基于企业业绩的最优现金周期研究——以我国制造业上市公司为样本

Research on Optimal Cash Conversion Cycle Based on Company Performance——Empirical Evidence From Chinese Manufacturing Companies

从现金周期对资产周转率和销售利润率正反两方面影响入手,构建基于企业业绩(ROA)最大化的最优现金周期模型,证明最优现金周期的存在性,考察影响最优现金周期的因素,并以我国制造业上市公司为样本,运用主成分分析、多元线性回归等方法,实证检验企业业绩与现金周期的关系,发现存在倒U型关系,即存在最优现金周期,据此针对样本公司给出了相应的对策建议,大多数现金周期长于最优现金周期的公司应适当进行压缩,少部分现金周期短于最优现金周期的公司应适当进行延长,以降低成本,提升各自的业绩。

As the cash conversion cycle has a positive effect on the asset turnover of a company and a negative effect on the sales margins, optimal cash conversion cycle model can be built based on the enterprise performance （ROA） which proves that optimal cash cycle exists. Considering the factors that affect the optimal cash conversion cycle, the article applies the data of the listed companies in China＇s manufacturing industry to the empirical test. After the analysis by using principal component analysis and multiple linear regression, the result shows that corporate performance and cash conversion cycle has inverted U-shaped relationship which confirms the existance of optimal cash conversion cycle. Then, some suggestions on the cash conversion cycle management are given. Most companies with longer cash conversion cycle than the optimal should compress the cycle and vice versa.