营运资本效率对企业综合财务绩效的影响:来自印度的证据

IF 3.6 Q2 MANAGEMENT
Shiv Shankar Kumar, Kumar Sanjay Sawarni, Subrata Roy, Naresh G
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引用次数: 0

摘要

目的 本文旨在研究营运资本效率(WCE)及其组成部分对印度样本公司综合财务绩效的影响。利用 K-Means 聚类技术,根据样本公司的盈利能力、流动性、偿付能力、现金流管理以及财务和运营杠杆,将样本公司划分为综合财务绩效高的公司(HCFP)和综合财务绩效低的公司(LCFP)。综合财务绩效得分(CFPS)为 1 的公司为 HCFP,为 0 的公司为 LCFP。我们使用具有固定效应的逻辑回归模型来估计现金转换周期(CCC)及其组成部分,即存货天数、应收账款天数和应付账款天数,在存在增长、杠杆、公司规模和年龄等控制变量的情况下对 CFPS 的影响。研究局限性/影响研究结果基于从印度非金融上市公司中抽取的样本。实际意义本研究的结论对行业从业者具有重要价值,因为它们为确定营运资本的最佳资金分配以及制定有效管理库存水平、赊销和供应商付款的战略提供了指导,从而提高了公司的整体价值。本研究旨在通过识别综合财务表现优异的公司,帮助投资者构建投资组合。社会意义我们的研究结果将有助于企业改进其 WCM 战略,以提高其整体价值,其意义在经济低迷时期会成倍增加。通过有效管理营运资本而表现出色的商业公司会对整个经济和社会产生乘数效应,具体表现在对国内生产总值的贡献、劳动收入、向政府纳税、资本资产投资以及向供应商付款等方面。采用单一参数的局限性在于无法呈现企业的综合绩效评估。本研究是最早关注整体评估营运资本对公司综合绩效影响的研究之一。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Influence of working capital efficiency on firm’s composite financial performance: evidence from India

Purpose

The objective of this paper is to investigate the effect of working capital efficiency (WCE) and its components on the composite financial performance of a sample of Indian firms.

Design/methodology/approach

Our sample includes 796 non-financial listed firms from 2015–16 to 2021–22. Sample firms’ profitability, liquidity, solvency, cash flow management, and financial and operational leverage have been used to classify them into companies with high composite financial performance (HCFP) and with low composite financial performance (LCFP) by using K-Means Clustering technique. A composite financial performance score (CFPS) of 1 has been assigned to HCFP and 0 to LCFP. We have used logistic regression models with fixed effect to estimate the effect of cash conversion cycle (CCC) and its components, i.e. inventory days, accounts receivable days and accounts payable days on CFPS in the presence of control variables such as growth, leverage, firm size, and age.

Findings

The study finds that CCC and inventory days are inversely associated with CFPS. This finding shows that the firms’ WCE leads to superior financial performance on a composite basis.

Research limitations/implications

The research findings are based on samples drawn from the population of the listed Indian non-financial companies. Since the operation, financial practices, working capital policies, and management styles of firms vary greatly among nations, the results of this study should be extended to firms in other countries after taking into account the degree of resemblance to the sample firms.

Practical implications

The findings of this study hold significant value for industry practitioners, as they provide guidance in determining the optimal allocation of funds for working capital and devising strategies for effectively managing inventory levels, credit sales, and vendor payments in order to increase the overall value of the company. This study aims to help investors in building their investment portfolios by identifying companies with superior composite financial performance. Investors can enhance the construction of their investment portfolios by strategically selecting companies that demonstrate superior overall performance.

Social implications

The results of our study will help companies improve their WCM strategies to enhance their overall value, and their significance increases manifold during economic downturns. Business firms that perform well by efficiently managing their working capital have a multiplier effect on the economy and society at large in the form of GDP contribution, labor income, taxes to the government, investment in capital assets, and payments to suppliers.

Originality/value

To understand the impact of WCE on firms’ performance, the extant working capital literature focuses on some specific characteristics such as profitability, valuation, solvency, and liquidity. The limitation of employing a single parameter is its inability to present the comprehensive performance evaluation of firms. This study is among the earliest studies that focus on the holistic evaluation of WCE's impact on the composite performance of a company.

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来源期刊
CiteScore
7.90
自引率
9.70%
发文量
87
期刊介绍: ■Organisational design and methods ■Performance management ■Performance measurement tools and techniques ■Process analysis, engineering and re-engineering ■Quality and business excellence management Articles can address these topics theoretically or empirically through either a descriptive or critical approach. The co-Editors support articles that significantly bring new knowledge to the area both for academics and practitioners. The material for publication in IJPPM should be written in a manner which makes it accessible to its entire wide-ranging readership. Submissions of highly technical or mathematically-oriented papers are discouraged.
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