How does working capital management impact the performance, the investment, and the risk?
| Autor: | Yi-Ting Chen, 陳翊婷 |
|---|---|
| Rok vydání: | 2017 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 105 This study includes 5,582 annual data of the listed and OTC enterprises in Taiwan from 2002 to 2015. To see the impact of working capital management on business performance, investment and risk, and by increasing or decreasing working capital whether the impact on the investment could become a channel, and converge working capital to an optimal level. In conclusion of this study, the empirical results show that operating performance(ROA), tangible investment(Change in CAPEX), intangible investment(RD), stock volatility(Risk), and sales volatility(SALEV) are quite influential to enterprises. While there is no obviously effective way to translate working capital management into a channel to promotes business performance and achieve an optimal level, but the results emphasize that if an enterprise allocates working capital resources adequately, it may improve corporate performance, investment and risk. This study implies that the manager should avoid that enterprises hold too much cash in the working capital, and set the best working capital level as the target, so that effective working capital management could create the best interests for shareholders. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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