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1、EFFECT OF WORKING CAPITAL MANAGEMENT ON PROFITABILITY OF FIRMS IN MALAYSIA 马，Zariyawati 1，锰，安努瓦尔b和砷，阿卜杜勒拉希姆 y MA, Zariyawati a , MN, Annuar b and AS, Abdul Rahim c 1，B和C Univeristi普特拉马来西亚，马来西亚。 a ,b & c Univeristi Putra Malaysia, Malaysia.Abstract：营运资本管理是企业财务管理决策的重要组成部分。资本管理的优化工作，可望作出积极的贡献价值创造的公司。 W
2、orking capital management is important part in firm financial management decision.An optimal working capital management is expected to contribute positively to the creation of firm value. 为了达到最佳的营运资本管理公司的经理要控制盈利能力和流动性之间的权衡准确。 To reach optimal working capital management firm manager should control th
3、e trade off between profitability and liquidity accurately. 本研究的目的是调查工作的盈利能力之间的关系资本管理和坚定的。现金转换周期被用作营运资金管理的措施。这项研究是用这包括1996-2006年期间的1628年的面板数据公司，马来西亚交易所的6个不同经济部门中列出。 The purpose of this study is to investigate the relationship between working capital management and firm profitability. Cash conversion
4、 cycle is used as measure of working capital management. This study is used panel data of 1628 firm-year for the period of 1996-2006 that consist of six different economic sectors which are listed in Bursa Malaysia. OLS回归系数分析结果汇集公司提供强大的盈利能力显着负现金转换周期之间的关系和。 The coefficient results of Pooled OLS regre
5、ssion analysis provide a strong negative significant relationship between cash conversion cycle and firm profitability. 这表明，减少现金转换期盈利增加的结果。 This reveals that reducing cash conversion period results to profitability increase. 因此，在目的上，为股东创造价值，公司的经理要到关注现金转换周期的缩短完成的最佳水平。 Thus, in purpose to create share
6、holder value, firm manager should concern on shorten of cash conversion cycle till accomplish optimal level. 关键词：营运资金管理，现金转换周期，盈利能力和流动性 Keywords: Working Capital Management, Cash Conversion Cycle, Profitability and Liquidity 引言 INTRODUCTION 周转资金是一个重要的问题，因为在金融决策其作为资产的一部分投资，需要适当的融资投资。然而，流动资金一直被忽视的金融决策
7、，因为它涉及投资和融资期限在短期内。此外，还作为一个金融抑制性能，因为它无助于净资产收益率（桑格，2001年）。 Working capital is an important issue during financial decision making since its being a part of investment in asset that requires appropriate financing investment. However, working capital always being disregard in financial decision making s
8、ince it involve investment and financing in short term period. Further, also act as a restrain in financial performance, since it does not contribute to return on equity (Sanger, 2001). 虽然，它应该是至关重要的一个公司来维持其短期投资，因为这将确保公司的期限较长的能力。 Though, it should be critical for to a firm to sustain their short term
9、 investment since it will ensure the ability of firm in longer period. 营运资金管理的重要组成部分，必须保持其运作的流动性在日常工作一天，以确保它的平稳运行并符合其义务（Eljelly，2004）。 The crucial part in managing working capital is required maintaining its liquidity in day-to-day operation to ensure its smooth running and meets its obligation (Elj
10、elly, 2004). 然而，这不是一个简单的任务，因为获利的方式管理人员必须确保业务和操作运行效率。 Yet, this is not a simple task since managers must make sure that business operation is running in efficient and profitable manner. 有流动负债的错配的可能性和流动资产在这个过程中。 There are the possibilities of mismatch of current asset and current liability during this
11、 process. 如果发生这种情况与企业的经理人不能正确地管理它，然后它会影响到公司的增长和盈利能力。 If this happens and firms manager cannot manage it properly then it will affect firms growth and profitability. 这将进一步导致金融危机，最终企业可以破产。 This will further lead to financial distress and finally firms can go bankrupt. 在资金管理的传统观点的转换之间的关系现金周期工作（如测量）和盈利能
12、力是其他条件不变。 In traditional view of relationship between cash conversion cycle (as measure of working capital management) and profitability is ceteris paribus. 该公司的现金转换周期短，效益较好的一家公司。 The shorter firm cash conversion cycle, the better a firm profitability. 这表明，时间少1美元融资绑在目前的资产，减少对外。 This shows that less
13、of time a dollar tied up in current asset and less external financing. 同时，现金转换周期较长的公司将受到伤害的概率。 While, the longer cash conversion cycle will hurt firms probability. 原因是，公司具有低流动性，从而影响公司的风险。 The reason is that firm having low liquidity that would affect firms risk. 但是，如果公司具有较高水平的应收应付款项，贸易信贷的宽松政策，这将导致现金
14、转换周期较长。 However, if firm has higher level of account receivable due to the generous trade credit policy it would result to longer cash conversion cycle. 在这种情况下，现金转换周期较长将增加盈利。 In this case, the longer cash conversion cycle will increase profitability. 因此，传统的观点不能适用于所有情况。 Thus, the traditional view can
15、not be applied to all circumstances. 营运资金管理的困境，是实现理想的贸易流动性和盈利能力之间取得平衡（史密斯，1980年; Raheman和纳赛尔，2007年）。 Dilemma in working capital management is to achieve desired trade off between liquidity and profitability (Smith, 1980; Raheman & Nasr, 2007). 在谈到风险和收益理论，风险投资，更将导致更多的回报。 Referring to theory of risk a
16、nd return, investment with more risk will result to more return. 因此，基金公司工作的高流动性低风险则有可能获利能力低。 Thus, firms with high liquidity of working capital may have low risk then low profitability. 相反，企业具有资金流动性低的工作，面对高风险高收益的结果。这里的问题是资金管理工作，企业必须考虑到风险和回报所有的项目在这两个帐户，并尝试平衡。 Conversely, firm that has low liquidity of working capital, facing high risk results to high profitability. The issue here is in managing working capital, firm must take into consideration all the items
