| Summary: | 碩士 === 國立成功大學 === 國際經營管理研究所碩士班 === 103 === Nowadays small and medium enterprises (SMEs) in Thailand are growth rapidly. Then this research examined (1) the relationship between working capital management and their financial performance, and (2) the relationship between working capital management and corporate value for SMEs in Thailand. The sample comprised of 88 companies in seven (7) sectors (Agro and Food Industry, Consumer Products, Industrials, Property ＆ Construction, Recourses, Services and Technology) listed in the Market for Alternative Investment (MAI) for the period of 2009 to 2013 which provided quarterly data. This study used cash conversion cycle (CCC), return on asset (ROA) and Tobin's q to serve as proxies for working capital management, companies' performance, and corporate value, respectively. Panel regression analysis is used as a method to analyze the data. The results show that there is a significant relationship between working capital management and profitability. In contrast, there are no significant relationship between working capital management and corporate value. These SMEs in Thailand are able to use working capital management for control profitability but they cannot be suitable for corporate value.
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