The impact of working capital management on credit rating

This study investigates the possible nonlinear relationship between working capital and credit rating.Furthermore,it examines the relationship between the three components of working capital(inventory,accounts receivable,and accounts payable)and a firm’s credit rating.Employing data for U.S listed firms for the period between 1985 and 2017,the results of our ordered probit model show a nonlinear relationship between working capital and its components and credit rating.Finally,we find that the deviation from the optimal working capital adversely affects the credit rating.The results of this study are of significant importance for policy makers,managers,decision makers,and credit-rating agencies,as they help highlight the importance of working capital management for a firm’s credit rating.

Working Capital Management and Firms’ Profitability: Evidence from Quoted Firms on the Nigerian Stock Exchange

Over the years, it appeared that firms failed to subject short-term investments to proper management thereby leading to either excessive or inadequate working capital which in turn affected their profitability. To empirically satisfy this, this paper examined working capital management and firms’ profitability in Nigeria quoted firms on Nigerian Stock Exchange (NSE). A panel data methodology was used with different regression estimators to analyze this relationship based on a balanced panel of 10 listed firms during the period 2008-2017. It was discovered that cash collection period and cash payment period exerted a negative impact on return on assets, though the impact was only significant for cash payment period on the ground of −0.064 (p = 0.000 −0.032 (p = 0.077 > 0.05). Also discovered was that both the current ratio and inventory period exerted a positive impact on return on assets, though the impact was only significant for current ratio on the ground of 8.172 (p = 0.000 0.05). The study concluded that working capital management affected firms’ profitability in Nigeria. Therefore it was recommended that while the shorter collection was maintained, payment to creditors should not be elongated so as to enjoy cash discount (if any) and that firms should be proactive in the management of raw materials in order to avoid idle resources that might negatively impact their financial performance.

The Relationship Between Working Capital Management and Profitability of Companies Listed on the Johannesburg Stock Exchange

Efficient working capital management is an integral component of the overall corporate strategy to create shareholders＇ wealth. This paper seeks to extend findings regarding the relationship between working capital management and profitability. A sample of 69 companies listed on the Johannesburg Stock Exchange （JSE） for the period from 1998 to 2008 was selected. The results revealed a statistically significant negative relationship among profitability （as measured through gross operating profit）, the cash conversion cycle （CCC）, and number of days accounts receivable （AR）. The results also revealed a positive and significant relationship among profitability, the number of days accounts payable （AP）, and the number of days inventory （INV）. The results suggested that managers could increase their company＇s profitability by effectively managing the CCC and its components.

Rationality and Risk Management of the Basic Old-age Insurance Fund Invested in the Capital Market

With the accelerated development of population aging, the pressure to pay for the future pension fund in our country is increasing. Affected by many factors, such as investment limits, inflation and interest rate cut, the rate of return on investment is very low. The introduction of the new policy allows the basic pension fund to enter the capital market, which is of great significance to improve the rate of return on investment, ease the pressure of capital gap, and promote the healthy development of the capital market. This paper makes a deep analysis of the rationality of the basic endowment insurance fund entering the market, and then puts forward some suggestions to avoid the risk of the pension market.

Working capital management and corporate performance： Case of Malaysia

Working capital always being disregard in financial decision making since it involve investment and financing in short term period. However, it is an important component in firm financial management decision. An optimal working capital management is expected to contribute positively to the creation of firm value. To reach optimal working capital management firm manager should control the trade off between profitability and liquidity accurately. The intention of this study is to examine the relationship between working capital management and firm profitability. Cash conversion cycle is used as measure of working capital management. This study is used panel data of 1628 firm-year for the period of 1996-2006 that consist of six different economic sectors which are listed in Bursa Malaysia. The coefficient results of Pooled OLS regression analysis provide a strong negative significant relationship between cash conversion cycle and firm profitability. This reveals that reducing cash conversion period results to profitability increase. Thus, in purpose to create shareholder value, firm manager should concern on shorten of cash conversion cycle till optimal level is achieved.

