建筑业经营活动营运资金管理对公司绩效的影响研究

发布时间：2018-01-07 16:13

本文关键词：建筑业经营活动营运资金管理对公司绩效的影响研究　出处：《西南交通大学》2017年硕士论文　论文类型：学位论文

【摘要】：在经济新常态发展背景下,我国建筑业公司发展增速放缓,但城镇化建设加速、PPP项目落地、"一带一路"等战略的推进又为我国建筑业公司转型发展迎来了巨大生机。在这样的双重背景下,如何在存量竞争的时代抓住机会重塑竞争力提升公司绩效成为建筑业公司的重要任务。本文通过文献回顾发现学术界普遍认为营运资金管理是解决公司财务问题满足日常经营需要的重心,而建筑业作为国民经济支柱产业之一其经营发展的重要性不言而喻。现如今由于市场上激烈的竞争环境导致建筑业公司经常出现被拖欠工程款等各种问题进而引发了营运资金紧张的现象,而工程项目的推进又离不开营运资金,可见对于建筑业公司而言,营运资金管理显得尤为重要。截至目前,现有的相关研究大多局限于营运资金狭义定义下的几个单独要素项目,较少有文献从整体上探求营运资金和公司绩效的相关关系,而为数不多的基于渠道的营运资金管理研究也多关注制造行业或房地产行业,因此,本文从王竹泉教授基于渠道的营运资金管理研究成果入手研究建筑业公司营运资金管理对公司绩效的作用影响。本文选择近5年来我国建筑业主板上市公司为研究对象,以渠道营运资金周转期指标为一组变量,公司财务绩效、经营绩效和市场绩效三方面的评价指标为另一组变量,通过典型相关分析方法实证研究我国建筑业上市公司营运资金管理对公司绩效的影响。实证分析结果显示,经营活动下的营运资金管理水平与公司绩效存在较高的相关性且相关性为负,研究还发现:第一,营销活动营运资金周转期对财务绩效影响最大;第二,采购渠道营运资金周转期主要影响建筑业上市公司的经营绩效;第三,采购渠道、生产渠道和营销渠道的营运资金周转快慢与我国建筑业上市公司的市场绩效相关性不强。
[Abstract]:In the context of the new normal economic development, the growth rate of construction companies in China slowed down, but the construction of urbanization accelerated the landing of PPP projects. The promotion of "Belt and Road" strategy has ushered in great vitality for the transformation and development of Chinese construction companies. How to seize the opportunity to rebuild competitiveness and improve company performance in the era of stock competition has become an important task for construction companies. Through literature review, this paper finds that working capital management is generally regarded as a solution to corporate financial problems in academic circles. The focus of meeting the daily business needs. The importance of the construction industry as one of the pillar industries of the national economy is self-evident. Nowadays, due to the fierce competitive environment in the market, construction companies often appear various problems such as being defaulted on the project payment and so on. The working capital is tight. And the project can not be promoted without working capital, it can be seen for the construction companies, working capital management is particularly important. Up to now. Most of the existing related studies are limited to a few separate elements under the narrow definition of working capital, and there is little literature to explore the relationship between working capital and corporate performance. But the few working capital management research based on the channel also pays more attention to the manufacturing industry or the real estate industry, therefore. This paper studies the effect of working capital management on the performance of construction companies from the perspective of professor Wang Zhuquan's research results on the management of working capital based on channels. This paper selects the listed companies on the main board of construction industry in recent five years as the research. The object. With the channel working capital turnover index as a set of variables, the company financial performance, operating performance and market performance evaluation indicators for another set of variables. This paper empirically studies the impact of working capital management on the performance of listed companies in China's construction industry by means of canonical correlation analysis. There is a high correlation and negative correlation between the level of working capital management and company performance under operating activities. The study also finds that: first, the turnover of working capital of marketing activities has the greatest impact on financial performance; Second, the operating capital turnover of purchasing channels mainly affects the operating performance of listed companies in the construction industry; Third, the working capital turnover of purchasing channel, production channel and marketing channel is not correlated with the market performance of listed companies in construction industry.
【学位授予单位】：西南交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.92;F406.7

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