비상장 중소기업의 현금전환기간 관리가 기업도산에 미치는 영향에 관한 실증적 연구

[Purpose]This study examines the effects of the cash conversion cycle, receivable collection period, inventory conversion period and payable deferral period of unlisted SMEs on the bankruptcy. [Methodology]This study was conducted through logistic regression analysis based on the financial data of unlisted SMEs with reference to previous research on cash conversion cycle, receivable collection period, inventory conversion period and payable deferral period and corporate bankruptcy. [Findings]The results of this study are as follows: First, the mean difference between the cash conversion cycle, the receivable collection period, and the inventory conversion period of the normal company and corporate bankruptcy are significant. Second, in the short term, cash conversion cycle, receivable collection period, inventory conversion period, and payable deferral period have a significant impact on corporate bankruptcy. Finally, the relationship between cash conversion cycle and receivable collection period with the corporate bankruptcy shows negative (－) because the relationship between the bankruptcy rate and receivables collection period is U shape, which means that the bankruptcy rates are high when the receivable collection period is short term or long term. [Implications]It is important for SMEs to properly manage their accounts receivable and payables. In reality, it is not easy to manage adequate working capital due to bargaining power and limitations of existing financial products. Thus, if factoring without reimbursement claims is activated, it can improve financial stability of SMEs and prevent chain bankruptcy.