New Basle Capital Agreement and Risk Management of China＇s Banking Industry

Adjustment of Basle Capital Agreement will influence the risk management and capital arrangement demand of the banks with different scales, operation level and environment. It will have widespread and profound effect on the competition strength of every country＇s banks in the global market. Starting with illustration of the present cond（tion of risk management in China＇s banks, the paper analyzes the major problems existing in the risk management system of China＇s banking industry, then puts forward some clues and suggestions to improve and better the risk management system of China＇s banking industry.

Impact of risk management strategies on the credit risk faced by commercial banks of Balochistan

This study aims to identify risk management strategies undertaken by the commercial banks of Balochistan,Pakistan,to mitigate or eliminate credit risk.The findings of the study are significant as commercial banks will understand the effectiveness of various risk management strategies and may apply them for minimizing credit risk.This explanatory study analyses the opinions of the employees of selected commercial banks about which strategies are useful for mitigating credit risk.Quantitative data was collected from 250 employees of commercial banks to perform multiple regression analyses,which were used for the analysis.The results identified four areas of impact on credit risk management(CRM):corporate governance exerts the greatest impact,followed by diversification,which plays a significant role,hedging and,finally,the bank’s Capital Adequacy Ratio.This study highlights these four risk management strategies,which are critical for commercial banks to resolve their credit risk.

Relationship Between Working Capital Management and Profitability in Turkey Industrial Listed Companies

The present study investigated the effect of working capital management component on corporate profitability. A sample of 106 firms listed on Borsa Istanbul Stock Exchange （BIST） for the period of 2003-2013 was used. The secondary data for analysis were taken from Bloomberg＇s Database. The present study aims to explore the effect of working capital management components on corporate profitability. We observed that there was a negative correlation between gross operating profit and accounts receivables （A/R）. We also found that there was a positive correlation between gross operating profit and number of days inventory. But they did not affect the profitability of firms in the study at a significant level.

Problems and Countermeasures of Working Capital Management in Company V

Working capital is the premise for the production and operation of an enterprise and the basis for all financial management.The management of working capital has gained more attention by enterprises.The purpose of emphasizing the importance of working capital management is to enable enterprises to make full and efficient use of capital.There is a serious shortage of working capital in China's home appliance manufacturing industry,and with the rapid development of home appliance manufacturing industry,the problem is becoming increasingly prominent.Therefore,improving the management level of working capital,optimizing the structure of capital,and improving the efficiency of working capital should become the most important part in the process of daily production and operation.This article selects company V as the research subject as it has representative problems in working capital management.Drawing on the theoretical method of taking elements as the core,this article focuses on the analysis of each working capital project and the development status of the company as a whole,determmes the problems in the aspects of current assets and infbnnation communication in regard to the working capital management of company V as well as puts forward several suggestions in terms of current assets management.In order to improve the working capital management level of company V9 we hope that the improvement suggestions derived from the combination of theory and practical analysis can provide some reference for other enterprises in the household appliance manufacturing industry.

Community Based Flood Risk Management: Local Knowledge and Actor’s Involvement Approach from Lower Karnali River Basin of Nepal

Connecting to the disaster risk reduction (DRR) studies, community-based initiatives are found to be more effective in both developed and developing countries, with a specific focus on the empowerment of local communities to build resilience. Building on social capital theory, the paper investigates on local knowledge (LK) practices experienced by the actors in an emerging economy using the community-based flood risk management (CB-FRM) approach. The qualitative research method was used by collecting data from focused group discussions, and interviews with the key informants including actors from local governments and non-government organizations. Additionally, informal discussions, field visits, and desk studies were undertaken to support the findings. The findings reveal that the local communities carry out various local knowledge experiences to respond during disaster management phases. They own a creative set of approaches based on the LK and that empowers them to live in the flood-prone areas, accepting the paradigm shift from fighting with floods to living with that. The local actor’s involvement is recognized as an essential component for CB-FRM activities. Yet, their program’s implementation is more oriented towards humanitarian assistance in emergency responses. Even, they often overlook the role of LK. Additionally, the results show a high level of presence of local communities during the preparedness and recovery phases, while NGOs and local governments have a medium role in preparedness and low in recovery phase. The lack of local ownership has also emerged as the major challenge. The research provides valuable insights for integrated CB-FRM policies by adopting to LK practices.

