Evolvement Of Marketization And Dynamic Adjustment Of Working Capital

As an important part of corporate finance,working capital has been studied for a long time and has became more and more important in recent years.Traditional working capital research focuses on the efficiency of working capital management,working capital configuration and related influencing factors and so on.Based on both domestic and foreign scholars' researches on working capital goals,this thesis has investigated the overall impact of various Chinese provinces' and cities'evolvement of marketization on the dynamic adjustment of working capital in A-share manufacturing listed companies,combined with the actual condition of China's market-oriented reform.In the choice of empirical methods,firstly,through F test and the Hausman test,this thesis rejected the mixed effect model and random effect model,and finally choosed the fixed effects method to estimate the dynamic panel regression mode In the robust test part,this thesis used the alternative index of working capital and the alternative sample to re-estimate the regression model in order to keep the robustness of conclusions.This thesis includes the following five chapters:The first chapter is the introduction.First of all,this thesis introduces the background and significance of the topic,and then briefly describes the research ideas and research methods,and finally summarizes the innovative points of those articles.The second chapter is about the review of literatures,mainly related to the summaries of working capital research and the relationship between process of marketization and working capita Firstly,this chapter defines the concept of working capital,then reviews related research on demonstration of the existence of working capital goals,afterwards analyze the influencing factors of working capital prepared for next calculation of targeted working capital,finally reviews the relevant working capital dynamic adjustment research and proposes new ideas and perspectives.The third chapter is about the evolvement of marketization and working capital adjustment speed.On the basis of the theoretical analysis,this part put forward research hypothesis,then describes the working capital adjustment speed of Chinese manufacturing listed companies through data analysis,after that verifies the relationship between the evolvement of marketization and working capital adjustment speed.In further analysis,this part tests this relationship in groups of the level height of working capital and then do the robustness test.The fourth chapter is about the envolvement of marketization and the degree of deviation of working capita Based on the fitting of targeted working capital,this chapter focuses on the influence of the envolvement of marketization on the deviation degree of working capital,and further tests this relationship in groups of the level of working capital,and finally do the robustness test.The fifth chapter contains the research conclusions,policy recommendations and research prospects.On the basis of the previous study,this part draws the conclusion,and then puts forward relevant policy recommendations,and finally summarizes the limitations of the article,and puts forward the future research prospects.Specifically,this thesis uses Chinese listed companies in manufacturing industry during 1999-2014 as a sample,and from two aspects of static and dynamic investigation of marketization process investigates its influence on working capital adjustment speed and degree of deviation.The results showed:where the company area market development degree is high,capital operation to adjust the target speed faster,corresponding to the deviation of the target is lower;similarly,the faster the areas where the company to enhance the degree of marketization,capital operation to adjust the speed faster,and the degree of deviation from the lower.In addition,in further grouping study,this thesis found that the working capital adjustment was asymmetric,and the working capital holding level had an important influence on the speed of working capital adjustment and the degree of deviation.The innovation of this thesis are mainly about two aspects:(1)Current researches mostly focus on the static description of working capital,which can only reflect the status of working capital management,however researches on dynamic adjustment only pay attention to adjustment speed.In this thesis,the adjustment speed and deviation degree of working capital are combined together to study on the dynamic adjustment behavior.(2)The existing literature only studied the influence of macroeconomic fluctuation on working capital,lack of the institutional background research.For the first time,this thesis links the marketization process and working capital dynamic adjustment up,under the current Chinese marketization reform conditions,thus has more historical and realistic significance.