Study On Working Capital Management Efficiency Of Manufacturing Listed Companies Under The Background Of Blockchain

Working capital is the operating basis for listed manufacturing companies to create value through manufacturing and other business activities,and is the blood of manufacturing flow.Efficient working capital management is the necessary condition for the vigorous development of manufacturing economy.Working capital management decision is related to manufacturing production and operation,industrial chain economic circulation,commercial credit financing risk and other fields,is the top priority of management work.At present,the working capital management of listed manufacturing companies is faced with problems such as excessive internal competition and difficult consensus and mutual trust of external commercial credit information caused by information asymmetry.However,the rise and application of blockchain technology provides technical support for solving the problem of information asymmetry and provides new development opportunities for working capital management.The goal of working capital management is not only to improve profitability,but also to reduce business credit risk.And block chain technology can not only by strengthening internal control and improve the quality of the internal information to reduce agent cost brought by the investment insufficient or excessive project investment,improve the production yield,still can use distributed storage technology sharing business credit information,establish each node business credit consensus and mutual trust mechanism,reduce the risk of the commercial credit financing.Based on this,this paper measures the efficiency of working capital management from investment and financing.This paper adopts DEA-Tobit two-stage model to conduct empirical analysis on186 annual observation samples from 62 listed manufacturing companies in A-share market and GEM market from 2018 to 2020.In the first stage,the BBC model is used to calculate the working capital investment management efficiency(IIE)and financing management efficiency(FIE)of each sample,and the input inefficiency and slack value analysis are carried out.In the second quarter,based on the calculation results of the first stage as the dependent variable,the influence of Blockchain on the efficiency of working capital investment management and financing management was explored on the basis of controlling relevant variables,and the path of the effect of Blockchain on the efficiency of working capital financing management was further analyzed.The findings are as follows :(1)the average comprehensive technical efficiency of IIE and FIE of listed manufacturing companies in China is generally low,and the average of gem sample is slightly higher than that of a-share sample.(2)The main reason for low IIE and FIE of listed manufacturing companies is input redundancy,and there is no obvious difference in input redundancy among inventory,accounts receivable and accounts payable.(3)There is a positive correlation between Blockchain application and working capital investment management efficiency and working capital financing management efficiency.(4)It is found that "Blockchain application--reduced credit financing constraints--improved working capital financing management efficiency" is an important path for Blockchain to promote FIE.Based on the above research conclusions,from the perspective of improving the efficiency of working capital investment and financing management,this paper proposes to build "intelligent business chain" and "Blockchain+audit" platforms,reduce internal and external information asymmetry,and establish external business credit mutual trust consensus mechanism.