供应链融资与经营性营运资金管理效率的实证研究

发布时间：2018-06-07 02:01

本文选题：供应链融资 + 渠道　；参考：《中国海洋大学》2015年硕士论文

【摘要】：营运资金作为维系企业日常经营最有活力的资金,近几年来日益受到重视。自基于渠道的营运资金管理理论提出以后,对于营运资金管理的研究便从要素管理延伸至渠道管理的层面,进而解决了单一管理带来要素间经营效率不平衡的问题。尤其在金融危机风暴过后,企业充分意识到了资金对于生存发展的重要性,要想谋求长久稳健发展,在资金短缺、传统融资成本居高不下的严酷背景下,企业纷纷开始将融资对象扩展到与自己有合作牵制关系的供应链主体上,即商业信用。而当前对于供应链管理与营运资金管理的研究多为供应链契约关系与营运资金管理绩效的相关性分析,那么通过供应链进行融资管理是否能提升经营性营运资金管理的效率呢,这将是本文接下来研究的问题。文章拓展了供应链与营运资金管理相关性研究的范畴,将渠道业务关系和渠道融资同时作为供应链影响营运资金管理的因素,从而寻求全面高效提升营运资金管理效率的途径。在原有渠道关系理论研究基础上,依附供应链主体间的商业信用为载体,将渠道融资管理分析纳入供应链融资管理水平的绩效评价体系中,充分发挥商业信用在供应链管理中的高效融资作用,以探究该新型融资渠道能否缓解机械设备制造业以及存在融资瓶颈的中小企业的融资困境；以机械设备制造业为样本研究各渠道融资管理水平对于整体经营性营运资金管理效率的影响贡献,从而针对融资能力较强、融资弹性较大,对营运资金管理效率影响较大的供应链环节进行重点信用融资管理。本文以2009-2013年机械设备制造业A股上市公司为研究样本,通过对机械设备制造业上市公司供应链融资管理对经营性营运资金管理效率的影响进行实证分析后,得出如下结论：反映采购渠道融资水平的供应商信用依赖度与经营性营运资金周转期显著负相关,应付账款信用管理与经营性营运资金周转期呈倒“U”型关系,企业应采取合理的还款政策,既不能拖欠货款,也要充分利用供应商提供的商业信用进行融资；反映生产渠道融资水平的生产渠道资金占用水平与经营性营运资金周转期显著负相关,人工成本与经营性营运资金周转期显著负相关,对于人工成本的假设验证未成立,企业不应通过降低或延缓职工薪酬的现金支付来缓解资金流动性压力；反映营销渠道融资水平的客户信用依赖度与经营性营运资金周转期显著负相关,应收账款信用管理与经营性营运资金周转期显著负相关,充分验证了该渠道的研究假设：反映供应链整体融资水平的供应链信用依赖度与经营性营运资金周转期显著负相关,供应链资金占用度与经营性营运资金周转期显著正相关,假设均通过验证。综合来看,采购渠道和营销渠道是提高经营性营运资金管理效率的重要供应链融资环节;另外,企业在考虑供应链融资时,应加强应付和应收账款信用期管理,采取合理的还款政策,适当缩短应收账款的信用期,有利于提升经营性营运资金的管理效率。
[Abstract]:Working capital, as the most dynamic capital to maintain enterprise daily operation, has been paid more and more attention in recent years. Since the theory of operating fund management based on channel is put forward, the research on working capital management extends from factor management to channel management, and then solves the unbalanced management efficiency of single management. In particular, after the financial crisis storm, enterprises fully realize the importance of capital for survival and development. In order to seek long-term and steady development, in the harsh background of shortage of funds and the high cost of traditional financing, enterprises have begun to expand the financing objects to the main body of supply chain which have a cooperative relationship with themselves, that is, business. While the current research on supply chain management and working capital management is mainly the correlation analysis of supply chain contract relationship and operating capital management performance, then whether financing management can improve the efficiency of operational operating capital management through supply chain, this will be the following problem. The category of the relationship between chain and operating capital management, the channel business relationship and channel financing as the factors affecting the management of operating funds at the same time, so as to seek a comprehensive and efficient way to improve the efficiency of working capital management. On the basis of the original channel relationship theory, the commercial credit is attached to the supply chain as the carrier. The analysis of channel financing management is included in the performance evaluation system of supply chain financing management level, and the efficient financing role of commercial credit in supply chain management is fully played, in order to explore whether the new financing channel can alleviate the financing difficulties of small and medium-sized enterprises with mechanical equipment manufacturing and financing bottlenecks. This study contributes to the impact of the level of financing management on the management efficiency of the overall operational operating funds, thus focusing on the key credit financing management of the supply chain link which has a strong financing capacity, large financing flexibility and a greater impact on the efficiency of operating capital management. This paper is based on the Research of the A shares listed companies in the 2009-2013 year mechanical equipment manufacturing industry. After the empirical analysis of the impact of supply chain financing management on the management efficiency of operating operating funds, the following conclusions are drawn: the credit dependence of suppliers reflecting the financing level of procurement channels is significantly negatively related to the turnover period of operating operating funds, and the credit management and management of the accounts payable are the following. The turnover period of operating capital has an inverted "U" relationship. The enterprise should adopt a reasonable repayment policy, neither arresting the payment of the goods and making full use of the commercial credit provided by the supplier. There is a significant negative correlation between the operational working capital turnover period, and the hypothesis verification of the artificial cost is not established. The enterprise should not reduce the liquidity pressure by reducing or postponing the cash payment of the employee's salary. The credit dependence of the customer's credit on the marketing channel financing level is negatively related to the operating period of the operating fund, and the accounts receivable There is a significant negative correlation between credit management and the turnover period of operating operating funds. It fully validates the hypothesis that the credit dependence of supply chain reflecting the overall financing level of the supply chain is significantly negatively related to the operating period of operating operating funds, and the capital occupancy of supply chain is significantly positively correlated with the operating period of operating capital turnover. In a comprehensive view, the procurement channels and marketing channels are important supply chain financing links to improve the management efficiency of operating operating funds. In addition, when enterprises consider supply chain financing, they should strengthen the management of the credit period of the accounts receivable and accounts receivable, adopt a reasonable repayment policy, and shorten the credit period of the accounts receivable, which is beneficial to the promotion of management. The management efficiency of working capital.
【学位授予单位】：中国海洋大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F275

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