The Empirical Research On Working Capital Policy Of Listed Companies During Financial Crisis

The U.S sub-prime mortgage crisis as well as the decline of the global economic which not only lead to declining of America and EU economic but also have a deep impact on the real economy of our country during the year of 2007. The decline of export and slow down of increased step of domestic economic. All of these lead to business difficulties of domestic co operations. Since 90s twenty century, foreign and domestic scholars pay much more attentions on the research of Working capital, but during the world-wide financial crisis situation, the company has much more difficult to financing with debt, as result the Working capital police plays significant role to run the business successfully.The research about the infect factors of Working capital police only pay attention to company inner but ignore the outside factors, especially the Macro-economic situation, this paper gives a point of infect factors of Working capital police should include inner as well as outside factors. This paper take the listed company public financial data in the year of 2007 semi-annual, annual,2008 semi-annual and annual as sample of empirical study, finding out the relationship between current Economic environment and the working capital policy of listed companies. This empirical research indicated that macro-economic situation is negatively related to working capital investment policy while working capital financing policy is positive relevant. Then this paper gives some suggestions about working capital management based on the result base on the point of product process.