本文選題：營運資金重分類 + 績效指標(biāo)�。� 參考：《寧波大學(xué)》2014年碩士論文

【摘要】：營運資金是企業(yè)維持其正常運轉(zhuǎn)所必須擁有的資金，是企業(yè)全部資產(chǎn)中最具活力的組成部分，因此常常把營運資金看作是企業(yè)流動的血液。一直以來企業(yè)因營運資金管理不善而引發(fā)破產(chǎn)的不在少數(shù)，因此管理營運資金管理在財務(wù)管理中越來越引起重視，相應(yīng)地如何評價營運資金管理績效也成為企業(yè)財務(wù)管理的重要課題之一。 營運資金有兩種分類：一種是基于要素的營運資金分類，主要包括現(xiàn)金及有價證券、存貨、應(yīng)收賬款和應(yīng)付賬款等；另一種是基于渠道的營運資金分類，主要包括采購渠道營運資金、生產(chǎn)渠道營運資金、營銷渠道營運資金、經(jīng)營活動營運資金、理財活動營運資金。不同的營運資金分類，其營運資金管理績效指標(biāo)是不一樣的：基于要素的營運資金分類，其評價指標(biāo)主要有存貨周轉(zhuǎn)期、應(yīng)收賬款周轉(zhuǎn)期、應(yīng)付賬款周轉(zhuǎn)期和現(xiàn)金周轉(zhuǎn)期；基于渠道的營運資金分類，其評價指標(biāo)有采購渠道營運資金周轉(zhuǎn)期、生產(chǎn)渠道營運資金周轉(zhuǎn)期、營銷渠道營運資金周轉(zhuǎn)期、經(jīng)營活動營運資金周轉(zhuǎn)期、理財活動營運資金周轉(zhuǎn)期和總營運資金周轉(zhuǎn)期。分別選取基于要素和渠道的營運資金周轉(zhuǎn)期，對各行業(yè)營運資金管理績效進行描述性分析。結(jié)果顯示：不管是基于要素的營運資金管理績效指標(biāo)還是基于渠道的營運資金管理績效指標(biāo)，，都呈現(xiàn)顯著的行業(yè)特征。例如房地產(chǎn)行業(yè)，其營運資金周轉(zhuǎn)期、經(jīng)營活動營運資金周轉(zhuǎn)期、生產(chǎn)渠道營運資金周轉(zhuǎn)期、存貨周轉(zhuǎn)期都遠遠高于其他行業(yè)。然后從企業(yè)盈利能力的角度出發(fā)，首先將眾多的盈利指標(biāo)進行因子分析，結(jié)果發(fā)現(xiàn)：不同行業(yè)盈利能力的公共因子的個數(shù)是不一樣的，但有同質(zhì)性，即當(dāng)公共因子只有一個時，反映了企業(yè)綜合盈利能力；當(dāng)公共因子有兩個時，分別反映了企業(yè)銷售盈利能力和資本盈利能力。將得到的公共因子與各營運資金周轉(zhuǎn)期進行相關(guān)性分析。結(jié)果表明：不同行業(yè)營運資金管理績效對企業(yè)盈利能力的影響是有顯著差異的，如農(nóng)林牧漁、采掘業(yè)、電力煤氣、交通運輸和信息技術(shù)行業(yè)，營運資金管理績效對企業(yè)綜合盈利能力的影響不顯著，而制造業(yè)、建筑業(yè)、批發(fā)零售和房地產(chǎn)行業(yè)，營運資金管理績效對企業(yè)銷售盈利能力和資本盈利能力的影響比較顯著，因此有必要對制造業(yè)、建筑業(yè)、批發(fā)零售和房地產(chǎn)行業(yè)營運資金進行重新分類，并在此分類基礎(chǔ)上，將各營運資金管理績效指標(biāo)根據(jù)企業(yè)銷售盈利能力和資本盈利能力進行重新組合。
[Abstract]:Working capital is the capital that an enterprise must have in order to maintain its normal operation. It is the most dynamic component of the whole assets of an enterprise. Therefore, working capital is often regarded as the blood flowing by an enterprise. For a long time, many enterprises have caused bankruptcy due to poor management of working capital. Therefore, the management of working capital has attracted more and more attention in financial management. Accordingly, how to evaluate the performance of working capital management has also become one of the important issues in financial management. There are two categories of working capital: one is the classification of working capital based on elements, which mainly includes cash and securities, inventory, accounts receivable and accounts payable, etc.; the other is the classification of working capital based on channels. It mainly includes purchasing channel working fund, production channel working fund, marketing channel working fund, operating activity working fund and financing activity working fund. The working capital management performance index is different according to different working capital classification: working capital classification based on elements, its evaluation index mainly includes inventory turnover period, accounts receivable turnover period, accounts payable turnover period and cash turnover period; Based on the classification of working capital in channels, the evaluation indexes include the turnover period of working capital of purchasing channel, the period of turnover of working capital of production channel, the period of turnover of working capital of marketing channel, the period of turnover of operating capital of business activities, Financing activities working capital turnover period and total working capital turnover period. Working capital turnover based on factors and channels is selected to analyze the performance of working capital management in various industries. The results show that both the performance index of working capital management based on factors and the performance index of working capital management based on channel have obvious industry characteristics. For example, the real estate industry, its working capital turnover period, operating activity working capital turnover period, production channel working capital turnover period, inventory turnover period are far higher than other industries. Then from the point of view of the profitability of the enterprise, the factor analysis of many profit indicators is carried out first. The results show that the number of common factors of profitability in different industries is different, but there is homogeneity, that is, when there is only one common factor, When there are two common factors, they reflect the sales profitability and capital profitability respectively. The relationship between the public factors and the working capital turnover period will be analyzed. The results show that there are significant differences in the performance of working capital management in different industries on the profitability of enterprises, such as agriculture, forestry, herding and fishing, extractive industries, electricity and gas, transportation and information technology industries. The effect of working capital management performance on the comprehensive profitability of enterprises is not significant, while that of manufacturing, construction, wholesale, retail and real estate industries, and the impact of working capital management performance on corporate sales profitability and capital profitability is more significant. Therefore, it is necessary to reclassify the working capital of the manufacturing, construction, wholesale, retail and real estate industries, and on the basis of this classification, The working capital management performance indicators are recombined according to the sales profitability and capital profitability of the enterprise.
【學(xué)位授予單位】：寧波大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F275.1

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