تأثیر مدیریت سرمایه در گردش بر سودآوری شرکت‌ها در چرخه‌های تجاری مختلف

نوع مقاله : علمی - پژوهشی

نویسندگان

1 * استادیار دانشکده مدیریت و اقتصاد، دانشگاه تربیت مدرس (نویسنده مسئول).

2 کارشناس ارشد حسابداری دانشکده مدیریت و اقتصاد، دانشگاه تربیت مدرس

چکیده

     بحران‌های اقتصادی اخیر (2007 تا 2008)، تمرکز بر مدیریت سرمایه در گردش را در همه شرکت‌های دنیا، مورد توجه قرار داد. با توجه به اهمیت چرخه‌های تجاری بر وضعیت سرمایه در گردش شرکت‌ها، در این پژوهش به­بررسی نقش چرخه‌های تجاری بر رابطه بین مدیریت سرمایه در گردش و سودآوری پرداخته شده است. در این پژوهش از دو معیار بازده دارایی‌ها و سود ناخالص عملیاتی برای سنجش سودآوری استفاده شده است و تعداد 200 شرکت در دوره زمانی 1391-1380 به­عنوان نمونه آماری انتخاب شدند که در مجموع تعداد 2218 سال- شرکت را ایجاد می‌کردند. یافته‌های پژوهش حاکی از این است که تأثیر چرخه‌های تجاری بر رابطه بین سرمایه در گردش و سودآوری در شرایط رونق اقتصادی، برجسته‌تر از شرایط رکود اقتصادی است. به­علاوه، نتایج نشان می­دهد اهمیت مدیریت چرخه تبدیل وجه نقد و دوره وصول مطالبات در شرایط رونق اقتصادی افزایش می‌یابد؛ همچنین مدیریت کارای موجودی کالا و دوره پرداخت حساب‌های پرداختنی در شرایط رونق اقتصادی کاهش می‌یابد. به­طورکلی، نتایج نشان می­دهد مدیریت سرمایه در گردش امری ضروری و حیاتی برای شرکت‌ها است؛ بنابراین شرکت‌ها باید آن را در برنامه‌های تأمین مالی خود مدنظر قرار دهند.  

کلیدواژه‌ها

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چشم انداز مدیریت مالی
دوره 6، شماره 13 - شماره پیاپی 13
اردیبهشت 1395
صفحه 93-116

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