Research On The Relationship Between Working Capital Management And Firm Performance Of Manufacturing Listed Companies From The Perspective Of Channels

The concept of working capital is divided into two levels: narrow concept and br oad concept.Working capital in the narrow sense refers to the difference between curr ent assets and current liabilities.It is the most liquid fund in daily business activities,reflecting the short-term solvency of enterprises.And operational capabilities.Whether the funds are sufficient or not and whether the circulation is smooth has a significan t impact on the business activities of the company.Therefore,the management efficien cy is very important for the enterprise.How to more accurately and clearly evaluate t he efficiency of working capital management and how to improve the management of working capital It is especially important to improve corporate performance.Looking back on the previous research results,we can find that the relevant scho lars mainly focus on the simple elements of working capital,and evaluate working ca pital with simple working capital factors such as inventory,accounts receivable,accou nts payable and other factors.Management efficiency,however,the way this working capital management efficiency is evaluated does not take into account the links betwee n these elements.Therefore,based on this situation,this paper adopts the new concept of working capital management proposed by Professor Wang Zhuquan,which analyze s the management of working capital from the perspective of channel management.Th is channel management idea breaks the simple evaluation of a single element,and spli ts each element into different channels from the channel perspective,so that each ele ment is reflected in the supply chain.As a relatively complete supply chain industry,t he manufacturing industry must deal with upstream suppliers as well as the economic activities of downstream customers.Therefore,from the channel perspective,the relatio nship between the working capital management of listed companies in China’s manufac turing industry and corporate performance can be analyzed.The three channels of proc urement,production and marketing explore how to use working capital management to improve corporate performance.This paper takes the data of China’s A-share listed manufacturing enterprises for5 consecutive years from 2013 to 2017 as a research sample to explore how the working capital management of China’s manufacturing listed companies affects corporate pe rformance.Firstly,based on the domestic and foreign literatures,this paper expounds t he related concepts and theoretical foundations involved in this paper,combines the ch aracteristics of China’s manufacturing industry,and analyzes the current situation of w orking capital management from the perspective of channels.Four hypotheses,and esta blish a regression model of working capital management and corporate performance,a nd analyze the relationship between manufacturing capital management and corporate p erformance from a channel perspective.After empirical research,the following conclusi ons are drawn: the working capital management efficiency of the three channels of pr ocurement channels,production channels and marketing channels is used to measure th e efficiency of enterprise working capital management,and the working capital turnove r period of each channel has a significant negative correlation with corporate performa nce.There is also a significant negative correlation between the capital turnover period and corporate performance.Finally,from the perspective of channel,this paper propo ses that it should maintain a good strategic cooperative relationship with upstream sup pliers,improve the selection criteria of suppliers,adopt professional standardized produ ction models and processes,and improve the construction of electronic information pla tform.