技能和战略:管理能力如何推动营运资本效率
Prasenjit Roy1, Sagar Bhatt2, Rakesh Dani2
1Department of Commerce, Tezpur University, Napaam, Assam, 784028, India.
F1000Research
|April 23, 2025
概括
管理能力显著提高了营运资本管理的效率,特别是在市场估值较低的公司. 熟练的管理人员提高运营绩效和长期可持续性.
科学领域:
- 企业金融公司财务
- 战略管理的战略管理.
- 组织行为 组织行为
背景情况:
- 研究管理能力 (MA) 对工作资本管理效率 (WCME) 的影响.
- 探讨技能管理如何影响印度企业内部的营运资本实践.
- 根据利能力和市场估值等公司特征,探索MA-WCME关系的变化.
研究的目的:
- 量化管理能力对工作资本管理效率的影响.
- 分析公司特征的调节作用,特别是Tobin的Q,对MA-WCME关系.
- 为提高公司业绩提供对战略营运资本管理的见解.
主要方法:
- 利用了150家印度上市公司 (2014-2023) 的平衡面板数据集.
- 雇员数据包围分析 (DEA) 用于多维WCME评估和MA估计.
- 应用通用估计方程 (GEE) 回归来分析MA和Tobin的Q对WCME的影响.
主要成果:
- 管理能力 (MA) 显著提高工作资本管理效率 (WCME).
- 在较低的托宾Q (市场估值) 的公司中,MA对WCME的积极影响更为明显.
- 管理特征被发现可以放大营运资本管理的效率,支持上层层理论.
结论:
- 管理能力对企业的营运资本政策有很大的影响.
- 这些发现与上层层理论 (UET),基于资源的观点 (RBV) 和代理理论 (AT) 相一致.
- 建议对WCME采取战略方法,以提高竞争优势和公司的长期可持续性.
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