巴基斯坦制造企业营运资本与盈利能力的关系研究
发布时间：2023-08-25 22:22
本文分析了营运资本对巴基斯坦制造企业营运利润的影响。通过采用面板最小二乘估计、面板固定效应和面板广义矩估计法,我们发现营运资本与营运利润之间有着显着的曲线相关性。进一步研究证实了正的营运资本对营运利润有负面影响,负的营运资本对营运利润有正面影响。研究还发现,当把企业分为财务受限和受限程度相对较低时,受财务约束企业的营运资本水平较低,无法进行日常经营活动,营运资本水平低的企业降低了短期融资成本,提高了营运资本对营运利润的正向作用。然而,约束程度较低的企业拥有充足的内部资金和较低的融资成本,它们仍然维持较高的营运资本水平,以增加销售收入。所以营运资本水平越高,利息费用和机会成本越高,营运资本对营运利润的负面影响就越大。本文还研究了现金在营运资本与营业利润之间的调节关系。交互项(WCR*CHR)被用于正的和负的营运资本小组,以分析现金持有对营运资本与营运利润能力关系的影响。交互项(WCR*CHR)对正的营运资本组的营运利润产生负面影响,而在负的营运资本小组中,交互项(WCR*CHR)对营业利润产生了积极影响。交互项(WCR*CHR)在正负营运资本组中的反向影响表明,现金起着调节作用,影响营运...
【文章页数】：123 页
【学位级别】：博士
【文章目录】：
Acknowledgements
摘要
Abstract
1 Introduction
1.1 Study Background
1.2 Importance of Pakistan Manufacturing Sector
1.3 Study Significance
1.4 Research Innovation
1.5 Objectives of the Study
1.6 Research Framework
2 Literature Review
2.1 Approaches of Working Capital
2.1.1 Conservative Approach
2.1.2 Aggressive Approach
2.1.3 Moderate Approach
2.2 Working Capital and Firm Performance
2.3 Cash Holding and Firm Value
2.4 Working Capital and Exports Firms
2.5 Capital Structure and Working Capital
2.6 Working Capital and Financial Constraints
3 Theoretical Framework
3.1 Working Capital
3.2 Working Capital and Financial Constraints
3.3 Cash Holding
3.4 Cash Holding and Financial Constraints
3.5 Firms Exports Performance and Working Capital
4 Data and Methodology
4.1 Sample of Study
4.2 Variables
4.2.1 Definition of variables
4.2.2 Reliability Check of Variables
4.3 Model Design
5 Results and Discussion
5.1 Measuring the Working Capital and Firms' Performance
5.1.1 Descriptive Statistics
5.1.2 Correlation Analysis
5.1.3 Regression Analysis
5.1.4 Robustness Test
5.2 Measuring the Working Capital of Textile Sector
5.2.1 Descriptive Statistics
5.2.2 Correlation Analysis
5.2.3 Results Analysis
5.2.4 Robustness Test
5.3 Working Capital and Financial Constraints
5.3.1 Correlation of Constrained and Less-Constrained Firms
5.3.2 Regression Analysis of Constrained and Less-Constrained Firms
5.3.3 Robustness Test in Constrained and Less Constrained Firms
5.4 Working Capital and Cash Holding
5.4.1 Descriptive Statistics
5.4.2 Investigating the Moderating Role of Cash
5.4.3 Cash Holding in Constrained and Less-Constrained Firms
5.4.4 Robustness Test of Cash Holding in Constrained andLess-Constrained Firms
5.5 Working Capital in the Presence of Exports Performance
5.5.1 Correlation Analysis among the Variables of Exports Firms
5.5.2 Regression Analysis of Exports Firms
5.5.3 Robustness Test of Exports Firms
5.5.4 Positive and Negative Working Capital in Stable Economy
5.5.5 Positive and Negative Working Capital in Less-Stable Economy
5.5.6 Robustness Test of Positive and Negative Working Capital
6 Conclusion
6.1 Research Implication and Future Research
References
作者简历及其在学研究结果
学位论文数据集
本文编号：3843418
【文章页数】：123 页
【学位级别】：博士
【文章目录】：
Acknowledgements
摘要
Abstract
1 Introduction
1.1 Study Background
1.2 Importance of Pakistan Manufacturing Sector
1.3 Study Significance
1.4 Research Innovation
1.5 Objectives of the Study
1.6 Research Framework
2 Literature Review
2.1 Approaches of Working Capital
2.1.1 Conservative Approach
2.1.2 Aggressive Approach
2.1.3 Moderate Approach
2.2 Working Capital and Firm Performance
2.3 Cash Holding and Firm Value
2.4 Working Capital and Exports Firms
2.5 Capital Structure and Working Capital
2.6 Working Capital and Financial Constraints
3 Theoretical Framework
3.1 Working Capital
3.2 Working Capital and Financial Constraints
3.3 Cash Holding
3.4 Cash Holding and Financial Constraints
3.5 Firms Exports Performance and Working Capital
4 Data and Methodology
4.1 Sample of Study
4.2 Variables
4.2.1 Definition of variables
4.2.2 Reliability Check of Variables
4.3 Model Design
5 Results and Discussion
5.1 Measuring the Working Capital and Firms' Performance
5.1.1 Descriptive Statistics
5.1.2 Correlation Analysis
5.1.3 Regression Analysis
5.1.4 Robustness Test
5.2 Measuring the Working Capital of Textile Sector
5.2.1 Descriptive Statistics
5.2.2 Correlation Analysis
5.2.3 Results Analysis
5.2.4 Robustness Test
5.3 Working Capital and Financial Constraints
5.3.1 Correlation of Constrained and Less-Constrained Firms
5.3.2 Regression Analysis of Constrained and Less-Constrained Firms
5.3.3 Robustness Test in Constrained and Less Constrained Firms
5.4 Working Capital and Cash Holding
5.4.1 Descriptive Statistics
5.4.2 Investigating the Moderating Role of Cash
5.4.3 Cash Holding in Constrained and Less-Constrained Firms
5.4.4 Robustness Test of Cash Holding in Constrained andLess-Constrained Firms
5.5 Working Capital in the Presence of Exports Performance
5.5.1 Correlation Analysis among the Variables of Exports Firms
5.5.2 Regression Analysis of Exports Firms
5.5.3 Robustness Test of Exports Firms
5.5.4 Positive and Negative Working Capital in Stable Economy
5.5.5 Positive and Negative Working Capital in Less-Stable Economy
5.5.6 Robustness Test of Positive and Negative Working Capital
6 Conclusion
6.1 Research Implication and Future Research
References
作者简历及其在学研究结果
学位论文数据集
本文编号：3843418
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