我国装备制造业上市公司营运资金管理绩效及影响因素研究

发布时间：2018-03-07 17:54

本文选题：装备制造业上市公司　切入点：营运资金　出处：《西安科技大学》2014年硕士论文　论文类型：学位论文

【摘要】：随着经济快速发展，科学技术不断进步，国际竞争越演越烈，装备制造业作为国民经济发展的支柱产业，其竞争力的提升对我国综合国力的提高尤为重要，因此如何管理好装备制造业企业显得至关重要。另一方面，营运资金作为财务管理的基础，与企业的生产经营活动息息相关，然而我国装备制造业上市公司存在营运资金占用量大、资金周转速度慢等问题，所以，本文将对我国装备制造业上市公司营运资金管理进行研究并提出可行性建议。本文首先对营运资金相关理论进行阐述，并从企业规模、利润、工业总产值等方面对我国装备制造业上市公司整体状况进行分析，发现我国装备制造业上市公司规模、利润、就业人数等逐年上升。同时，营运资金占有量逐年增加，资金周转速度逐年下降。其次，选取我国装备制造业420家上市公司作为研究对象，采用因子分析法从营运资金的资金结构、获利能力、营运能力、发展能力、资金来源、偿债能力等方面对我国装备制造业上市公司的营运资金管理绩效做出评价，发现上市公司营运资金管理绩效整体水平较低，在短期偿债能力、资金结构、发展能力以及资金来源等方面存在差异。再次，在营运资金管理绩效评价的基础上，选取我国装备制造业上市公司的2000个样本数据，采用回归分析法研究营运资金管理的影响因素，发现装备制造业上市公司营运资金管理受到企业资产的整体获利能力、资产结构及资本结构三大因素的影响程度最大，股权制衡、经营活动净现金流、流动比率、成长能力、财务总监年龄、公司规模等的影响次之。另外，财务总监年龄对营运资金占有量影响不显著，公司规模对现金周转期影响不显著。最后，依据营运资金管理存在的问题及其影响因素，，提出企业应该确定适合自身发展的营运资金数量，加强应收账款和存货等管理，培养年轻财务总监为企业注入新血液等建议，希望能对改善企业营运资金管理提供参考。
[Abstract]:With the rapid development of economy and the progress of science and technology, the international competition is becoming more and more intense. As the pillar industry of national economic development, the improvement of the competitiveness of the equipment manufacturing industry is particularly important to the improvement of the overall national strength of our country. On the other hand, working capital, as the basis of financial management, is closely related to the production and operation activities of enterprises. However, there are some problems in the listed companies of equipment manufacturing industry, such as large amount of working capital and slow turnover of funds. Therefore, this paper will study the management of working capital of listed companies of equipment manufacturing industry in China and put forward some feasible suggestions. In this paper, the working capital related theory is first expounded, and the overall situation of the listed companies in China's equipment manufacturing industry is analyzed from the aspects of enterprise scale, profits and total industrial output value, and the scale and profits of listed companies in China's equipment manufacturing industry are found. At the same time, the amount of working capital is increasing year by year, and the speed of capital turnover is decreasing year by year. Secondly, 420 listed companies in China's equipment manufacturing industry are selected as the research object, and the working capital structure, profitability, operation ability, development ability, capital source are analyzed by factor analysis. The performance of working capital management of listed companies in China's equipment manufacturing industry is evaluated in terms of solvency, and it is found that the overall level of working capital management performance of listed companies is relatively low, with short-term solvency and capital structure. There are differences in capacity development and sources of funding. Thirdly, on the basis of performance evaluation of working capital management, we select 2000 sample data of listed companies in China's equipment manufacturing industry, and use regression analysis to study the influencing factors of working capital management. It is found that the working capital management of the listed companies in the equipment manufacturing industry is influenced by the overall profitability of the enterprise assets, the degree of influence of the asset structure and the capital structure, the equity balance, the net cash flow of business activities, the current ratio and the growth ability. In addition, the age of CFO has no significant effect on the possession of working capital, and the influence of company size on cash turnover is not significant. Finally, according to the problems existing in the management of working capital and its influencing factors, the paper puts forward that enterprises should determine the amount of working capital suitable for their own development, strengthen the management of accounts receivable and inventory, etc. Training the young financial director to inject new blood into the enterprise, hope to improve the management of the working capital of the enterprise reference.
【学位授予单位】：西安科技大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F406.7;F426.4

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