ความสัมพันธ์ระหว่างเงินทุนหมุนเวียนกับราคาหุ้นสามัญของบริษัทจดทะเบียนในตลาดหลักทรัพย์แห่งประเทศไทย

Abstract

The objective of this independent study is to investigate the relationship between working capital and stock prices of listed companies in The Stock Exchange of Thailand. Data in this study were collected form annual report, financial statement, annual registration statement (Form 56-1) and website of firms. This research was carried out during 2012 to 2013 on 513 data which were analyzed and the statistical results evaluated by using multiple regressions analysis. The dependent variable in this study was stock price and independent variables of this study were current ratio, cash conversion cycle, inventory turnover, account receivable turnover and earning per share. The control variable was size of company. Results of the study showed that at the significant level 0.05 or 95 percent of confidence indicated that current ratio and earning per share has positively related to stock price. Therefore, if the company effectively managed current asset and current liability this will increase the profit of the company and improve the stock price. The study also found that size of company has positively related to stock price which mean if the company is expanding and has increase its total asset this will increase stock price. Moreover, the findings showed that cash conversion cycle, inventory turnover and account receivable turnover have no significant effect on stock price.