企业营运资本管理的理论与方法研究

华北电力大学硕士学位论文

摘 要

目前，我国学者对营运资本管理的研究主要集中在营运资本各项目上，对其进

行系统研究的比较少，本文的创新之处在于采用了规范研究和实证研究相结合的方

法，对我国企业的营运资本管理进行了系统研究。在对营运资本管理的相关理论研

究的基础上，本文首先对我国上市公司的营运资本规模进行了描述性统计，并运用

单因素方差法进行了行业差异分析，发现上市公司营运资本规模存在着显著的行业

差异。其次，选取了制造业上市公司进行多元线性回归分析，得出销售规模、资产

规模、资产周转率、应付账款周转率是影响企业营运资本的主要因素。再次，对所

选样本的营运资本效应进行了相关性分析，结果表明营运资本对企业经营绩效、现

金流量会产生一定的影响。最后，根据本文的研究结论，提出了提高企业营运资本

管理水平的方法。

关键词：我国企业，营运资本管理，理论与方法

ABSTRACT

At present, scholars in our country research on the working capital management mainly

concentrated in the project of working capital. A person who conducts the systematic study is

few. So the innovation of this paper is to use the normative and empirical methods to study on

the working capital management of enterprises in our country. First of all, this paper

introduces the theories of working capital management. Then, the working capital of all listed

companies has been carried on the descriptive statistical analysis. This paper has carried on

the variance analysis of industries using the single-factor analysis and found that there is a

significant difference in industries. It selects manufacturing listed companies to carry on the

regression analysis. It obtains the sales scale, the property scale, the property cycling rate, the

accounts payable cycling rate which affects the size of the working capital. Carried on the

analysis to the effect of working capital, the result indicates that working capital will

influence the profit to enterprise and the cash flow. Finally, according to the conclusion of this

article, the paper proposes the methods to improve working capital control level.

Jiang Weina (accounting)

Directed by prof. Shen Jianfei

KEY WORDS：enterprises in our country, working capital management, theories and

methods 华北电力大学硕士学位论文

目 录

中文摘要

英文摘要

第一章 引 言...................................................1

1.1选题背景及其意义................................................1

1.2国内外文献综述..................................................2

1.2.1国外研究现状................................................2

1.2.2国内研究现状................................................3

1.3研究内容及创新点................................................4

1.3.1 研究内容....................................................4

1.3.2本文的创新点................................................5

第二章 营运资本管理的相关理论......................................6 2.1营运资本的概念及特点............................................6

2.1.1营运资本的概念..............................................6

2.1.2营运资本的特点..............................................6

2.2营运资本政策....................................................7

2.2.1营运资本投资政策............................................8

2.2.2营运资本融资政策............................................9

2.2.3投资和融资策略的组合.......................................10

2.3营运资本管理的内容和目标.......................................11

2.4营运资本管理的理念.............................................12

2.4.1风险理念...................................................12

2.4.2成本理念...................................................13

2.4.3效益理念...................................................14

2.5营运资本管理的意义.............................................15

2.6营运资本的影响因素.............................................16

第三章 营运资本影响因素的实证研究.................................19 3.1营运资本的行业特征分析.........................................19

3.2营运资本回归分析...............................................22

3.2.1数据来源与样本选择.........................................22

3.2.2变量选取...................................................23

3.2.3回归模型的构建.............................................24 华北电力大学硕士学位论文

3.2.4实证分析结果及解释.........................................24

第四章 营运资本效应的实证研究...................................27 4.1营运资本对企业绩效的影响.......................................27

4.2营运资本对企业经营现金流量的影响...............................28

第五章 研究结论.................................................31 5.1实证研究结论及其局限性.........................................31

5.1.1实证研究结论...............................................31

5.1.2 研究的局限性...............................................31

5.2提高营运资本管理水平的方法.....................................32

参 考 文 献.............................................................36

致 谢................................................................38

附 录................................................................39

在学期间发表的学术论文和参加科研情况....................................55