上市公司营运资金管理效率与绩效的相关性研究
一以食品饮料业为例
摘要
随着经济发展的日益成熟和企业管理实践经验的逐步积累,各行
业企业的竞争己经从幵拓市场转向了自身内部层面的管理提升,营运
资金管理作为财务管理的核心内容,甚至是企业管理的重要内容深层
次反映着企业的经营管理水平和潜在竞争力。近期的国内外研宄表
明,营运资金管理效率不仅对企业的流动性水平和经营绩效有直接的
作用,而且还关系到企业的生存与发展
本文选取食品饮料行业80家上市公司2007-2011年的财务数据
为样本,首先运用因子分析法提取综合绩效指标,然后以计算出来的
综合绩效得分作为因变量,分别以反映营运资金管理效率的现金周转
期、应收账款周转天数、存货周转天数和应付账款周转天数作为自变
量,对食品饮料业上市公司营运资金管理效率与企业经营绩效之间的
关系进行相关性分析和回归分析,试图通过对食品饮料业上市公司的
实证研宂,进一步探索适合我国国情的食品业上市公司提高营运资金
管理水平的方法,从而为推动食品业上市公司绩效的提升提供数据支
持和研究经验,为食品饮料业及其相关行业的发展创造新的契机
关键词食品饮料业上市公司营运资金营运资金管理效率企业
绩效相关性
I
A RESEARCH ON THE RELATIONSHIP BETEEN
WORKING CAPITAL MANAGEMENT EFFICIENCY AND
PERFORMANCE
—EXAMPLE FOR FOOD & BEVERAGE INDUSTRY
ABSTRACT
With the increasing maturity of the economic development and gradual
accumulation of practical experience for management, the battlefield between
industries and enterprises have shifted from marketing into its own internal
management. As the core content of financial management, working capital
management is important for Modern Enterprise Administration. It reflects the
management level of enterprises and potential competitiveness comprehensively and
thoroughly. Both the domestic and foreign research has shown that working capital
management efficiency not only acted on the level of liquidity and operating
performance of the enterprises directly, but also related to the survival and
development of enterprises.
This article selected the financial data in 2007-2011 of 80 listed companies in the
Food & Beverage Industry for the sample. First, we used factor analysis method to
extract comprehensive performance indicators, and calculated the overall performance
of score as the dependent variable. And then, independent variables group was
compose of Cash Conversion Cycle, turnover days of Accounts Receivable, turnover
days of Inventory, and turnover days of Accounts Payable,which reflected the
efficiency of working capital. Finally, the method of correlation and regression
analysis is used to study for relationship between the Food & Beverage Industry listed
companies working capital management efficiency and business performance. The
Empirical approach of listed companies in the Food & Beverage Industry tried to
explore the better ways for China's Food & Beverage listed companies in working
capital management, and provide data support and research experience for the Food &
Beverage Industry, and create new opportunities for its related industries.