现金转换周期对盈利能力的影响——对泰国农业和食品行业的洞察

IF 0.8 Q4 BUSINESS, FINANCE

Asian Journal of Business and Accounting Pub Date : 2018-06-28 DOI:10.22452/AJBA.VOL11NO1.4

Nguyen Thi Phuong Linh, Sundaresan Mohanlingam

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引用次数: 18

摘要

手稿类型：研究论文。研究目的：本研究调查了泰国农业和食品行业的现金转换周期与盈利能力之间的关系。它特别旨在考察生产周期、现金回收周期和现金支付周期对盈利能力的影响。此外，它还旨在衡量规模和债务比率等控制变量对盈利能力的影响。设计/方法/方法：本研究分析了2009年至2013年泰国证券交易所34家农业和食品行业上市公司的数据。采用Pearson相关和回归分析方法检验了现金转换周期与盈利能力之间的关系。研究结果表明，泰国农业和食品企业的现金转换周期与盈利能力呈显著的负相关。此外，生产周期和负债率与资产回报率呈显著负相关，而支付周期和规模与净资产回报率呈正相关。现金回收周期与盈利能力之间没有显著关系。理论贡献/原创性：本研究扩展了现金转换周期的理论概念及其对盈利能力的影响。尽管对制造业企业和工业中小企业进行了研究，但没有对泰国的农业和食品行业进行研究。从业者/政策影响：从调查结果中获得的见解可用于改善营运资本决策，并为泰国农业和食品行业的管理提供政策指导。这项研究尤其重要，因为它涉及易腐商品，时间对库存、收款和付款周期管理至关重要，因为这些因素会对公司的盈利能力产生后续影响。研究限制：由于获取公司年度报告的机会有限，本研究仅限于泰国的34家上市公司，为期五年。此外，一些年度报告只有泰语版本，这妨碍了对本研究数据的解释。因此，未来的研究应该通过研究相同的关系来调查东盟其他国家的农业和食品工业，以便进行比较。关键词：现金转换周期，生产周期，现金回收周期，支付周期，盈利能力，营运资金管理。JEL分类：M41，L25，Z12

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The Effects of Cash Conversion Cycle on Profitability: An Insight into the Agriculture and Food Industries in Thailand

Manuscript type: Research paper. Research aims: This study investigates the relationship between cash conversion cycle and profitability that exists in the agriculture and food industries in Thailand. It specifically aims to examine the influence of production cycle, cash collection cycle, and cash payment cycle on profitability. In addition, it also aims to measure the influence of control variables such as size and debt ratios have on profitability. Design/ Methodology/ Approach: This study analysed the data of 34 listed companies in agriculture and food industry in the Stock Exchange of Thailand from 2009 to 2013. Pearson’s correlation and the regression analysis approach were used to examine the relationship between cash conversion cycle and profitability. Research findings: The results indicate that cash conversion cycle (CCC) has a significant inverse relationship with profitability in the agriculture and food companies in Thailand. Further, production cycle and debt ratio were found to have a significant negative relationship with return on assets (ROA) while payment cycle and size have a positive relationship with return on equity (ROE). No significant relationship was found between cash collection cycle and profitability. Theoretical contributions/ Originality: This study expands on the theoretical concepts of cash conversion cycle and its effects on profitability. Although studies have been done on manufacturing firms and industrial SMEs, no study has focused on the agriculture and food industries in Thailand. Practitioner/ Policy implications: Insights gained from the findings can be used to improve working capital decisions and to provide policy directions in the management of agriculture and food industries in Thailand. This study is especially significant as it deals with perishable goods where time is of vital importance for the inventory, collection and payment cycle management since these factors have subsequent influence on firm profitability.Research limitation: This study is limited to 34 listed firms in Thailand and for a period of five years due to the limited access to the annual reports of firms. In addition, some annual reports were only available in the Thai language which hindered the interpretation of data for the current study. Therefore, future studies should investigate the agriculture and food industries of other ASEAN countries by studying the same relationship for comparison. Keywords: Cash Conversion Cycle, Production Cycle, Cash Collection Cycle, Payment Cycle, Profitability, Working Capital Management.JEL Classification: M41, L25, Z12

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来源期刊

Asian Journal of Business and Accounting BUSINESS, FINANCE-

CiteScore

2.00

自引率

11.10%

发文量

期刊介绍： An academic journal that aims to advance knowledge in the business and accounting disciplines, to narrow the gap between theory and practice, and to set direction for policy initiatives in Asia. Welcome to the Asian Journal of Business and Accounting (AJBA). AJBA is an international refereed journal, published biannually (30th June and 30th December) by the Faculty of Business and Accountancy, University of Malaya, Malaysia. AJBA aims to publish scholarly business researches that are relevant to Malaysia and the Asian region. It intends to highlight the practical implications in promoting better business decision making process and the formulation of public policy in Asia. This journal publishes theoretical, conceptual, and empirical papers within the broad areas of business and accounting in Asia. The AJBA covers a broad spectrum of the business and accounting disciplines. A suggestive (though not necessarily comprehensive) list of areas that would be included in this journal are: general management, strategic management, human resource management, organizational behaviour, labour and industrial relations, international business management, business communication, entrepreneurship, leadership, management science, operations management, production management, supply chain management, marketing management, brand management, consumer behaviour, information management, e-marketing, e-commerce, quality management, retailing, service marketing, hospitality management, hotel and tourism management, asset pricing, capital and money markets, corporate finance, derivatives markets, finance and banking, financial economics, etc.