مدیریت سرمایه در گردش و سودآوری در ادوار تجاری

اقتصاد پولی مالی

مقاله 8، دوره 24، شماره 13، فروردین 1396، صفحه 181-204   

نوع مقاله: پژوهشی

شناسه دیجیتال (DOI): 10.22067/pm.v24i14.53286

نویسندگان

مریم دولو¹؛ فاطمه بسطامی^{* 2}؛ محمدحسین میرزا علی طهرانی³

¹شهید بهشتی

²دانشگاه البرز

³علامه طباطبایی

چکیده

هدف پژوهش حاضرآزمون تأثیر مدیریت سرمایه در گردش بر سودآوری در ادوار مختلف تجاری (رونق و رکود) است. جهت آزمون رابطه فوق از روش رگرسیون داده‌های تابلویی استفاده می‌گردد. برای این منظور، نمونه‌ای مشتمل بر 251 شرکت پذیرفته شده در بورس اوراق بهادار تهران طی سال‌های 1380 تا 1392 مورد بررسی قرار می‌گیرد. نتایج حاکی از آن است که مادامی که از بازده دارایی‌ها به عنوان سنجه سودآوری استفاده گردد، رابطه سودآوری با دوره پرداخت تعهدات و دوره وصول مطالبات در دوران رونق، معکوس است و با دوره تبدیل وجه نقد و متوسط گردش موجودی کالا دارای رابطه مثبت و معنادار می‌باشد. عکس این روابط در دوران رکود برقرار است. حال آن‌که میان سود ناخالص عملیاتی (معیار دوم سودآوری) با دوره تبدیل وجه نقد، متوسط گردش موجودی کالا و دوره پرداخت تعهدات به تفکیک دوره رونق و رکود رابطه معناداری مشاهده نگردید. سود ناخالص عملیاتی با دوره وصول مطالبات در شرایط رونق دارای رابطه منفی است و عکس رابطه مذکور در شرایط رکود برقرار است. لذا نتایج حاصل از پژوهش تحت تأثیر سنجه سودآوری است. یافته‌های حاصل از این پژوهش در نمونه متغیر و ثابت همواره برقرار است.

کلیدواژه‌ها

سرمایه در گردش؛ ادوار تجاری؛ سودآوری

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