本文分析了營運資本對巴基斯坦制造企業(yè)營運利潤的影響。通過采用面板最小二乘估計、面板固定效應(yīng)和面板廣義矩估計法,我們發(fā)現(xiàn)營運資本與營運利潤之間有著顯著的曲線相關(guān)性。進(jìn)一步研究證實了正的營運資本對營運利潤有負(fù)面影響,負(fù)的營運資本對營運利潤有正面影響。研究還發(fā)現(xiàn),當(dāng)把企業(yè)分為財務(wù)受限和受限程度相對較低時,受財務(wù)約束企業(yè)的營運資本水平較低,無法進(jìn)行日常經(jīng)營活動,營運資本水平低的企業(yè)降低了短期融資成本,提高了營運資本對營運利潤的正向作用。然而,約束程度較低的企業(yè)擁有充足的內(nèi)部資金和較低的融資成本,它們?nèi)匀痪S持較高的營運資本水平,以增加銷售收入。所以營運資本水平越高,利息費用和機會成本越高,營運資本對營運利潤的負(fù)面影響就越大。本文還研究了現(xiàn)金在營運資本與營業(yè)利潤之間的調(diào)節(jié)關(guān)系。交互項(WCR*CHR)被用于正的和負(fù)的營運資本小組,以分析現(xiàn)金持有對營運資本與營運利潤能力關(guān)系的影響。交互項(WCR*CHR)對正的營運資本組的營運利潤產(chǎn)生負(fù)面影響,而在負(fù)的營運資本小組中,交互項(WCR*CHR)對營業(yè)利潤產(chǎn)生了積極影響。交互項(WCR*CHR)在正負(fù)營運資本組中的反向影響表明,現(xiàn)金起著調(diào)節(jié)作用,影響營運...

【文章頁數(shù)】：123 頁

【學(xué)位級別】：博士

【文章目錄】：
Acknowledgements
摘要
Abstract
1 Introduction
    1.1 Study Background
    1.2 Importance of Pakistan Manufacturing Sector
    1.3 Study Significance
    1.4 Research Innovation
    1.5 Objectives of the Study
    1.6 Research Framework
2 Literature Review
    2.1 Approaches of Working Capital
        2.1.1 Conservative Approach
        2.1.2 Aggressive Approach
        2.1.3 Moderate Approach
    2.2 Working Capital and Firm Performance
    2.3 Cash Holding and Firm Value
    2.4 Working Capital and Exports Firms
    2.5 Capital Structure and Working Capital
    2.6 Working Capital and Financial Constraints
3 Theoretical Framework
    3.1 Working Capital
    3.2 Working Capital and Financial Constraints
    3.3 Cash Holding
    3.4 Cash Holding and Financial Constraints
    3.5 Firms Exports Performance and Working Capital
4 Data and Methodology
    4.1 Sample of Study
    4.2 Variables
        4.2.1 Definition of variables
        4.2.2 Reliability Check of Variables
    4.3 Model Design
5 Results and Discussion
    5.1 Measuring the Working Capital and Firms' Performance
        5.1.1 Descriptive Statistics
        5.1.2 Correlation Analysis
        5.1.3 Regression Analysis
        5.1.4 Robustness Test
    5.2 Measuring the Working Capital of Textile Sector
        5.2.1 Descriptive Statistics
        5.2.2 Correlation Analysis
        5.2.3 Results Analysis
        5.2.4 Robustness Test
    5.3 Working Capital and Financial Constraints
        5.3.1 Correlation of Constrained and Less-Constrained Firms
        5.3.2 Regression Analysis of Constrained and Less-Constrained Firms
        5.3.3 Robustness Test in Constrained and Less Constrained Firms
    5.4 Working Capital and Cash Holding
        5.4.1 Descriptive Statistics
        5.4.2 Investigating the Moderating Role of Cash
        5.4.3 Cash Holding in Constrained and Less-Constrained Firms
        5.4.4 Robustness Test of Cash Holding in Constrained andLess-Constrained Firms
    5.5 Working Capital in the Presence of Exports Performance
        5.5.1 Correlation Analysis among the Variables of Exports Firms
        5.5.2 Regression Analysis of Exports Firms
        5.5.3 Robustness Test of Exports Firms
        5.5.4 Positive and Negative Working Capital in Stable Economy
        5.5.5 Positive and Negative Working Capital in Less-Stable Economy
        5.5.6 Robustness Test of Positive and Negative Working Capital
6 Conclusion
    6.1 Research Implication and Future Research
References
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