中国上市公司营运资金策略和效果实证分析.pdf

中国上市公司营运资金策略与效果实证分析 摘 要 营运资金管理是公司金融中非常重要的内容。在当前的国际国内经 济金融背景下，营运资金管理是企业财务管理的重中之重。因此，本文 的研究凸显了十分重要的现实意义。 本文应用规范性分析，剖析了营运资金的实质、构成和作用。运用 了经济学和金融学的相关知识，结合中国证券市场实际，构建营运资金 评价模型。 实证分析第一部分，研究上市公司营运资金对于企业经营绩效的重 要意义以及营运资金策略选择和企业经营绩效间的关系。通过分析得出 将营运资金控制在一个合适的比率，对上市公司经营绩效显著正相关。 另外，行业背景的差异让上市公司营运资金策略的选择产生非常大的影 响。 实证分析第二部分，研究上市公司营运资金经济模型。进而通过营 运资金信息，尝试推断营运资金信息中蕴含的上市公司私有的管理信 息。然后，通过近期的营运资金信息来评价和预测公司未来一段时间的 企业经营绩效。 最后，文章结合研究结果给出总结和研究展望。 关键词：营运资金，应收账款，存货，经营绩效 EMPIRICAL STUDY ON W ORKING CAPITAL TACTICS AND EFFECT O F CHINA LISTED COMPANIES ABSTRACT Working capital management is very important in the corporate finance. The current global and domestic economic and financial environment makes working capital management get enterprise financial management highest priority. Therefore, this study highlights the important practical significance. Through normative analysis, this paper analyzes the essence and composition of working capital. Based on the economics and finance related knowledge, combining with Chinas securities market actual, this paper constructs the working capital evaluation model. The first part of the empirical analysis studies how the listed companies’ working capital is very important for enterprise business performance and the relationship between the working capital choice and business performance. The analysis results show that to keep a good appropriate ratio working capital will produce significant positive effects on the listed companies operating performance. In addition, industry background difference is a key factor to affect listed companies working capital strategy choice. The first part of the empirical analysis studies listed companies’ economic model. And then through the working capital information, the paper tries to infer that what working capital infor