發(fā)布時間：2018-08-13 08:30

【摘要】：本文以2006—2010年間滬深兩市中的644家制造業(yè)上市公司為研究對象,從融資約束的角度考察營運(yùn)資本管理效率與公司盈利能力之間的關(guān)系。研究結(jié)果表明,面臨融資約束的小規(guī)模上市公司的營運(yùn)資本管理效率與盈利能力之間呈顯著的負(fù)相關(guān)關(guān)系,即這類公司可以通過提高現(xiàn)金的周轉(zhuǎn)速度來改善其經(jīng)營業(yè)績。無融資約束的大規(guī)模上市公司的營運(yùn)資本管理效率與盈利能力之間呈顯著的正相關(guān)關(guān)系,表明這類公司可以通過降低現(xiàn)金的周轉(zhuǎn)速度來改善其經(jīng)營業(yè)績。面臨融資約束的民營上市公司的營運(yùn)資本管理效率與盈利能力之間呈顯著的負(fù)相關(guān)關(guān)系,說明此類上市公司可以通過提高現(xiàn)金的周轉(zhuǎn)速度來改善其經(jīng)營業(yè)績。無融資約束的國有上市公司的營運(yùn)資本管理效率與盈利能力之間無顯著關(guān)系,即此類公司的現(xiàn)金周期總體上與經(jīng)營業(yè)績無關(guān)。
[Abstract]:Taking 644 listed manufacturing companies in Shanghai and Shenzhen stock markets from 2006 to 2010 as the research object, this paper investigates the relationship between the efficiency of working capital management and the profitability of companies from the perspective of financing constraints. The results show that there is a significant negative correlation between the efficiency of working capital management and profitability of small listed companies facing financing constraints, that is, these companies can improve their operating performance by increasing the cash turnover speed. There is a significant positive correlation between the efficiency of working capital management and profitability of large scale listed companies without financing constraints, which indicates that these companies can improve their operating performance by reducing the cash turnover speed. There is a significant negative correlation between the efficiency of working capital management and profitability of private listed companies facing financing constraints, which indicates that such listed companies can improve their operating performance by increasing the cash turnover speed. There is no significant relationship between the efficiency of working capital management and profitability of the state-owned listed companies without financing constraints, that is, the cash cycle of such companies is not related to their operating performance in general.
【作者單位】： 南京財(cái)經(jīng)大學(xué);
【基金】：江蘇高校優(yōu)勢學(xué)科建設(shè)工程資助項(xiàng)目(PAPD) 江蘇高校哲學(xué)社會科學(xué)項(xiàng)目(2013SJD630020)“我國上市公司營運(yùn)資本管理效率研究”的資助
【分類號】：F406.72

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本文編號：2180432