This article aims to empirically examine the influence of working capital management (WCM) efficiency on the fundamentals of Indian listed firms. The fixed-effects logit regression model is employed to explore the impact of WCM efficiency on the fundamental strength of the sample firms. The fixed-effects regression model is used to investigate the influence of WCM efficiency on the select individual fundamental measures. We have extracted data from 538 Indian listed firms from the Centre for Monitoring Indian Economy (CMIE) database from 2012 to 2020. We find that WCM efficiency positively influences the fundamental strength of the sample firms. We have also validated our results with respect to individual fundamental measures. We observe that an efficient WCM enhances the overall profitability, operational effectiveness, asset utilization efficiency and the ability to generate cash from operations, while inefficient management of working capital (WC) pushes firms towards a more long-term debt financing in the Indian context.

本文旨在实证检验营运资本管理 (WCM) 效率对印度上市公司基本面的影响。采用固定效应 logit 回归模型来探索 WCM 效率对样本公司基本实力的影响。固定效应回归模型用于研究 WCM 效率对选择的单个基本指标的影响。我们从 2012 年至 2020 年印度经济监测中心 (CMIE) 数据库中提取了 538 家印度上市公司的数据。我们发现 WCM 效率对样本公司的基本实力产生积极影响。我们还验证了我们在个别基本指标方面的结果。我们观察到，高效的 WCM 可提高整体盈利能力、运营效率、