营运资金的重分类及综合绩效评价研究

发布时间：2018-05-07 11:27

本文选题：营运资金重分类 + 绩效指标　；参考：《宁波大学》2014年硕士论文

【摘要】：营运资金是企业维持其正常运转所必须拥有的资金，是企业全部资产中最具活力的组成部分，因此常常把营运资金看作是企业流动的血液。一直以来企业因营运资金管理不善而引发破产的不在少数，因此管理营运资金管理在财务管理中越来越引起重视，相应地如何评价营运资金管理绩效也成为企业财务管理的重要课题之一。营运资金有两种分类：一种是基于要素的营运资金分类，主要包括现金及有价证券、存货、应收账款和应付账款等；另一种是基于渠道的营运资金分类，主要包括采购渠道营运资金、生产渠道营运资金、营销渠道营运资金、经营活动营运资金、理财活动营运资金。不同的营运资金分类，其营运资金管理绩效指标是不一样的：基于要素的营运资金分类，其评价指标主要有存货周转期、应收账款周转期、应付账款周转期和现金周转期；基于渠道的营运资金分类，其评价指标有采购渠道营运资金周转期、生产渠道营运资金周转期、营销渠道营运资金周转期、经营活动营运资金周转期、理财活动营运资金周转期和总营运资金周转期。分别选取基于要素和渠道的营运资金周转期，对各行业营运资金管理绩效进行描述性分析。结果显示：不管是基于要素的营运资金管理绩效指标还是基于渠道的营运资金管理绩效指标，，都呈现显著的行业特征。例如房地产行业，其营运资金周转期、经营活动营运资金周转期、生产渠道营运资金周转期、存货周转期都远远高于其他行业。然后从企业盈利能力的角度出发，首先将众多的盈利指标进行因子分析，结果发现：不同行业盈利能力的公共因子的个数是不一样的，但有同质性，即当公共因子只有一个时，反映了企业综合盈利能力；当公共因子有两个时，分别反映了企业销售盈利能力和资本盈利能力。将得到的公共因子与各营运资金周转期进行相关性分析。结果表明：不同行业营运资金管理绩效对企业盈利能力的影响是有显著差异的，如农林牧渔、采掘业、电力煤气、交通运输和信息技术行业，营运资金管理绩效对企业综合盈利能力的影响不显著，而制造业、建筑业、批发零售和房地产行业，营运资金管理绩效对企业销售盈利能力和资本盈利能力的影响比较显著，因此有必要对制造业、建筑业、批发零售和房地产行业营运资金进行重新分类，并在此分类基础上，将各营运资金管理绩效指标根据企业销售盈利能力和资本盈利能力进行重新组合。
[Abstract]:Working capital is the capital that an enterprise must have in order to maintain its normal operation. It is the most dynamic component of the whole assets of an enterprise. Therefore, working capital is often regarded as the blood flowing by an enterprise. For a long time, many enterprises have caused bankruptcy due to poor management of working capital. Therefore, the management of working capital has attracted more and more attention in financial management. Accordingly, how to evaluate the performance of working capital management has also become one of the important issues in financial management. There are two categories of working capital: one is the classification of working capital based on elements, which mainly includes cash and securities, inventory, accounts receivable and accounts payable, etc.; the other is the classification of working capital based on channels. It mainly includes purchasing channel working fund, production channel working fund, marketing channel working fund, operating activity working fund and financing activity working fund. The working capital management performance index is different according to different working capital classification: working capital classification based on elements, its evaluation index mainly includes inventory turnover period, accounts receivable turnover period, accounts payable turnover period and cash turnover period; Based on the classification of working capital in channels, the evaluation indexes include the turnover period of working capital of purchasing channel, the period of turnover of working capital of production channel, the period of turnover of working capital of marketing channel, the period of turnover of operating capital of business activities, Financing activities working capital turnover period and total working capital turnover period. Working capital turnover based on factors and channels is selected to analyze the performance of working capital management in various industries. The results show that both the performance index of working capital management based on factors and the performance index of working capital management based on channel have obvious industry characteristics. For example, the real estate industry, its working capital turnover period, operating activity working capital turnover period, production channel working capital turnover period, inventory turnover period are far higher than other industries. Then from the point of view of the profitability of the enterprise, the factor analysis of many profit indicators is carried out first. The results show that the number of common factors of profitability in different industries is different, but there is homogeneity, that is, when there is only one common factor, When there are two common factors, they reflect the sales profitability and capital profitability respectively. The relationship between the public factors and the working capital turnover period will be analyzed. The results show that there are significant differences in the performance of working capital management in different industries on the profitability of enterprises, such as agriculture, forestry, herding and fishing, extractive industries, electricity and gas, transportation and information technology industries. The effect of working capital management performance on the comprehensive profitability of enterprises is not significant, while that of manufacturing, construction, wholesale, retail and real estate industries, and the impact of working capital management performance on corporate sales profitability and capital profitability is more significant. Therefore, it is necessary to reclassify the working capital of the manufacturing, construction, wholesale, retail and real estate industries, and on the basis of this classification, The working capital management performance indicators are recombined according to the sales profitability and capital profitability of the enterprise.
【学位授予单位】：宁波大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275.1

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