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现金转换周期的关系

本文探讨了现金转移周期与位于卡拉奇证券交易市场公司的关系，这个公司有四个特定制造部门：汽车和零部件，水泥，化工，食物生产。因此，这个结果对于非股票上市公司来说，是不可实现的，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。数据是从从所有公司的相关部门的年度报告中得到的，从2006年到2010年一共有143个公司中抽取了31份样本公司，集合起来。这份数据测试被用来进行理论性调查，我们发现单因素方差分析和皮尔森相关分析。CCC长度的最低平均值是汽车行业，平均天数是73.72天。正如预期的CCC和公司的总资产规模存在显著的负相关关系，它显示出了CCC和盈利之间的关系，分别在-0.415和-0.131总资产价值的负相关关系。本文是研究了发展中国家开展的主题，且也在土耳其进行中。第二点，本文陈述了企业的行业标准来评估他们的CCC性能。本文包含了几方面的含义，且它应该对于行业，学者和分析家来说来说非常有利可图的。因为它描述了被挑选部门的资金管理绩效且研究成果能有助于在相关部门设置一些有用的基准参照。

Relationship of cash conversion cycle

This study examines the relationship of cash conversion cycle with the size and profitability of the firms in the four specific manufacturing sectors listed at Karachi Stock Exchange named Automobile and Parts, Cement, Chemical, and Food Producers Hence, the results are not generaliseable to non-listed companies but do present valid benchmarks of CCC turnover days for firms in the industrial sectors studied. The data is gathered from the annual reports of 31 sampled firms out of the total firms in the related sectors i.e. 143 covering the period of 2006-2010. The statistical tests which were used in the study for empirical investigation are One-Way ANOVA and Pearson correlation analysis. The lowest mean value of the CCC length 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. As was expected there is a significant negative correlation between the CCC and the firm size in terms of total assets, and appears a negative correlation between CCC and profitability in terms of return on total assets with the values of -0.415 and -0.131 respectively. The paper is one of the rare studies about the subject conducted in developing countries, and also in Turkey. Secondly, the paper presents industry benchmarks to the firms to evaluate their CCC performance. The study has several implications and is supposed to be very beneficial for the industries, academics and analysts, as it describes the cash management performance of the selected sectors and its findings can help in setting some useful benchmarks in the related sectors.

1. Introduction

Working capital management (WCM) and liquidity management hold a significant position among the financial decisions because these affect the firm's profitability, risk and its market value. Researchers have studied working capital management in different areas and in different ways, as several studies have been conducted on the relationships among the inventory management, account receivables, accounts payable and the cash conversion cycle. Cash conversion cycle ( CCC ) have three main components receivable conversion period, payment deferral period and the inventory conversion period. The firms always attempt to works to seek the most suitable combination of these variables so that the firm's liquidity is kept intact as well as the firm's profitability is also ensured at its optimal level. The CCC length relates to the number of days the cash resources are tied up in the working capital components. A larger CCC turnover definitely results in the unprofitable use of the firm's resources and eventually it can hurt the firm's profitability. The firms usually set appropriate policies of collection and discounts of the accounts receiva本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。