Empirical Study on Influence Factors of Working Capital and Turnover Ratios

During the pandemic, companies have received various degrees of impact. Therefore, it has a social significance to discuss the influence factors of working capital management, allowing companies to better recover from the financial crisis. This paper compares the sector performances in terms of the working capital during the pandemic crisis first. Then, it analyzes the relationship between the working capital and the leverage ratio, the firm size, the revenue, and the capital expenditure during the whole dataset period and discusses the difference between the effects during the normal period and the pandemic period as well. It also finds the impacts of the same dependent variables on the payables turnover, receivables turnover, and inventory turnover to check the influences on the operation efficiency.