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首页> 外文期刊>Japan and the World Economy >Working capital management during the global financial crisis: Evidence from Japan
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Working capital management during the global financial crisis: Evidence from Japan

机译：全球金融危机期间的营运资本管理：来自日本的证据

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摘要

This paper demonstrates the adjustment speed of firm working capital and the relationships between working capital and firm performance in Japan during the global financial crisis. Using quarterly firm-level data, we find that the adjustment of working capital was weaker during the crisis. Moreover, the negative relationship between excess working capital and firm performance became more significant during the crisis, especially for larger firms. However, this crisis-related working capital-firm performance effect does not appear to persist for very long, because to finance any excess working capital, firms borrow from banks and reduce their internal cash both during and outside periods of crisis.
机译：本文展示了公司营运资金的调整速度以及在全球金融危机期间日本营运资金与企业业绩之间的关系。使用季度坚定的数据，我们发现危机期间营运资金的调整较弱。此外，在危机期间，过度营运资本和公司性能之间的负面关系变得更加重要，特别是对于更大的公司而言更为重要。然而，这种与危机有关的营运资本公司的绩效效果似乎并不持续存在，因为融资了任何过度的营运资金，公司借入银行借款，并在危机期间和外面减少其内部现金。

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