营运资本管理与企业绩效关系实证研究

本文研究了营运资本政策与经营绩效的关系，通过对中国零售业、制造业（以家电业为例）、建筑业中的上市公司分不同行业进行实证分析和检验，发现：流动资产、流动负债所占比例与企业绩效的关系分行业有所不同；企业的流动资产周转率与企业绩效的相关性大小，主要取决于总资产周转率封企业业绩的作用大小以及流动资产占总资产的比重；营运资本政策对总资产主营业务利润率的影响较显着；营运资本政策越激进企业绩效也越好。但也有一些例外行业。不同行业的企业所选营运资本政策存在显着的差异性。

An empirical study on the relationship between working capital management and firm performance

This paper researches on the relationship between the working capital policy ana corporate performance through analyzing the corporate data of retail trade, manufacturing industry （take home appliance industry for example） and architecture industry. The conclusion is as follows： firstly, the relationship between the proportion of current assets and current liabilities to total assets and the corporate performance is different in different industries; secondly, the effects of the current assets turnover on corporate performance dependents on the effects of total assets turnover on corporate performance and the proportion of current assets to total assets; thirdly, working capital policy affects the ratio of business profit to total asset obviously; generally, the active working capital policy can educe better performance, but there＇s some exception; fifthly, the working capital policy of different industries exists obvious differences.