تاثیر مدیریت سرمایه در گردش بر کارایی شرکت‌های بورس اوراق بهادار تهران

نوع مقاله: مقاله پژوهشی

نویسندگان

1 مدیریت مالی دانشگاه علامه طباطبایی

2 کارشناسی ارشد دانشگاه علامه طباطبائی

چکیده

اندازه‌گیری کارایی شرکت‌ها به دلیل اهمیت آن در ارزیابی عملکرد همواره موردتوجه پژوهشگران قرار داشته است. در این پژوهش به بررسی رابطه بین برخی سیاست‌های مهم مدیریت سرمایه در گردش با کارایی شرکت‌ها پرداخته‌شده است. ابتدا کارایی شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران در ایران در طی سال‌های ۱۳۹۰-۱۳۹۵ به لحاظ تکنیکی و با استفاده از تحلیل پوششی داده‌ها که یکی از ابزارهای کارآمد است را با رویکرد پنجره‌ای محاسبه کردیم؛ علاوه بر این روند کارایی را نیز به لحاظ افزایش یا کاهش کارایی در شرکت‌ها در طول زمان موردبررسی قرار دادیم. سپس با استفاده رگرسیون گشتاورهای تعمیم‌یافته (GMM) به بررسی تأثیر مدیریت سرمایه در گردش بر کارایی شرکت‌ها پرداختیم و نتایج نشان می‌دهد که دوره وصول مطالبات دارای تأثیر معنی‌دار و منفی بر کارایی است و رشد فروش و نسبت جاری نیز دارای تأثیر معنی‌دار بر کارایی هستند، ضمن اینکه این تأثیر مثبت است.

کلیدواژه‌ها


عنوان مقاله [English]

The Effect of Working Capital Management on the Performance in Tehran Stock Exchange Companies

نویسندگان [English]

  • AmirHossien Erza 1
  • Farnaz Seifi 2
1 Allameh Tabataba'i University Financial Management
2 Master of financial management, Allameh Tabataba'i University
چکیده [English]

The measurement of corporate efficiency has been always noticed by researchers in the evaluation of performance due to its importance. This paper has investigated the relationship between some of important working capital management policies with firm efficiency. Initially, the  efficiency of the listed companies listed in Tehran Stock Exchange (TSE) in Iran during period (2011-16) was calculated using Data Envelop Analysis (DEA) as one of effective tools by taking Window Analysis approach (length of panel: 2, 3, and 4 years), then the efficiency trend in these firms was examined in terms of increase or decrease of efficiency over the time and finally corporate efficiency was identified as well. Besides, the relationship among working capital management and the efficiency of companies was explored with Generalized Method of Moments-GMM. The findings indicate that average collection period negatively affects efficiency at significant level and while the variables of sale growth and current ratios positively affect the firm efficiency

کلیدواژه‌ها [English]

  • Working Capital Management
  • Efficiency
  • Data Envelop Analysis DEA
  • GMM
  • Tehran Stock Exchange TSE
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