建筑业营运资金管理与公司绩效的实证研究

发布时间：2018-01-06 02:02

本文关键词：建筑业营运资金管理与公司绩效的实证研究　出处：《天津财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：建筑行业是我国国民经济的支柱产业,在我国国民经济中占据着举足轻重的地位。在实践调查中,营运资金管理在企业日常管理中的作用不容小觑,而鉴于建筑业的营运资金管理存在着各种各样的问题,如应收账款回收周期长、流动资金不足等,而这些问题很有可能使得企业陷入财务困境之中,所以对建筑业营运资金管理进行研究有着非常重要的意义。借助实证分析方法,对建筑业营运资金管理与公司绩效的关系进行实证研究,以期在实证研究结果的基础上,为提高建筑业营运资金管理水平提出建议,并进而提高公司绩效。主要工作内容如下：首先,介绍营运资金管理的相关理论基础,对营运资金的概念、构成、作用、政策等问题进行了阐述。其次,对建筑业的概况进行整体分析,并在上述营运资金管理的理论基础上,分析了我国建筑业营运资金管理的现状特点。再次,选取建筑业2007年—2011年在沪深市A股上市的公司的数据为研究对象,借助Eviews7.0统计软件对数据进行多元线性回归,对建筑业营运资金管理与公司绩效的关系进行了实证研究。研究结论是：1.我国建筑业企业的流动资产比率与公司的绩效呈显著的负相关关系,我国建筑业企业过高的流动资产比率,说明我国建筑业企业资金闲置,盈利性不足；流动负债比率与公司绩效呈显著正相关关系,近两年逐步增加的流动负债比率,说明我国建筑企业充分享受利息抵税的好处,降低成本,进而提高公司绩效；流动比率与公司绩效呈显著负相关关系,我国建筑企业流动比率越高,说明闲置的资金得不到投资机会,影响公司绩效。2.应收账款周转率与公司绩效正相关并不显著,我国建筑产品生产周期长,在大量存在赊销的情况下,有些应收账款不能及时收回,会对公司绩效造成不良影响；存货周转率与公司绩效呈显著负相关,此结论是由于我国建筑企业的存货管理环节较为薄弱,采购货物有很大的盲目性,库存量大,这种情况非常普遍；应付账款周转率与公司绩效成正相关关系,并不显著,此结论源于我国企业普遍存在着拖欠工程款的现象,并非单是因为享受商业信用。最后,提出改善我国建筑业上市公司营运资金管理水平的建议。
[Abstract]:The construction industry is a pillar industry of China's national economy, plays an important role in our national economy. In the investigation, the role of working capital management in the daily management of enterprises should not be underestimated, and working capital management in view of the construction industry there are a variety of problems, such as accounts receivable recovery cycle is long. The lack of liquidity, and these problems are likely to make the enterprise into financial distress, so the construction industry working capital management research has very important significance. Through empirical analysis method, the relationship between construction funds management and the corporate performance empirical research, which based on the results of empirical research that suggestion is put forward to improve the construction industry working capital management level, improve company performance. The main contents are as follows:
First, it introduces the theoretical basis of working capital management, and expounds the concept, composition, function and policy of working capital.
Secondly, the overall situation of the construction industry is analyzed. Based on the theory of the above working capital management, the status quo of working capital management in China's construction industry is analyzed.
Again, the selection of building industry in 2007 to 2011 in Shanghai and Shenzhen A shares listed company data as the research object, using the data of multiple linear regression statistical software Eviews7.0, the relationship of the construction industry, working capital management and performance of the empirical research. The research conclusion is: there is a significant negative relationship between liquidity ratio and company 1. of China's construction enterprises in the performance of China's construction industry enterprises of high liquidity ratio, shows that China's construction enterprises idle funds, lack of profitability; current liabilities ratio and corporate performance is a significant positive correlation, nearly two years to gradually increase the current debt ratio, that China's construction enterprises to fully enjoy the interest to tax benefits, reduce costs, and improve the performance of the company; there was a significant negative correlation between the liquidity ratio and corporate performance, the liquidity ratio of construction enterprises in China is high, the idle The funds are not investment opportunities, affect the company's performance.2. accounts receivable turnover rate is positively correlated with corporate performance is not significant, China's construction products long production cycle, in the presence of a large number of credit conditions, some accounts receivable can not be recovered, will cause adverse effects on the performance of the company; was negatively related to inventory turnover and the company's performance, this conclusion is due to inventory management of construction enterprises in China is relatively weak, the procurement of goods has great blindness, a large amount of inventory, this situation is very common; the accounts payable turnover and corporate performance has a positive correlation is not significant, this conclusion is based on Chinese enterprises generally exist in the the project is not a single phenomenon, because they enjoy the commercial credit.
Finally, some suggestions are put forward to improve the management level of the operating capital of the listed companies in China's construction industry.

【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F426.92

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