중소기업의 운전자본관리와 현금유동성간의 관계 = The Relations between Working Capital Management and Cash Liquidity of Small and Medium Firms

다국어 초록 (Multilingual Abstract)

In this paper, we study empirically the relations between working capital manage- ment and cash liquidity of small and medium firms listed on Korea Securities Market and Kosdaq Market. The main results of this study can be summarized as follows. We find that there are statistical significant relationships between each components of working capital management(accounts payable, inventory, accounts receivable, cash cycle, operating cycle) and cash liquidity of small and medium firms. The lengthening the number of days accounts payable improve the small and medium firms` cash liquidity, and the shortening the number of days of inventory, number of days accounts receivable, cash cycle and operating cycle improve the small and medium firms` cash liquidity. Although controling the endogeneity problems, there are statistical significant relationships between each components of working capital management and cash liquidity of small and medium firms. That is, the lengthening the number of days accounts payable improve the small and medium firms` cash liquidity, and the shortening the number of days of inventory and number of days accounts receivable improve the small and medium firms` cash liquidity. So to speak, the shortening operating cycle combined the number of days of inventory and the number of days accounts receivable improve the small and medium firms` cash liquidity. Moreover, when market level of firms are accounted for, the working capital management of small and medium firms listed on Kosdaq Market is relatively more important than that of small and medium firms listed on Korea Securities Market. Conclusively, working capital management may be recognized as a new factor which has the significant effects on cash liquidity of Korea small and medium firms. Therefore, managers can create cash liquidity for their firms by handling correctly the cash cycle, the operating cycle, and by keeping each components of working capital management to an optimum level.

참고문헌 (Reference)

1 심규영, "중소상장제조기업의 영업주기와 유동성, 수익성간의 관계분석" 한국중소기업학회 23 (23): 199-226, 2001

2 김진환, "중소기업의 운전자본관리에 관한 연구" 한국관리회계학회 7 (7): 23-46, 2007

3 공재식, "우리나라 기업의 현금보유수요 결정요인 분석" 한국재무학회 19 (19): 1-41, 2006

4 남명수, "영업주기의 변동과 기업가치 생산성" 한국생산성학회 18 (18): 39-61, 2004

5 심규영, "상장제조기업의 영업주기 및 현금주기 실태분석과 개선 방안" 회계저널 75-99, 2001

6 김병기, "상장기업의 현금보유수준에 관한 실증 분석" 3 (3): 147-170, 2004

7 신민식, "기업의 초기성장성이 자본구조에 미치는 영향" 한국경영학회 37 (37): 291-319, 2008

8 Fazzari, S.M, "Working capital and fixed investment: New evidence on financing constraints" 24 : 45-79, 1993

9 Peel, M, "Working capital and financial management practices in the small firm sector" 14 : 52-68, 1996

10 Ferreira, M.A, "Why do firms hold cash? Evidence from EMU countries" 10 : 295-319, 2004

11 Petersen, M.A, "Trade credit: Theories and evidence" 10 : 661-693, 1997

12 Elliehausen, G.E, "The demand for trade credit: An investigation of motives for trade credit use by small businesses" The Federal Reserve Board 1993

13 Smith, K., "Profitability versus liquidity tradeoffs in working capital management in : Readings on The Management of Working Capital" West Publishing Company 549-562, 1980

14 Emery, G.W, "Measuring short-term liquidity" 4 : 25-32, 1984

15 Dittmar, A., "International corporate governance and corporate cash holdings" 38 : 111-133, 2003

16 Kamath, R, "How useful are common liquidity measures?" 9 : 24-28, 1989

17 Atkins, J.C, "Evaluating investments in accounts receivable: A wealth maximizing framework" 33 : 403-412, 1977

18 Sartoris, W.L, "Evaluating credit policy alternative: A present value framework" 4 : 81-89, 1981

19 Gitman, L.J, "Estimating corporate liquidity requirements: A simplified approach" 9 : 79-88, 1974

20 Fama, E, "Disappearing dividends: Changing firm characteristics or lower propensity to pay?" 60 : 3-43, 2001

21 Hill, N.C, "Determining the cash discount in the firm's credit policy" Financial Management 68-73, 1979

22 Whited, Toni M., "Debt, liquidity constraints, and corporate investment: Evidence from panel data" 47 : 1425-1460, 1992

23 Dyl, E.A, "Another look at the evaluation of investment in accounts receivable" Financial Management 67-70, 1977

24 Danielson, M, "Additional evidence on the use of trade credit by small firms: The role of trade credit discounts" SSRN Electronic Library 2000

25 Gentry, J.A, "A weighted cash conversion cycle" 19 : 90-99, 1990

26 Sartoris, W.L, "A generalized cash flow approach to short-term financial decisions" Journal of Finance 349-360, 1983

27 Richards, V.D, "A cash conversion cycle approach to liquidity analysis" 9 : 32-38, 1980