中国上市公司营运资金管理调查:2011

本调查分别以2011年2177家上市公司、2010-2011年1864家可比上市公司和2007-2011年1347家可比上市公司作为研究对象,进行了营运资金管理绩效的行业总体分析、行业趋势分析、地区比较分析和专题分析(外向型行业分析、战略性新兴产业分析等),从渠道和要素两个视角对上市公司营运资金管理状况进行了全面调查和透视,得到以下结论:(1)上市公司营运资金整体占用水平持续增高,营运资金管理绩效降低较为普遍;(2)上市公司营运资金要素管理水平较为成熟,但渠道管理意识有待加强;(3)上市公司对商业信用的依赖度较强、短期借款和供应链依赖度较为稳定;(4)高度外向型行业营运资金管理绩效较低或有较大幅度的降低;(5)战略性新兴产业营运资金管理绩效全面下滑。

The Working Capital Management Survey of Chinese Listed Companies: 2011

The paper analyzes listed companies' performance of working capital management from the perspective of channel and element. The analysis includes the overall industries analysis and region comparison analysis with 2177 companies in 2011 and 1864 companies in 2010-2011 as examples, industries trend analysis with 1347 companies in 2007-2011 as examples, and thematic analysis such as export-oriented industries analysis,a strategic-emerging industries analysis and private companies analysis and so on. We drew five main conclusions according to above analysis. Firstly, the amplitude of working capital is increasing from 2007 to 2011, and the performance of working capital management deteriorated generally in 2011.Secondly, listed ompanies are more skilled in elements management than in channels management of working capital. Thirdly, listed companies rely more on commercial credit than on short-term loans and supply-chain. Fourthly, there is greatly reduction on the management performance of working capital in industry whose degree of export-oriented is more than 40%. Finally, the performance of working capital management is reduced in full-scale companies of strategic-emerging industries.