عنوان مقاله
ارتباط بین سرمایه درگردش با نقدینگی، سودآوری و توان مالی : مطالعه موردی از ACC Limited
فهرست مطالب
چکیده
مقدمه
اهداف مدیریت سرمایه در گردش
بررسی ادبیات و پژوهش
تحلیل داده ها
نتیجه گیری
بخشی از مقاله
ریسک در برابر سودآوری
برای تحلیل رابطه جانشینی بین ریسک و سودآوری، تحلیل ریسک مدیریت سرمایه در گردش برای مقدار دارایی های جاری حفظ شده توسط ACC Limited انجام شده است، به اندازه کافی برای تامین تعهدات جاری و همچنین حمایت از سطح فعالیت معلوم. گفته شده که موسسات و سازمان ها زمانی از شیوه متحورانه پیروی می کنند که دارایی های جاری تنها از طریق منابع کوتاه مدت تامین و زمانی از شیوه محافظه کارانه پیروی می کنند که دارایی های جاری توسط منابع کوتاه مدت و بلند مدت تامین شده باشند.
کلمات کلیدی:
Relationship of working capital with liquidity, Profitability and solvency: A case study of ACC limited Panigrahi. A.K Associate Professor in finance, School of Pharmacy and Technology Management, NMIMS University, Shirpur panigrahi.ak@gmail.com ABSTRACT Experts say that the goal of working capital management should be to enable a firm to maximize profits of its operations while meeting both short term debt and upcoming operational expenses, i.e. to preserve liquidity. But increasing profitability would tend to reduce firms’ liquidity and too much attention on liquidity would tend to affect the profitability. No doubt, every firm tries to maximize the profitability by preserving the liquidity. However, increasing profits at the cost of liquidity might cause serious trouble to the firm and this problem might lead to financial insolvency as well. Thus an effective WCM would be needed to strike a balance between the two core objectives of the firm. It is essential that the firm’s liquidity should be properly balanced. Because, excessive liquidity on one hand indicates the accumulation of idle funds that don’t fetch any profits for the firm and on the other hand, insufficient liquidity might damage the firm’s goodwill, deteriorate firm’s credit standings and that might lead to forced liquidation of firm’s assets. Afterwards problems like bankruptcy and insolvency might happen. To sum up, a company unable to make profits might be termed as a sick company but, a company having no liquidity might cease to exist. But when a company like Wal-Mart, is able to generate profit and maximise shareholder’s wealth with negative working capital, can we say that the company is in the verge of bankruptcy or is it a sign of managerial efficiency? Same is the case with ACC Limited, which is the company of our study. This paper attempts to study the association of working capital with liquidity, profitability and risk of bankruptcy of ACC Ltd. for the period 2000-01 to 2009-10. The study found that even with having negative working capital in most of the times, the company was able to earn a good rate of return because of its aggressive working capital policy but its solvency was ultimately at a stake. Keywords: Liquidity, profitability, bankruptcy, working capital.
