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论文编号：	2326
作者编号：	2120082155
上传时间：	2010/6/8 21:36:27
中文题目：	营运资本管理政策影响因素及其与企业绩效关系——以我国零售业上市公司为例
英文题目：	The Determinants of Working Capital Management Policy and the Impact to Corporate performance: An Empirical Study of Chinese Retail Listed Companies
指导老师：	陈国欣
中文关键字：	营运资本管理政策;流动资产;流动负债;企业绩效
英文关键字：	working capital management policy;current asset;current liability;corporate performance
中文摘要：	零售行业在国民经济中发挥着越来越重要的作用，促进了经济增长，是生产和消费的先导性行业。在近几年，我国零售业取得了快速增长，在世界零售市场中的地位也在不断上升，成为全球重要市场。我国零售企业也得到了快速的发展，但与此同时，随着我国零售业的全面对外开放，国际零售巨头也加速进军中国市场，对我国零售企业造成很大冲击。现代零售企业的发展在逐步走向精细化的同时，我国零售企业必须运用现代管理方法，注重管理效率，降低成本，提高企业的盈利性，增强抵御外资零售巨头的能力。 营运资本是零售企业一项重要资产，在零售企业日常运营中起着关键作用，良好的营运资本管理可以控制风险，降低成本，增加收入，提高企业的盈利能力。然而在我国，无论是理论界对于营运资本管理的研究，还是我国零售企业对于营运资本管理的应用都还尚处于起步阶段。因此，本文从零售业营运资本管理入手，分析我国零售业营运资本管理政策的影响因素，验证我国零售企业营运资本管理政策与企业绩效的关系，并以北京华联综合超市股份有限公司作为案例进行分析，通过对比沃尔玛、家乐福营运资本管理，对我国零售企业营运资本管理提出改进建议。 首先，本文分析了我国零售企业营运资本管理的基本特征，构建了营运资本管理政策影响因素的指标，通过相关性分析验证各个影响因素对营运资本管理政策的影响是否具有显著性：销售增长情况、销售稳定性、现金流情况、市净率、企业规模、负债情况以及公司的议价能力对零售企业的营运资本管理政策产生显著影响，本文未能通过相关性检验证实产品获利能力对零售企业的营运资本管理政策产生显著影响。其次，本文通过实证分析验证了零售企业营运资本管理对于企业绩效的影响，稳健的营运资本管理政策能够促进企业的绩效的提高。最后，本文通过对我国零售业上市公司营运资本管理进行分析，并以北京华联综合超市股份有限公司作为案例进行深入分析，通过对流动资产、流动负债的规模与结构、营运资本的管理效率进行分析，提出了包括华联公司在内的我国本土零售企业在营运资本管理方面存在的问题，并通过与国外零售巨头沃尔玛、家乐福进行对比分析，对我国零售企业营运资本管理提出改进建议。
英文摘要：	Retail industry has played more and more important role in promoting the national economic growth. It has become one of the most important industry during the production and consumption. China retail industry has achieved rapid growth in recent years. China has become one of the most important retail market in the global market. Our retail enterprises have also achieved rapid development, but at the same time, the international retail corporate has accelerated the speed of entering China retail market along with the opening up of retail industry, which has brought about impact to the local retail enterprises in our country. In order to keep competitive power and achieve growth, Chinese local retail enterprises must use modern management methods, pay attention to the management efficiency, reduce the cost, improve profitability to enhance the ability to resist foreign retail giants. Working capital is an important item in retail enterprises. It plays a key role in the daily operations in retail corporations. Good working capital management can control risk, reduce cost, increase income and improve profitability. In China, however, the research on the working capital management has just began and the retail enterprises don’t pay enough attention to the working capital management. Therefore, this article does research on the working capital management of retail enterprises in China. This paper will analyze the influence factors of working capital management policy of retail listed companies in our country and verify the relationship between the working capital management policy and the corporate performance. In the end, the paper puts forward the suggestions to the local retail enterprises in China to improve the working capital management by comparing the working capital management among Beijinghualian Hypermarket, Walmart and Carrefour. Firstly, this paper analyzes the basic features of the retail enterprises’ working capital management and constructs the working capital management policy factors index. Through correlation analysis we verify that sales growth, sales volatility, free cash flow, M/B, enterprises’ scale, the liabilities of the company and the bargaining power of retail enterprises influence the working capital management policy significantly. But we can’t verify the relationship between the products profit margin and the working capital management policy. Secondly, through empirical analysis the article finds that relationship between working capital management policy and corporate performance is significant. Stable working capital management policies can improve corporate performance. Finally, we compare Beijinghualian hypermarket Co., LTD with other retail listed, Walmart and Carrefour from the view of current assets’ and liabilities’ scale and structure and working capital management efficiency. We propose some suggestions to improve the working capital management of our local retail enterprises.
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