Since the beginning of 2020, Corona-19 has broke out and spread around the world. In order to control the epidemic, China has adopted a series of measures such as delaying the resumption of work and production of enterprises, compulsory closure of restaurant and entertainment business, which have effectively contained the spread of the epidemic to a large extent. However, a series of policies in response to the epidemic have also traumatized the economy. In particular, it has caused great difficulties to the operation of small and medium-sized enterprises. This article conducted a questionnaire survey on the status of SMEs (small and medium-sized enterprises) affected by the epidemic. The results of the survey show that 85% of SMEs have a cash balance that is able to support operation for less than 3 months, indicating that SMEs have a high risk of financial vulnerability, and most SMEs face the risk of capital disruption and crisis. The central and local governments have successively issued hundreds of policies to help small and medium-sized enterprises overcome the difficulties. In addition to the well utilization of supporting policies of the government, small and medium-sized enterprises should seek self-help and development based on their own particularly on the working capital management. In this process, small and medium-sized enterprises need to be more conservative, pay attention to reducing expenditure, try to save cash by negotiation and signing agreements etc. and set scientifically credit conditions, use the Internet to strengthen cooperation, expand sales channels and smoothly survive this difficult epidemic period.

This study was conducted on financial data of 38 economic groups listed on Vietnam’s stock market for the period 2009 – 2019 and it aims to provide an empirical evidence on the impact of working capital management policy on performance in all phases of the economic cycle of Vietnamese economic groups. The study uses FGLS estimation method with 2 dependent variables ROA, GOP, independent variables including INV, AR, AP, CCC, dummy variable representing different phases of the economic cycle, variables Control includes CAT, CR, LEV, SZ, GR. Research shows that the greater the level of investment by companies in liquid assets corresponding to a certain level of activity (shown by average days of inventory (INV), average days of collection. (AR), cash flow cycle (CCC)) the lower the rate of return on assets. The study also provides additional evidence of the negative effects of economic crisis on the performance of economic groups. The study also shows that the number of short-term asset cycles has a positive impact on operational efficiency, and the level of debt use has a negative impact on operational efficiency. This result implies that the managers of economic groups can increase the efficiency of businesses through a reasonable working capital policy.

This study examines the influence of working capital management (WCM) factors on the profitability of steel companies listed on the Stock Exchange of Vietnam. Data was collected from audited financial statements of companies for a period of 10 years, from 2010 to 2019. The number of samples eligible for research is 20 out of 26 companies, which is equivalent to 76.9%. With the help of dedicated software Stata version 14, the impact determination of WCM (through 8 independent variables: DIO, DPO, DSO, CCC, SIZ, CR, LEV, GRO) to the firm’s profitability (through the dependent variable) is performed through multivariate regression models. Research results from companies in the steel industry in Vietnam during this period indicate that WCM has a strong impact on the profitability of businesses. Among 8 factors affecting the profitability of steel enterprises, factors DPO, DIO, DSO, CR, SIZ, GRO have a positive impact, boosting profitability; 2 factors CCC and LEV have a negative impact on profitability; in which, the effect of CCC is negligible. This conclusion is almost in contrast to many previously published studies due to the specifics of the industry as well as the different stages of economic development associated with the economic management policies of the State.

This paper investigates the impact of working capital management on the firm’s profitability. The research sample includes 119 non-financial listed companies on Vietnam stock market over a period of 9 years from 2010 to 2018. Two statistical approaches include Ordinary least squares (OLS) and fixed effects model (FEM) are employed to address econometric issues and to improve the accuracy of the regression coefficients. The empirical results show the negative and significant impacts of the working capital management, which measured by cash conversion cycle (CCC) and three components of the CCC including accounts receivable turnover in days (ARD), inventory turnover in days (INVD), and accounts payable turnover in days (APD) on the firm’s profitability measured by return on assets (ROA) and Tobin’s Q. It implies that firms can increase profitability by keeping the optimization of the working capital management measured by the CCC, which includes shortening the time to collect money from clients, accelerating inventory flow and hold the low payment time to creditors. Besides, the profitability of firms was impacted by the sale growth rate, firm size, leverage, and age. Therefore, this paper provides a new insight to managers on how to improve the firm’s profitability with working capital management.

Firms can use working capital management which is one of the essential determinants to influence their profitability. The main theme of present study is to investigate the relationship between working capital management and profitability of Tobacco Industry of Pakistan. This study is based on secondary data collected from financial statements of selected companies of Tobacco Industry of Pakistan for the period of 2005-2014. For data analysis, both descriptive and inferential statistics were used. Correlation analysis is used to check the relationship between the variables, while multiple regression analysis is used to examine the effects of working capital management on profitability of firms. The result reveals that there is a strong negative relationship between variables of working capital management and profitability of Tobacco Industry of Pakistan. This means that as the cash conversion cycle increases, it will lead to declining of firm profitability and managers can create a positive value for shareholders by reducing the cash conversion cycle at optimal level. The study concludes that managers can create value for shareholders by managing the working capital well designed and implemented, and by keeping each components of it at optimal level.

기업의 운전자본관리는 단기재무전략관리 차원에서 접근이 가능하며, 이는 기업의 유동성 및 수익성 등에 영향관계가 있음이 실증 되고 있다. 따라서 효율적인 운전자본관리는 기업의 수익성을 증대시킬 수 있을 뿐만 아니라, 유동성 또한 개선시킬 수 있게 된다. 해운기업 의 경우 글로벌금융위기와 맞물려 수익성과 유동성에 많은 어려움을 겪었음에도 불구, 운전자본관리와 수익성에 대한 연구는 전무한 상태이 다. 이에 본 연구에서는 2004년 이후 46개 해운기업을 대상으로 운전자본관리와 수익성과의 관계를 규명함으로써 단기재무전략 수립에 유용 한 정보를 제공하고자 하였다. 연구의 결과 기존연구들과 같이 매입채무기간, 재고기간, 현금주기, 영업주기가 해운기업의 수익성 즉, 매출액 총이익률과 매출액영업이익률을 개선할 수 있는 중요한 요인인 것으로 실증되었다. 특히 매입채무신용기간과 영업주기의 증가는 수익성의 증 가를 가져오는 것으로 분석된 반면, 재고기간과 현금주기는 부(-)의 관계를 보여 이들이 줄어들 경우 수익성이 증가하는 것으로 나타났다. 매 출채권기간은 일부 모형에서 유의하였으나, 기존 연구들과는 달리 해운기업의 경우 수익성과의 관계를 설명하기에는 한계가 있는 것으로 나 타났다.