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Arbeidskapitalstyring og aksjonærverdi : en empirisk analyse av sammenhengen mellom arbeidskapitalstyring og aksjonærverdi i Norden

机译:营运资本管理与股东价值:北欧国家营运资本管理与股东价值之间关系的实证分析

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摘要

In this thesis, we provide an empirical study of the relationship between corporate working capital management and shareholder wealth in the Nordic countries. The focus on working capital management has increased because of the economic crisis that engulfed most of the world in 2008, as firms have turned to their own balance sheets in search for liquidity. The methodology used in this thesis relies on the model proposed by Faulkender and Wang (2006) and later expanded by Kieschnick et al. (2011) to assess the effect of working capital management on shareholder wealth.By examining 278 listed companies in Norway, Sweden, Denmark and Finland from 2008 through 2013, we find that an additional Norwegian krone invested in net operating working capital is valued at less than one krone by investors. Further, we find that an additional Norwegian krone invested in cash holdings is valued at more than one krone by investors.Second, we find that the importance of working capital management differs across industries, although our sample prevent us from analyzing all industries. Third, we find that the valuation of an additional Norwegian krone invested in net operating working capital is influenced by a firm’s bankruptcy risk and financial constraints. Fourth, we find that an additional Norwegian krone invested in account receivables is valued more than an additional Norwegian krone invested in inventory.Our results are largely consistent with previous research in this area, although research is scarce. Altogether, the results in this thesis points out the importance of working capital management on shareholder wealth.
机译:在本文中,我们对北欧国家公司营运资本管理与股东财富之间的关系进行了实证研究。由于企业已转向自己的资产负债表以寻求流动性,2008年席卷全球的大部分经济危机使人们对营运资金管理的关注增加了。本论文中使用的方法依赖于Faulkender和Wang(2006)提出的模型,后来由Kieschnick等人扩展。 (2011)评估营运资本管理对股东财富的影响。通过研究2008年至2013年在挪威,瑞典,丹麦和芬兰的278家上市公司,我们发现投资于净营运资本的额外挪威克朗价值较低而不是投资者的克朗。此外,我们发现投资于现金持有量的挪威克朗对投资者的价值超过一个克朗。其次,我们发现营运资本管理的重要性因行业而异,尽管我们的样本使我们无法分析所有行业。第三,我们发现,投资于净营运资金的另一挪威克朗的估值受到公司破产风险和财务约束的影响。第四,我们发现投资于应收账款的其他挪威克朗的价值要高于投资于库存的其他挪威克朗的价值。尽管研究很少,但我们的结果与该领域的先前研究基本一致。总之,本文的结果指出了营运资金管理对股东财富的重要性。

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