The aim of this paper is to identify the relationships between measures of working capital management (cash conversion cycle /CCC/, working capital value /WC/ and the financial liquidity /CR/) and profitability of companies listed on the Warsaw Stock Exchange. The research material consisted of data of 326 companies from 1998–2016. The analysis revealed significant non-linear relationship between WC, CR and profitability. When WC and CR values grow, profitability increases, but at a slower pace. However, there is a linear negative relationship between CCC and profitability. The results are influenced by the industry and the GDP growth. This indicates that profit-driven entrepreneurs try to delay payments to suppliers. They pay off bank loans from the funds thus generated. This study contributes to the verification of theories linking profitability with working capital management with emphasis on the influence of the industry. The results have practical implications: companies with growing profitability should not lose sight of the shortening CCC when paying off short-term loans; in some industries decreasing profitability while CR values grow may mean problems with the efficient use of current assets.

中文翻译：

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盈利能力和营运资本管理：来自华沙证券交易所的证据

本文的目的是确定在华沙证券交易所上市公司的营运资本管理措施（现金转换周期/CCC/、营运资本价值/WC/ 和财务流动性/CR/）与盈利能力之间的关系。研究材料包括 1998-2016 年 326 家公司的数据。分析揭示了 WC、CR 和盈利能力之间存在显着的非线性关系。当 WC 和 CR 值增加时，盈利能力增加，但速度较慢。然而，CCC 与盈利能力之间存在线性负相关关系。结果受行业和GDP增长的影响。这表明利润驱动的企业家试图延迟向供应商付款。他们用由此产生的资金偿还银行贷款。本研究有助于验证将盈利能力与营运资金管理联系起来的理论，并强调行业的影响。结果具有实际意义：盈利能力不断增长的公司在偿还短期贷款时不应忽视缩短的 CCC；在某些行业，盈利能力下降而 CR 值增长可能意味着流动资产的有效利用存在问题。