نوع مقاله : مقاله پژوهشی
نویسندگان
1 دانشجوی دکتری دانشکده مدیریت و اقتصاد دانشگاه صنعتی شریف
2 مشاور ارشد مدیر اجرایی در بانک جهانی
3 عضو هیات علمی دانشکده کدیریت و اقتصاد دانشگاه صنعتی شریف مشاور ارشد اقتصادی رییس جهمور
چکیده
در مطالعه حاضر اثر دوره گردش نقد بر سرمایه‌گذاری بنگاه از مسیر محدودیت مالی بررسی شده است. در چارچوب یک مدل تعادل جزئی نشان داده می‌شود. طولانی شدن فاصله زمانی پرداخت برای نهادههای تولید تا دریافت وجه نقد فروش، سبب کاهش دسترسی بنگاه به وجوه داخلی و افزایش محدودیت مالی می‌شود و سبد انتخابی نهادههای تولید در بنگاه را تحت تأثیر قرار می‌دهد. فرضیه فوق با تخمین معادله اویلر سرمایه‌گذاری به روش گشتاورهای تعمیم‌یافته در شرکت‌های فهرست‌شدة ایرانی طی سال‌های 1375-1391 آزمون و نشان داده شده دوره گردش نقد سبب افزایش محدودیت مالی بنگاه می‌شود. به علاوه، با منظور کردن دوره گردش نقد توانایی شاخص در پیش‌بینی ویژگی‌های محدودیت مالی در سطح بنگاه بهبود می‌یابد. این تحقیق با تأیید برخی از یافته‌های ادبیات در حیطه محدودیت مالی با استفاده از داده‌های ایران به عنوان یک کشور در حال توسعه در نمونه مورد بررسی نشان می‌دهد:1- اثر سایش‌های مالی بر رفتار سرمایه‌گذاری بنگاه‌ها معنادار است؛ 2- فرض برقراری محدودیت مقداری به عنوان سایش مالی غالب در بازار اعتبار ایران رد نمی‌شود؛ 3- ویژگی‌های بنگاه از قبیل نسبت بدهی بلندمدت و دوره گردش نقد با محدودیت مالی همبستگی مثبت و وجوه ناشی از سرمایه در گردش، اندازه و فعالیت در صنایع با فرصت رشد کمتر با محدودیت مالی همبستگی منفی دارند؛ 4- بیشترین اثر طول دوره‌گردش‌نقد بر محدودیت مالی از مسیر طولانی شدن زمان لازم برای تولید و فروش منتقل می‌شود.
کلیدواژه‌ها
عنوان مقاله [English]
Cash Conversion Cycle and Credit Constraint:A Theoretical/Empirical Synthesis
نویسندگان [English]
- Amineh Mahmoudzadeh 1
- Farhad Nili 2
- Masoud Nili 3
1 PhD student, Faculty of Management and Economics, Sharif University of Technology
2 Senior Advisor to the Executive Director at the World Bank
3 Faculty of Graduate School of Management and and Economy, SHarif University of Technology Senior Advisor to President
چکیده [English]
We investigate the effect of cash conversion cycle (CCC) on firm's financial constraint and its investment. In a partial equilibrium model, we show that the time mismatch between cash inflows and outflows increases firm's financial constraint. This hypothesis is tested via GMM estimation of Euler’s Investment Equation, using Iranian listed companies from 1996 to 2012. Our estimation shows that CCC affects investment through financial constraints. Besides, including CCC improves the quality of financial constraint index. The improvements are sizable in predicting the micro aspects of the firm’s financial constraints.
We demonstrate that in the Iranian listed companies: 1- Financial frictions significantly affect investments; 2- Dominant form of financial friction is credit ceiling; 3- long-term debt ratio and CCC positively correlate with financial constraints; though, funds from working capital, size and operating in industries with lower growth opportunities negatively correlate with financial constraints; and finally 4- Duration of the time-lapse for production and sale is the most effective channel for transmission of CCC on financial constraints.
کلیدواژه‌ها [English]
- Financial Friction
- Financial Constraint
- Euler’s Investment Equation
- Cash Conversion Cycle
- Working Capital
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