Working capital management as an important content of enterprise financial management, it involves all aspects of the enterprise production and operation activities, affect the enterprise supply, production, sales of each link. Manufacturing enterprises are usually higher, to the requirement of working capital management companies such as material cost than major, has " the half labor and half material ". Therefore, improve working capital management of manufacturing enterprises, to enhance enterprise competition ability, promote enterprise’s business performance, to maximize the enterprise value will have a significant impact, has important significance. In recent years, scholars at home and abroad is keen on working capital management efficiency and the study of relationship between enterprise’s profitability,and under the action of financing constraints on the impact of working capital management efficiency on profitability study is relatively rare. Due to the enterprise management of working capital will be affected by the impact of financing constraints, when enterprises face the financing constraint condition is not at the same time, its working capital management efficiency also may be different, and because of working capital management efficiency has a certain impact on the corporate profitability. Therefore, subject to certain relationship may exist between the higher degree of financing constraints of listed companies whose working capital management efficiency and profitability.In this paper,2009-2013 343 Shanghai A-share listed companies in the manufacturing industry as the research object, select the size of the company as a proxy for financial constraints, manufacturing listed companies will be grouped into high and low financing constraints group financing constraints group. Effect of working capital management efficiency comparison of profitability from the perspective of financing constraints. In this paper, a comprehensive measure of corporate select multiple indicators of profitability, the principal component extracted by using principal component analysis, the choice of cash at the same time period to measure the efficiency of working capital management, building panel data model to analyze the relationship between efficiency and profitability. At the same time, with the constituent elements of the cash cycle for further analysis, the reasons for the high and low financing constraints group financing constraints generated group differences, and provide good advice for working capital management of listed companies. The results show that both the listed company’s high or low financing constraints group financing constraints of working capital management efficiency were significantly positive correlation with profitability, so companies can improve profitability level of the cash cycle by accelerating the turnover rate; orrelation between the degree of working capital management efficiency and profitability of high financing constraints group was significantly higher than the low level of financing constraints related to the group; through further analysis concluded that the cause of a difference between the two groups is the inventory turnover and accounts payable turnover and profitability of each was a significant negative correlation and positive correlation between financial constraints and low inventory turnover group, accounts payable turnover and profitability,respectively, showed a significant positive correlation and negative correlation. Therefore, this article is given different recommendations for different companies under financial constraints,to improve profitability through improved working capital management efficiency. |