Study On The Agricultural Listed Companies Working Capital Management Performance Based On The Theory Of Channels

Along with the advancement of supply side structure reform,the economic development of our country is facing restructuring and change in the way to turn,economic growth is slowing,all walks of life in the slow growth,agriculture is no exception.As the foundation of national economy,agriculture plays an important role in social and economic development and people's life.Economic growth is slow,each enterprise in the industry competition is intense,it will appear some extreme pursuit of profit growth cycle model,for example,to increase the sales of devotion to sales and Marketing Department to relax credit sales,increase the intensity of sell on credit,so as to increase the proportion of accounts receivable and bad debt losses.Enterprise financial problems spread above all is working capital,working capital is the basis of the production and business operation,an enterprise is just like the body's blood,it holds up the life of an enterprise.Therefore,the management of working capital is very important in both theory and practice.At present,the research mainly concentrated in the aspects of working capital management,for example by shortening the cash turnover period to improve enterprise management level of working capital,cash turnover period include accounts receivable and accounts payable turnover period cycle time and inventory turnover period,through single factor study respectively determine the method of improving the efficiency of working capital management,but ignored between the elements of working capital is one of the characteristics of interrelated not exist independently,change the accounts receivable money footprint footprint will inevitably affect the stock funds,hence the idea of channel management,and the idea break the boundary of traditional enterprise operating funds research,from the original cover only internal study began to external transfer.In combination with the enterprise business process,the management mode is to input fresh blood for the enterprise management,improve the financial management mode of the enterprise,and thus improve the management level of the enterprise.Based on the Shanghai and shenzhen two city agricultural listed companies as the research object,together with the present situation of agricultural listed companies channel management of working capital,on the basis of channel theory and the theory of working capital management,build the working capital management efficiency index and comprehensive performance evaluation index,and comprehensive performance of the main research of agricultural listed companies from the enterprise each channel of working capital management efficiency and the correlation of enterprise operating performance,according to the results of the empirical analysis on how to improve the agricultural research enterprise working capital management performance.Agricultural listed companies to be specific,first of all,from procurement,production and marketing channels on the main factors of working capital,through the theoretical analysis of hypothesized that agriculture class enterprise business activities of working capital turnover period and each channel of working capital turnover period is negatively related to the enterprise comprehensive performance.Collect,sort out the historical data of 56 sample companies between 2010 and 2015,multiple linear regression model is established for the empirical analysis,through the analysis to the following conclusion: purchasing channels of working capital turnover period extended appropriately can raise the performance level of agricultural enterprises,production channels and marketing channels of working capital turnover period shorter corporate performance level is higher.At the same time,the overall operating fund turnover period of the enterprise is inversely proportional to the overall performance of the company,namely,the shorter the turnaround time,the higher the comprehensive performance.According to the management present situation and the research conclusion,put forward to strengthen the supplier business model operation,improve the internal business process,adjust the agricultural listed companies as well as marketing mode to improve the channel of working capital management efficiency.