The effects of working capital management on the financial performance of commercial and services firms listed at Nairobi Securities Exchange in Kenya

Working capital management (WCM) is critical because it affects a company's profitability, liquidity, and investment decisions, all of which have an impact on financial performance. As a result, effective and efficient working capital management is an essential component for commercial and service businesses. Given the importance of the commercial and services industries to the Kenyan economy, the goal of this research was to look into the impact of working capital management on the financial performance of these firms, particularly those listed on the Nairobi Securities Exchange (NSE), from 2003 to 2022. Working capital management was measured using the average age of inventory, average collection period, average payment period, and cash conversion cycle, whereas financial performance was measured using return on asset, return on equity, and net operating profit margin.

营运资金管理（Working Capital Management，WCM）至关重要，因其会影响企业的盈利能力、流动性与投资决策，而上述要素均会对财务绩效产生作用。因此，高效且富有成效的营运资金管理是商业与服务类企业的核心构成要素。鉴于商业与服务业对肯尼亚经济的重要性，本研究旨在探究2003年至2022年间，营运资金管理对这类企业财务绩效的影响，其中重点关注在肯尼亚证券交易所（Nairobi Securities Exchange，NSE）上市的企业。本研究以存货周转天数、应收账款回收期、应付账款周转期及现金转换周期作为营运资金管理的衡量指标，以资产收益率、净资产收益率与营业净利润率作为财务绩效的衡量指标。