本文關鍵詞：我國高新技術上市公司營運資金管理與公司績效關系研究　出處：《中國海洋大學》2012年碩士論文　論文類型：學位論文

  更多相關文章： 高新技術企業(yè) 營運資金 公司績效 渠道 經營活動營運資金周轉期

【摘要】：營運資金是企業(yè)用于日常經營周轉所需要的流動性資金，其涉及的范圍可以延伸到采購、生產、銷售以及信息管理等各個方面。企業(yè)日常財務管理中財務經理約有60%的時間用于短期決策，營運資金管理已經成為企業(yè)整體戰(zhàn)略中的重要組成部分。而與傳統(tǒng)企業(yè)相比，高新技術企業(yè)具有高投入、高風險、高收益三高的特點，這些特點導致高新技術企業(yè)營運資金管理出現管理難度較大、籌資渠道相對狹窄以及營運資金管理階段性特征，這使得高新技術企業(yè)有其特殊性。因此，在考慮風險與收益權衡的前提下，研究高新技術企業(yè)的營運資金管理與公司績效之間的關系對于高新技術企業(yè)的營運資金管理有重要的指導意義。 本文將選取滬、深兩市2007年12月31日之前上市的，且于2008年以前（包括2008年）被認定為高新技術企業(yè)的公司作為樣本，選用樣本企業(yè)2008年至2010年的財務數據進行分析。本文詳細介紹樣本選取的標準及結果，并通過對現有的研究結論進行分析提出經營活動營運資金管理以及各渠道營運資金管理與公司績效呈倒U型的非線性關系的假設。然后，，選取總資產收益率（ROA）作為衡量公司績效的指標，選取經營活動營運資金周轉期（DOC）、采購渠道營運資金周轉期（PUC）、生產渠道營運資金周轉期（PRC）、營銷渠道營運資金周轉期（MAC）作為衡量經營活動以及各渠道營運資金管理效率的指標，構建多元二次曲線回歸方程，并提出營運資金周轉期最優(yōu)點的計算公式。在分析的過程中，本文分別對總樣本，機械、設備、儀表行業(yè)和信息技術行業(yè)分樣本進行分析，分析的內容包括描述性統(tǒng)計分析、相關性分析、回歸分析以及穩(wěn)健性檢驗。通過分析可以全面的了解總樣本，機械、設備、儀表行業(yè)和信息技術行業(yè)的各渠道營運資金管理績效情況以及各渠道營運資金管理績效與公司績效之間的關系，并通過穩(wěn)健性檢驗，檢驗這個關系的穩(wěn)定性。 通過分析，本文得出我國高新技術上市公司營運資金管理與公司績效之間存在顯著的倒U型非線性關系，并計算了總體樣本，機械、設備、儀表行業(yè)和信息技術行業(yè)樣本公司的DOC的最優(yōu)點，分別為50.91天、-10.93天和82.91天。在三個渠道中，營銷渠道營運資金管理應該是高新技術企業(yè)管理的重點。 本文在研究方法、視角和對象上都有所突破。在研究方法上，本文通過建立多元二次曲線回歸方程，運用回歸分析的方法證實了高新技術企業(yè)各渠道營運資金管理與公司績效之間存在顯著的倒U型關系。本文通過實證分析揭示了營運資金管理與公司績效的關系，有利于指導高新技術企業(yè)從渠道的角度對營運資金進行管理。
[Abstract]:Working capital is the liquidity fund that the enterprise needs for daily operation turnover, and its scope can be extended to procurement and production. Sales, information management and other aspects. In the day-to-day financial management of enterprises, financial managers have about 60% of the time for short-term decisions. Working capital management has become an important part of the overall strategy of enterprises. Compared with traditional enterprises, high-tech enterprises have the characteristics of high investment, high risk and high income. These characteristics lead to the difficulty of management of the working capital of high-tech enterprises, the narrow channels of financing and the phased characteristics of the management of working capital, which makes high-tech enterprises have their own particularity. On the premise of considering the tradeoff between risk and profit, it is of great significance to study the relationship between the working capital management and the performance of high-tech enterprises. This article will select the Shanghai and Shenzhen stock markets listed before December 31st 2007, and before 2008 (including 2008) was recognized as high-tech enterprises as a sample. The financial data of sample enterprises from 2008 to 2010 are analyzed. This paper introduces the criteria and results of sample selection in detail. Through the analysis of the existing research conclusions, the paper puts forward the hypothesis that the operating capital management and the working capital management of each channel have a negative U shape nonlinear relationship with the company's performance. Then. The total return on assets (load) is chosen as the index to measure the company's performance, and the operating capital of operating activities is selected as the turnover period, and the purchasing channel working capital turnover period is listed as PUC3). Production channel working capital turnover period PRCU, marketing channel working capital turnover period as a measure of business activities and channel operating fund management efficiency indicators. The regression equation of multivariate quadratic curve is constructed, and the optimal formula of working capital turnover period is put forward. In the process of analysis, the total sample, machinery and equipment are analyzed in this paper. Instrument industry and information technology industry are divided into sample analysis, the content of the analysis includes descriptive statistical analysis, correlation analysis, regression analysis and robustness test. Through the analysis, we can fully understand the total sample, machinery. Equipment, instrumentation industry and information technology industry of the channel working capital management performance and the relationship between the channel working capital management performance and company performance, and through the robustness test. Test the stability of the relationship. Through analysis, this paper draws a conclusion that there is a significant inverse U nonlinear relationship between working capital management and corporate performance of high-tech listed companies in China, and calculates the total sample, machinery and equipment. The DOC of the instrumentation industry and the IT industry sample companies were 50.91 days -10.93 days and 82.91 days, respectively, in the three channels. Marketing channel working capital management should be the key point of high-tech enterprise management. In this paper, there is a breakthrough in the research methods, visual angle and object. In the research method, the regression equation of multivariate conic curve is established in this paper. The regression analysis method is used to prove that there is a significant inverted U type relationship between operating capital management and corporate performance in high-tech enterprises. This paper reveals the relationship between working capital management and company performance through empirical analysis. . It is beneficial to guide high-tech enterprises to manage working capital from the angle of channel.
【學位授予單位】：中國海洋大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F275.1;F224;F832.51

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