臺灣博碩士論文加值系統

Working capital management plays an important role in firm performance, which in
turn decides long-run growth of a business. The management of working capital is
involved with managing current assets and current liabilities in order to maintain an
optimal level of working capital. Earlier studies have found the significant impact of
working capital management on firm performance and recommended solutions for
enterprises. This study aims to investigate how working capital would impact on firm
performance, i.e., the relationship between the components of working capital
management and firm performance with the Vietnamese listed companies as a sample.
The measured variables of working capital are working capital cycle, inventory turnover,
account receivables turnover, operating cycle, quick ratio, and net working capital ratio.
The firm performance was indicated in terms of firm value by natural logarithm of stock
price, Tobin’s q, and firm profitability by return on total assets, return on equity, net
profit margin. The method of panel data analysis is applied to empirically examine the
data of 197 firms for a period of 2007-2011. The results reveal the significant negative
association between operating cycle and firm performance; it is also shown that high
investment in inventories and receivables may result in lower performance, and more
investment in net working capital may lead to better performance. The findings indicate that working capital management has a strong impact on firm performance. Our study
suggests firm managers to increase liquidity to a proper level, change capital structure to
lower leverage level, and keep inventory turnover period shorter in order to improve firm
performance

Chapter 1 ................................................................................................................................. 1
Introduction .............................................................................................................................. 1
1.1 Research background and motivation........................................................................... 1
1.1.1 Working capital management ................................................................................. 1
1.1.2 Working capital management approach ................................................................ 2
1.1.3 Research motivation ................................................................................................ 3
1.2 Research objectives ....................................................................................................... 4
1.3 Research structure .......................................................................................................... 4
Chapter 2 ................................................................................................................................. 6
Literature Review .................................................................................................................... 6
2.1 Theoretical foundation ................................................................................................... 6
2.1.1 Components of working capital management ....................................................... 6
2.2 The literature reviews of empirical studies ................................................................ 12
2.2 .1Corporate liquidity and firm performance ........................................................... 12
2.2.2 Working capital management and firm performance ......................................... 14
Chapter 3 ............................................................................................................................... 21
Research Methodology .......................................................................................................... 21
3.1 Research scheme .......................................................................................................... 21
3.2 Variables ....................................................................................................................... 22
3.3 Explanatory variables .................................................................................................. 24
3.4 Control variables .......................................................................................................... 25
3.5 Sample and data collection .......................................................................................... 26
3.6 Hypotheses ................................................................................................................... 27
3.7 Research approaches .................................................................................................... 30
3.7.1 Definition of panel data ........................................................................................ 30
3.7.2 The advantages of panel data ............................................................................... 30
3.7.3 Two models in panel data ..................................................................................... 31
3.7.4 Research models .................................................................................................... 32
Chapter 4 ............................................................................................................................... 34
Research Results .................................................................................................................... 34
4.1 Descriptive statistics .................................................................................................... 34
4.2 Analysis of Correlation and Multicollinearity ........................................................... 37
4.3 Hausman test ................................................................................................................ 39
4.3.1 Hausman test for model 1. .................................................................................... 40
4.3.2 Hausman test for model 2 ..................................................................................... 40
4.3.3 Hausman test for model 3 ..................................................................................... 41
4.3.4 Hausman test for model 4 ..................................................................................... 42
4.3.5 Hausman test for model 5 ..................................................................................... 42
4.4 Regression analysis ...................................................................................................... 43
4.4.1 Results for model 1 ............................................................................................... 43
4.4.2 Results for model 2 ............................................................................................... 47
4.4.3 Results for model 3 ............................................................................................... 49
4.4.4 Results for model 4 ............................................................................................... 51
4.4.5 Results for model 5 ............................................................................................... 52
4.5 Fixed effect testing....................................................................................................... 54
4.5.1 Fixed effect testing for model 1 ........................................................................... 54
4.5.2 Fixed effect testing for model 2 ........................................................................... 56
4.5.3 Fixed effect testing for model 3 ........................................................................... 57
4.5.4 Fixed effect testing for model 4 ........................................................................... 57
4.5.5 Fixed effect testing for model 5 ........................................................................... 59
4.6 Summary ...................................................................................................................... 61
Chapter 5 ............................................................................................................................... 62
Conclusions and Suggestions ................................................................................................ 62
5.1 Conclusion .................................................................................................................... 62
5.2 Managerial Implications .............................................................................................. 64
5.3 Research limitations and future research directions .................................................. 65
References .............................................................................................................................. 67

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