中国上市公司营运资金管理调查:2015

The Working Capital Management Survey of Chinese Listed Companies: 2015

本调查以2015年2564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,研究发现:(1)大部分行业营运资金存量增加,总体资金配置依然向投资活动倾斜;(2)经营活动营运资金管理绩效持续恶化,生产渠道营运资金管理应当引起重视;(3)资金回报率整体下滑;(4)短期金融性负债占比有所降低,但仍处于较高财务风险水平;(5)国有控股公司营运资金管理绩效最高,但总资金回报率最低;(6)产融结合明显提高了企业的金融、投资活动的资金回报率,但对经营活动资金回报率的影响不明显。

The paper surveys the working capital management performance of Chinese listed companies in 2015 from the views of industry,region,and specific topics,arriving at six main conclusions.Firstly,working capital is mainly put into investment activities and working capital stock increased in most industries.Secondly,the working capital management performance based on channels continues to deteriorate.Thirdly,the overall decline is found in the return on total capital.Fourthly,the short-term financial debt ratio decreased,but still in high level financial risk.Fifthly,the state-owned holding companies performance of working capital management is the highest,but is also the lowest in return on total capital.Sixthly,the combination of industry and finance has significantly improved the financial and investment activities of the enterprise,but it has no obvious effect on the return on operating capital.