Влияние оборотного капитала на результаты деятельности компании: данные по Индии
https://doi.org/10.26794/2587-5671-2025-29-2-71-82
Аннотация
Предметом данного исследования является эмпирическое изучение взаимосвязи между оборотным капиталом и эффективностью деятельности фирмы в Индии. Цель исследования - проверить влияние оптимального оборотного капитала на рыночную стоимость и прибыльность фирмы. Методология: для изучения влияния оборотного капитала на показатели деятельности фирмы, измеряемые как рентабельность инвестированного капитала и отношение стоимости предприятия к объему продаж, используется обобщенный метод движения. Результаты свидетельствуют о наличии U-образной зависимости между RoCE и компонентом оборотного капитала. Напротив, коэффициент оборачиваемости запасов имеет перевернутую U-образную зависимость с рыночной стоимостью компании. Исследование позволяет сделать вывод, что строгий учет запасов увеличивает стоимость на начальном этапе, но строгий контроль над запасами снижает рыночную стоимость. Результаты исследования подтверждают оптимальный уровень запасов для повышения эффективности деятельности фирмы как с точки зрения бухгалтерского учета, так и с точки зрения рыночной стоимости.
Ключевые слова
метод GMM,
оборотный капитал,
нелинейная зависимость,
отношение стоимости предприятия к объему продаж
JEL: B26, G30, G31, G32
Об авторах
C. Муруганандан
Университет мира доктора Вишванатха Карада МИТ
Индия
Конфликт интересов:
Индия
Сиванмалаяппан Муруганандан — PhD, доцент, Школа бизнеса
Конфликт интересов:
Пуна, Махараштра
Т. С. Ракеш
Колледж GSSS SSFG
Индия
Индия
Тирумакудлу Шрикантамурти Ракеш — PhD, магистр экономики, директор
Майсур, штат Карнатака
М. Дхарани
Индийский институт менеджмента Тиручираппалли
Индия
Индия
Мунусами Дхарани — M. Com., PhD, доцент
Тамил Наду
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Рецензия
Для цитирования:
Муруганандан C., Ракеш Т.С., Дхарани М. Влияние оборотного капитала на результаты деятельности компании: данные по Индии. Финансы: теория и практика/Finance: Theory and Practice. 2025;29(2):71-82. https://doi.org/10.26794/2587-5671-2025-29-2-71-82
For citation:
Muruganandan S., Rakesh T.S., Dharani M. Impact of Working Capital on Corporate Performance: Evidence from India. Finance: Theory and Practice. 2025;29(2):71-82. https://doi.org/10.26794/2587-5671-2025-29-2-71-82
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