本文選題：新常態(tài) + 營運(yùn)資金管理　； 參考：《湖南工業(yè)大學(xué)》2017年碩士論文

【摘要】：中國經(jīng)濟(jì)新常態(tài)是指我國經(jīng)濟(jì)發(fā)展出現(xiàn)了新的特征:經(jīng)濟(jì)增長速度換擋下調(diào),經(jīng)濟(jì)結(jié)構(gòu)需要不斷優(yōu)化升級(jí),經(jīng)濟(jì)增長應(yīng)由創(chuàng)新驅(qū)動(dòng)而不再是要素和投資。新常態(tài)下營運(yùn)資金管理與公司績效之間的關(guān)系是否會(huì)發(fā)生新的變化,已經(jīng)成為大家關(guān)注的重點(diǎn)。本文對比了新常態(tài)前后營運(yùn)資金管理與公司績效的實(shí)證研究結(jié)果,發(fā)現(xiàn):新常態(tài)前,公司營運(yùn)資金投資政策指標(biāo)流動(dòng)資產(chǎn)比例與公司績效顯著正相關(guān),而新常態(tài)下流動(dòng)資產(chǎn)比例與公司績效的相關(guān)性不明確;新常態(tài)前后,公司營運(yùn)資金籌資政策指標(biāo)流動(dòng)負(fù)債比例與公司績效都顯著正相關(guān);新常態(tài)下,營運(yùn)資金管理效率與公司績效顯著正相關(guān),新常態(tài)前,營運(yùn)資金管理效率與公司績效呈正相關(guān)關(guān)系,但并不顯著;新常態(tài)前后,公司應(yīng)收賬款周轉(zhuǎn)期與凈資產(chǎn)收益率都呈顯著負(fù)相關(guān)關(guān)系;存貨周轉(zhuǎn)期與公司績效在新常態(tài)前后都呈顯著的負(fù)相關(guān)關(guān)系;新常態(tài)下,應(yīng)收賬款周轉(zhuǎn)期與公司績效顯著正相關(guān),而新常態(tài)前,應(yīng)付賬款周轉(zhuǎn)期與公司績效呈正相關(guān)關(guān)系,但并不顯著。另外,本文還對比了新常態(tài)前后3個(gè)控制變量與公司績效的關(guān)系。可持續(xù)增長率與公司績效在新常態(tài)前后都呈顯著的正相關(guān)關(guān)系;新常態(tài)出現(xiàn)前,財(cái)務(wù)杠桿與公司績效顯著負(fù)相關(guān),而新常態(tài)下,二者呈顯著正相關(guān)關(guān)系;新常態(tài)出現(xiàn)前,公司規(guī)模與公司績效呈顯著的正相關(guān)關(guān)系,而新常態(tài)下,二者之間的正相關(guān)關(guān)系并不顯著。根據(jù)研究結(jié)論,我們認(rèn)為應(yīng)該:重新確定流動(dòng)資產(chǎn)比率;繼續(xù)維持激進(jìn)的營運(yùn)資金籌資政策;加快現(xiàn)金周轉(zhuǎn),提高營運(yùn)資金管理效率;縮短應(yīng)收賬款、存貨周轉(zhuǎn)期,延長應(yīng)付賬款周轉(zhuǎn)期。另外,根據(jù)控制變量與公司績效的關(guān)系公司應(yīng):提高可持續(xù)增長率;調(diào)整財(cái)務(wù)杠桿,充分利用息盾作用;調(diào)整公司規(guī)模,進(jìn)行供給側(cè)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.
【學(xué)位授予單位】：湖南工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F275

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