| Working capital is a combination of current assets and current liabilities of theenterprises and its main role is to maintain the normal business operations. Workingcapital management is the most frequent one in the daily financial management ofmodern enterprises. And it has become an important part of modern enterprisemanagement. Working capital management involves all aspects of daily businessoperations, including not only the smooth and efficient operation of monetary funds,accounts receivable, inventories and other current assets but also the rational use andrepayment of short-term borrowings, accounts payable, current liabilities. Workingcapital management efficiency will affect business performance directly. Companiesneed to strengthen its working capital management according to the internal andexternal environment to improve the working capital management efficiency, therebyto enhance enterprise performance.Chinese real estate started in the early nineties century, and this industrydeveloped rapidly with the continuous reform of the housing system and the rapiddevelopment of the economy. It has become a pillar industry of China’s economicgrowth and its position in the national economy has become more and more important.Real estate industry association has great relevance and involves multiple upstreamand downstream industries. Therefore good functioning of the real estate industry willpromote the development of related industries, raise the employment rate of the wholesociety. The real estate industry is a capital-intensive industry with large capitalinvestment, slow inventory turnover, long payback period. The real estate industry isvulnerable to the impact of government policies, which makes the development of theindustry is uncertain and unstable. In recent years, our government promulgated andimplemented a series of policies to strengthen the supervision of the real estate industry, including lending regulation which had a significant impact on the financingof real estate, resulting in increased risk of enterprise funds strand breaks.For the above considerations, this paper classifies operating working capital intoprocurement channels working capital, production channels working capital andmarketing channels working capital under the guidance of the theory of channels,selects China’s real estate listed companies as the research sample, deeply researchesand analyzes the impact of operating working capital management efficiency onenterprise performance.Specific contents of this paper are as follows：(1) Based on the study of foreign and domestic articles of the efficiency ofworking capital management, the relationship between efficiency of working capitalmanagement and enterprise performance, the paper forms its own research ideas.(2) Combined with the characteristics of the operating working capital ofChina’s real estate listed companies and the concept of balance between risk andbenefit of working capital, the paper makes theoretical analysis on the relationshipbetween the various channels of the operating working capital management efficiencyand enterprise performance, then puts forward the hypothesis of this paper.(3) This paper chooses four financial indicators of profitability, operationalcapacity, solvency and capacity development which can comprehensively reflect theenterprise performance of China’s real estate listed companies. With the help of factoranalysis method, the paper gets a composite score and uses it to measure theenterprise performance. The paper chooses the evaluation system of working capitalmanagement performance based on channels to measure the working capitalmanagement efficiency. With the help of SPSS statistical analysis software, this paperchooses the data of real estate listed companies from2008to2012and researches therelationship between the operational working capital management efficiency andenterprise performance.(4) The paper analyzes the empirical study results and draws the research conclusions. Finally, the paper puts forward the countermeasures to improve theoperational working capital management efficiency, providing new impetus to thesustained and healthy development of China’s real estate business.This paper draws the following conclusions: turnover of procurement channelsworking capital, turnover of production channels working capital, turnover ofmarketing channels working capital, turnover of operating working capital all show asignificant negative correlation to enterprise performance. Additionally, the year is asignificant impact factor on enterprise performance. |
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