创业板上市公司营运资金管理与公司绩效相关性研究

Research on the Correlation between Working Capital Management and Corporate Performance of GEM Listed Companies

营运资金是企业日常经营活动的基础,也是企业生存和发展的基石。我国创业板自成立以来,企业成绩斐然。采用我国创业板上市公司2013-2015年财务数据,实证分析了企业营运资金管理效率对公司绩效的影响。创业板上市公司现金周期呈增长趋势,现金周期、应付账款周转期与公司绩效表现出显著负相关关系;应收账款周转期与公司绩效呈现负相关关系;存货周转期与净资产收益率负相关,企业营运资金管理效率与公司绩效呈正相关。创业板上市公司在制定营运资金管理决策时,应加强应收账款管理,提高经营效率,改善公司财务绩效。

Working capital is the basis of the daily business activities of a company and the cornerstone of its survival and development. Since the establishment of China’s Growth Enterprise Market, corporate performance has been remarkable. Using 2013-2015 financial data of China’s GEM listed companies, the empirical analysis of the impact of corporate working capital management efficiency on company performance. The GEM listed company’s cash cycle shows an increasing trend.The cash cycle, accounts payable turnover period and the company’s performance show a significant negative correlation;the accounts receivable turnover period and the company’s performance show a negative correlation;inventory turnover period and return on net assets Negative correlation, the efficiency of corporate working capital management is positively correlated with company performance. When GEM listed companies make working capital management decisions, they should strengthen accounts receivable management, improve operating efficiency, and improve the company’s financial performance.