Research On The Impact Of Working Capital Management On Enterprise Value

In recent years,With the improvement of the financial management system and the development of the manufacturing industry.Both theoretical research and practical need all showed the importance of the management of enterprise working capital.So this article based on the reading of existing literature,adopted the methods of theoretical analysis and empirical research,used the financial data of a-share manufacturing industry in our country from 2011 to 2016.For the impact of the three major aspects of working capital management(investment,turnover,and financing)on corporate value,respectively,conducted a tentative research,In order to enrich the research in this field..The study founded that: first of all,current assets ratio and current debt ratio were no significant linear correlation with the enterprise value,but this did not preclude that they have a u-shaped relationship,and this is worth a further researching;Secondly,liquid assets and sales income ratio with enterprise value had a significant positive linear correlation,This suggested that liquid assets and sales income ratio took the risk factors into account.and if investment risk was controlled priority,the more working capital inputted,the greater the enterprise value would be;Again,for the impact of turnover situation of working capital on the corporate value,empirical research results showed that shortening the working capital comprehensive turnover period of marketing channel would significantly promote the enterprise value;but for the production channel,Extending it would be a beneficial way;Changing the working capital comprehensive turnover period of purchasing channel would has no significant function on the enterprise value;Finally,for the net financing strength of working capital of internal value chain,The empirical results indicated that the net financing dependency of upstream and downstream with enterprise value had a significantly positive linear relationship,which supported the practicality of the new financing channel in the new economic environment.