[雙語翻譯]營運資本外文翻譯--營運資金管理效率馬來西亞中小企業(yè)研究（英文）

1、 Procedia Economics and Finance 35 ( 2016 ) 297 – 303 Available online at www.sciencedirect.com2212-5671 © 2016 The Authors. Published by Elsevier B.V. This is an open access article under the CC BY-NC-ND lic

2、ense (http://creativecommons.org/licenses/by-nc-nd/4.0/). Peer-reviewed under responsibility of Universiti Tenaga Nasional doi: 10.1016/S2212-5671(16)00037-X ScienceDirect7th International Economics Efficiency index;

3、SME; Malaysia 1. Introduction Essentially, working capital management (WCM) is one of the most vital segments in firm’s financing decisions as an important stimulus towards firm’s performance. The importance of WCM towa

4、rds firm’s achievement was considered as a traditional concept that was highlights in all standard corporate finance textbooks (Aktas, fax: +60-9-455-2006 Email: farrahwahiedakasiran@yahoo.com © 2016 The Author

5、s. Published by Elsevier B.V. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/). Peer-reviewed under responsibility of Universiti Tenaga Nasional299Farrah W

6、ahieda Kasiran et al. / Procedia Economics and Finance 35 ( 2016 ) 297 – 303 conversion cycle, current assets ratio, size and current asset turnover as an independent variables and return on assets as present fo

7、r profitability for the dependent variables. Afza and Nazir (2011) stress on the importance of efficient working capital management by examined the efficiency of the working capital management for the cement sector in

8、Pakistan for the year 1988 to 2008. In order to examine the efficiency of the firms, he following the Bhattacharya (1997) indicator of efficiency, which is consist of three part; performance index of working capital ma

9、nagement, utilization index of working capital management and efficiency index of working capital management. The study found that the industry under this study did very well on performance of efficiency during the per

10、iod. Shehzad et.al (2012), study on efficiency of the textile sector of the Pakistan companies on their working capital management for the year 2004 to 2009. Instead of using the conventional method, this study using e

11、fficiency index developed by Bhattacharya (1997) and use these three indicators; performance index of working capital management, utilization index of working capital management and efficiency index of working capital

12、management. According to the results, the industry performance was at on the top of level of efficiency and its shows that they managed the working capital management properly during the empirical time span of study. T

13、he study done by Press, Valipour and Jamshidi (2012) found that there are positive relationship between performance index, efficient index, and utilization index with the efficiency of the asset. However, the results s

14、how that cash conversion cycle inversely significant relationship on efficiency of the assets. He concluded that index developed by Bhattacharya is more promising as a proper indexes and more significant in determining

15、 the working capital management compared to the conventional one. Motivated by limited research from the Malaysia perspectives, to be specific, in small medium enterprise industry and based on the previous studies prov

16、ided, this study thus forms the preliminary notion to expand the topic regarding the working capital management on efficiency analysis particularly. 3. Methodology The study analyse the Efficiency index of SME companies

17、 in Malaysia that was listed with SME Corporation of Malaysia. A sample of 50 companies was retrieved from Suruhanjaya Syarikat Malaysia database for the period from 2009 to 2013.However only 24 companies was selected

18、for analysis and the rest is omitted due to lack of required information. The data is extract based on the income statement and balance sheet from the annual report of the company. For the measurement of WCM Efficiency

19、, this study adopted the index develop by Bhattacharya (1997). Bhattacharya developed another tools for the measurement and examining the efficiency of the working capital management due to obstacles during implementati

20、on of the accounting ratios, such as lack of data and difficult task due to the missing theory (Bhattacharya, 1997). Traditionally, based on the previous studies it shows that accounting ratios are the most important t

21、ools to measure the efficiency. Nonetheless, Bhattacharya (1997) has composed an index, known as total efficiency index of the working capital management that was develop from the performance index, and utilization in

22、dex. This study differentiated from the previous study by using the Index based on sample that was never been tested previously from Malaysia perspective. Basically, this current study undertakes Small Medium and Enter

23、prise industry as a sample and chooses 24 companies in Malaysia as a preliminary test to measure the efficiency. The index used by Bhattacharya was based on sample of bigger company and presumably small firms and large

24、 firms are different from each other and the responsiveness of proficient working capital management is still unclear (Javid ,2014) thus motivated the current study to apply this index. Bhattacharya (1997) suggest that

25、to measure the whole efficiency of the working capital management, the first analysis was to calculate the Performance Index of Working Capital Management (PIWCM) using the following model; Where, ( 1) 1n is iitWCMW t