ความสัมพันธ์ระหว่างระดับเงินทุนหมุนเวียนกับผลการดำเนินงานของบริษัทในตลาดหลักทรัพย์แห่งประเทศไทย

Abstract

This study aims to examine the relationship between working capital level and firm performance of listed companies in the Stock Exchange of Thailand during the period from 2015 to 2019. Working capital levels are categorized into two levels: Positive Excess NWC (Net Working Capital) and Negative Excess NWC, calculated relative to the median value of working capital in each industry group. The study found an asymmetric relationship between working capital levels and operating performance, indicating the existence of an optimal level of investment in working capital. A statistically significant negative relationship was observed between Positive Excess NWC and return on invested capital (ROIC) and Tobin’s Q, while a positive relationship was found for Negative Excess NWC. This suggests that companies with high levels of working capital and the ability to reduce unnecessary working capital experience increased operating performance. Conversely, for companies with low levels of working capital or insufficient investment in working capital, it will have a positive impact on operating performance. In summary, companies that can maintain an optimal level of working capital improve their operating performance. Furthermore, for companies with excessive levels of working capital, investing in non-current assets provides an alternative to reducing unnecessary working capital levels and enhances operating performance.