Study of Volatility Stochastic Processes in the Context of Solvency Forecasting for Sri Lankan Life Insurers

The main business of Life Insurers is Long Term contractual obligations with a typical lifetime of 20 - 40 years. Therefore, the Solvency metric is defined by the adequacy of capital to service the cash flow requirements arising from the said obligations. The main component inducing volatility in Capital is market sensitive Assets, such as Bonds and Equity. Bond and Equity prices in Sri Lanka are highly sensitive to macro-economic elements such as investor sentiment, political stability, policy environment, economic growth, fiscal stimulus, utility environment and in the case of Equity, societal sentiment on certain companies and industries. Therefore, if an entity is to accurately forecast the impact on solvency through asset valuation, the impact of macro-economic variables on asset pricing must be modelled mathematically. This paper explores mathematical, actuarial and statistical concepts such as Brownian motion, Markov Processes, Derivation and Integration as well as Probability theorems such as the Probability Density Function in determining the optimum mathematical model which depicts the accurate relationship between macro-economic variables and asset pricing.

Changes of the Level of Liquidity in Time of the Financial Crisis： A Case of Polish Companies

The financial crisis undoubtedly exerted a pressure on the companies operating in Poland. Thus, it is important to undertake researches that reveal the paths and strength of the transmission of financial crisis with regard to the business entities. This paper presents partial results of the researches dedicated to the analysis of the impact of financial crisis on the financial situation of companies operating in Silesian Region in Poland. It analyses and discusses the general changes in the financial ratios that inform about the company＇s financial liquidity and the level of liquidity risk. As a research paper, it aims at justifying hypotheses about the changes of liquidity and liquidity risk in companies operating in Poland, Silesian Region within the period of 2006-2009. The tested hypotheses generally indicate the decrease of liquidity in the aftermath of crisis and a worse situation in the Silesian Region, as compared to the national level. The study is based on an application of a part of authors＇ self-developed method--the CFS Watch （Corporate Financial Situation Watch）, which consists of five analytical modules. In this study, one module is applied： the FLA Module （Financial Liquidity Analysis） with regard to financial liquidity and the level of liquidity risk. The research is based on the data collected by the Polish Central Statistical Office. The analysis of FLA Module is based on two samples of companies： companies operating in the Silesian Region （denoted as the MEPP sample）, and companies operating in Poland （denoted as the MAPP sample）. This allows developing a comparative analysis between regional and national dimension. The results of the study represent an interesting starting point for further comparative researches based on the analysis of the changes in the level of liquidity and liquidity risk of companies operating in different countries. It may form a base for finding similarities or differences in their financial situation in the aftermath of the financial crisis. The CFS Watch method in terms of the liquidity can be widely applied to make the results comparable.

金融强监管对企业风险承担的影响——来自资管新规的经验证据

在经济下行压力增大、外部环境不确定性有增无减的背景下,我国企业运营正面临着各种挑战,企业风险承担问题尤为突出。选取2011—2021年A股上市公司作为样本,以资管新规的出台作为准自然实验,检验资管新规对企业风险承担水平的影响,探究企业在金融强监管下的风险承担行为。研究发现,资管新规提升了企业的风险承担水平。经济后果检验显示,资管新规主要增加了企业的被动风险承担,加大了企业的破产风险。经调节效应分析得到,企业通过提高信息披露透明度,政府通过改善营商环境、推进资本市场开放,可以缓解在资管新规出台背景下企业风险承担提高而带来的生产经营压力。

供应链融资对营运资金管理效率的影响

通过实证分析,探讨供应链融资对企业营运资金管理效率的影响,能够为企业降低融资成本、提高资金利用率提供策略建议,有助于推动企业高质量发展。选取2010—2022年制造业A股上市公司的面板数据,运用定量分析方法,从渠道管理视角出发,探讨采购、生产、营销3个渠道下供应链融资水平对营运资金周转期的影响。实证结果表明,在采购渠道下,供应商信赖度与营运资金周转期呈负相关关系,而短期应付账款比例与营运资金周转期呈正相关关系;在生产渠道下,生产渠道资金占用水平和链内薪金占用水平对营运资金周转期均有负向影响;在营销渠道下,客户信用依赖度和短期应收账款比例与营运资金周转期均呈负相关关系。此外,从整体层面研究发现,供应链信用依赖度对营运资金周转期有负向影响,而供应链资金占用度对营运资金周转期有正向影响。因此,合理运用供应链融资,可以显著提高营运资金管理效率。通过进一步研究发现,产权性质、是否为高科技企业以及市场地位的异质性分析对于理解供应链融资对营运资金管理效率影响的作用效果具有重要意义。

