财务与金融
財務與金融
재무여금융
ACCOUNTING AND FINANCE
2015年
2期
79-85
,共7页
高科技上市公司%营运资金管理%企业业绩%融资约束
高科技上市公司%營運資金管理%企業業績%融資約束
고과기상시공사%영운자금관리%기업업적%융자약속
High Tech Listed Companies%Working Capital Management%Enterprise Performance%Financing Constraints
本文以我国高科技上市公司为样本，对其营运资金管理与企业业绩之间关系的进行了研究，研究结果表明强有力的营运资金管理和企业业绩之间成倒U形关系，支持了良好的营运资金管理能提高企业业绩的假设，即说明当企业的营运资金管理达到一个最佳的水平时，企业业绩能得到最大限度的提高。此外，本文还分析了该优化对融资约束的替代措施是否敏感，研究结果表明，企业的最佳水平的营运资金管理，能保证企业运营的充足资金，使企业更可能在经济上受到最小的约束，保证企业的长期、健康、可持续发展和良性运转。
本文以我國高科技上市公司為樣本，對其營運資金管理與企業業績之間關繫的進行瞭研究，研究結果錶明彊有力的營運資金管理和企業業績之間成倒U形關繫，支持瞭良好的營運資金管理能提高企業業績的假設，即說明噹企業的營運資金管理達到一箇最佳的水平時，企業業績能得到最大限度的提高。此外，本文還分析瞭該優化對融資約束的替代措施是否敏感，研究結果錶明，企業的最佳水平的營運資金管理，能保證企業運營的充足資金，使企業更可能在經濟上受到最小的約束，保證企業的長期、健康、可持續髮展和良性運轉。
본문이아국고과기상시공사위양본，대기영운자금관리여기업업적지간관계적진행료연구，연구결과표명강유력적영운자금관리화기업업적지간성도U형관계，지지료량호적영운자금관리능제고기업업적적가설，즉설명당기업적영운자금관리체도일개최가적수평시，기업업적능득도최대한도적제고。차외，본문환분석료해우화대융자약속적체대조시시부민감，연구결과표명，기업적최가수평적영운자금관리，능보증기업운영적충족자금，사기업경가능재경제상수도최소적약속，보증기업적장기、건강、가지속발전화량성운전。
This paper takes China's high-tech listed Companies as a sample, the relationship between their working capital management and corporate performance are studied, the results show that as the inverted U shaped relationship between strong working capital management and business performance, to support the good working capital management can improve enterprise performance hypothesis, namely that when the enterprise operating funds management to achieve an optimal level of performance, enterprises can get maximum improvement. In addition, this paper also analyzes the optimization of financing constraints whether alternative measures of sensitivity, the results of the study show that, the optimal level of enterprises working capital management, to ensure sufficient funds of enterprise operation, so that enterprises are more likely to have the least constraints in the economy, ensure the enterprise long-term, healthy, sustainable development and healthy functioning.
