营运资本政策

我国工业企业营运资本政策及其盈利能力的实证分析

The Empirical Analysis on the Working Capital Policy and Its Profitability of Chinese Industrial Companies

此外，文章结尾重点介绍了零营运资本政策，以期对我国营运资本管理的理论和实践产生一定的借鉴意义。

It also stresses the zero working capital policy in order to bring some references to the working capital management theory and practice .

这些结论从理论上证实了营运资本政策的水平和企业的经营绩效是存在相关关系的，改善企业的营运资本管理可以提高企业的经营绩效。

These conclusions are confirmed theoretically the correlation between business performance and working capital management policies . Improving working capital management companies can enhance business performance .

最后本文根据营运资本政策的特征以及其和企业经营绩效的关系，提出改进营运资本政策的建议。

Finally , according to the characteristics of working capital management policies and their relationship with business performance , this paper presents recommendations for improving working capital management policy .

讨论了一些相关的财务比率及三种不同的营运资本筹资政策。

Second , Some financial ratios . Third , three kinds of financial policies for the working capital .

当前的营运资本筹资政策研究侧重于理论分析而缺乏实证研究，特别是把营运资本筹资政策理论与我国企业实际相结合的实证研究较少。

The current operating capital financing policy studies focus on analysis in theory but empirical research , especially combine the operating capital financing policy theory to the realities of Chinese business less .

实证表明，我国制造业上市公司一直采用稳健的营运资本投资政策和激进的营运资本融资政策。

We make comprehensive analysis of the empirical results and draw some conclusions in Part 5.The empirical analysis shows that , manufacturing corporations in the sample have been using a sound investment policies and aggressive working capital financing policies .

文章实证研究的结果显示宏观经济情况与营运资本投资政策负相关，与营运资本融资政策正相关，并在实证研究结果的基础上，从业务流程角度对企业营运资本管理提出一些建议。

This empirical research indicated that macro-economic situation is negatively related to working capital investment policy while working capital financing policy is positive relevant . Then this paper gives some suggestions about working capital management based on the result base on the point of product process .

结果证明稳健型营运资本筹资政策比较适合我国当前整体环境下企业的发展和绩效的提高，而国外一些比较发达国家财务管理理论及经验并不适合目前情况下我国企业的发展实践。

The results prove that the sound model of operating capital financing policy is suitable for Chinese current overall environment of the enterprise development and performance , and some developed foreign countries ' financial management theory and experience is not suitable for the present circumstances of Chinese business practice .

在第3章描述性实证分析部分，选择代表指标对制造业上市公司10年间的营运资本管理从营运资本投资政策、营运资本融资政策和营运资本管理效率三个方面进行评价。

Chapter 3 serves as descriptive empirical analysis section . In this section , proxies representing working capital investment policy , working capital financing policy and the efficiency of working capital management , are selected to evaluate the situation of working capital management in manufacturing companies during ten years .

我国对营运资本管理的研究，多集中在营运资本管理、营运资本政策、营运资本管理效率三个方面，对营运资本结构的研究较少。

Our research on working capital management mainly focus on working capital management , working capital policy and working capital management efficiency while the research on working capital structure of less .