石油企业营运资本管理对盈利能力的影响——来自上市公司的证据  

Research on the Impact of Working Capital Management on the Profitability of Petroleum Enterprises:Evidence from Listed Companies

作　　者：漆福丽 王玲 蔡林美 QI Fu-li;WANG Ling;CAI Lin-mei(School of Economics and Management,Yan′an University,Yan′an 716000,Shaanxi;.School of Management,Xi′an University of Science and Technology,Xi′an 710054,Shaanxi)

机构地区：[1]延安大学经济与管理学院,陕西延安716000 [2]西安科技大学管理学院,陕西西安710054

出　　处：《延安大学学报（社会科学版）》2021年第2期65-71,80,共8页Journal of Yan'an University (Social Sciences Edition)

摘　　要：为提高石油企业的盈利能力,基于营运资本管理的重要性,以中国19家上市石油企业为研究对象,依据2013—2017年面板数据,建立ROA模型,研究了营运资本管理对企业盈利能力的影响,结果发现:现金周转期与企业盈利能力负相关;应付账款周转期与企业盈利能力负相关;存货周转期与企业盈利能力存在U型关系;应收账款周转期与企业盈利能力存在U型关系。结果表明:营运资本管理对中国石油企业盈利能力有重要影响;石油企业为维持日常经营和提高企业盈利能力,必须实时调整自身的营运资本管理政策。In order to improve the profitability of oil companies,based on the importance of working capital management,19 Chinese listed oil companies were used as research objects,based on panel data from 2013 to 2017,ROA models were established to study the impact of working capital management on enterprise profitability,it is found that the cash turnover period is negatively correlated with corporate profitability;the account payable turnover period is negatively correlated with corporate profitability;the inventory turnover period has a U-shaped relationship with corporate profitability;the account receivable turnover period has a U-shaped relationship with corporate profitability.The results show thatthe working capital management has an important impact on the profitability of oil companies;oil companies must adjust their own working capital management policies in real time in order to maintain daily operations and improve their profitability.

关 键 词：石油企业 应收账款周转期 存货周转期 应付账款周转期 盈利能力 

分 类 号：F276.3[经济管理—企业管理]