Cash cycle: A cross‐country analysis
研究了不同国家公司现金周期的差异，发现国家发展水平与现金周期负相关，现金周期短的公司研发投入更多、收购更活跃、估值更高且杠杆更低。
Abstract We study the cross‐country differences in the cash cycles of companies and find a negative relation between a country's development and the cash cycles of its corporations. The ability of companies to obtain raw materials on credit and to better manage inventory plays significant roles in shortening the cash cycle. Various country‐specific factors affect cash cycles. Firms with shorter cash cycles invest more in R&D and participate in more acquisitions. They also have a higher valuation and lower leverage. Overall, our findings indicate a close relation between a company's working capital management, its valuation, and the country's level of development.