Working capital management in SMEs

被引：159

作者：

Banos-Caballero, Sonia ^{[1
]}

Garcia-Teruel, Pedro J. ^{[1
]}

Martinez-Solano, Pedro ^{[1
]}

机构：

[1] Univ Murcia, Dept Management & Finance, Fac Econ & Business, Murcia, Spain

来源：

ACCOUNTING AND FINANCE | 2010年 / 50卷 / 03期

关键词：

Cash conversion cycle; Working capital; Market imperfections; SMEs; G30; G31; G32; TRADE CREDIT; PANEL-DATA; FINANCIAL DISTRESS; SMALL FIRMS; DEBT; DETERMINANTS; INVESTMENT; CONSTRAINTS; COMPETITION;

D O I：

10.1111/j.1467-629X.2009.00331.x

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper analyses the determinants of Cash Conversion Cycle (CCC) for small- and medium-sized firms. It has been found that these firms have a target CCC length to which they attempt to converge, and that they try to adjust to their target quickly. The results also show that it is longer for older firms and companies with greater cash flows. In contrast, firms with more growth opportunities, and firms with higher leverage, investment in fixed assets and return on assets have a more aggressive working capital policy.

引用

页码：511 / 527

页数：17

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