外向型水平与上市公司营运资金管理绩效——基于我国电子信息产业的实证分析

Export Ratio and the Operational Working Capital Management Performance——An Empirical Analysis of Electronic Information Industry Listed Company

受到次贷危机和欧债危机的不利影响,我国外向型企业的营运资金管理压力逐渐增大。本文以2007-2011年沪深两市的A股外向型电子信息产业上市公司作为样本,从供应链(渠道)层面揭示了金融危机对于其营运资金占用水平和管理绩效的影响。研究结果显示,在金融危机时期我国电子信息产业上市公司经营活动营运资金占用水平持续上升、经营活动营运资金管理绩效持续下降,其主要原因是营销渠道营运资金占用水平激增;进一步研究发现,那些对于环境变动较为敏感的高度外向型公司,普遍降低了短期借款依赖度和供应链依赖度以应对危机。本文以新兴加转轨的市场为背景,丰富了金融危机影响下营运资金管理绩效和策略的研究,同时也为提高外向型电子信息产业上市公司的营运资金管理绩效提供了有益的启示。

Under the impact of the subprime crisis and European debt crisis,the pressure of working capital management in Chinese export-oriented listed companies is gradually increasing. Using a sample of A share export-oriented listed companies of electronic information industry from 2007 to 2011,this paper reveals the impact of the financial crisis on the level and management performance of operational working capital from the aspect of supply chain( channels). We find that during financial crisis,the level of operational working capital keeps going up for electronic information industry listed companies,with the management performance of operational working capital going down. This is mainly because there has been a sharp increase in marketing channel working capital. Apart from that,in order to survive the financial crisis,most highly export-oriented listed companies who react sensitively to environment seem less dependent upon their short-term debt and supply chain. Under the background of emerging and transition market,this paper enriches researches for working capital management performance and strategy under the financial crisis,and provides some beneficial enlightenment on how to improve working capital management performance for export-oriented electronic information industry listed companies.