营运资金管理是企业财务管理的重要内容，批发、零售业是我国市场化程度 最高、竞争最为激烈的行业之一，评价供应链融资对该行业企业营运资金管理效 率的影响具有较强现实指导意义。 本文基于渠道管理理论、营运资金管理理论和供应链融资理论，分别从采购、 生产、营销三个渠道分析了供应链融资水平对批发零售业营运资金管理效率的影 响，并提出理论假设进行实证分析，理论和实证研究结果表明：总体来看合理运 用供应链融资可以显著提高营运资金管理效率，但各个渠道的影响程度和效果不 同。具体而言，反映采购渠道供应链融资水平的供应商信用依赖度与采购渠道营 运资金周转期显著负相关，而一年内应付账款占比与该渠道周转期显著正相关； 反映生产渠道供应链融资水平的链内薪金资金占用水平与该渠道营运资金周转期 显著负相关；对于销售渠道，只有批发企业的供应链融资水平与与该渠道营运资 金周转期显著负相关，而零售业供应链融资水平与营销渠道营运资金周转期的关 系不显著。 有鉴于此，本文提出针对性建议：对于采购渠道，应充分利用供应链融资以 提高批发零售业的营运资金管理效率；对于生产渠道，调动员工积极性比延迟支 付薪资对于营运资金管理效率优化作用更明显；对于营销渠道，则需区别批发业 和零售业。批发业适宜充分利用商业信用，提高营运资金管理效率；而零售业则 应更注重控制短期借款比率和存货周转率来提高营运资金管理效率，不宜仅依赖 商业信用融资。 关键词：供应链融资；渠道管理；营运资金管理效率；批发零售业II Abstract Working capital management is an important part of enterprise financial management. Wholesale and retail business is one of the industries with the highest degree of marketization and the most fierce competition in China. It is of great practical significance to evaluate the impact of supply chain financing on the performance of working capital management in this industry. Based on the channel management theory, working capital management theory and supply chain financing theory, this theses analyses the impact of supply chain financing level on the performance of wholesale and retail business working capital management from three channels of procurement, production and marketing respectively, and puts forward theoretical assumptions for empirical analysis. The theoretical and empirical results show that the overall rational use of supply chain financing can significantly improve the efficiency of wholesale and retail business. Operating capital management performance, but the impact of various channels and effects are different. Specifically, the supplier's credit dependence which reflects the financing level of the supply chain of the procurement channel is negatively correlated with the working capital turnover period of the procurement channel, while the proportion of accounts payable in a year is positively correlated with the working capital turnover period of the channel; the proportion of labor cost which reflects the financing level of the supply chain of the production channel is negatively correlated with the working capital turnover period of the channel; for the sales channel, only wholesale channel is concerned. The level of supply chain financing of enterprises is negatively correlated with the working capital turnover period of the channel, while the relationship between the level of supply chain financing of retail industry and the working capital turnover period of marketing channel is not significant. In view of this, this theses puts forward some pertinent suggestions: for purchasing channels, we should make full use of supply chain financing to improve the performance of working capital management in wholesale and retail industries; for production channels, mobilizing the enthusiasm of workers is more obvious than delaying payment of salaries for optimizing the performance of working capital management; for marketing channels, we need to distinguish between wholesale andIII retail industries. Wholesale industry should make full use of commercial credit to improve the performance of working capital management, while retail industry should pay more attention to controlling the short-term loan ratio and inventory turnover to improve the efficiency of working capital management, and not rely solely on commercial credit financing. Keywords:Supply Chain Financing;Channel Management;Working Capital Management Efficiency; Wholesale and Retail BusinessIV 目 录 摘要.............................................................................................................................I ABSTRACT.................................................................................................................. II 第 1 章 绪论..................................................................................................................1 1.1 研究背景及意义..................................................................................................1 1.2 文献综述..............................................................................................................1 1.2.1 供应链融资...................................................................................................1 1.2.2 营运资金管理效率.......................................................................................4 1.2.3 供应链融资与营运资金管理效率的关系 ....................................................6 1.3 研究内容和方法..................................................................................................7 1.3.1 研究内容.......................................................................................................7 1.3.2 研究方法.......................................................................................................9 1.4 研究可能的创新点............................................................................................10 第 2 章 核心概念及相关理论....................................................................................11 2.1 营运资金管理核心概念及相关理论................................................................11 2.1.1 营运资金管理核心概念.............................................................................11 2.1.2 营运资金管理相关理论.............................................................................11 2.2 渠道管理核心概念及相关理论........................................................................13 2.2.1 渠道管理核心概念.....................................................................................13 2.2.2 渠道管理相关理论.....................................................................................13 2.3 供应链融资核心概念及相关理论....................................................................15 2.3.1 供应链融资核心概念.................................................................................15 2.3.2 供应链融资理论.........................................................................................15 第 3 章 理论分析和假设提出....................................................................................17 3.1 供应链融资对采购渠道营运资金管理效率的影响分析.................................17V 3.2 供应链融资对生产渠道营运资金管理效率的影响分析.................................18 3.3 供应链融资对销售渠道营运资金管理效率的影响分析.................................19 第 4 章 实证研究设计................................................................................................21 4.1 实证选择及数据来源.........................................................................................21 4.2 变量定义和模型设定........................................................................................21 4.2.1 实证研究的因变量.....................................................................................21 4.2.2 实证研究的自变量.....................................................................................22 4.2.3 实证研究的控制变量.................................................................................23 4.2.4 实证模型设定.............................................................................................25 4.3 初步实证结果分析............................................................................................26 4.3.1 描述性统计.................................................................................................26 4.3.2 趋势性分析...............................................................................................27 4.3.3 相关性分析...............................................................................................29 4.4 回归结果分析 ..................................................................................................30 4.4.1 采购渠道回归结果分析.............................................................................30 4.4.2 生产渠道回归结果分析 .........................................................................31 4.4.3 销售渠道回归结果分析 .........................................................................32 4.5 进一步实证分析................................................................................................33 4.5.1 子样本的描述性统计.................................................................................34 4.5.2 子样本的相关性分析...............................................................................35 4.5.3 子样本的回归分析...................................................................................36 第 5 章 研究结论与展望............................................................................................39 5.1 研究结论与建议................................................................................................39 5.1.1 研究结论......................................................................................................39 5.1.2 研究建议.....................................................................................................41 5.2 研究局限性与展望.............................................................................................42VI 5.2.1 研究局限性..................................................................................................42 5.2.2 研究展望.....................................................................................................42 致 谢............................................................................................................................43