Companies may have their level of optimal working capital that maximizes their values through the effective management of current liabilities and assets. Previously, many studies were made on the impact of working capital management on the company’s performance in different sectors; however, its impact on the performance of firms that are engaged in export activities was not given any consideration and this particular study has attempted to investigate the fundamental impact of working capital management on the export firm’s performance in Ethiopia. To analyze this particular study, a total of 164 exporters operating in Ethiopia have been taken as a sample and both primary and secondary data collection methods were used. The data gathered from the sample of the study were analyzed using a multiple linear regression model and the result reveals that working capital management which was measured by account receivables period, cash conversion cycle, and accounts payable period has a statistically significant and positive correlation with the performance of exporting firms in Ethiopia which was measured by both return on assets and return on investment. However, working capital management which was measured by the inventory conversion period has a statistically significant and positive impact on return on investment, but it has an insignificant impact on the performance of sampled export firms in Ethiopia which was measured by return on assets. Based on the result of the study, firms may need to extend credit terms for customers, may prolong their cash conversion cycle, may need an extended payment period, and may or may not hold a high volume of inventory. All extending periods and cycles shall be made up to the extent of attaining an optimal level of working capital and better to implement a conservative policy of working capital management. Thus, it is advisable to consider the result of this study while making decisions regarding their working capital management to support their performance.

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营运资金管理及其对企业绩效的影响：对埃塞俄比亚出口商的实证分析

公司可能具有最佳营运资金水平，可以通过有效管理流动负债和资产来实现其价值最大化。以前，对营运资本管理对公司在不同部门的绩效的影响进行了许多研究。但是，没有考虑到它对从事出口活动的公司的业绩的影响，这项特殊的研究试图调查营运资金管理对埃塞俄比亚出口公司的业绩的根本影响。为了分析这项特殊研究，以埃塞俄比亚共有164家出口商为样本，并使用了主要和次要数据收集方法。使用多元线性回归模型对从研究样本中收集的数据进行了分析，结果表明，以应收账款期，现金转换周期和应付账款期衡量的营运资金管理与应收账款具有统计显着性和正相关性。埃塞俄比亚出口公司的表现，既可以通过资产回报率来衡量，也可以通过投资回报率来衡量。但是，以存货转换期衡量的营运资金管理对投资回报具有统计上显着的积极影响，但对以资产回报率衡量的埃塞俄比亚抽样出口公司的业绩却影响不大。根据研究结果，公司可能需要为客户延长信用期，可能会延长其现金转换周期，可能需要延长付款期限，并且可能会或可能不会容纳大量库存。所有延长的周期和周期应在达到最佳营运资金水平的范围内作出弥补，并更好地实施保守的营运资金管理政策。因此，建议在确定有关其营运资金管理以支持其绩效的决策时，考虑本研究的结果。