أثر دورة التحول النقدي في القيمة السوقية للسهم : دراسة تطبيقية في شركة الكندي لإنتاج اللقاحات و الأدوية البيطرية

الملخص EN

The research aims at measuring and test the effect of cash conversion cycle of industrial company in the market value of its common stock in the financial market and recognizing the effect of subsidiary periods of this cycle in the market stock value.

It has covered a period from (2004–2013) to complete the financial data required for measurement and analysis.

This research adopts two hypotheses.

The first hypothesis says, ((There is no statistically significant effect of cash conversion cycle of industrial company in the market value of its common stock in the financial market)).

Whereas the second referred to (( There is no statistically significant effect of subsidiary periods of cash cycle (inventory conversion period, collection period, and payment period)in the market value of its common stock)).

For the purpose of achieving the research goals and prove or refute the hypotheses validity, it has been applied to Al-Kindi Company of Veterinary Vaccines, which is listed in Iraqi Stock Exchange.

The ready statistical program (SPSS.17) is used to analysis the financial data for the research variables, and by using the simple and multiple linear regression analysis as well as a number of statistical indicators and tests.

The research has reached to: 1-There is a negative significant effect of cash conversion cycle of the research sample company in its market stock value as well as its contribution ratio raise in explanation of the change in market stock value in the study environment.

Accordingly, the first hypothesis has been refuted.

2-There is a negative significant effect of inventory and collection periods of the research sample company on its market stock value and there is a statistically positive effect of payment period of the company on stock value.

Based on these results, the second hypothesis has also been refuted.

The research ended with number of recommendations, the most important are: 1-It is necessary for the research sample company to take care of cash conversion cycle and continuing seeking to reduce it to a minimum possible time without damage of production processes and sales and credit rating of company.

Through reducing the inventory conversion period, i.e., manufacturing and selling goods quickly, reducing collection period through accelerating of collecting process of accounts receivable, and decelerating accounts payable period by slowing down company payments of suppliers.

2- The investors should adopt the data and information regarding with company's cash cycle length and its subsidiary periods including other assessment indicators for the choosing among the common stocks traded in the market when entering the financial market to invest in common traded stocks.

3- Maximum benefit from given trade credit by suppliers (free spontaneous finance) without damage of credit standing of company through improving negotiation ability with suppliers companies and building long-term good relationships with them