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中国上市公司营运资金管理调查:2014 被引量:38

The Working Capital Management Survey of Chinese Listed Companies: 2014
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摘要 本调查以2014年2364家A股上市公司作为研究对象,对中国上市公司营运资金管理进行了行业调查、地区调查和专题调查,得到以下结论:(1)上市公司营运资金配置仍以投资活动为主,但有向经营活动倾斜的趋势;(2)短期金融性负债占比仍较高,上市公司整体财务风险较高;(3)从渠道视角看,中国上市公司营运资金管理绩效持续恶化;(4)从要素视角看,中国上市公司营运资金管理水平较为成熟和稳定;(5)战略新兴产业营运资金越来越依赖营运资本,短期性金融负债占比显著下降,企业财务风险下降,其营运资金管理绩效下降,尤其是营销渠道需要格外重视;(6)国有上市公司与民营上市公司相比,经营活动营运资金管理水平更高,对投资活动投入较大,财务风险较大。 The paper surveys the working capital management performance of Chinese listed companies from the views of industry,region,and specific topics,arriving at six main conclusions. Firstly,working capital is mainly put into investment activities,but there is a trend moving to business activities. Secondly,short term financial liabilities still account for high proportion,with high financial risk. Thirdly,the working capital management performance based on channels continues to deteriorate. Fourthly,the working capital management level based on elements is relatively mature and stable. Fifthly,working capital of strategic emerging industry is mainly put into business activities. The proportion of short term financial liabilities has decreased,with financial risk decreasing. The working capital of strategic emerging industry management performance has decreased,and it is the key to improve marketing channel's working capital. Sixthly,contrast to private listed companies,the operating working capital management level of state-owned listed companies is higher,which has larger short term financial risk.
出处 《会计研究》 CSSCI 北大核心 2015年第12期67-73,97,共7页 Accounting Research
基金 国家自然科学基金(71172099、71372111) 国家社会科学基金(15FGL011) 山东省自然科学基金重点项目(ZR2015GZ006) 山东省社会科学规划研究项目(15DGLJ06)资助
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