我国高新技术上市公司营运资金管理与公司绩效关系研究

发布时间：2018-01-12 15:17

本文关键词：我国高新技术上市公司营运资金管理与公司绩效关系研究　出处：《中国海洋大学》2012年硕士论文　论文类型：学位论文

【摘要】：营运资金是企业用于日常经营周转所需要的流动性资金，其涉及的范围可以延伸到采购、生产、销售以及信息管理等各个方面。企业日常财务管理中财务经理约有60%的时间用于短期决策，营运资金管理已经成为企业整体战略中的重要组成部分。而与传统企业相比，高新技术企业具有高投入、高风险、高收益三高的特点，这些特点导致高新技术企业营运资金管理出现管理难度较大、筹资渠道相对狭窄以及营运资金管理阶段性特征，这使得高新技术企业有其特殊性。因此，在考虑风险与收益权衡的前提下，研究高新技术企业的营运资金管理与公司绩效之间的关系对于高新技术企业的营运资金管理有重要的指导意义。本文将选取沪、深两市2007年12月31日之前上市的，且于2008年以前（包括2008年）被认定为高新技术企业的公司作为样本，选用样本企业2008年至2010年的财务数据进行分析。本文详细介绍样本选取的标准及结果，并通过对现有的研究结论进行分析提出经营活动营运资金管理以及各渠道营运资金管理与公司绩效呈倒U型的非线性关系的假设。然后，，选取总资产收益率（ROA）作为衡量公司绩效的指标，选取经营活动营运资金周转期（DOC）、采购渠道营运资金周转期（PUC）、生产渠道营运资金周转期（PRC）、营销渠道营运资金周转期（MAC）作为衡量经营活动以及各渠道营运资金管理效率的指标，构建多元二次曲线回归方程，并提出营运资金周转期最优点的计算公式。在分析的过程中，本文分别对总样本，机械、设备、仪表行业和信息技术行业分样本进行分析，分析的内容包括描述性统计分析、相关性分析、回归分析以及稳健性检验。通过分析可以全面的了解总样本，机械、设备、仪表行业和信息技术行业的各渠道营运资金管理绩效情况以及各渠道营运资金管理绩效与公司绩效之间的关系，并通过稳健性检验，检验这个关系的稳定性。通过分析，本文得出我国高新技术上市公司营运资金管理与公司绩效之间存在显著的倒U型非线性关系，并计算了总体样本，机械、设备、仪表行业和信息技术行业样本公司的DOC的最优点，分别为50.91天、-10.93天和82.91天。在三个渠道中，营销渠道营运资金管理应该是高新技术企业管理的重点。本文在研究方法、视角和对象上都有所突破。在研究方法上，本文通过建立多元二次曲线回归方程，运用回归分析的方法证实了高新技术企业各渠道营运资金管理与公司绩效之间存在显著的倒U型关系。本文通过实证分析揭示了营运资金管理与公司绩效的关系，有利于指导高新技术企业从渠道的角度对营运资金进行管理。
[Abstract]:Working capital is the liquidity fund that the enterprise needs for daily operation turnover, and its scope can be extended to procurement and production. Sales, information management and other aspects. In the day-to-day financial management of enterprises, financial managers have about 60% of the time for short-term decisions. Working capital management has become an important part of the overall strategy of enterprises. Compared with traditional enterprises, high-tech enterprises have the characteristics of high investment, high risk and high income. These characteristics lead to the difficulty of management of the working capital of high-tech enterprises, the narrow channels of financing and the phased characteristics of the management of working capital, which makes high-tech enterprises have their own particularity. On the premise of considering the tradeoff between risk and profit, it is of great significance to study the relationship between the working capital management and the performance of high-tech enterprises. This article will select the Shanghai and Shenzhen stock markets listed before December 31st 2007, and before 2008 (including 2008) was recognized as high-tech enterprises as a sample. The financial data of sample enterprises from 2008 to 2010 are analyzed. This paper introduces the criteria and results of sample selection in detail. Through the analysis of the existing research conclusions, the paper puts forward the hypothesis that the operating capital management and the working capital management of each channel have a negative U shape nonlinear relationship with the company's performance. Then. The total return on assets (load) is chosen as the index to measure the company's performance, and the operating capital of operating activities is selected as the turnover period, and the purchasing channel working capital turnover period is listed as PUC3). Production channel working capital turnover period PRCU, marketing channel working capital turnover period as a measure of business activities and channel operating fund management efficiency indicators. The regression equation of multivariate quadratic curve is constructed, and the optimal formula of working capital turnover period is put forward. In the process of analysis, the total sample, machinery and equipment are analyzed in this paper. Instrument industry and information technology industry are divided into sample analysis, the content of the analysis includes descriptive statistical analysis, correlation analysis, regression analysis and robustness test. Through the analysis, we can fully understand the total sample, machinery. Equipment, instrumentation industry and information technology industry of the channel working capital management performance and the relationship between the channel working capital management performance and company performance, and through the robustness test. Test the stability of the relationship. Through analysis, this paper draws a conclusion that there is a significant inverse U nonlinear relationship between working capital management and corporate performance of high-tech listed companies in China, and calculates the total sample, machinery and equipment. The DOC of the instrumentation industry and the IT industry sample companies were 50.91 days -10.93 days and 82.91 days, respectively, in the three channels. Marketing channel working capital management should be the key point of high-tech enterprise management. In this paper, there is a breakthrough in the research methods, visual angle and object. In the research method, the regression equation of multivariate conic curve is established in this paper. The regression analysis method is used to prove that there is a significant inverted U type relationship between operating capital management and corporate performance in high-tech enterprises. This paper reveals the relationship between working capital management and company performance through empirical analysis. . It is beneficial to guide high-tech enterprises to manage working capital from the angle of channel.
【学位授予单位】：中国海洋大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275.1;F224;F832.51

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