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营运资金管理盈利能力英文文献和翻译 第6页

更新时间:2014-5-12:  来源:毕业论文
Table 4: Regression for Profitability on Cash Conversion Cycle
      Panel A
   
 Dependent
   Intercept
 CCCS
 CR
 DR
 SG
 R 2
 Adj.  R 2

 ALL_OI
 Pooled OLS
 0.0827
 -0.0049
 0.0005
 -0.0504 网上邮局教学内容论文-机房邮件服务器的架设
 0.0021
 0.074
 0.0717

   (0.0000)
 (0.0000)   (0.5588)   (0.0001)   (0.3878)   
  Fixed Effect   0.0715
 -0.0026
 0.0014
 -0.0306
 0.0003
 0.4959   0.4443

   (0.0000)
 (0.0046)   (0.1244)   (0.0012)   (0.9133)   
 Note: The p -value (robust for heteroscedasticity) is given in parentheses
   The regression results are present in Table 4.  The results offer strong evidence of a negative relationship between the cash conversion cycle and firm profitability. The negative regression coefficient for CCCS is highly significant (p-value = 0.000 & 0.0046) for both regression implies that a firm with a relatively shorter period of cash conversion cycle is more profitable. Therefore, reducing the firm's CCC is potential way for the firm to create additional shareholder value.
   For conventional measure of liquidity that current ratio, it positively related to profitability. This relationship that is not consistent to study Shin & Soenon (1998).  However the positive relationship is not significant.  Furthermore, current year profitability is negatively associated with current year's leverage which is measure by debt ratio.  Both of debt ratio coefficients are also exhibit the highly significant with p-value= 0.0001 and 0.0012 respectively.  For the sales growth, evidence is positively related to profitability.  This is consistent with often argument that growth a part of feature for firm profitability and the creation of shareholder value.  But, this argument inappropriate to this study since the positive relationship is not significant at all.
 Analysis for Economic Sector 对我国少年司法制度的反思 
   A significant industry effect subsists on a firm's investment in working capital is well recognized.  One of the reason is due to no single policy is necessary optimal to all firm (Moyer, Mcguigan, & Kretlow, 2003).  To further investigate the impact of working capital management on firm profitability whether different in particular industry, the regression analyses are applied to each economic sector in the sample.
   Table 5 summarizes regression result between working capital management and profitability for each economic sector.  It reveals that all economic sector relationship between CCC and OI is significantly negative except for Industrial Product for both regressions, while Consumer Product and Plantation for fixed effect regression.  No significant between CCC and OI for both regression analysis for Industrial Product may cause by nature of business that depend more on long term assets compare to short term assets that have higher liquidity.

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