Reverse Intergenerational Influence As A Source Of Brand Equity And The Moderators

Working capital refers to the portion of an enterprise's capital used to support its circulating capital, that is, the net investment needed for an enterprise to maintain its everyday business. As compared to fixed assets, the main role of working capital is to maintain a proper mobility for an enterprise.The mechanical manufacturing industry is the oldest industry form, and up till now, it is still the largest industry. Compared to other industries, this industry has such features as large capital flow, irregular flow, long turnover period, large debts, etc. The Chinese mechanical manufacturing industry has been developing rapidly; especially in recent years, it takes an increasingly important position in the industrial economy. This thesis takes the listed companies in the Chinese mechanical manufacturing industry as its research subject. Based on the basic theories of working capital, and with reference to such factors as the working capital structure scale and structure state, etc. of listed companies in the Chinese mechanical manufacturing industry, this thesis conducts an empirical research on the working capital structure and return of net assets (ROE) of listed companies in this industry, so as to provide some guidance suggestions for listed companies of various scales in this industry to control their working capital structure.This thesis begins with a review of the development of the working capital theories home and abroad and an introduction of the working capital structure theory. Then, the listed companies in the Chinese mechanical manufacturing industry as a whole are selected and re-classified, and are analyzed from the aspects of enterprise scale and working capital structure, so as to reveal the present situation of the working capital structure of the listed companies in this industry. Next, based on the results of the analysis of the present situation, the thesis selects out some indexes which can represent the working capital structure, including the ratio of inventory in current assets, the ratio of monetary capital in current assets, the ratio of accounts receivable in current assets, the ratio of accounts payable in current liabilities, compound growth rate, etc., and conducts an empirical research on the working capital structure and return on net assets (ROE) of listed companies in the mechanical manufacturing industry. Lastly, it puts forward some plans and strategies for optimizing the working capital structure. Through an analysis of the indexes representing the working capital structure in listed companies of various scales in this industry, the thesis draws out the equations of these indexes for companies of three different scales, thus providing some suggestions for reducing the processed current assets, promoting the reasonable proportion of internal projects and improving the turnover efficiency of working capital. In the end the thesis points out the limitations of the present research, and puts forward some suggestions for further research.