An Empirical Research Of Working Capital Management Performance And Corporate Governance Based On Stakeholders

Working capital management is an essential part of enterprise financial management. The performance evaluation result of working capital management has significant impact on enterprise’s success. Through the "Black Bankruptcy" phenomenon from enterprise bankruptcy instances, we can easily find the importance of working capital management. The kind of "Black Bankruptcy" enterprises are still able to profit, or even look profitable. But the daily turnover of these enterprises is difficult to maintain and the due debts cannot be timely repaid due to cash flow fracture.From the development history of working capital management research, researches are closely connected with business operation. Earlier in the working capital management research, enterprises use factor index system as the evaluation standard of working capital management performance. Along with the development of theoretical research, strategic factors gradually become the standard and gravity center of working capital management, such as supply chain, channel relationships and information technology. With the development of economy, working capital management reflects the tendency of integration between business and financial because the businesses of enterprises tend to be diversified and complicated. It puts new requirements for working capital management. The challenges for working capital management become more and more difficult. Working capital management research enters an era of change. With the same of supplier relationships and customer relationships, good shareholder relationships, bank relationships, government relationships also have significant impact on working capital management performance, especially a crisis happen in enterprise business activities.The empirical research of the influence of working capital management performance is from the dimension of different stakeholders. From the five dimensions of shareholders, the board of directors, the board of supervisors, management and government, this empirical research selected financial indicators and non-financial indicators, then finished the empirical research of corporate governance factors and working capital management performance in order to put forward reasonable suggestions for development of working capital management performance. We can draw a conclusion that ownership concentration, proportion of supervisors, the joining together with two positions is positively related to the enterprise working capital management performance. The proportion of independent directors, the management fee, the relationship intensity of enterprise and government is negatively related to the enterprise working capital management performance. Proportion of stated-owned shares reflects "U" type relationship with working capital management performance. Equity balance degree, proportion of executives at stake has no obvious linear relationship with working capital management performance. This will take scientific significance to improve the overall level of working capital management.