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Trends in working capital management and its impact on firms’ performance – An analysis of SMEs

机译：营运资金管理趋势及其对企业绩效的影响-中小企业分析

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This paper aims to explore the relationship between the performance of small and medium enterprises (SMEs) and working capital management. To make the research robust, accounting performance and measures of market related performance have been used to gauge the SMEs performance. This research utilizes secondary data obtained from the Alternative Investment Market concerning SMEs listed in the London Stock Exchange, to investigate the significance of working capital management towards the performance of SMEs. The working capital management components that were used in research are; account payable period APP, average collection period (ACP), return on assets (ROA) and inventory holding period (IHP). The analysis of data involved the use of regression analysis and extensive use of correlation analysis in order to establish the relationship between working capital management and SME performance. The study established that the use of WCM components such as cash conversion cycle, return on assets, cash conversion cycle and inventory holding period have a significant impact on the performance of SMEs. Further, it was established that when SMEs invested heavily in inventories and receivables, they amassed low profits while investment in current assets in relation to total assets lead to elevated profitability. Hence, it was concluded that there is a compelling relationship between WCM and SME performance.
机译：本文旨在探讨中小企业绩效与营运资金管理之间的关系。为了使研究更可靠，已使用会计绩效和市场相关绩效的指标来衡量中小企业的绩效。这项研究利用从另类投资市场获得的有关在伦敦证券交易所上市的中小型企业的二级数据，来研究营运资金管理对中小型企业绩效的重要性。研究中使用的营运资金管理组成部分是：应付帐款期APP，平均收款期（ACP），资产收益率（ROA）和库存持有期（IHP）。数据分析涉及使用回归分析和广泛使用相关性分析，以建立营运资金管理与中小企业绩效之间的关系。该研究确定，使用WCM组件（例如现金转换周期，资产收益率，现金转换周期和存货持有期）对中小型企业的业绩有重大影响。此外，可以确定的是，当中小企业在库存和应收款上进行大量投资时，它们积聚了低利润，而流动资产相对于总资产的投资导致了获利能力的提高。因此，得出的结论是，WCM与中小企业绩效之间存在着令人信服的关系。

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