Determinants of Working Capital Management Impacting on Profitability: Evidence from Agro and Food Industry in Stock Exchange of Thailand

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โชษิตา เปสตันยี สรียา วิจิตรเสถียร


การวิจัยนี้เป็นการวิจัยเชิงปริมาณ มีวัตถุประสงค์เพื่อ 1) ศึกษาการบริหารเงินทุนหมุนเวียนที่มีผลกระทบต่อความสามารถในการทำกำไร และ 2) พัฒนาและทดสอบแบบจำลองสมการโครงสร้างของการบริหารเงินทุนหมุนเวียนและความสามารถในการทำกำไร โดยศึกษากลุ่มอุตสาหกรรมเกษตรและอุตสาหกรรมอาหาร จำนวน 43 บริษัท เก็บรวบรวมข้อมูลทุติยภูมิย้อนหลัง 3 ปี จากบริษัทจดทะเบียนในตลาดหลักทรัพย์แห่งประเทศไทย เพื่อนำมาวิเคราะห์ผลด้วยการวิเคราะห์เส้นทาง ผลการศึกษาพบว่า  1) แบบจำลองสมการโครงสร้างของการบริหารเงินทุนหมุนเวียนที่มีผลต่อความสามารถในการทำกำไร มีความเหมาะสมกับข้อมูลเชิงประจักษ์ และ 2) กิจการสามารถเพิ่มความสามารถในการทำกำไรได้โดยการบริหารสัดส่วนเงินทุนหมุนเวียนให้มีสภาพคล่องสูงนอกการนี้ยังรวมถึงการสามารถลดระยะเวลาในการจำหน่ายสินค้าและระยะเวลาในการเก็บเงินจากลูกหนี้ รวมถึงการขยายระยะเวลาในการจ่ายชำระหนี้ด้วย


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