基于企业业绩的最优现金周期研究——以我国制造业上市公司为样本

发布时间：2018-01-16 18:24

本文关键词：基于企业业绩的最优现金周期研究——以我国制造业上市公司为样本　出处：《西北农林科技大学学报(社会科学版)》2013年02期 　论文类型：期刊论文

【摘要】：从现金周期对资产周转率和销售利润率正反两方面影响入手,构建基于企业业绩(ROA)最大化的最优现金周期模型,证明最优现金周期的存在性,考察影响最优现金周期的因素,并以我国制造业上市公司为样本,运用主成分分析、多元线性回归等方法,实证检验企业业绩与现金周期的关系,发现存在倒U型关系,即存在最优现金周期,据此针对样本公司给出了相应的对策建议,大多数现金周期长于最优现金周期的公司应适当进行压缩,少部分现金周期短于最优现金周期的公司应适当进行延长,以降低成本,提升各自的业绩。
[Abstract]:Based on the positive and negative effects of cash cycle on asset turnover and sales profit margin, an optimal cash cycle model based on maximizing enterprise performance is constructed to prove the existence of optimal cash cycle. The factors that affect the optimal cash cycle are investigated and the relationship between corporate performance and cash cycle is tested by using principal component analysis (PCA) and multiple linear regression (MLR). It is found that there is an inverted U-type relationship, that is, there is an optimal cash cycle. Accordingly, the corresponding countermeasures and suggestions are given for the sample companies. Most companies with a cash cycle longer than the optimal cash cycle should be properly compressed. A few companies whose cash cycles are shorter than the optimal ones should be extended to reduce costs and improve their performance.
【作者单位】：西安交通大学管理学院;
【分类号】：F406.71;F224
【正文快照】： 企业在经营过程中需要用现金购买原材料和设备、支付工人工资,经过加工制造和销售,最终将应收账款收回,这段从现金支付到收回所用的时间,被称为现金周期。具体来说,现金周期等于存货期间加应收账款期间减应付账款期间。现金周期直接影响企业经营所需的营运资本的数量。企业的

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