외식기업의 현금전환주기와 주가의 관계에 관한 실증연구

Abstract

This study examines the relationship between the cash conversion cycle and the stock price of food service industry firms. The sample is firm-year data belonging to 38 firms in the food service industry listed on the Korean exchange from 2010 to 2017. Considering that the sample had properties of the panel data, a panel regression model was employed for the analysis. The main results of the study are as follows. First, there was a significant negative (-) relationship between the stock price and the cash conversion cycle of food service industry firms. This means that the shorter the cash conversion cycle, the higher the value of the shares. Based on this result, it can be inferred that reducing the investments of working capital would be an efficient working capital management policy for sample firms. Second, in the analysis of the effect of financial constraints on the relationship between the cash conversion cycle and the stock price, it was confirmed that the effect was not significant. This result implies that financial constraints are not considered to be a factor that would change the working capital management policy of food service firms. This study is meaningful in that it is the first study to investigate the impact of the cash conversion cycle and the firm value for firms in the food service industry listed on the Korean exchange.