中国上市公司营运资金管理调查:2013

The Working Capital Management Survey of Chinese Listed Companies:2013

本调查以2013年2299家A股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,但有向经营活动倾斜的趋势,与上市公司整体不同,战略性新兴产业营运资金主要配置给经营活动;(2)短期金融性负债比例略有上升,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,应收账款和营销渠道营运资金管理绩效提升是中国上市公司营运资金管理绩效改善的关键和瓶颈;(4)中国上市公司按要素的营运资金管理水平较为成熟和稳定;(5)与民营上市公司相比,国有上市公司的经营活动营运资金管理水平更高,但国有上市公司短期金融性负债占比较高,短期财务风险较大。

The paper surveys the working capital management performance of Chinese listed companies from the views of industry,region,and specific topics,arriving at five main conclusions. Firstly,working capital is mainly put into investment activities,but there is a trend moving to business activities.However,working capital of strategic emerging industry is mainly put into business activities. Secondly,the proportion of short term financial liabilities has increased,with financial risk increasing. Thirdly,the working capital management performance continues to deteriorate,it is the key and bottleneck to improve the performance of accounts receivable and marketing channel's working capital. Fourthly,the working capital management level based on elements is relatively mature and stable. Fifthly,contrast to private listed companies,the operating working capital management level of state- owned listed companies is higher,which has larger short term financial risk.