基于存貨周轉(zhuǎn)率的營運資金管理研究

11000字

摘要 營運資金管理水平的高低不僅影響著企業(yè)能否有充裕的資金用于日常的生產(chǎn)經(jīng)營活動，更決定了一個企業(yè)能否維持生存發(fā)展。由于2012年國際金融危機以及國內(nèi)經(jīng)濟政策的影響，許多企業(yè)的營運資金水平處于十分危險的狀態(tài)：企業(yè)用于日常生產(chǎn)經(jīng)營活動的流動性較強的資產(chǎn)極少，有的企業(yè)甚至出現(xiàn)了資金鏈斷裂的情況，瀕臨破產(chǎn)。這不僅僅是因為金融危機造成了許多不利的后果，更是因為許多企業(yè)缺乏風(fēng)險防范意識，未能做好資產(chǎn)的管理工作。
存貨周轉(zhuǎn)率作為衡量企業(yè)營運能力的指標(biāo)，對于評價營運資金管理水平的高低起著重要的作用。如果企業(yè)的存貨周轉(zhuǎn)率越高，說明企業(yè)的存貨占用資金的水平越低，那么資產(chǎn)的流動性就越強，企業(yè)的短期償債能力也越強，所以營運資金的管理質(zhì)量就越高，相應(yīng)地由于存貨積壓造成的跌價損失越低，風(fēng)險也就越小。
本文選取了2011年至2013年滬深兩市所有的鋼鐵上市公司的數(shù)據(jù)作為研究樣本，首先對它們的相關(guān)指標(biāo)進行描述性統(tǒng)計，分析每一指標(biāo)的變化趨勢對營運資金管理的影響，然后借助多元回歸的分析方法，在對存貨周轉(zhuǎn)率與營運資金的邏輯關(guān)系進行說明的基礎(chǔ)上，提出了存貨周轉(zhuǎn)率對營運資金管理影響的假設(shè)，并改假設(shè)進行了實證模型分析，并得出了如下結(jié)論：存貨周轉(zhuǎn)率均與營運資金成正相關(guān)的關(guān)系，進而得出，存貨周轉(zhuǎn)率越高，企業(yè)的營運資金管理效果越好。


關(guān)鍵詞：資金營運管理　存貨周轉(zhuǎn)率　鋼鐵上市公司


Based on the Inventory Turnover of
Operating Funds Risk Management Research
Abstract：Working capital management level not only affects the enterprise that can have plenty of money for daily production and operation activities，but also decides a enterprise that can survive development. Because of the 2012 international financial crisis and domestic economic policy influence，many enterprises' operating funds level are in very dangerous states. The strong liquidity as sets which enterprise for daily production and business operation activities are few，some enterprises appear the capital chain break which is on the brink of bankruptcy. This is not just because the financial crisis that caused many adverse consequences，but also because many enterprises lack of risk prevention which are failing to do enough as sets management work.
Inventory turnover，as a measure of enterprise operation ability of the index，plays an important role for eva luation of working capital management level. If the enterprise inventory turnover is higher，the accounts receivable and inventory taking funds of the lower level and asset liquidity is stronger，the enterprise short-term debt paying ability becomes stronger，so working capital management quality is higher，correspondingly accounts receivable caused by default due to loss of bad and inventory back log of unrealized loss caused is lower，and the risk is smaller.
In this paper，we define the data that all iron and steel listed companies from 2011 to 2013 the city of Shanghai and Shenzhen as the sample data. First we use the irrelevant indicators for descriptive statistics，and analysis the change trend of each indicator for working capital management influence. And the using multiple regression analysis method，into the accounts receivable turn over and inventory turnover with working capital logic relation of the show is put forward，based on both the working capital management to the influence of hypothesis，and the hypothesis has the empirical model analysis and inspection，and draw a conclusion：Inventory turnover with operating funds area positive correlation relationship，and a conclusion that，inventory turnover is higher，the enterprise of operating funds management effects better，and the paper puts forward the study limitations and some effective measures that strengthen the management of operation funds .
Keywords：Operating funds risk management Inventory turnover
Iron and Steel Enterprises

目 錄
引　言 1
第一章　存貨周轉(zhuǎn)率和營運資金管理概述 3
1.1 存貨周轉(zhuǎn)率的概念及作用 3
1.2 營運資金管理的概念 3
1.3 營運資金風(fēng)險管理的概念 4
1.4 存貨周轉(zhuǎn)率對營運資金管理的影響因素分析 4
第二章　研究方法與設(shè)計 6
2.1 樣本選取與數(shù)據(jù)來源 6
2.2 統(tǒng)計方法 6
2.3 存貨周轉(zhuǎn)率對營運資金的邏輯關(guān)系分析 6
2.4 研究假設(shè)與模型設(shè)計 7
2.4.1 研究假設(shè) 7
2.4.2 模型設(shè)計 8
2.5 變量說明 9
第三章 實證分析 11
3.1 描述性統(tǒng)計分析 11
3.1.1 營運資金數(shù)據(jù)分析 11
3.1.2 存貨周轉(zhuǎn)率數(shù)據(jù)分析 12
3.1.3 兩個指標(biāo)的相關(guān)性分析 13
3.1.4 樣本觀測值的描述性統(tǒng)計分析 13
3.2 回歸分析及檢驗 14
結(jié)論 16
參考文獻 17
致謝 19