经营性营运资金管理效率与企业绩效的相关性--来自中国上市公司的经验证据

On the Correlation between Efficiency of Operational Working Capital Management and Corporate Performance:Empirical Evidences from China’s Listed Companies

以沪深两市2007年至2011年没有发生过重大投融资行为的上市公司作为研究样本,通过实证分析发现:中国上市公司的经营性营运资金整体管理效率与企业绩效之间具有一定的正相关关系;与净经营性营运资金性质相同的应收账款和存货,其管理效率与企业绩效之间也具有一定的正相关关系;但与净经营性营运资金性质相反的应付账款,其管理效率与企业绩效之间的相关性不明确,或为非显著的负相关关系(全行业样本和制造业样本),或为非显著的正相关关系(零售业样本)。其中,关于应付账款管理的证据与一般的财务观念以及同类研究发现的证据不完全一致。

This study takes the listed companies in Shanghai and Shenzhen with no significant investment and financing activities from 2007 to 2011 as samples to conduct an empirical analysis.The result reveals that there is a certain positive correlation between the overall management efficiency of operational working capital of China’s listed companies and the corporate performance.As for the accounts receivable and inventory with the similar features to that of the net operational working capital,the management efficiency has a certain positive correlation with the corporate performance;while in regard to the accounts payable with opposite nature against the net operational working capital,the correlation between the management efficiency and the corporate performance is not clear,either showing an insignificant negative relationship（between the samples of the whole industry and the samples of the manufacturing industry）,or showing an insignificant positive relationship（among the samples of the retail industry）.Among these,the evidence about the management of accounts payables is not consistent with the common financial idea and the evidence from similar researches.