论营运资金结构、持有量与企业绩效  

The Structure of Working Capital,Holdings and Enterprise Value

作　　者：程昔武[1] 朱芮 

机构地区：[1]安徽财经大学会计学院,安徽蚌埠233030

出　　处：《蚌埠学院学报》2017年第6期110-116,共7页Journal of Bengbu University

基　　金：安徽财经大学研究生科研创新基金项目(ACYC2016180)

摘　　要：以2013-2015年中国A股上市公司为研究对象,实证分析了企业营运资金结构及其持有量对企业绩效的影响。研究结果显示,国内企业的营运资金持有量与企业绩效呈正相关关系。进一步按渠道细分企业营运资金后发现,营销渠道营运资金持有量对资产收益率有负向影响,但并不显著;生产渠道营运资金持有量与资产收益率显著正相关;采购渠道营运资金持有量与资产收益率显著负相关;理财活动的营运资金持有量与资产收益率显著正相关。Using the data of China's A-share listed companies from 2013 to 2015 as sample,it studied the influence of the structure of working capital and holdings on the value of the enterprise.The results showed that the operating capital of domestic enterprises was positively correlated with enterprise performance.By dividing the working capital holdings into the use channel,it found that the marketing channel of working capital holdings has a negative effect on return on assets,but not significantly.The production channel of working capital holdings has a significantly positive effect on return on assets.The purchasing channels of working capital holdings has a significantly negative effect on return on assets.The financial management of working capital holdings has a significantly positive effect on return on assets.

关 键 词：营运资金结构 营运资金持有量 企业绩效 不同行业 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济]