インド鉄鋼企業における運転資本管理とキャッシュ・コンバージョン・サイクルの比較分析: Prajapati and Patel (2012) の分析枠組みを用いた再検証

井上, 修

doi:10.51094/jxiv.3976

##article.authors##

井上, 修神奈川大学経済学部

DOI:

https://doi.org/10.51094/jxiv.3976

キーワード:

インド鉄鋼企業、運転資本サイクル、キャッシュ・コンバージョン・サイクル

抄録

本稿は，Prajapati and Patel (2012)のリサーチデザインを参照しつつ，FY2018–FY2023 のデータを用いて，AM/NS India，JSW Steel，Jindal Steel & Power，SAIL，Tata Steel の5社を対象にインド鉄鋼企業の運転資本管理を再検証する。流動比率や当座比率のような静態的な安全性指標だけでは把握しにくい営業循環上の資金拘束を捉えるため，Prajapati and Patel (2012)に倣い，cash conversion cycle（CCC）を中心に，operating cycle analysis，working capital ratio analysis，size-wise analysis，growth analysis，one-way ANOVA を実施した。分析の結果，現行サンプルの top-5 平均 CCC は 51.98 日であり，原論文の 6.44 日より大幅に長い。差の主因は在庫日数（DIO）の上昇であり，54.75 日から 115.03 日へと拡大していた。企業別には JSW Steel が -1.50 日で最短，SAIL が 133.63 日で最長であった。ANOVA では平均比率群に統計的有意差は確認されなかったが，記述統計と図表の検討からは，在庫負担と supplier credit の組み合わせが企業差の中核をなすことが確認できる。本稿の意義は，インド企業一般を対象とする運転資本管理研究と，鉄鋼業に特化した descriptive comparison を橋渡しし，近年データで operating cycle の変化を再確認した点にある。

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インド鉄鋼企業における運転資本管理とキャッシュ・コンバージョン・サイクルの比較分析

Prajapati and Patel (2012) の分析枠組みを用いた再検証