融资约束下煤炭企业营运资本管理与企业绩效检验  

Working capital management and performance inspection of coal enterprises under financing constraints

作　　者：程爱华[1] 续慧泓[1] 程冠华 Cheng Aihua;Xu Huihong;Cheng Guanhua(Experimental Center,Shanxi University of Finance and Economics,Taiyuan 030006,China;Taiyuan Radio and TV University,Taiyuan 030024,China)

机构地区：[1]山西财经大学实验中心,山西太原030006 [2]太原广播电视大学,山西太原030024

出　　处：《煤炭经济研究》2020年第5期63-68,共6页Coal Economic Research

摘　　要：在资金需求量大、融资压力大的双重压力之下,如何利用营运资本管理提高企业绩效是煤炭企业亟待解决的难题。基于煤炭上市公司的样本数据,使用外部融资成本作为融资约束的分组标准,运用多元回归的方法分析煤炭企业营运资本管理对企业绩效的影响,得出煤炭企业营运资本与企业绩效间的关系有不同于其他行业的特征:高融资约束下应收账款周转率与企业绩效成显著正相关,而其他两个则为负相关;低融资约束下各指标则与企业绩效成负相关。Under the dual pressure of large capital demand and high financing pressure,how to use working capital management to improve corporate performance is a problem that coal companies need to solve urgently. Based on sample data of listed coal companies,external financing costs is used as a grouping criterion for financing constraints,and multiple regression methods are used to analyze the impact of coal enterprise working capital management on enterprise performance,it is concluded that the relationship between coal enterprise working capital and enterprise performance is different from other industries.The turnover rate of accounts receivable under high financing constraints is significantly positively correlated with corporate performance,while the other two are negatively correlated,the indicators under low financing constraints are negatively correlated with corporate performance.

关 键 词：融资约束 营运资本管理 企业绩效 应收账款 煤炭企业 

分 类 号：F275.1[经济管理—企业管理]