饲料行业上市公司营运资金管理研究

Study on working capital management of the listed companies of the feed industry

营运资金作为饲料行业上市公司资产的重要组成部分,直接影响其盈利水平。营运资金管理不善将导致生产中断,破产等风险。因此,提高营运资金管理水平日益成为饲料行业上市公司资金管理的重要内容。文章根据9家饲料行业上市公司2009年~2012年年报数据,利用营运资金充足率,长期债务与营运资金比率和销售与营运资金比率等5项指标对其营运资金管理水平进行深入分析。结果表明饲料行业上市公司营运资金管理方面存在效益性与效率性不平衡,管理政策多变,融资方式选择不合理等问题,进而提出加强资金的使用效率、增强盈利能力,强化融资管理等改善饲料行业上市公司营运资金管理的具体措施。

Working capital is an important part of feed industry listed company, directly affect the profitability of the company, poor management of working capital can cause disruption, bankruptcy risk. etc. Therefore, to raise the level of working capital management is increasingly becoming an importanl part of the funds of listed companies management. In this paper, based on 9 feed industry in 2009- 2012 annual report data of listed companies, using the working capital adequacy ratio, and the ratio of working capital and long-term debt sales and working capital ratios, such as the five indicators for indepth analysis of its working capital management level. Results showed that feed industry listed companies exist profitability and efficiency of working capital management sex imbalance, changing management policy, problems such as irrational financing way, put forward countermeasures to strengthen the capital use efficiency, improve profitability, balance the finance investment and so on strengthen feed industry management status of listed companies.