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The Relationship between
Liquidity, Asset Utilization Efficiency, Profitability, and Firm Value of
Listed Companies on the Stock Exchange of Thailand in the SETTHSI
Index |
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วันที่ได้รับต้นฉบับบทความ : วันที่แก้ไขปรับปรุงบทความ : วันที่ตอบรับตีพิมพ์บทความ : |
ฉัตรลดา จรูญวัฒนเลาหะ บัญชีมหาบัณฑิต คณะบัญชี บัณฑิตวิทยาลัย มหาวิทยาลัยหอการค้าไทย ผู้จัดการฝ่ายบัญชีอาวุโส โรงแรมรีสอร์ทและสปา เครือซิกเซ้นส์ ดร.กิตติมา อัครนุพงศ์ รองศาสตราจารย์ประจำกลุ่มวิชาการรายงานการเงินและการให้ความเชื่อมั่น คณะบัญชี มหาวิทยาลัยหอการค้าไทย (ผู้ประพันธ์บรรณกิจ) |
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Received: Revised: Accepted: |
Chatlada Jaroonwattanalaoha Master of Accountancy, School of Accountancy, Graduate School, University of the Thai
Chamber of Commerce Senior Accounting Manager, Sixsenses
Hotels Resorts and Spas Dr.Kittima Acaranupong Associate Professor of Financial Reporting and
Assurance Group, School of Accountancy, University of the Thai
Chamber of Commerce (Corresponding Author) |
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คำสำคัญ : |
บทคัดย่อ การศึกษานี้มีวัตถุประสงค์
เพื่อศึกษาความสัมพันธ์ระหว่างสภาพคล่อง
ประสิทธิภาพในการใช้สินทรัพย์กับความสามารถในการทำกำไร
และความสัมพันธ์ระหว่างความสามารถในการทำกำไรกับมูลค่ากิจการของบริษัทจดทะเบียนในตลาดหลักทรัพย์แห่งประเทศไทย
กลุ่มดัชนีหุ้นยั่งยืน (SETTHSI Index) โดยใช้ข้อมูลงบการเงินรายปีและอัตราส่วนทางการเงินของบริษัทที่อยู่ในกลุ่มดัชนีหุ้นยั่งยืน
ตั้งแต่ปี พ.ศ. 2562 - 2564 จำนวน 86 บริษัท ซึ่งมีจำนวนตัวอย่างทั้งสิ้น 233
ตัวอย่าง และใช้สมการถดถอยเชิงพหุคูณในการวิเคราะห์ความสัมพันธ์ระหว่างสภาพคล่อง
ประสิทธิภาพในการใช้สินทรัพย์กับความสามารถในการทำกำไร
และวิเคราะห์ความสัมพันธ์ระหว่างความสามารถในการทำกำไรกับมูลค่ากิจการ ผลการศึกษาพบว่า
อัตราหมุนเวียนของสินทรัพย์รวมมีพบความสัมพันธ์ในทิศทางตรงกันข้ามกับอัตรากำไรสุทธิ
แต่มีความสัมพันธ์ในทิศทางเดียวกันกับอัตราผลตอบแทนจากผู้ถือหุ้น อย่างไรก็ตาม
อัตราส่วนทุนหมุนเวียนไม่สัมพันธ์กับอัตรากำไรสุทธิและอัตราผลตอบแทนจากส่วนของผู้ถือหุ้น
อัตราผลตอบแทนจากส่วนของผู้ถือหุ้นมีความสัมพันธ์กับมูลค่ากิจการ (ซึ่งวัดโดย Tobins Q) ในทิศทางเดียวกัน
ผลการศึกษาแสดงว่า ประสิทธิภาพในการใช้สินทรัพย์ส่งผลกระทบต่อความสามารถในการทำกำไรและความสามารถในการทำกำไรส่งผลต่อมูลค่ากิจการ
ซึ่งเป็นการให้หลักฐานสนับสนุนทฤษฎีตัวแทน
ทฤษฎีการส่งสัญญาณและทฤษฎีผู้มีส่วนได้เสีย
และยังให้ข้อเสนอแนะแก่ผู้บริหารในการวางแผนการบริหารสินทรัพย์ให้มีประสิทธิภาพ
เพื่อสามารถสร้างกำไรที่ยั่งยืนและสร้างมูลค่ากิจการสูงสุดความสำเร็จ |
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Keywords: Liquidity, Asset Utilization |
ABSTRACT The objectives of this
study are to examine the relationship between liquidity, asset utilization
efficiency and profitability and the relationship between profitability and
firm value of listed companies on the Stock Exchange of Thailand in the
SETTHSI Index. The data is collected from the annual financial statements and
financial ratios of companies listed in the SETTHSI Index during the years
2019-2021. The total number of samples is 86 companies or 233 firms-years.
The research instrument is multiple regression for the analysis of the
relationship between liquidity, asset utilization efficiency, and
profitability and the relationship between profitability and firm value. The results of this
study indicate that total assets turnover is negatively related to net profit
margin, but it is positively related to return on equity. However, the
current ratio is not related to net profit margin and return on equity. The
return on equity is positively correlated with firm value (measured by
Tobins Q). The findings suggest that asset utilization
efficiency has an impact on the profitability and then the profitability
affect the value of firm. This provides the evidence supporting the Agency
Theory, Signaling Theory and Stakeholder Theory. The results also give the
suggestions for managers for planning the asset utilization efficiently in
order to generate the sustainable profit and the maximization of firm value. |
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