Population Change、Investment Opportunities And Working Capital

China has entered a high-quality development stage,and the relationship between supply and demand is developing in the direction of structural imbalance that can not be underestimated.Supply side structural reform is the most important task at present.Improving the adaptability and flexibility of supply to demand can effectively solve the problem of resource mismatch.People are the main body of consumption.The change of population promotes the change of consumption demand and brings challenges to the supply side.Therefore,the study of population change and working capital is not only an important basic theory to study and resolve the problem of resource mismatch,but also an important problem to be solved urgently in the choice of national policies.The existing literature in China is mainly based on the research on the influence of population change on economic development,residents’ consumption and technological innovation,while ignoring the impact on the micro level of enterprises.Working capital is very important for the survival and development of enterprises.Under the background of the decline of population change,we should reasonably arrange working capital and improve the efficiency of capital use,so as to cope with the change of consumption demand caused by population change,seize investment opportunities,explore the market and improve the competitive position.The essay researches the influence of population change on enterprise working capital by combining empirical and case studies.In the empirical analysis part,1475 listed companies in China from 2016 to 2020 are selected as the research object.After the final screening,a total of6430 groups of data are obtained.Firstly,the article explores the impact of population change on working capital.Secondly,it verifies that population change changes the working capital of enterprises by affecting the investment opportunities of enterprises,and verifies the robustness of the empirical results.The case study part selects two case enterprises according to the intermediary variables,including Shuanglu pharmaceutical with high investment opportunities and Jianghe group with low investment opportunities.This paper analyzes the relationship between the working capital,investment opportunities and population changes of the two enterprises.Finally,according to the conclusion,it provides suggestions for the working capital management of Chinese enterprises.The results show that: first,there is a positive correlation between population change and working capital;Second,investment opportunities play an intermediary role in the impact of population changes on working capital.The research proves the relationship between population change and working capital,as well as the intermediary role of investment opportunities,so as to provide reference for enterprises to actively respond to the investment opportunities brought by population change and strengthen working capital management.