| As the family companies have listed continuously and were researched deeply by scholars in recent years,they became a hot topic of domestic research, especially family companies' agency problem, working capital management was of great importance to the company manager, since 1997, REL firm and CFO magazine have carried out surveys on 1000 largest U. S. companies'working capital, and used turnover of working capital to rank working capital management performance; Ocean University of China set up investigation panel of working capital to survey Chinese listed companies'working capital management from 2007. Based on the above view, this paper selected 1125 working capital management'observations of the family listed companies'2005-2009, empirical the relationship between working capital management and firm profitability by the use of multiple linear regression, and explore family members as chairman of the board or general manager which affected the relationship between working capital management and corporate profitability.Based on the review and study of literature domestically and internationally, this paper studied the relationship between working capital management and listed companies'profitability on the use of theory, comparative and empirical analysis. The results show that:First, working capital of family listed companies have difference of industry and year; the second, family listed companies of high working capital management performance have strong profitability; third, compared to professional managers, the family member as chairman or CEO of the family listed companies have a higher working capital management performance. Although working capital management of family listed companies had improved continuously, but its working capital management performance is far poorer than the well-known companies, we believe that working capital management and professional management of family listed companies needed improvement. |
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