营运资金管理对企业盈利能力的影响:来自波兰乳制品行业的证据

IF 1.9 4区经济学 Q2 AGRICULTURAL ECONOMICS & POLICY

Agricultural Economics-Zemedelska Ekonomika Pub Date : 2020-06-22 DOI:10.17221/335/2019-AGRICECON

Z. Gołaś

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引用次数: 19

摘要

本文的主要目的是研究牛奶加工企业营运资金管理(WCM)和资产收益率(ROA)之间的因果关系。库存销售天数(DSI)、未完成销售天数(DSO)、未完成应付天数(DPO)和现金转换周期(CCC)被用作WCM指标。该研究基于从新兴市场信息服务(EMIS)数据库中检索的2008-2017年波兰乳制品公司的微观数据。基于面板回归模型的研究表明，扩大DSI和CCC对企业的总资产回报率有不利影响，而扩大DSO和DPO对企业的总资产回报率有有利影响。这种关系主要是中小企业的特点，它们构成了波兰最大的企业群体。

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Impact of working capital management on business profitability: Evidence from the Polish dairy industry

The main purpose of this paper was to examine the causative link between Working Capital Management (WCM) and Return On Assets (ROA) in milk processing companies. Days Sales of Inventory (DSI), Days Sales Outstanding (DSO), Days Payable Outstanding (DPO) and the Cash Conversion Cycle (CCC) were used as WCM metrics. The study was based on micro-data for Polish dairy companies from 2008–2017, retrieved from the Emerging Markets Information Service (EMIS) database. Based on panel regression models, it was demonstrated that extending the DSI and CCC had an adverse effect on ROA, whereas extending the DSO and DPO had a beneficial impact on ROA in dairy companies. Such relationships were mostly characteristic of SMEs which form the largest group of businesses in Poland.

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来源期刊

Agricultural Economics-Zemedelska Ekonomika Agricultural Economics & Policy-

CiteScore

4.30

自引率

4.50%

发文量

审稿时长

30 weeks

期刊介绍： An international peer-reviewed journal published under the auspices of the Czech Academy of Agricultural Sciences and financed by the Ministry of Agriculture of the Czech Republic. Published since 1954 (by 1999 under the title Zemědělská ekonomika).Thematic scope: original scientific papers dealing with agricultural subjects from the sphere of economics, management, informatics, ecology, social economy and sociology. Since 1993 the papers continually treat problems which were published in the journal Sociologie venkova a zemědělství until now. An extensive scope of subjects in fact covers the whole of agribusiness, that means economic relations of suppliers and producers of inputs for agriculture and food industry, problems from the aspects of social economy and rural sociology and finally the economics of the population nutrition. Papers are published in English.