發(fā)布時(shí)間：2023-08-25 22:22

　　本文分析了營(yíng)運(yùn)資本對(duì)巴基斯坦制造企業(yè)營(yíng)運(yùn)利潤(rùn)的影響。通過(guò)采用面板最小二乘估計(jì)、面板固定效應(yīng)和面板廣義矩估計(jì)法,我們發(fā)現(xiàn)營(yíng)運(yùn)資本與營(yíng)運(yùn)利潤(rùn)之間有著顯著的曲線(xiàn)相關(guān)性。進(jìn)一步研究證實(shí)了正的營(yíng)運(yùn)資本對(duì)營(yíng)運(yùn)利潤(rùn)有負(fù)面影響,負(fù)的營(yíng)運(yùn)資本對(duì)營(yíng)運(yùn)利潤(rùn)有正面影響。研究還發(fā)現(xiàn),當(dāng)把企業(yè)分為財(cái)務(wù)受限和受限程度相對(duì)較低時(shí),受財(cái)務(wù)約束企業(yè)的營(yíng)運(yùn)資本水平較低,無(wú)法進(jìn)行日常經(jīng)營(yíng)活動(dòng),營(yíng)運(yùn)資本水平低的企業(yè)降低了短期融資成本,提高了營(yíng)運(yùn)資本對(duì)營(yíng)運(yùn)利潤(rùn)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(yíng)運(yùn)資本水平,以增加銷(xiāo)售收入。所以營(yíng)運(yùn)資本水平越高,利息費(fèi)用和機(jī)會(huì)成本越高,營(yíng)運(yùn)資本對(duì)營(yíng)運(yùn)利潤(rùn)的負(fù)面影響就越大。本文還研究了現(xiàn)金在營(yíng)運(yùn)資本與營(yíng)業(yè)利潤(rùn)之間的調(diào)節(jié)關(guān)系。交互項(xiàng)(WCR*CHR)被用于正的和負(fù)的營(yíng)運(yùn)資本小組,以分析現(xiàn)金持有對(duì)營(yíng)運(yùn)資本與營(yíng)運(yùn)利潤(rùn)能力關(guān)系的影響。交互項(xiàng)(WCR*CHR)對(duì)正的營(yíng)運(yùn)資本組的營(yíng)運(yùn)利潤(rùn)產(chǎn)生負(fù)面影響,而在負(fù)的營(yíng)運(yùn)資本小組中,交互項(xiàng)(WCR*CHR)對(duì)營(yíng)業(yè)利潤(rùn)產(chǎn)生了積極影響。交互項(xiàng)(WCR*CHR)在正負(fù)營(yíng)運(yùn)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(yíng)運(yùn)...

【文章頁(yè)數(shù)】：123 頁(yè)

【學(xué)位級(jí)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
作者簡(jiǎn)歷及其在學(xué)研究結(jié)果
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