新常态下营运资金管理与公司绩效实证研究

发布时间：2018-04-11 02:05

本文选题：新常态 + 营运资金管理　；参考：《湖南工业大学》2017年硕士论文

【摘要】：中国经济新常态是指我国经济发展出现了新的特征:经济增长速度换挡下调,经济结构需要不断优化升级,经济增长应由创新驱动而不再是要素和投资。新常态下营运资金管理与公司绩效之间的关系是否会发生新的变化,已经成为大家关注的重点。本文对比了新常态前后营运资金管理与公司绩效的实证研究结果,发现:新常态前,公司营运资金投资政策指标流动资产比例与公司绩效显著正相关,而新常态下流动资产比例与公司绩效的相关性不明确;新常态前后,公司营运资金筹资政策指标流动负债比例与公司绩效都显著正相关;新常态下,营运资金管理效率与公司绩效显著正相关,新常态前,营运资金管理效率与公司绩效呈正相关关系,但并不显著;新常态前后,公司应收账款周转期与净资产收益率都呈显著负相关关系;存货周转期与公司绩效在新常态前后都呈显著的负相关关系;新常态下,应收账款周转期与公司绩效显著正相关,而新常态前,应付账款周转期与公司绩效呈正相关关系,但并不显著。另外,本文还对比了新常态前后3个控制变量与公司绩效的关系。可持续增长率与公司绩效在新常态前后都呈显著的正相关关系;新常态出现前,财务杠杆与公司绩效显著负相关,而新常态下,二者呈显著正相关关系;新常态出现前,公司规模与公司绩效呈显著的正相关关系,而新常态下,二者之间的正相关关系并不显著。根据研究结论,我们认为应该:重新确定流动资产比率;继续维持激进的营运资金筹资政策;加快现金周转,提高营运资金管理效率;缩短应收账款、存货周转期,延长应付账款周转期。另外,根据控制变量与公司绩效的关系公司应:提高可持续增长率;调整财务杠杆,充分利用息盾作用;调整公司规模,进行供给侧改革。
[Abstract]:The new normal state of Chinese economy refers to the new characteristics of China's economic development: the speed of economic growth is reduced, the economic structure needs to be optimized and upgraded, and the economic growth should be driven by innovation instead of elements and investment.Whether the relationship between working capital management and corporate performance will change under the new normal has become the focus of attention.This paper compares the empirical results of working capital management and corporate performance before and after the new normal, and finds that: before the new normal, the ratio of liquid assets to working capital investment policy indicators is significantly positively correlated with corporate performance.Under the new normal, the correlation between the proportion of current assets and corporate performance is not clear; before and after the new normal, the ratio of liquid liabilities to corporate working capital financing policy is significantly positively correlated with corporate performance; under the new normal,Before the new normal, the working capital management efficiency has a positive correlation with the company performance, but it is not significant; before and after the new normal, the working capital management efficiency has a positive correlation with the company performance.The turnover of accounts receivable and the return on net assets are significantly negative correlation; inventory turnover and corporate performance before and after the new normal have a significant negative correlation; under the new normal, the turnover of accounts receivable and corporate performance are significantly positive correlation,Before the new normal, the turnover period of accounts payable is positively correlated with corporate performance, but it is not significant.In addition, the relationship between three control variables and corporate performance before and after the new normal is compared.Before and after the emergence of the new normal, financial leverage had a significant negative correlation with corporate performance, while under the new normal, there was a significant positive correlation between the two; before the emergence of the new normal, there was a significant positive correlation between the financial leverage and corporate performance; before the emergence of the new normal, there was a significant positive correlation between them.There is a significant positive correlation between firm size and corporate performance, but the positive correlation between them is not significant under the new normal condition.Based on the findings of the study, we believe that we should: redefine the current assets ratio; continue to maintain a radical working capital financing policy; speed up the cash flow and improve the efficiency of working capital management; and shorten the turnover period of accounts receivable and inventories.Extend the period of accounts payable turnover.In addition, according to the relationship between control variables and corporate performance, the company should: improve the sustainable growth rate; adjust the financial leverage to make full use of interest shield; adjust the size of the company and carry out supply-side reform.
【学位授予单位】：湖南工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275

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