تاثير مديريت سرمايه در گردش بر سودآوري شركت ها در جامعه شركت هاي پذيرفته شده در بورس اوراق بهادار تهران

Effect of Working Capital on Profitability of Accepted Companies in TSE

In this research, the effect of working capital management on profitability of accepted companies in TSE is studied. Statistics sample include 92 companies studied during 1375-1384. The variable used as the profitability measure of companies was the ratio of gross profit on total assets. Variables used for the measures of capital investment, were Receivables Collection Period, inventories turnover, creditors deposit period, and convert cycle of cash fund. Variables, which were used as control variables, were company size, sale growth, ratio of financial assets on total assets and financial liabilities to total assets. The result of this research stated that there is negative relation between companiesʹ profitability and, and convert cycle of cash fund. In the other words, managers can increase their companiesʹ profitability by logical decreasing Receivables Collection Period, and inventories turnover. The results of this research relating to creditors deposit period states that he more profitable is the company the less is the creditorʹs cycle.