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‫إدارة ﺣﺴﺎﺑﺎت اﻟﺬﻣﻢ اﻟﺪاﺋﻨﺔ وﺗﺄﺛﻴﺮﻫﺎ ﻋﻠﻰ اﻟﺮﺑﺤﻴﺔ ـ دراﺳﺔ ﺗﻄﺒﻴﻘﻴﺔ ﻋﻠﻰ اﻟﺸﺮﻛﺎت اﻟﻤﺪرﺟﺔ ﻓﻲ‬
‫ ﻫﻴﺌﺔ اﻷوراق واﻷﺳﻮاق اﻟﻤﺎﻟﻴﺔ اﻟﺴﻮرﻳﺔ‬Accounts Payable Management and its Effect
on Profitabi...

Article · October 2015

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2015 14

2011 2005

2014/11/3
2015 1 20

1
 1

[1]
Spontaneous Liabilities

Unsecured Short-Term Financing

Explicit Cost
[1] Implicit Costs
[2]
[3]

[3]

11.6

2
 2015 14

[4]

Opportunity Cost of Short-Term Borrowing

3
 5
1
2

[5] Schwetzler, B., and Reimund, C., 2004

Operating Cash Flows (OCF_TA)

[6] Total Assets (TA) (OCF)

4
 2015 14

Earnings before Interest (EBIT_TA)

[7] and Taxes (EBIT)

[1] (Accounts Payable Period) APP

365
APP_DEV

| - | (IM)
POS_DEV

)1( ( ) (( ) ( ))
( - )

NEG_DEV

)1( ( ) (( ) ( ))
( - )

5
 [8] Control Variables
Size
)Lev(
8

Spss
9
]9[ Deloof M., 2003 1-9

1996 1992

[10] 2212 2 9

2007 2001

6
 2015 14

Raheman A.; Afza T.; Qayyum A.; Bodla M A., 2010 3 9

[11]

2007 1998
204

[12] Vural G.; Sökmen A G.; Çetenak E H., 2012 4 9

75
2002
2009

[13] Asaduzzaman M.; and Chowdhury T., 2014 5 9

21
2012 2008

12

7
 2005
2011
12
MTN

UG

66

Financing and Financial Benefit 1 1

[3]
[2]
30 15 1
1 15

20 30
1 99
15 20

8
2015 14

1.01 99 1 0.0101
5 365 73

EAR=(1+0.0101)73-1=1.0826=108.26%
[3] Operational Conditions 2 1

3 1

[3]
[14] Financial Conditions 4 1

9
 5 1

[3]
2
[15]

1
45 1
35.7
EBIT_TA ،OCF_TA
%8.7 %11.6
%35

10
2015 14

APP 45 21.5 59.6 66

APP_DEV 35.7 8.5 52.7 66
OCF_TA 0.116 0.086 0.159 66
EBIT_TA 0.087 0.073 0.086 66
SIZE 20.89 20.04 2.20 66
LEV 0.352 0.394 0.245 66

)2(

0.01
APP
APP OCF_TA
EBIT_TA

APP_DEV

APP 2
OCF_TA APP_DEV
EBIT_TA
0.01 7
OCF_TA EBIT_TA
APP 0.373** 0.196
APP_DEV 0.180 0.039

11
 3

3
3 ،2 ،1 6
6 ،5 ،4 OCF_TA
EBIT_TA
Size
APP LEV
APP_DEV 4 1
POS_DEV 5 2
3
NEG_DEV 6
7 6 3
N
0.05 Sig
0.01
OCF_TA EBIT_TA
1 2 3 4 5 6
-0.845** -0.810** -0.777** -0.464** -0.413** -0.377**
(Constant)
(0.000) (0.000) (0.000) (0.000) (0.000) (0.000)
0.044** 0.042** 0.04** 0.026** 0.023** 0.021**
Size
(0.000) (0.000) (0.000) (0.000) (0.000) (0.000)
0.190** 0.176** 0.193** 0.105** 0.085* 0.104**
LEV
(0.009) (0.01) (0.007) (0.008) (0.022) (0.007)
-0.001 -0.001**
APP
(0.122) (0.002)
-0.001 -0.001**
APP_DEV
(0.069) (0.001)
-0.00005 -0.001**
POS_DEV
(0.130) (0.007)
0.0014 0.0016
NEG_DEV
(0.540) (0.182)
Adjusted
0.424 0.432 0.430 0.418 0.422 0.443
R2
16.94** 17.49** 13.26** 16.57** 16.789** 13.9**
F
(0.000) (0.000) (0.000) (0.000) (0.000) (0.000)
N 66 66 66 66 66 66

12
 2015 14

3 4 1
4
0.01 0.001
EBIT_TA APP
1 0.1 0.001

5 2 APP_DEV
0.01 0.1
0.001 0.001

0.1 EBIT_TA OCF_TA

POS_DEV

NEG_DEV

0.01 0.001 EBIT_TA

13
 3

11.6

14
2015 14

15
1. Gitman L. J.; Zutter C. J., 2012- Principles of Managerial
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