Efficiency Evaluation Of Working Capital Management Of Listed Companies In China

Recorded in the ancient academic works in the <GuanZi>,the stable countries are managed effectively.therefore,effective management is the decisive factor of national sustainable development,the same goes for the listed companies.Working capital is the capital invested in the current assets of a listed company,and the net working capital is the balance of the current assets deducts the current liabilities,as an important value resource of the listed company.The effective management of working capital that contribute to the liquidity demand of enterprise assets,the compensatory demand of resources and the demand of capital appreciation,and also helps enterprises to improve their profitability and risk management ability.As an important part of the management of listed companies,the efficiency of working capital management directly affects the profitability,operation capacity and dept paying ability of listed companies,and determines the level of development and value creation of listed companies.Evaluating the efficiency of working capital management scientifically and effectively can reveal the key factors that affect the management of working capital and improve it's decision-making level and the ability of working capital management.It is of great theoretical value and practical significance to promote the effective use of working capital of listed companies.In recent years,although some achievements have been made on the evaluation of working capital management efficiency of listed companies,it can not achieve satisfactory results in terms of evaluation indexes,evaluation models and evaluation methods.The listed companies in the food and beverage industry are an important part of the economic development of our country.With the increasing in the material and cultural needs of the people,there are becoming more and more severe in the management requirements of the listed companies in the food and beverage industry.In this paper,the listed companies in food and beverage industry are taken as the research object,under the guidance of relevant theories,this paper tries to discuss the evaluation mechanism of working capital management efficiency of listed companies in food and beverage industry by using the method of empirical analysis,to establish an index system of input and output evaluation,and use the data envelopment analysis to evaluate the efficiency of working capital management,and put forward the improvement strategy of working capital management.It will Provide decision support for working capital management of listed companies in the food and beverage industry.The research of this paper is divided into six parts.The first part is the introduction.This part mainly combines the research background of working capitalmanagement efficiency evaluation of listed companies in our country,deeply analyzes the necessity of evaluation of working capital management efficiency of listed companies in food and beverage industry,and expounds the purpose and significance of this research.Through the literature review of related research at home and abroad,grasp the latest research trends,clarify the research ideas,and establish the research framework of this paper.The second part is the theoretical basis of efficiency evaluation of working capital management.This part focuses on the concept and connotation of working capital and working capital management,deeply excavates the inherent characteristics of working capital and working capital management,and lays the foundation for the efficiency evaluation of working capital management.At the same time,this paper expounds the theory of factors and channel of working capital management efficiency evaluation,and analysis of the impact of factor management and channel management on the efficiency evaluation of working capital management,and constructs the theoretical support framework of the research.The third part is the evaluation mechanism of working capital management efficiency.This part mainly discusses the profitability evaluation mechanism,operating ability evaluation mechanism and dept paying ability evaluation mechanism of operating capital management.This paper expounds the mechanism of evaluating the profit ability of working capital management efficiency from the aspects of economic benefit influence and fund return effect,and expounds the operational ability evaluation mechanism of working capital management efficiency from two aspects in inventory turnover period and receivables turnover period.This paper expounds the mechanism of dept paying ability evaluation of working capital management efficiency from two aspects of cash flow and debt repayment risk.The fourth part is the principle of DEA efficiency evaluation.On the basis of analyzing the basic principle of DEA,this paper mainly expounds the principle of efficiency evaluation of DEA,discusses the function of CCR model and BCC model in evaluating the efficiency of working capital management of listed companies.The fifth part is empirical analysis.Taking the listed companies of food and beverage industry as the research object,this paper analyzes and establishes the index system of working capital management efficiency evaluation of listed companies in food and beverage industry,and evaluates the efficiency of DEA by using the annual report data of 58 listed companies in Shanghai and Shenzhen in 2016.The results show that 65.56% of the listed companies in the food and beverage industry have ineffective working capital management efficiency,and put forward suggestions for improvement.The sixth part is the summary and prospect.This part mainly summarizes the research content of this paper,summarizes the innovation of this paper,and points out the future research direction.