摘要
为了探讨营运资金管理效率对企业绩效的影响机理,本文以2002-2013年我国沪深两市A股346家制造业上市公司为研究样本,将财务冗余作为调节变量纳入营运资金管理效率对企业绩效影响机理的考察中.研究发现,现金周期与企业绩效负相关,财务冗余显著负向调节现金周期与企业绩效关系;针对处于不同经济周期环境下的上市公司,财务冗余对两者关系的负向调节作用存在差异,相对于经济上行期,在经济下行期财务冗余对现金周期与企业绩效关系负向调节作用更为显著.
The study aims to discuss how working capital management efficiency affects corporate performance. With financial slack as a moderai：or, the relationship between working capital management efficiency and corporate performance was discussed using a sample of 346 listed manufacturing corporations in China from 2002 to 2013. The results show that there is a negative relationship between the cash conversion cycle and corporate performance, and that financial slack has a strong negative impact on the relationship between the cash conversion cycle and corporate performance. In different business cycles,financial slack has different negative impacts on the relationship between the cash conversion cycle and corporate performance. The impact of financial slack on the relationship between the cash conversion cycle and corporate performance in economic downturns is greater than in economic booms.
出处
《西安工业大学学报》
CAS
2016年第1期37-42,共6页
Journal of Xi’an Technological University
基金
陕西省社会科学基金(2015R034)
关键词
营运资金管理效率
企业绩效
财务冗余
经济周期
working capital management efficiency
corporate performance
financial slackbusiness cycles
