财经理论与实践
財經理論與實踐
재경이론여실천
THE THEORY AND PRACTICE OF FINANCE AND ECONOMICS
2015年
1期
68-73
,共6页
重大融资%经营性营运资金管理效率%企业绩效
重大融資%經營性營運資金管理效率%企業績效
중대융자%경영성영운자금관리효솔%기업적효
Significant financing%Efficiency of operational working capital management%Cor-porate performance
将重大融资行为的影响纳入考虑,重新对经营性营运资金管理效率与企业绩效的关系加以探讨,选取沪深两市2004~2012年数据为样本,研究发现:在正常经营状况下,中国上市公司经营性营运资金管理效率与企业绩效之间呈显著正相关关系;而重大融资行为下,二者关系则并不显著。此外,检验结果还显示:重大融资行为本身与企业绩效呈负相关关系;重大融资行为可能会促使经营性营运资金管理效率显著下降。这些可能是导致重大融资行为下经营性营运资金管理效率与企业绩效之间不相关的主要原因。
將重大融資行為的影響納入攷慮,重新對經營性營運資金管理效率與企業績效的關繫加以探討,選取滬深兩市2004~2012年數據為樣本,研究髮現:在正常經營狀況下,中國上市公司經營性營運資金管理效率與企業績效之間呈顯著正相關關繫;而重大融資行為下,二者關繫則併不顯著。此外,檢驗結果還顯示:重大融資行為本身與企業績效呈負相關關繫;重大融資行為可能會促使經營性營運資金管理效率顯著下降。這些可能是導緻重大融資行為下經營性營運資金管理效率與企業績效之間不相關的主要原因。
장중대융자행위적영향납입고필,중신대경영성영운자금관리효솔여기업적효적관계가이탐토,선취호심량시2004~2012년수거위양본,연구발현:재정상경영상황하,중국상시공사경영성영운자금관리효솔여기업적효지간정현저정상관관계;이중대융자행위하,이자관계칙병불현저。차외,검험결과환현시:중대융자행위본신여기업적효정부상관관계;중대융자행위가능회촉사경영성영운자금관리효솔현저하강。저사가능시도치중대융자행위하경영성영운자금관리효솔여기업적효지간불상관적주요원인。
Based on samples from China's listed companies (2004-2012),this paper investiga-ted the relationship between efficiency of operational working capital management and corporate performance when taking significant financing in account.It could be found that:without signifi-cant financing,there was a certain positive correlation between efficiency of operational working capital management and China's corporate performance;however,the correlation disappeared when significant financing occurred.In addition,the output showed:significant financing was significantly negative to corporate performance and led to the decline of efficiency of operational working capital management.These may be the main cause of the correlation lost.