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چرخه تبدیل وجه نقد و عملکرد جاری و آتی: شواهدی از بازار سرمایه ایران

نوع مقاله : مقاله پژوهشی

نویسندگان

1 گروه مدیریت مالی، موسسه آموزش عالی آیندگان، تنکابن، ایران.

2 گروه حسابداری، موسسه آموزش عالی آیندگان، تنکابن، ایران.

3 گروه ریاضی کاربردی، موسسه آموزش عالی آیندگان، تنکابن، ایران.

چکیده

هدف: شرایط اقتصادی در زمان‌های رونق یا رکود آثار متفاوتی بر سرمایه در گردش و عملکرد شرکت­ها دارد. هدف این پژوهش، بررسی ارتباط بین چرخه تبدیل وجه نقد و عملکرد جاری و آتی شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران می‌باشد.
روش‌شناسی پژوهش:  نمونه آماری پژوهش حاضر که متشکل از 113 شرکت، در بازده زمانی 9 ساله از سال 1391- 1399 است. در این پژوهش، برای آزمون فرضیه‌ها از تحلیل رگرسیون چندگانه به روش داده‌های ترکیبی برای تجزیه‌وتحلیل داده‌های آماری استفاده‌شده است. همچنین از معیار سودآوریِ بازده حقوق صاحبان سهام (ROE)، به‌عنوان شاخص عملکرد شرکت‌ها بهره برده شد. در پژوهش حاضر عملکرد در چهار دوره زمانی سال جاری (t)، سال بعد (t+1)، (t+2) و (t+3) مورد مطالعه قرار گرفت.
یافته‌ها: نتایج نشان می‌دهد که طول چرخه تبدیل وجه نقد با سودآوری جاری (t) دارای رابطه منفی و معناداری است؛ در حالی که ارتباطی بین این متغیر و سودآوری آتی (t+1) مثبت بوده است. همچنین نتایج نشان داد بین متغیرهای پژوهش در سال‌های (t+2) و (t+3) رابطه معناداری وجود ندارد. همچنین ارتباط منفی بین طول چرخه تبدیل وجه نقد و سودآوری جاری (t) و آتی (t+1) به‌اندازه شرکت وابسته است؛ درحالی‌که با سودآوری آتی (t+2) و (t+3) ارتباطی یافت نشد.
اصالت/ارزش افزوده علمی: بر اساس نتایج این پژوهش می‌توان بیان داشت توجه به مقوله تبدیل وجه نقد می‌تواند در عملکرد جاری و آتی شرکت‌ها تأثیر بسزایی داشته باشد و شرکت‌ها با سطح بهینه سرمایه در گردش می‌توانند استراتژی‌های عملیاتی مناسب خود را تدوین نمایند.

کلیدواژه‌ها

موضوعات

عنوان مقاله [English]

Cash Conversion Cycle and Current and Future Performance: Evidence from Iran's Capital Market

نویسندگان [English]

  • Vahid Mahdavikho 1
  • Mohsen Imeni 2
  • Seyed Ahmad Edalatpanah 3

1 Department of Financial Management, Ayandegan Institute of Higher Education, Tonekabon, Iran.

2 Department of Accounting, Ayandegan Institute of Higher Education, Tonekabon, Iran.

3 Department of Applied Mathematic, Ayandegan Institute of Higher Education, Tonekabon, Iran.

چکیده [English]

Purpose: Economic conditions in times of boom or recession have different effects on working capital and the performance of companies. The purpose of this research is to investigate the relationship between the cash conversion cycle and the current and future performance of companies listed on the Tehran Stock Exchange.
Methodology: The statistical sample of the present paper, which consists of 113 firms, has a 9-year period from 2012-2020. In this research, to test the hypotheses, multiple regression analysis using the panel data method was used to analyze the data. In addition, the Return On Equity (ROE) profitability measure was used as a performance index of firms. In the present paper, performance was studied in four periods of the current year (t), next year (t+1), (t+2) and (t+3).
Findings: The results show that the length of the cash conversion cycle has a negative and significant relationship with current profitability (t); While the relationship between this variable and future profitability (t+1) has been positive. In addition, the results showed that there is no significant relationship between the research variables in the years (t+2) and (t+3). Also, the negative relationship between the length of the cash conversion cycle and current (t) and future (t+1) profitability is dependent on the size of the company; While no relationship was found with future profitability (t+2) and (t+3).
Originality/Value: Based on the results of this research, it can be said that attention to the issue of cash conversion cycle can have a significant effect on the current and future performance of companies, and companies with an optimal level of working capital can formulate their appropriate operational strategies.

کلیدواژه‌ها [English]

  • Cash conversion cycle
  • Performance
  • Profitability
  • Working capital management
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پژوهش‌های نوین در ارزیابی عملکرد
دوره 1، شماره 2
شهریور 1401
صفحه 80-92
فایل ها
هم رسانی
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