营运资金投资对企业价值和长期投资的影响:来自印度制造业的证据

None Roshan, Niti Nandini Chatnani
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引用次数: 0

摘要

本研究分别使用超额净营运资本(NWC)和托宾Q作为衡量营运资本投资(WCI)和企业价值的指标,探讨印度制造业企业营运资本投资(WCI)与企业价值之间的关系。该研究还考察了企业是否利用营运资本中超额投资释放的现金进行长期投资。样本包括834家在孟买证券交易所(BSE)上市的印度制造业公司,其2010年4月至2020年3月的数据使用固定效应面板回归分析方法进行分析。实证结果表明,超额净碳水化合物对企业价值有显著负向影响。然而,将样本分为正超额NWC和负超额NWC时,关系的性质就变成非线性的。研究结果还表明,企业将从正超额NWC中释放出来的现金重新分配给长期投资,以在不影响相应风险的情况下提高其价值。总体而言,研究结果表明,拥有正超额净现值的企业可以通过利用剩余净现值资金建立足够的长期投资来提高其估值。据作者所知,关于这一问题的研究主要集中在发达经济体。南亚新兴经济体似乎没有对这一问题进行过研究。本研究首次通过调查印度制造业企业超额WCI与企业价值之间的关系来弥合研究差距。此外,它还考察了积极的超额NWC减少是否转化为企业投资(CI)。
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The effect of working capital investment on firm value and long-term investment: evidence from Indian manufacturing sector
Purpose This study investigates the relationship between working capital investment (WCI) and firm value for Indian manufacturing firms using excess net working capital (NWC) and Tobin's Q as a measure of WCI and firm value, respectively. The study also examines whether firms use the cash released from excess investment in working capital to make long-term investments. Design/methodology/approach The sample comprises 834 Bombay Stock Exchange (BSE) listed Indian manufacturing firms whose data from April 2010 to March 2020 are analyzed using a fixed-effect panel regression analysis approach. Findings The empirical results show that excess NWC influences firm value negatively and significantly. However, the nature of the relationship becomes nonlinear upon dividing the sample into positive excess NWC and negative excess NWC. The findings from the study also reveal that firms redistribute cash freed from positive excess NWC for long-term investments to improve their value without impacting the corresponding risk. Practical implications Overall, the results suggest that firms with positive excess NWC can enhance their valuations by building adequate long-term investments from surplus WCI funds. Originality/value To the authors’ best knowledge, studies on this issue have primarily focused on developed economies. No study seems to have been done on this subject in the emerging South Asian economies. The present study is the first to bridge the research gap by investigating the relationship between excess WCI and firm value for manufacturing firms in India. Moreover, it examines whether a positive excess NWC reduction translates into corporate investments (CI).
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8.30%
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18
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