중소기업의 운전자본 관리가 수익성과 기업가치에 미치는 영향 : 성장단계에 따른 효과

Working capital management is very important for small and medium-sized enterprises (SMEs) because of their weak ability to cope with uncertainties in the global economy and difficulties in raising capital. However, research on working capital management of SMEs is insufficient. Against this background, first, this study comprehensively verifies the effects of SMEs’ working capital management on profitability and value. Second, this study analyzes whether the effects of SMEs’ working capital management on profitability and value are differentiated by growth stage. As a result of the analysis, first, in the cases of SMEs, the higher the working capital ratio, the better the profitability, and it is found that SMEs’ conservative working capital management have a positive effect on their profitability in the long run. Second, in the cases of SMEs, their working capital ratio do not affect their value. Third, SMEs’ working capital ratio do not affect their profitability during the leap-up period. However, in the growth and maturity stages, the higher the working capital ratio, the better the profitability. Fourth, I do not find the effects of SMEs’ working capital ratio on their value during the leap-up and growth phases. However, in the maturity stage, the higher the working capital ratio, the lower the corporate value. This study is significant in that it comprehensively verifies the effects of SMEs' working capital management on their profitability and value and further analyzes such effects by growth stage (leap-up, growth, and maturity). The result of this study will be helpful not only in the working capital management policy of SMEs, but also in the direction of the government’s working capital support policy for SMEs.