营运资金管理与财务营运资金管理之间的实证联系及其与资本结构的类比

Waqas Khan, M. Waqas, Ali Raza Ellahi
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引用次数: 0

摘要

生产型企业需要运营资金和财务流动资金,以便在竞争激烈的环境中维持业务。然而,欠发达国家的企业在满足资本和收入性支出方面面临许多问题。由于这个问题,这些公司安排资金从其他来源,如种子资金。财务营运资金与营运资金组成部分相关联。营运资金在企业的财务营运资金和资本结构之间起着中介作用。本研究通过实证研究结果,运用GLS、随机效应、固定效应和GMM技术,证明营运资金在纺织行业企业财务营运资金与资本结构之间起到中介作用。关键词:财务营运资金;营运资本;资本结构;加权平均;GMM;gl;随机效应;固定效果;纺织企业;巴基斯坦证券交易所
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EMPIRICAL NEXUS BETWEEN WORKING AND FINANCIAL WORKING CAPITAL MANAGEMENT AND ITS ANALOGY TO CAPITAL STRUCTURE
Production-oriented firms need operational as well as financial working capital to sustain the business in a competitive environment. However, firms in underdeveloped countries face many issues in meeting the capital and revenue nature expenditure. Due to this issue these firms arrange capital from other sources like seed money. The financial working capital is linked with working capital components. Working capital is performing as an intermediary role between financial working capital and the capital structure of the firms. This study is proved that working capital is playing an intermediary role between financial working capital and capital structure of textile sector firms through empirical findings and as well as used GLS, Random Effect, Fixed Effect and GMM Techniques. Keywords: Financial Working Capital; Working Capital; Capital Structure; WACC; GMM; GLS; Random Effect; Fixed Effect; Textile Sector Firms; Pakistan Stock Exchange
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