融资约束下营运资本管理与企业绩效关系检验  

Research on Relationship between Working Capital Management and Enterprise Performance under Financing Constraints

作　　者：康进军[1] 李欣[1] 李娜[2] 

机构地区：[1]青岛大学商学院,山东青岛266071 [2]衡水学院经济管理系,河北衡水053000

出　　处：《统计与决策》2017年第11期181-184,共4页Statistics & Decision

基　　金：山东省高校人文社科研究计划项目资助(J14WE26);江苏省教育厅2014年度普通高校研究生科研创新计划项目资助(KYZZ_0381)

摘　　要：文章选取154家房地产上市公司为样本,以利息保障倍数作为融资约束分组标准,运用多元线性回归方法对营运资本管理与企业绩效的关系进行实证分析。结果表明:较高融资约束下,存货周转率、应收账款周转率、应付账款周转率的提高有利于提高企业绩效;较低融资约束下,营运资本的管理对企业绩效的影响不显著。This paper selects 154 listed real estate companies as samples and uses interest coverage ratio as the financing constraint grouping criteria to empirically investigate the relationship between the working capital management and the corporate performance through applying multiple linear regression method. The results show that under the higher financing constraints, the increase of inventory turnover ratio, accounts receivable turnover ratio and accounts payable turnover ratio will improve the corpo- rate performance, and that under the lower financing constraints, the impact of the working capital management on the corporate performance is not significant.

关 键 词：融资约束 营运资本 企业绩效 房地产行业 

分 类 号：F275.1[经济管理—企业管理]