摘要
该调查以2012年2297家上市公司、2011-2012年2077家可比上市公司作为研究对象,对中国上市公司营运资金管理进行了行业调查、地区调查和专题调查,得到以下结论:(1)上市公司营运资金配置仍以投资活动为主,且有进一步向投资活动倾斜的趋势;(2)短期金融性负债比例上升,营运资金筹资风险有增加趋势;(3)中国上市公司营运资金管理绩效继续恶化;(4)营运资金管理的地区性差异仍然较大;(5)战略性新兴产业营运资金管理绩效下降,营销渠道营运资金和应收账款管理绩效下降是主要原因;(6)与民营上市公司相比,国有上市公司经营活动营运资金管理水平更高,但国有上市公司的短期财务风险也较大。
The paper surveys the working capital management performance of Chinese listed companies from the views of industry,region,and specific topics, arriving at six main conclusions. Firstly,working capital is mainly put into investment activities,with a trend moreinto investment activities. Secondly, the ratio of short term financial liabilities has increased,with financial risk increasing. Thirdly,the working capital management performance continues to deteriorate. Fourthly,the regional difference is still large. Fifthly,the working capital management performance of strategic emerging industry declined due to marketing channel and accounts receivable. Sixthly,contrast to private listed companies,the operating working capital level of state- owned listed companies is higher,which has larger short term financial risk.
出处
《会计研究》
CSSCI
北大核心
2013年第12期53-59,97,共7页
Accounting Research
基金
国家自然科学基金(71172099
71372111)资助
