An Empirical Analysis Of The Influence Of Working Capital On Performance In The Channel Perspective

Traditional operating fund management research according to the elements of operating fund can be divided into three parts: inventory,accounts receivable and accounts payable,pay more attention to the theory and empirical studies of individual elements,was failure to combine operating fund with the company's overall business process channel,and ignored the inherent link between these elements project,also ignored the connection between the elements and the whole operation process,easy to cause contradictions and conflicts in the process of analysis,neither the efficiency evaluation nor the implementation strategy can meet and adapt to the various crises faced by enterprises in the present stage,is not conducive to enterprises enhance the management level of operating fund as a whole.As the theories and methods' steady improvement of client relations management,supply chain management,supplier relations management and so on,some scholars put forwards that can base on the theory of channel management to study the operating fund management of enterprises,and establish a new operating fund management framework.As the theories and methods' steady improvement of customer relationship management,supply chain management,supplier relationship management,some scholars put forward the channel management theory,and on the basis of the theory to study the working capital management,the theory of channel management of working capital to the division.Wang Zhuquan and Ma Guanglin first divided operating fund according to channel theory,they believe that the focus of management of operating fund should be transferred from factor management to channel control,to combine operation capital management with supply chain management,channel management and customer relationship management.Further,Wang Zhuquan classified the operating fund,and build a new framework of operating fund theory based on channel management,opened up about the operating fund management research in China on the new channel,also make the domestic scholar of operating fund management took a new step.The concept of channel mentioned in this paper is the result of this,this concept is included in the process of supply,production and marketing,involves in all the organizations and individuals involved,also involves three channels of supply,production and marketing,it is to belong to a channel in the broadest sense of the concept.For a manufacturing listed company,the channel is specifically refers to companies involved the path to be experienced and applied in business activities,like procurement of raw materials,production and processing of products and sales of products.Tian Jun pointed out: "For manufacturing enterprises,the corresponding business segments can be divided into production channel,purchasing channel,and distribution channel according to different channels in the operation process.Among them,the procurement channel is the procurement channel of raw materials connected by various suppliers and manufacturers,which enables the circulation of raw materials.The production channel refers to the production process internally of the manufacturer,which is the way to transform raw materials into finished products to realize the increment.The sales channel is a channel that is connected by manufacturers,middlemen and consumers,the product can be realized through this way.State the domestic and foreign literature and related theories like operating fund management and evaluation,supply chain management theory,channel theory,the relationship between operating fund management and corporate performance and so on,and form new opinions and research idea of this article;based on the characteristics of the operating fund management of China's manufacturing listed companies,take theoretical analysis of the relationship between the management of the operating funds and the performance of the company,and the relevant assumptions are put forward on this basis.Select part of the manufacturing listed companies' 2014-2016 financial and non-financial data in China as sample,sort and analysis with the aid of EXCEL and SPSS analysis software,on the selection of the dependent variable,the factor analysis method was adopted for the company profit ability,operation ability,debt paying ability and development ability index of four types of extraction of main component,identify a comprehensive index as the measure of the corporate performance;stand in a new perspective-channel theory,dividing the operating fund of business activities into purchasing channels operating fund,the production of operating fund and marketing channel of operating fund of three kinds,and calculate the working capital' turnover time of the channels as evaluation index of concrete;establish a multi-linear regression model for empirical analysis,and verify the effect of operation capital management efficiency on company performance;take research conclusions through the empirical results,test the hypothesis that this paper proposed is confirmed or not,and based on this,advances the channel perspective suggestions on improving the efficiency of working capital management,provide momentum for the sustainable and healthy development of China's enterprises.