营运资金管理与企业业绩关系的实证研究--以我国高科技上市公司为例

本文以我国高科技上市公司为样本，对其营运资金管理与企业业绩之间关系的进行了研究，研究结果表明强有力的营运资金管理和企业业绩之间成倒U形关系，支持了良好的营运资金管理能提高企业业绩的假设，即说明当企业的营运资金管理达到一个最佳的水平时，企业业绩能得到最大限度的提高。此外，本文还分析了该优化对融资约束的替代措施是否敏感，研究结果表明，企业的最佳水平的营运资金管理，能保证企业运营的充足资金，使企业更可能在经济上受到最小的约束，保证企业的长期、健康、可持续发展和良性运转。

An Empirical Study on the Relationship between Working Capital Management and Corporate Performance in China's High Tech Listed Companies

This paper takes China's high-tech listed Companies as a sample, the relationship between their working capital management and corporate performance are studied, the results show that as the inverted U shaped relationship between strong working capital management and business performance, to support the good working capital management can improve enterprise performance hypothesis, namely that when the enterprise operating funds management to achieve an optimal level of performance, enterprises can get maximum improvement. In addition, this paper also analyzes the optimization of financing constraints whether alternative measures of sensitivity, the results of the study show that, the optimal level of enterprises working capital management, to ensure sufficient funds of enterprise operation, so that enterprises are more likely to have the least constraints in the economy, ensure the enterprise long-term, healthy, sustainable development and healthy functioning.