Chu kỳ chuyển đổi tiền mặt và hiệu quả tài chính: Bằng chứng từ các công ty sản xuất của Bangladesh

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Tác giả: Abu Sadeque Md. Kamruzzaman, Md. Abdullah Al Mamun, Rejaul Karim

Ngôn ngữ: vie

Ký hiệu phân loại:

Thông tin xuất bản: Tạp chí Kinh tế và Ngân hàng châu Á, 2024

Mô tả vật lý: tr.62-79

Bộ sưu tập: Metadata

ID: 458311

Thêm vào giỏ Liên kết toàn văn

Mục đích – Mục đích của nghiên cứu này là xác định chu kỳ chuyển đổi tiền mặt (CCC) ảnh hưởng như thế nào đến hiệu quả tài chính của các công ty sản xuất ở Bangladesh.Thiết kế/phương pháp/cách tiếp cận – Các tác giả đã thu thập dữ liệu của 61 công ty niêm yết trên Sở giao dịch chứng khoán Dhaka (DSE) từ 10 ngành sản xuất riêng biệt của Bangladesh trong 18 năm, từ 2003 đến 2020. Dữ liệu được phân tích thông qua phương pháp mô men tổng quát hệ thống hai bước (GMM). ), mô hình hồi quy, sử dụng các chỉ số sinh lời Tỷ suất lợi nhuận trên tài sản (ROA) và thu nhập trên mỗi cổ phiếu (EPS) làm biến phụ thuộc, trong khi CCC được sử dụng làm biến độc lập, trong khi vòng quay tài sản (ATO) và đòn bẩy tài chính (LEV) được sử dụng làm biến kiểm soát các biến để đánh giá mối quan hệ giữa CCC và hiệu quả tài chính.Những phát hiện mới– Các phát hiện chỉ ra rằng CCC có mối liên hệ tiêu cực với khả năng sinh lời – ROA và EPS, trong đó mối liên hệ giữa CCC và EPS rất có ý nghĩa. Điều này chỉ ra rằng việc giảm thời gian chuyển đổi hàng tồn kho, giảm thời gian thu hồi các khoản phải thu và thanh toán cho các chủ nợ có khả năng bị chậm t gốc có thể giúp các công ty sản xuất của Bangladesh tăng lợi nhuận. Ngoài ra, các đặc điểm riêng của công ty, cụ thể là ATO và LEV ảnh hưởng đáng kể đến lợi nhuận của công ty.Hạn chế nghiên cứu / ý nghĩa – Nghiên cứu chỉ dựa trên các nguồn thứ cấp và thông tin rất khan hiếm. Nghiên cứu này được thực hiện để xác định tác động của CCC đến lợi nhuận doanh nghiệp của lĩnh vực sản xuất. Có thể có nhiều biến số vốn lưu động khác vẫn chưa được khám phá trong nghiên cứu này.Ý nghĩa thực tiễn – Những phát hiện của nghiên cứu hiện tại phù hợp với quy tắc truyền thống rằng việc giảm thiểu số ngày trong chu kỳ tiền mặt của công ty có thể tối ưu hóa hiệu quả tài chính. Kết quả của nghiên cứu này đã bổ sung thêm kiến thức hiện có về chủ đề quản lý vốn lưu động (WCM). Những nỗ lực nghiên cứu trong tương lai có thể được bắt đầu để đánh giá tác động của CCC đến lợi nhuận của công ty trong các lĩnh vực công nghiệp khác hoặc để xác định các biến số vốn lưu động khác có tác động nhiều đến lợi nhuận của công ty.Tính mới / giá trị nguyên bản – Nghiên cứu này là công trình nguyên bản của các nhà nghiên cứu và bổ sung giá trị cho tài liệu hiện tại trong lĩnh vực WCM và khả năng sinh lời của doanh nghiệp. Nghiên cứu này là nghiên cứu đầu tiên bao gồm các công ty thuộc tất cả các ngành sản xuất ở Bangladesh. Các nhà quản lý doanh nghiệp, chủ nợ, nhà đầu tư và các bên liên quan khác sẽ được hưởng lợi từ những phát hiện của nghiên cứu này.Purpose – The purpose of the present study is to determine how the cash conversion cycle (CCC) affects the financial performance of manufacturing companies in Bangladesh.Design/methodology/approach – The authors have collected data of 61 Dhaka Stock Exchange (DSE)-listed firms from the 10 distinct manufacturing industries of Bangladesh for 18 years, from 2003 to 2020. The data have been analyzed through the two-steps system generalized method of moment (GMM) regression model, using profitability indicators return on asset (ROA) and earnings per share (EPS) as dependent variables, while CCC has been used as the independent variable, whereas asset turnover (ATO) and financial leverage (LEV) were used as control variables to assess the relationship between the CCC and financial performance.Findings – The findings indicated that CCC has a negative connection with profitability – ROA and EPS, with the connection between CCC and EPS being highly significant. This indicates that reducing the inventory conversion time, reducing the period of receivable collection and making payments to creditors with potential delays might help Bangladeshi manufacturing firms boost their profitability. In addition, the firm-specific characteristics, namely ATO and LEV significantly affect the firm's profitability.Research limitations/implications – The research was based only on secondary sources and information was scarce. This research was conducted to determine the impact of the CCC on the corporate profitability of the manufacturing sector solely. There might be many other working capital variables that are still unexplored through this study.Practical implications – The current study's findings are consistent with the traditional rule that minimizing the firm's days of the cash cycle may optimize financial performance. The results of this research have added to the existing body of knowledge on the topic of working capital management (WCM). Future research endeavors can be initiated for assessing the impact of the CCC on the firm's profitability in other industrial sectors or to identify other working capital variables that have much impact on corporate profitability.Originality/value – This study is an original work of the researchers and adds value to the current literature in the domain of WCM and corporate profitability. The present study is the first one that covers firms in all the manufacturing industries in Bangladesh. The corporate managers, creditors, investors and other concerned stakeholders will be benefited from the findings of the present study.

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