The cash conversion cycle (CCC) measures the duration between a firm's outgoing and incoming cash flows. Firms track the CCC metric and employ it as a benchmark since lower CCC values may signal better operational and credit performance. We develop a typification of firms based on the processing lead time and credit periods negotiated with suppliers and customers, and demonstrate how these characteristics interact with sales growth rate, seasonality, and fiscal year end to affect the CCC. Based on our analytical models, we hypothesize that the impact of sales growth rate and the indirect effect of time on CCC can be positive or negative depending on the firm type. We also identify the crucial role that demand pattern in the zone of influence, an interval that we define around the fiscal year end, plays in determining the CCC. We test our hypotheses empirically using a multi-level (random effect) model and a fixed effect model, where the levels of analyses are the specific firm types and individual firms, respectively. Our results, based on quarterly financial data of 58 firms over a 12-year period, confirm the hypothesized effects of sales growth rate, fiscal year end, and seasonality on the CCC. Though frequently used, the CCC is thus a nuanced metric that needs careful interpretation. The findings of the paper are important to facilitate more accurate longitudinal CCC analyses and benchmarking comparisons that account for unique differences in sales growth rate, fiscal year end, and seasonality.

中文翻译：

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季节性、销售增长率和财年末对现金周转周期的影响

现金转换周期 ( CCC ) 衡量公司现金流出和流入之间的持续时间。公司跟踪CCC指标并将其用作基准，因为较低的CCC值可能表示更好的运营和信用绩效。我们根据与供应商和客户协商的处理提前期和信用期开发了一种公司类型，并展示了这些特征如何与销售增长率、季节性和财政年度结束相互作用以影响CCC。根据我们的分析模型，我们假设销售增长率的影响和时间对CCC的间接影响取决于公司类型，可以是正数或负数。我们还确定了影响区域中的需求模式在确定CCC中的关键作用，影响区域是我们在财政年度结束时定义的间隔。我们使用多层次（随机效应）模型和固定效应模型对我们的假设进行实证检验，其中分析层次分别是特定的公司类型和个别公司。我们的结果基于 58 家公司 12 年期间的季度财务数据，证实了销售增长率、财年末和季节性对 CCC 的假设影响。虽然经常使用，但CCC因此，这是一个需要仔细解释的微妙指标。该论文的发现对于促进更准确的纵向CCC分析和基准比较比较很重要，这些比较可以解释销售增长率、财政年度结束和季节性方面的独特差异。