Transactions On Supply Chain, Balance Mechanisms And Working Capital Management Performance

With the development of economy and the intensification of market competition, the enterprise working capital management efficiency problems have attracted more and more attention. The traditional working capital management focus on internal neglect of supply chain collaboration, pay attention to capital management neglect of business innovation, pay attention to static ratio ignored dynamic change, pay attention to individual assets management neglect the whole capital change, pay attention to financial factors and neglect governance mechanism issues have increasingly become the shackles of working capital management. In recent years, the impact of the financial crisis, world economy presents the trend of decline, exacerbated the company capital shortage, caused the enterprise on the supply chain financing contention, downstream clients of upstream suppliers press grows in intensity, become domestic and international problems. Enter twenty-first Century, practice on how to supply chain management, distribution channel management (SCM)(DCM) and customer relationship management (CRM) and introduced the theory of working capital management is a preliminary exploration and practice, has been a walk in the front of the working capital management theory, practice of working capital management theory innovation forward urgent request. In this background, working capital management theory research changed since nineteen eighties has been stagnant, journals related to the sharp rise in the number of research papers, have working capital concept development, working capital management, working capital from the perspective of influencing factors, operating funds performance evaluation has made some research results. However, according to the related theory is deepened further and carry out empirical research has been lagged behind. Existing empirical studies more emphasis on the questionnaire survey way, to the same enterprise financial accounting data directly received relatively, can not but say is a regret. This article is an attempt to do some beneficial exploration, based on the perspective of supply chain, supply chain is discussed the transaction type and management mechanism for enterprise working capital management affect the efficiency mechanism of action, and the use of working capital performance evaluation in introducing the channel theory achievements, to business operations capital turnover as the foothold, the theoretical analysis of mechanism of action of empirical research, get some innovative research conclusion, to perfect the financial management theory and practice has certain theoretical and practical significance.Basing on the literature research and combining of theoretical analysis and empirical research method, the paper study of the enterprises in the supply chain types of transactions, supply chain governance structure on the efficiency of working capital management. Based on the working capital management in the latest change and progress for the finishing and evaluation for later in this paper, this study will be followed by theoretical analysis and empirical test of foundation.Based on the clear distinction between the types of transactions between enterprises in supply chain. Then on the basis of transaction cost economics results, based on the analysis of relationship between attributes, this type of transaction, the relationship among supply chain enterprises and the supply chain management of the relationships among types. On the basis of this, this article constructs based on the relationship between rent supply chain transaction model, by solving the model influence the supply chain from three factors:the specific investment, information and knowledge sharing and incentive into coefficient. Combination of motivation into factor quantitative analysis, this paper discusses the supply chain management structure to affect the relationship between rent mechanism. On the basis of further discussed the efficiency of working capital management is supply chain governance influence the cooperative income important way, is behind the empirical analysis of the theory foundation.On the basis of theoretical analysis, this paper on how different governance mechanisms in Supply Chain Based on transaction type balance effect on working capital management of the empirical analysis of the performance. On related transaction types of analysis, this paper in2002on the big shareholders substantial avoidance transactions voting system was carried out on the balance mechanism of shareholders of operating funds, from the research perspective is in upward economic period, large shareholders by making use of related transaction empty company, extend working capital turnover, but equity balance management the effectiveness of the conclusion. At the same time, by economic downturn of2008and2009, the economic recovery of2010, the economic downturn of2011environmental change research opportunity, discuss the large shareholder tunneling to change along with the environment change, and the essence of evading the balance mechanism governance effect, is how the balance of large shareholders to empty for the purpose of the Association transaction, so as to improve the efficiency of working capital management. The conclusion of this study not only for working capital relationship between efficiency study provides empirical evidence, as well as between major shareholders and minor shareholders agency problem to make very good explanation.On the market transaction type analysis, the article with2008-2011year Shanghai two city A manufacturing listing Corporation as research samples, from the customer concentration, stability and the relationship between the symmetry of the relationship between these three dimensions to measure the downstream supply chain relationship, based on channel management of working capital management performance evaluation system of supply chain, the market transaction type, stable relationships and symmetric dependent effects of balance on performance of working capital management of the impact of an empirical.Finally, we draw the following conclusions:(1) How do supply chain transactions and balances mechanism impact working capital management performance;(2)"Benefit tunneling" and "benefits propping "which major shareholder exert on the working capital of the listed company are influenced by the changes of economic environment significantly;(3) Balance mechanism (especially equity balance mechanism) helps to control benefit tunneling which major shareholders expropriate the listed corporation by the operating related transactions, and improves the efficiency of working capital management; market between supply chain enterprises in China (4) Supply chain transactions in china show the downstream corporation has absolute strength characteristics, but the stable asymmetric dependency can reduce the benefit tunneling under weak ties and improve the efficiency of working capital management.