Purpose

This study seeks to analyse the determinants of working capital of manufacturing small and medium-sized enterprises (SMEs), particularly the effect of the probability of financial distress on working capital.

Design/methodology/approach

Using panel data models, the authors analyse a sample of 3994 manufacturing SMEs for the period 2011–2017.

Findings

The results suggest that SMEs pursue conservative working capital management to avoid the failure to fulfil the commitments with creditors. Also, the positive impact of the probability of financial distress on SME working capital suggests that SMEs exposed to a higher probability of bankruptcy invest more in working capital to avoid the risk of default and financing imbalance.

Originality/value

The novelty of this study is to extend the consequences of aggressive or conservative working capital management by analysing the probability of financial distress on working capital.

中文翻译：

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营运资金的决定因素：制造业中小企业的经验证据

目的

本研究旨在分析制造中小型企业 (SME) 营运资金的决定因素，特别是财务困境概率对营运资金的影响。

设计/方法/方法

使用面板数据模型，作者分析了 2011-2017 年期间 3994 家制造业中小企业的样本。

发现

结果表明，中小企业追求保守的营运资金管理，以避免未能履行与债权人的承诺。此外，财务困境概率对中小企业营运资金的积极影响表明，面临较高破产概率的中小企业更多地投资于营运资金，以避免违约和融资失衡的风险。

原创性/价值

本研究的新颖之处在于通过分析营运资金出现财务困境的可能性来扩展激进或保守的营运资金管理的后果。