营运资本对产品市场竞争绩效的影响研究——基于环境动态性的调节效应.pdfVIP

.精攀2014 年 1 月·第 28 卷·第 1 期(总第 1ω 期) 噩噩噩噩醒E 营运资本对产品市场竞争绩效的影响研究 一一基于环境动态性的调节效应 陈收，吴其鸿，宋振，黎传国 (湖南大学工商管理学院，长沙 41∞82) 摘要:基于制造业上市公司 2(削-2011 年的财务数据，利用动态面板GMM 方法，研究分析了环境动态性对营运资 本管理效率和流动性与产品市场竞争关系的调节作用。实证结果表明:动态环境下流动资产周转周期、应收账款 周转周期、存货周转周期、现金周转周期与产品市场竞争绩效显著负相关，应付账款周转周期与竞争绩效正相关; 流动性与竞争绩效显著负相关。环境动态性在这一过程中具有显著的调节作用，且环境动态性越高，调节作用越 强。此外，当行业集中度越低以及企业在行业竞争中处于落后地位的情况下，环境动态性的调节作用也越强。 关键词:环境动态性;产品市场竞争绩效;营运资本管理效率;流动性 中圈分类号:F275 文献标识码:A 文章编号:1∞1 -8409(2014)01 -∞54 -06 The Effect of Worklng Capltal on Market Competltlon Performance -一-Based on Environmental Dynamic Regulating Effect CHEN Shou , WU Qi-hong , SONG Zhen , LI Chuan-伊0 (Sclwol of Bu.sirwss Administration , Hunan University , Cha咱Sha 41∞82) Abstract: 四is paper , hωed on the data of listed companies in manufacturing industry from the year 2αmω2011 and the method of dynamic panel GMM , analyses the regulating role of environmental dynallÚsm on the relationship hetween working capital management efficiency , liquidity and product market competitive. The result shows that in the dynallÚc environment , the current asset turnover period ，出e account receivable turnover period , the inventory turnover period , and the c现sh turn- over period 缸哩 in significant negative correlation with the product market competitive performance , while the account paya- ble turnover period shows positive correlation wi出 the product market competitive perfo口nance; And the liquidity is nega- tivelyωrrelated wi出 competitive performance. The environmental dynamism has a significant regulation role in the process , and the higher 由e environmental dynamics , the stronger its r