Research On The Influencing Factors Of The Performance Of Working Capital Management Of Listed Companies In China Construction Industry

At present,the “One Belt and One Road” project has been smoothly docked,the structural reform on the supply side has proceeded in an orderly manner,and the process of urbanization has been accelerating.The development strategy of the continued implementation of Public-Private-Partnership projects has brought new opportunities for the development of the construction industry in China.However,in the process of development,China's construction industry enterprises still have problems such as insufficient funds,broken capital chain,and even bankruptcy.Working capital is the most liquid part of the company's funds.It is the most important position in financial management.It not only maintains the daily operations of the company,but its management performance plays a crucial role for the company's profitability and corporate governance.Therefore,it is an important way to realize the long-term development of the construction industry by attaching importance to the working capital management activities of construction companies and striving to improve the performance of their working capital management.However,many scholars have been investigating the performance of working capital management from their financial management behaviors,supply chain management and channel management,and there have been few studies from the perspective of corporate governance.Thus,in order to improve the management of working capital in China's construction industry and improve the operating performance of construction companies,this paper studies the factors affecting the performance of the operating funds of listed companies in the construction industry in China from the perspective of corporate governance.The article mainly studies the two dimensions of the company's internal governance structure and external governance factors,expect to improve the working capital management performance of China's construction companies and better their corporate governance,so as to continue play a pillar role for China's national economy.In the process of the article's completion,this article adopts a combination of normative research and empirical research.This article first uses normative research in the introduction and literature review part to clarify the research background and significance of this paper.By means of the literature analysis method,it summarizes the representative academic achievements at home and abroad.After the analysis of related theory,through data collection and sorting,analyzes the present situation and characteristics of the construction management of working capital of listed companies,thus paving the way for the empirical research of the paper.In the empirical research part,this paper puts forward research hypotheses and constructs a multiple linear regression model to empirically test the factors affecting the working capital management performance of China's listed construction companies.The study shows that the proportion of independent directors of listed companies in the construction industry in China,the size of the board of supervisors,the degree of media attention,and the external legal environment have a positive effect on the working capital management performance;he ratio of management shareholdings and the performance of working capital management are The "U" type relationship;equity concentration and the two-in-one factor have no significant effect on the performance of working capital management.Finally,based on the research conclusions,the following suggestions are proposed:(1)Establish and improve the system of independent directors,attach importance to the selection of independent directors,and create a good job environment;(2)Define the powers and responsibilities of the board of supervisors and standardize the supervisory board system;(3)Adopt multiple incentives;(4)The government and companies pay more attention to the role of external governance factors.This not only enriches the theory of working capital management,but also is a targeted study of the performance of working capital management of listed companies in China's construction industry,which helps China's construction industry companies to improve their working capital management performance,promote the collaborative development of internal and external corporate governance mechanisms,and achieve sustainable development of construction enterprises.