关于现金转换周期关系的英语论文范文 [8]
论文作者:英语论文论文属性:作业 Assignment登出时间:2014-10-23编辑:yangcheng点击率:8798
论文字数:5088论文编号:org201409172303477225语种:英语 English地区:马来西亚价格:免费论文
关键词:cash conversion cycle现金转换周期非股票上市公司留学生作业
摘要:本文是一篇现金转换周期的关系的留学生论文,本文探讨了现金转移周期与公司的位于卡拉奇证券交易市场的四个特定制造部门,叫做汽车和零部件,水泥,化工,和食物生产的关系。因此,这个结果对于非股票上市公司来说,不是可实现的,但是对于CCC公司工业部门的总天数来说却是现存且有效的基准参数。
f Cement and Food Industry for the years 2006 to 2010 used in this study had been taken from secondary sources. The necessary secondary data have been collected from the financial statements published in the Annual Reports and financial statements were downloaded from the companies' official websites.
Variables
The CCC length is measured by calculating accounts receivable, inventory and accounts payable. Firm size is measured in terms of values of total assets and total sales. Profitability is measured in terms of return on assets and return on equity.
Data Analysis
One-Way ANOVA analysis is to be conducted to investigate significant difference among industries in terms of length of CCC.
Pearson correlation analysis is envisaged to demonstrate the relationship of CCC with the firm size and profitability of the firm.
5 . Analysis of findings
Analysis of Means
The lowest mean value of the CCC is found in the cement industry, with an average of -52.38 days, and the highest mean value of the CCC is found in the Automobiles industry, with an average of 73.72 days.
Means for groups in homogeneous subsets are displayed.
Uses Harmonic Mean Sample Size = 34.940.
The group sizes are unequal. The harmonic mean of the group sizes is used. Type I error levels are not guaranteed.
Correlation analysis
CCC and Firm size Correlation
To analyze the association among the different variables of interest relating to the working capital management, Pearson correlation analysis was conducted (see Table 4). There is a significant negative correlation between the CCC and the firm size in terms of total assets (-0.415). This means the larger the firm size, the shorter is the CCC turnover period in terms of days. As it is common finding that the smaller firms are usually confronted with the problems in the areas of WC management and the liquidity management. The smaller firms may well be cautioned to manage their inventory and receivable turnover in terms of days.
Interestingly, here appears a significant positive relationship between the length of CCC and the profitability of firms in terms of return on total assets giving a strong indication to the firm managers/owners that longer the CCC turnover in days, lesser capital will be deployed in current assets and eventually there will be more capital investment leading towards a higher profitability of the firm. This rationale is also supported by the concept of optimum liquidity position promulgated by Schilling (1996). The cash conversion cycle in terms of days and profitability in terms of return on equity appears to be negatively correlated with the firm's profitability (-0.131) revealing and supporting the previous research finding that the companies with shorter CCC turnover days are more profitable than the firms with longer CCC. This might be due to the fact that the firms having more investment blocked in current assets may have to resort to the alternate, but rather costly external sources of financing. So it appears that the firms which are not efficient in managing their working assets and the crucially important liquid assets are facing the high cost of financing as a result of which their profitability is decreased.
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