Relational Research On Working Capital Financing And Enterprise Performance Of Listed Companies Of Transportation Industry

Enterprise’s working capital financing policy is an important part of themanagement of working capital, which is related to the risks and benefits of theenterprise. Transportation industry is the basic industry of national economy, thestudy between the working capital financing policy and the corporate performance inthe transportation industry listed companies, which is of great significance to promotethe development of transportation industry listed companies.Explaining the relevant theories of the working capital financing policy and theenterprise performance, and analyze the relationship between the working capitalfinancing policy and the corporate performance in further. According to thecharacteristics of the transportation industry, choosing the transportation industrylisted companies from2009to2013as samples, which analyze the situation and thetrend of the working capital financing policy in transportation industry listedcompanies. Proposed three hypotheses in the empirical research and design variables,choosing74transportation industry listed companies from2009to2013as samplesfor empirical analysis. The descriptive statistical analysis of the liquidity ratio aboutthe mean, variance, standard deviation proved that the relationship between workingcapital financing policy and corporate performance of listed companies. In order tofurther prove the relationship between transportation industries listed companies’working capital financing policy and the enterprise performance, has carried on theanalysis of variance to prove that the transportation industry listed companiesworking capital financing policy had a significant effect on its performance. In orderto analyze the relationship between working capital financing policy and performance,the linear regression model is established. Using factor analysis method to extract acomprehensive index on behalf of the performance of traffic industry from return onnet assets, operating profit margin, sales net interest rate, the net interest rate of thetotal assets. Set up multiple regression model to analyze the sample data, using pairedsamples T test to analyze the incremental revenue and risk of the enterprise.According to the result of empirical analysis, considering the transportationcharacteristics and the actual situation of the listed companies, puts forward theoptimization of working capital financing policy advice, to improve the performance of enterprises.The result shows that the transportation industry of listed companies is more andmore tend to choose the aggressive type of working capital financing policy. From thepoint of single factor variance analysis, working capital financing policy had asignificant impact on enterprise performance, adopt aggressive type of workingcapital financing policy is more advantageous to the improvement of enterpriseperformance. Regression analysis further proved the relationship between workingcapital financing policy and enterprise performance is negatively related. Pairedsample T test also shows that the unit incremental revenue is over incremental risk ifusing aggressive working capital financing policy of transportation industry listedcompany.