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系統識別號 U0026-2201201515323300
論文名稱(中文) Working Capital Management, Operating Performance and Corporate Value: SMEs in Thailand
論文名稱(英文) Working Capital Management, Operating Performance and Corporate Value: SMEs in Thailand
校院名稱 成功大學
系所名稱(中) 國際經營管理研究所碩士班
系所名稱(英) Institute of International Management (IIMBA--Master)
學年度 103
學期 1
出版年 104
研究生(中文) 趙艷明
研究生(英文) Paveena Thaw-udom
學號 RA6027219
學位類別 碩士
語文別 英文
論文頁數 60頁
口試委員 指導教授-謝惠璟
口試委員-楊曉瑩
召集委員-張巍勳
中文關鍵字 none 
英文關鍵字 Working capital management  Profitability  Corporate value  Cash conversion cycle  Return on asset  SMEs  Thailand 
學科別分類
中文摘要 none
英文摘要 Nowadays small and medium enterprises (SMEs) in Thailand are growth rapidly. Then this research examined (1) the relationship between working capital management and their financial performance, and (2) the relationship between working capital management and corporate value for SMEs in Thailand. The sample comprised of 88 companies in seven (7) sectors (Agro and Food Industry, Consumer Products, Industrials, Property & Construction, Recourses, Services and Technology) listed in the Market for Alternative Investment (MAI) for the period of 2009 to 2013 which provided quarterly data. This study used cash conversion cycle (CCC), return on asset (ROA) and Tobin's q to serve as proxies for working capital management, companies' performance, and corporate value, respectively. Panel regression analysis is used as a method to analyze the data. The results show that there is a significant relationship between working capital management and profitability. In contrast, there are no significant relationship between working capital management and corporate value. These SMEs in Thailand are able to use working capital management for control profitability but they cannot be suitable for corporate value.
論文目次 ACKNOWLEDGEMENT ..... I
ABSTRACT ...... II
TABLE OF CONTENTS ..... III
LIST OF TABLES ..... VI
LIST OF FIGURES ..... VII
CHAPTER ONE INTRODUCTION ... 1
1.1 Research Background and Motivation. .... 1
1.1.1 Importance of Working Capital Management. .. 1
1.1.2 Cash Conversion Cycles (CCC). ... 2
1.1.3 Small and Medium Enterprises in Thailand. ... 4
1.1.4 Market for Alternative Investment (MAI). .. 7
1.2 Research Objective. ..... 9
1.3 Research Gap. .... 10
1.4 Research Structure. .... 12
CHAPTER TWO LITERATURE REVIEW ... 13
2.1 Working Capital Management with Operating Performance. .. 13
2.2 The Relationship between Working Capital Management and Corporate Value...... 15
2.3 Small and Medium-Sized Enterprises (SMEs). ... 17
2.4 Working Capital Management Theory. .... 18
2.5 Other Variables. .... 20
2.5.1 The Company Size (SIZE). ... 20
2.5.2 The Sales Growth (SGROW). ... 20
2.5.3 Financial Leverage (LEV). .... 20
2.5.4 The Company Age (AGE). .... 20
2.5.5 Investment in Fixed Assets (FA). .... 20
2.5.6 Cash Flow from Operations (CFLOW). .. 21
CHAPTER THREE RESEARCH DESIGN AND METHODOLOGY .. 22
3.1 Data Sampling. ..... 22
3.2 Data Analysis. .... 25
3.2.1 The Relationship between Working Capital Management and Operating Performance. ... 28
3.2.2 The Relationship between Working Capital Management and Corporate Value. .... 28
3.3 Methodology and Model. ... 29
3.3.1 Fixed Effects Least Square Dummy Variable (LSDV). .. 30
3.3.2 Random Effects Model. ... 31
3.3.3 Hausman Test. ..... 32
CHAPTER FOUR RESEARCH RESULTS ... 33
4.1 Descriptive Statistics. ..... 33
4.2 Correlation Analysis. .... 39
4.3 Multicollinearity Analysis. ... 41
4.4 Panel Regression Data Analysis. .... 41
4.4.1 The Results of the Effect of Working Capital Management on Profitability- Overall. ... 42
4.4.2 The Results of the Effect of Working Capital Management on Profitability divided by Sectors. .... 43
4.4.3 The Results of the Effect of Working Capital Management on Corporate Value - Overall. ... 47
4.4.4 The Results of the Effect of Working Capital Management on Corporate Value divided by Sector. ... 48
CHAPTER FIVE CONCLUSION AND SUGGESTIONS ... 53
5.1 Research Conclusion. ..... 53
5.2 Research Contributions. ... 56
5.3 Research Limitation and Further Research Suggestion. .. 56
REFERENCES .... 58
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