Research On Time-varying Characteristics Of Working Capital Management Efficiency Of Listed Companies

Working capital management is very important for business management.It affects the liquidity and profitability of business funds,and determines the life and death of enterprises.The 2011-2015 year "Working Capital Management Survey of Chinese Listed Companies" shows that the working capital management efficiency of listed companies in China has been deteriorating in recent years,and the management mechanism and level of working capital are still not perfect.Therefore,as the economic development is faster and faster,the competitive environment is more and more complex and the opportunities and challenges coexist,how to improve the efficiency of working capital management to break through the bottleneck of its own development has become an urgent problem for Chinese listed companies to solve.The current research on working capital management at home and abroad mainly includes what kind of working capital management strategy should be chosen by enterprises,the relationship between working capital management and enterprise value,how to choose the evaluation system of working capital management and what factors will affect the management of working capital.Few studies are based on the time varying characteristics of the efficiency of working capital management in a period of time after the company is listed.This paper explores the time-varying characteristics of the working capital management efficiency of the listed companies,and hopes to play a perfect and complementary role in the research of working capital management.This paper first reviews the achievements and progress made by scholars at home and abroad in the research of working capital management,and lays the foundation for the selection of the variables and the model setting of the empirical test in the following chapters.The third chapter examines the time varying characteristics of the working capital management efficiency of listed companies,taking the companies listed in the A stock market of Shanghai and Shenzhen from January 1,2000 to December 31,2012 as samples,and selecting the semi annual data of these companies from January 1,2000 to June 30,2017,choosing the fixed effect model and eliminating the board characteristics,ownership structure,company size and asset liability ratio and other factors.The empirical results show that the working capital management efficiency of the listed company is a stable inverted N time-varying characteristic,that is,the working capital management efficiency is reduced to about fourteenth half-year(seventh years)after the company is listed,and then reaches the minimum,then rises to the minimum.After twenty-third half-year,it reaches the maximum value and then begins to decline again.The theory conjecture: the decline in the efficiency of working capital management at the beginning of the market is due to the lack of competitive advantage in the market,which is often caused by the disadvantaged position of power in the supply chain transaction.Then,the management layer,because of the pressure of information disclosure effect,chooses to do the best to manage the company,and then improve the efficiency of operating capital management.In order to judge the robustness of the time varying characteristics of the working capital management efficiency of the listed companies,the fourth chapter of this paper is based on the annual data,industry and company scale to retest the time varying characteristics of the working capital management efficiency of the listed companies.The empirical results show that the working capital management efficiency of the total sample annual data is a stable inverted N time-varying characteristic with the time of the company's post listing,which first drops to the minimum after 6.5 years after the company is listed,and then rises to 11.6 years to reach the maximum value.Finally,it begins to fall again.By comparing with the third chapter,we find that the efficiency of working capital management of listed companies is basically stable when it falls to N.In addition,the industry has an impact on the time-varying characteristics of the working capital management efficiency of listed companies.Generally speaking,there are three kinds of time-varying characteristics,one is inverted N,the two is positive U,and the three is decreasing type.The size of the company has an impact on the time-varying characteristics of the working capital management efficiency of the listed companies,and the impact on large-scale companies is greater than that of small scale companies,but on the whole,both large companies and small companies have the characteristics of inverted N type time variation,but the extreme value points have changed.