零售业上市公司的营运资金管理政策实证研究
发布时间：2018-12-29 13:06
【摘要】：营运资金管理政策是基于营运资金的公司决策的工作原则,引导公司营运资金管理目标的实现,公司必须依靠科学的营运资金管理政策才能实现相关的财务目标。虽然营运资金管理在企业财务管理中的重要作用,但是在我国并未得到足够的重视。在理论上,对营运资金的管理缺乏理论创新和充足的实证研究；在实践中,相对于国外的营运资金管理水平,我国大部分的企业比较落后,通常占用过多的营运资金,对短期负债融资的依赖,低效的营运资金周转率等。对企业营运资金管理政策的实证研究,以弥补理论研究的不足之处,也利于企业制定合理科学的营运资金管理政策,达到改善营运资金管理的目的。对营运资金管理政策的研究具有重要的学术价值和实用价值。 本论文首先阐述了营运资金管理政策研究的背景和意义,选取零售业上市公司2005年至2012年八年的数据为样本进行描述性分析,揭示我国零售业上市公司营运资金管理政策时序动态趋势以及现状,并对其原因做出进一步分析。同时采用多元回归分析的方法,利用上市公司数据来研究营运资金管理政策对公司业绩的影响。最后,本文利用聚类分析的方法将上市公司营运资金管理政策分拆成不同的组,然后分析了不同组的公司业绩表现,实证表明：营运资金管理政策与公司业绩密切相关,企业可以通过调整营运资金管理政策来提高公司业绩。 经过实证分析之后,本文在结论部分中针对我国零售业上市公司提出了四条建议来改善营运资金管理政策。分别是：1)增加总资产规模的同时,尽量保持流动资产占总资产的比例不会有太大的变动,力求维持适度的营运资金投资政策；2)保证流动负债能够满足大部分的流动资产需求,坚持期限和金额的匹配,尽可能地做到配合型营运资金筹集政策；3)加强对营运资金周转效率的重视程度,追求高效的营运资金周转政策；4)结合行业特征以及行业环境变化情况,并借鉴同行业中管理水平相对高的管理经验制定营运资金管理政策。
[Abstract]:The working capital management policy is based on the working capital company decision-making work principle, guide the company working capital management goal realization, the company must rely on the scientific working capital management policy to realize the related financial target. Although the working capital management plays an important role in the enterprise financial management, it has not been paid enough attention to in our country. In theory, the management of working capital is lack of theoretical innovation and sufficient empirical research; In practice, compared with the level of working capital management in foreign countries, most enterprises in our country are relatively backward, usually occupying too much working capital, relying on short-term debt financing, and inefficient turnover of working capital, etc. The empirical research on the working capital management policy of enterprises can make up for the deficiency of the theoretical research and help the enterprises to formulate reasonable and scientific working capital management policies to improve the working capital management. The research on working capital management policy has important academic value and practical value. This paper first expounds the background and significance of the research on working capital management policy, and selects the eight years data of retail listed companies from 2005 to 2012 as a sample for descriptive analysis. This paper reveals the temporal trends and current situation of the working capital management policies of the listed companies in the retail trade in China, and makes further analysis on the reasons. At the same time, the effect of working capital management policy on company performance is studied by using the method of multiple regression analysis and the data of listed companies. Finally, this paper divides the working capital management policy of listed companies into different groups by cluster analysis, and then analyzes the performance of different groups. The empirical results show that the working capital management policy is closely related to the company performance. Companies can improve their performance by adjusting working capital management policies. After empirical analysis, this paper puts forward four suggestions to improve the working capital management policy for Chinese retail listed companies in the conclusion part. They are as follows: 1) while increasing the scale of total assets, we should try our best to keep the proportion of current assets to total assets without too much change, and strive to maintain a moderate investment policy of working capital; 2) to ensure that current liabilities can meet most of the demand of current assets, insist on the matching of term and amount, and make the policy of matching working capital as far as possible; 3) pay more attention to working capital turnover efficiency and pursue efficient working capital turnover policy; 4) making working capital management policy based on the industry characteristics and the changing situation of industry environment, and drawing lessons from the relatively high management experience of the same industry.
【学位授予单位】：华北电力大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F724.2;F715.5
本文编号：2394866
[Abstract]:The working capital management policy is based on the working capital company decision-making work principle, guide the company working capital management goal realization, the company must rely on the scientific working capital management policy to realize the related financial target. Although the working capital management plays an important role in the enterprise financial management, it has not been paid enough attention to in our country. In theory, the management of working capital is lack of theoretical innovation and sufficient empirical research; In practice, compared with the level of working capital management in foreign countries, most enterprises in our country are relatively backward, usually occupying too much working capital, relying on short-term debt financing, and inefficient turnover of working capital, etc. The empirical research on the working capital management policy of enterprises can make up for the deficiency of the theoretical research and help the enterprises to formulate reasonable and scientific working capital management policies to improve the working capital management. The research on working capital management policy has important academic value and practical value. This paper first expounds the background and significance of the research on working capital management policy, and selects the eight years data of retail listed companies from 2005 to 2012 as a sample for descriptive analysis. This paper reveals the temporal trends and current situation of the working capital management policies of the listed companies in the retail trade in China, and makes further analysis on the reasons. At the same time, the effect of working capital management policy on company performance is studied by using the method of multiple regression analysis and the data of listed companies. Finally, this paper divides the working capital management policy of listed companies into different groups by cluster analysis, and then analyzes the performance of different groups. The empirical results show that the working capital management policy is closely related to the company performance. Companies can improve their performance by adjusting working capital management policies. After empirical analysis, this paper puts forward four suggestions to improve the working capital management policy for Chinese retail listed companies in the conclusion part. They are as follows: 1) while increasing the scale of total assets, we should try our best to keep the proportion of current assets to total assets without too much change, and strive to maintain a moderate investment policy of working capital; 2) to ensure that current liabilities can meet most of the demand of current assets, insist on the matching of term and amount, and make the policy of matching working capital as far as possible; 3) pay more attention to working capital turnover efficiency and pursue efficient working capital turnover policy; 4) making working capital management policy based on the industry characteristics and the changing situation of industry environment, and drawing lessons from the relatively high management experience of the same industry.
【学位授予单位】：华北电力大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F724.2;F715.5
【参考文献】
相关期刊论文 前1条
1 赵金梅;;营运资金绩效评价与配置管理[J];中国证券期货;2013年07期
，本文编号：2394866
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