营运资本管理表征变量对公司绩效影响的绩效分析.pdf

营运资本管理表征变量对公司绩效影响的 绩效分析 Characterization of working capital management performance analysis of variables impact on corporate performance 一、引言 First, the introduction 随着经济全球化进程加快，现代公司制度不断完善，企业市场份额的 争夺也越演越烈，如何在激烈的市场竞争中脱颖而出成为企业管理层 急需解决的难题。企业的管理尤其是短期财务管理水平将直接影响其 市场竞争能力与适应能力，而营运资本管理恰恰是短期财务管理的重 要组成部分，与企业的日常生产经营活动密不可分，其范围涉及企业 供、产、销的各个方面。因此，一个企业的营运资本管理水平直接影 响其竞争力的高低。 Along with the economic globalization process accelerate, modern company system is constantly improving, the enterprise market share competition is escalating, how in the fierce market competition emerged as enterprise management problems needed to resolve. Enterprise management, especially the short-term financial management level will directly affect the market competition ability and the ability to adapt, short-term financial management and working capital management is an important part of, is closely connected with the daily production and / / business operation activities of the enterprise, it covers all aspects of the supply, production and sales enterprises. As a result, the working capital of an enterprise's management level directly affect the competitiveness of high and low. 营运资本一旦出现问题，轻则影响企业经营绩效，重则导致企业资本 链断裂，使企业经营失败。可见，科学、正确的营运资本管理是一个 企业生存和可持续发展的后盾。然而，我国很多企业还只是专注于长 期财务政策，如资本结构政策、股利政策和资本预算政策，对营运资 本管理的重视远远不够；而理论界对于营运资本的关注也似乎不足。 事实上，目前很难在那些主流的财经期刊上看到关于营运资本管理研 究的论文，而这与营运资本管理是企业财务管理四大内容之一的地位 极不相称。有鉴于此，本文试图对这一领域进行较为深入的研究，主 要从营运资本管理政策和营运资本管理效率的角度来关注营运资本 管理的经济后果。 Working capital once appear problem, light influence enterprise operating performance, or lead to enterprise capital chain rupture, make the enterprise business failure. Visible, scientific and proper working capital management is a enterprise survival and sustainable development. However, our country many enterprises o