Empirical Research On Working Capital Management And Performance Of Transportation Indurstry

With the quickening pace of economy and the increasingly fierce competitive environment, the apply of supply chain management in the enterprise becomes more widely, but research on working capital management is still confined to the traditional theoretical research, a study which is combined to supply chain management ideology to research correlation of working capital management and enterprise performance, can reveals the status of the transport enterprises’ working capital management from a certain extent, the establishment of working capital management index system adapted to the modern enterprise environment can provide certain reference basis to optimize the management of working capital management and improving the efficiency of the enterprise.Firstly, this thesis introduced relevant theories of working capital management and corporate performance theory analysis, in order to provide theoretical basis for the empirical study later, the selection of indicators of working capital management and the theory of enterprise performance are emphatically analyzed. This thesis choosed listed public companies from2007to2012of transportation industry, analyzed the present situation of the working capital structure from the current assets ratio and current debt ratio, liquidity ratio trend, measured average working capital management of the listed companies of transportation industry briefly through accounts receivable turnover, inventory turnover, accounts payable turnover ratio. In combination with the theoretical analysis, the study put forward the corresponding assumptions about relationship between corporate performance and purchasing channels of working capital management, production and marketing channels of working capital management and financial working capital management, working capital management. selected return on equity as the dependent variable, the channel working capital management of turnover as the independent variable, asset size, financial leverage and operating income growth rate as control variable, used spss17.0statistical software to do descriptive statistical analysis, correlation analysis, regression analysis about working capital management and enterprise performance, according to the regression results of hypothesis testing and analysis, finally put forward some Suggestions on improving working capital management and performance according to the characteristics of the transport industry, to provide certain theoretical and practical reference for the transportation enterprise managers to improve business performance.According to the Research results, there is a positive correlation relationship between the transportation management of working capital and enterprise performance, purchasing channels of working capital management and enterprise performance were positively correlated, the relationship between production and marketing channel management of working capital and enterprise performance, working capital management and enterprise performance of financial management of u-shaped relationship not present, management of working capital management and corporate performance was positively related to relationship, working capital management and enterprise performance are related, therefore, to improve the structure of working capital, strengthen supply chain management and information construction, constructing a new index system of working capital management is an important direction to improve the competitiveness and performance of transportation enterprise.