融资约束下的营运资本管理效率与盈利能力——基于制造业上市公司的经验证据
发布时间：2018-08-13 08:30
【摘要】：本文以2006—2010年间沪深两市中的644家制造业上市公司为研究对象,从融资约束的角度考察营运资本管理效率与公司盈利能力之间的关系。研究结果表明,面临融资约束的小规模上市公司的营运资本管理效率与盈利能力之间呈显著的负相关关系,即这类公司可以通过提高现金的周转速度来改善其经营业绩。无融资约束的大规模上市公司的营运资本管理效率与盈利能力之间呈显著的正相关关系,表明这类公司可以通过降低现金的周转速度来改善其经营业绩。面临融资约束的民营上市公司的营运资本管理效率与盈利能力之间呈显著的负相关关系,说明此类上市公司可以通过提高现金的周转速度来改善其经营业绩。无融资约束的国有上市公司的营运资本管理效率与盈利能力之间无显著关系,即此类公司的现金周期总体上与经营业绩无关。
[Abstract]:Taking 644 listed manufacturing companies in Shanghai and Shenzhen stock markets from 2006 to 2010 as the research object, this paper investigates the relationship between the efficiency of working capital management and the profitability of companies from the perspective of financing constraints. The results show that there is a significant negative correlation between the efficiency of working capital management and profitability of small listed companies facing financing constraints, that is, these companies can improve their operating performance by increasing the cash turnover speed. There is a significant positive correlation between the efficiency of working capital management and profitability of large scale listed companies without financing constraints, which indicates that these companies can improve their operating performance by reducing the cash turnover speed. There is a significant negative correlation between the efficiency of working capital management and profitability of private listed companies facing financing constraints, which indicates that such listed companies can improve their operating performance by increasing the cash turnover speed. There is no significant relationship between the efficiency of working capital management and profitability of the state-owned listed companies without financing constraints, that is, the cash cycle of such companies is not related to their operating performance in general.
【作者单位】： 南京财经大学;
【基金】：江苏高校优势学科建设工程资助项目(PAPD) 江苏高校哲学社会科学项目(2013SJD630020)“我国上市公司营运资本管理效率研究”的资助
【分类号】：F406.72
[Abstract]:Taking 644 listed manufacturing companies in Shanghai and Shenzhen stock markets from 2006 to 2010 as the research object, this paper investigates the relationship between the efficiency of working capital management and the profitability of companies from the perspective of financing constraints. The results show that there is a significant negative correlation between the efficiency of working capital management and profitability of small listed companies facing financing constraints, that is, these companies can improve their operating performance by increasing the cash turnover speed. There is a significant positive correlation between the efficiency of working capital management and profitability of large scale listed companies without financing constraints, which indicates that these companies can improve their operating performance by reducing the cash turnover speed. There is a significant negative correlation between the efficiency of working capital management and profitability of private listed companies facing financing constraints, which indicates that such listed companies can improve their operating performance by increasing the cash turnover speed. There is no significant relationship between the efficiency of working capital management and profitability of the state-owned listed companies without financing constraints, that is, the cash cycle of such companies is not related to their operating performance in general.
【作者单位】： 南京财经大学;
【基金】：江苏高校优势学科建设工程资助项目(PAPD) 江苏高校哲学社会科学项目(2013SJD630020)“我国上市公司营运资本管理效率研究”的资助
【分类号】：F406.72
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