بررسي تاثير سياست هاي سرمايه در گردش بر بازده سرمايه گذاري شركت هاي پذيرفته شده در بورس اوراق بهادار تهران در صنايع شيميايي و مواد غذايي

Investigate Effect of Working Capital Strategies on Return on Investment of Accepted Companies In Tehran Stock Exchange (In The Field of Two Industries of Chemical & Food-Processing)

The topic of liquidity and management of the working capital is a matter which the companies pay attention to more than the profitability because it is probable for a company to be not profitable and continue its existence but without liquidity a company can not guarantee the continuation of its survival. Today the management of the circulating capital which is the same as the management of current sources and consumptions for maximization of the riches of the stockholders is of special importance as part of the duty of the financial management. In view of the fact the amount of the working capital is effective on the return of assets (ROA) and the Return of Equities (ROE) and risk and since the amount of risk and return are important factors in decision-making; the conduction of researches in the field of the connection between these variables can provide useful information for decision-making by the managers, potential investors and stockholders . In this research we try to find out if there is a significant and meaningful relation between the policies of the working capital and the return of their investment in the companies (in the field of two industries of chemical and food-processing) accepted into Tehran Stock Exchange. Also does having sources of the working capital, more than the average of the industry, affect the increase of the return of the investment or decrease the return of investment. Since the working capital is also effective on the amount of risk of the company the status of the risk and return has been studied as the theory of the research. The statistical community of this research is the companies accepted in Tehran Stock Exchange in the field of two industries, chemical and food-processing. 43 companies out of the community of food-processing group and 5 companies out of the chemical group have been chosen. The information required for conduction of this research has been gathered and collected out of a 5- year period beginning in 2000 and ending in 2005. In view of the results of research the return of investment (ROE, ROA) is increased upon the increase of the working capital and the decrease of risk of insolvency but the amount of increase of the working capital must not exceed the average of the industry because if so the return is not increased. Moreover the effect of independent factors of the research on the return is deeper in the chemical industries than food-processing industry