CAJ | 학술논문

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。
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.