基于城市暴雨洪水模型的市政内涝防治设计

随着生态环境不断恶化,暴雨频率不断增加,暴雨洪水灾害对城市排水系统运行带来了极大挑战。城市既有排水系统难以满足排水需求,不仅造成下游地区防洪压力巨大,而且易引发严重内涝。开展城市暴雨内涝模拟研究能够为城市防灾减灾及排水规划设计提供重要理论依据。该文依托西安市某片区降雨、下垫面、管网数据进行暴雨管理模型(SWMM)构建,分析3、5、50年一遇常规降雨下3 h降雨过程,对片区相应重现期降雨下的管道超载及排水能力进行有效评估,并在此基础上进行低影响开发设施(LID)应用研究。结果表明,管道超载率随降雨量增大而增大,50年一遇降雨条件下为最高60%;片区管网排水能力不高,内涝风险随降雨量增大而增大,最大为44%;设计生物滞留池后,内涝风险降低幅度超40%。

CreditRisk+模型下商业银行经济资本配置研究

对金融资产风险的度量与经济资本的分配应该体现分散化效应,传统的V aR方式不能保证分散化效应的次可加性.本文讨论了基于T a ilV aR这一新的风险度量与经济资本分配标准,并在违约率均值不变情况下,对C red itR isk+模型下的商业银行经济资本分配进行了实证分析.

测绘档案数字化质量管理体系研究

随着“十四五”期间我国档案信息化建设的不断推进,测绘行业的档案数字化成效显著。但是,由于起步晚、发展快,测绘档案数字化过程中的质量管理问题未得到应有的重视。本文以湖北省测绘成果档案馆为主要调查对象,以全国代表性测绘档案馆(室)为案例,通过网络调查、个人访谈等方法,分析了测绘档案数字化质量管理现状,提出了以“全面质量管理”为理论基础、以“PDCA循环”为框架的测绘档案数字化质量管理体系框架,以期提升测绘数字化质量并为其他行业提供参考。

资管新规是否降低了银行风险——基于双重差分模型的实证检验

基于中国商业银行微观视角,利用2014-2020年中国143家银行的面板数据,通过双重差分模型实证检验了资管新规政策对银行风险的影响及作用机制。结果显示,资管新规的实施能够显著降低银行风险。机制检验表明,资管新规通过提升银行资本充足水平及增强银行盈利能力,进而降低银行风险。异质性分析表明,资管新规的实施能够更加有效地降低非国有银行的风险。因此,应继续坚持资管新规对银行的有序规范、提升银行资本充足水平及增强银行盈利能力。

政府资金与社会资本对高风险高回报项目投入机制研究——基于多国案例的分析

全球主要科技强国高度重视对高风险高回报类型技术,充分发挥政府资金的杠杆效应和引导作用,引导社会资本对优质项目或具有发展潜力的科技型中小企业实施投资,促使社会资金在科技创新中发挥更大的作用。按照高风险高回报项目技术实用化和产品化的不同可能性,各国政府资金引导和撬动社会资本的多元化投入机制各不相同,主要包括政府出资遴选培育颠覆性技术,成熟后引入社会资本跟投;政府出资遴选颠覆性技术,并实施股权投资,吸引社会资本的共同投资;以及政府资金联合社会资本共同实施项目的遴选和资助等。对比不同资金投入策略的优缺点和适用性,可以为中国相关科技管理决策提供借鉴。

数智化下的财务管理与营运资金管理探究

数字技术以及人工智能的发展给企业的管理方式带来了新变化,给企业的财务管理带来了机遇与挑战。文章在阐述财务管理基本理论的基础上,分析了数智化下财务管理的含义、特征、原理和目的,进而基于数智化的视角,详细分析了数智化对营运资金管理产生的影响,希望为数智化时代营运资金管理提出建议。