摘要
本文以2006—2010年间沪深两市中的644家制造业上市公司为研究对象,从融资约束的角度考察营运资本管理效率与公司盈利能力之间的关系。研究结果表明,面临融资约束的小规模上市公司的营运资本管理效率与盈利能力之间呈显著的负相关关系,即这类公司可以通过提高现金的周转速度来改善其经营业绩。无融资约束的大规模上市公司的营运资本管理效率与盈利能力之间呈显著的正相关关系,表明这类公司可以通过降低现金的周转速度来改善其经营业绩。面临融资约束的民营上市公司的营运资本管理效率与盈利能力之间呈显著的负相关关系,说明此类上市公司可以通过提高现金的周转速度来改善其经营业绩。无融资约束的国有上市公司的营运资本管理效率与盈利能力之间无显著关系,即此类公司的现金周期总体上与经营业绩无关。
Using a new data set consiting of a panel of 664 Chinese listed manufacturing companies over the period of 2006 -2010, we investigated the relationship between working capital management efficiency and company profitability from the perspective of financing constraints. The results show that there is a significant negative correlation between working capital management efficiency and profitability of small-scale companies facing financing constraints, which means these companies can improve profitability by shortening the cash cycle. On the contrary, there is a significant positive correlation between working capital management efficiency and profitability of unconstrained large-scale companies, which means these companies can improve profitability by extending cash cycle. Constrained private listed companies can attain better performance through speeding up cash circle, because these companies＇ working capital management efficiency negatively correlates to profitability significantly. No significant relationship exits in the working capital management efficiency and profitability of unconstrained state-owned listed companies, that is these companies＇ cash cycle in general has nothing to do with corporate performance.
出处
《上海经济研究》
CSSCI
北大核心
2013年第10期22-34,F0003,共14页
Shanghai Journal of Economics
基金
江苏高校优势学科建设工程资助项目(PAPD)
江苏高校哲学社会科学项目(2013SJD630020)"我国上市公司营运资本管理效率研究"的资助
关键词
融资约束
营运资本管理效率
盈if
1能力
Financial Constraints
Working Capital Management Efficiency
Profitability
