The main aim of the paper is to determine the relationship between profitability and financial liquidity of a company using meta-analysis. This method is based on a synthesis of many previous studies with the application of econometric tools. The results of the study show that, taking into account 16 economies, it is not possible to identify a common effect describing the relationship between the profitability of enterprises and their financial liquidity measured by the current liquidity ratio. The results of individual empirical studies that underlie the meta-analysis are diverse. This means that there are moderators of the strength and direction of this dependence associated with macroeconomic and institutional conditions. We attempted to separate them by means of meta-regression. This method involves the use of a regression model, where data are derived from both meta-analysis and external sources. We diagnosed two statistically significant moderators of the strength and direction of the relationship between profitability and liquidity. These are two factors: (i) private sector crediting and (ii) capital market development. Our paper contributes to the development of the existing knowledge by summarizing and binding previous individual empirical studies on the relationship between profitability and liquidity of enterprises and identifying factors affecting this relationship. This knowledge can assist financial managers in making more efficient decisions related to liquidity and working capital management.

本文的主要目的是使用元分析确定公司盈利能力与财务流动性之间的关系。该方法基于对许多先前研究的综合，并应用计量经济学工具。研究结果表明，考虑到 16 个经济体，无法确定描述企业盈利能力与其以当前流动性比率衡量的财务流动性之间关系的共同效应。作为荟萃分析基础的个别实证研究的结果是多种多样的。这意味着与宏观经济和制度条件相关的这种依赖的强度和方向存在调节因素。我们试图通过元回归将它们分开。该方法涉及使用回归模型，其中数据来自荟萃分析和外部来源。我们在盈利能力和流动性之间的关系强度和方向上诊断出两个具有统计学意义的调节因素。这是两个因素：(i) 私营部门信贷和 (ii) 资本市场发展。我们的论文通过总结和结合以前关于企业盈利能力和流动性之间关系的个别实证研究，并确定影响这种关系的因素，为现有知识的发展做出贡献。这些知识可以帮助财务经理做出与流动性和营运资金管理相关的更有效的决策。我们在盈利能力和流动性之间的关系强度和方向上诊断出两个具有统计学意义的调节因素。这是两个因素：(i) 私营部门信贷和 (ii) 资本市场发展。我们的论文通过总结和结合以前关于企业盈利能力和流动性之间关系的个别实证研究，并确定影响这种关系的因素，为现有知识的发展做出贡献。这些知识可以帮助财务经理做出与流动性和营运资金管理相关的更有效的决策。我们在盈利能力和流动性之间的关系强度和方向上诊断出两个具有统计学意义的调节因素。这是两个因素：(i) 私营部门信贷和 (ii) 资本市场发展。我们的论文通过总结和结合以前关于企业盈利能力和流动性之间关系的个别实证研究，并确定影响这种关系的因素，为现有知识的发展做出贡献。这些知识可以帮助财务经理做出与流动性和营运资金管理相关的更有效的决策。我们的论文通过总结和结合以前关于企业盈利能力和流动性之间关系的个别实证研究，并确定影响这种关系的因素，为现有知识的发展做出贡献。这些知识可以帮助财务经理做出与流动性和营运资金管理相关的更有效的决策。我们的论文通过总结和结合以前关于企业盈利能力和流动性之间关系的个别实证研究，并确定影响这种关系的因素，为现有知识的发展做出贡献。这些知识可以帮助财务经理做出与流动性和营运资金管理相关的更有效的决策。