中国上市公司营运资金管理调查：2009  

The Working Capital Management Survey of Chinese Listed Companies in 2009

作　　者：中国海洋大学企业营运资金管理研究课题组 王竹泉 

出　　处：《会计研究》2010年第9期30-42,共13页Accounting Research

基　　金：国家自然科学基金项目(70772024);中国海洋大学人文社科规划重大项目(H09ZDA02)的阶段成果

摘　　要：本调查从营运资金管理绩效的行业分析、企业分析、地区比较分析和外向型行业专题分析等方面对中国上市公司营运资金管理进行了分析,研究发现:金融危机对我国上市公司营运资金管理的负面影响仍然十分显著,经营活动营运资金管理绩效持续降低或总体持续降低的行业数量显著多于持续提高或总体持续提高的行业数量;生产渠道控制是经营活动营运资金管理的重点和难点;我国上市公司营运资金管理水平波动较大、管理风险较高;大多数上市公司采用延长付款期的方式来解决营运资金短缺问题,采购渠道营运资金管理绩效逆势回升的原因不在于存货管理水平的大面积改善,应付账款延期支付是其主要原因。此外还发现,营运资金管理绩效在地区之间不平衡、纺织服装和电子两个外向型程度较高的行业外销比例较大的样本组与外销比例较小的样本组营销渠道营运资金管理绩效差异明显。The paper ranks the working capital management performance of these companies based on days of operational working capital by factors and channels and analyses it from the aspects of industries performance,the enterprises performance,the regional performance and the export-oriented industry performance.The results of the survey demonstrate the following four statements.First,the negative effect of financial crisis on Chinese listed companies' working capital management is still very remarkable.Second,the control of production channel is the key and difficult point of the operational working capital management.Third,the ability of managing working capital isn't mature or steady in Chinese listed companies.Forth,most of the listed companies solve the scarcity of working capital by deferring payment of accounts payable,which leads to a deceptive improvement of purchasing channel's performance.The last,it also finds that working capital management performance is unbalanced among regions,and the difference of marketing channel's performance is very obvious between sample groups(export proportion≥50% and 0<export proportion<50%)in textile and garment industry and electron industry.

关 键 词：营运资金管理调查 经营活动营运资金周转期 渠道 要素 排行榜 

分 类 号：F275[经济管理—企业管理]