운전자본 구성요소가 기업수익성과 기업가치에 미치는 영향에 관한 실증연구

This study analyzed that the components of working capital has affect on firm’s value and profitability. The study surveyed financial data of the firms listed on KOSPI and KOSDAQ from 2000 to 2017. We used cash holding ratio, receivables period, inventory period, accounts payables as the components of working capital. In part of independent variables, we used the return on assets as a proxy for firm’s profitability and Tobin's Q as a proxy for firm’s value. The results are as follows. First, we find that cash holding, receivables, inventory, accounts payables have significant effects on firm’s profitability and value. Second, the components of working capital management have been important components which determine firm’s profitability in both KOSPI and KOSDAQ market. Third, we find that it is more efficient method to control cash holding, receivables, accounts payables in KOSPI market. On the other hand, reducing inventory can be more effective in KOSPI than KOSDAQ market. Fourth, after the global financial crisis, companies have increased their firm’s profitability by extending account payable and reducing receivables. Fifth, only cash holdings had a significant impact on firm value before the global financial crisis, but all the working capital management components after the global financial crisis had a significant effect on firm value.