控制程序，或者執(zhí)行力度不夠，這些政策與程序主要指崗位分離、授權(quán)審批、文件記錄、預(yù)算控制、實(shí)物保全等。營運(yùn)資金的管理伴隨著企業(yè)的興衰，所以應(yīng)給予更廣泛的關(guān)注。同時(shí)要處理好與往來客戶的關(guān)系以及進(jìn)行信息評(píng)析，通過利用現(xiàn)