Operating Capital Financing Policy And Enterprise Achievements Relational Research

As competition intensifies, merger and joint between enterprises growing, the operating capital financing policy after enterprises'scale expanding becomes the focus of business operators. Too radical operating capital financing policies will bring the enterprise to repay the debts due with little possibility, and it is difficult to deliver products punctually and timely supply production materials to customers, and difficult to guarantee business activities to develop normally, there is a considerable risk in the development of business. On the otherwise, a stable operating capital financing policy bring the opposite consequences, the enterprise yield low, but more cash, securities and high inventory reserves will improve the solvency and procurement capacity to pay and enhance the credibility, and reduce the possibility of material supply stopped and production blocked, thus reduce the risk of enterprises, but also reduce their earnings. So the enterprise management faces the difficult of choosing their operating capital financing policy between the radical and the stable.Operating capital financing policy which affects the corporate financial risk is a basic driving factor of the corporate value. A reasonable operating capital financing policy is beneficial to improve organizational performance. The current operating capital financing policy studies focus on analysis in theory but empirical research, especially combine the operating capital financing policy theory to the realities of Chinese business less. Choosing about 350 listed company as samples, which include four industries as manufacturing , transportation, storing, wholesale and retail trade, the article divides the 350 listed companies'operating capital financing policies into the conservative and the radical for two types on the basis of reading the relevant literature of operating capital financing policy and business performance, and makes empirical analysis to the relation between different operating capital financing policies and business performance with SPSS software. The results prove that the sound model of operating capital financing policy is suitable for Chinese current overall environment of the enterprise development and performance, and some developed foreign countries'financial management theory and experience is not suitable for the present circumstances of Chinese business practice. At last, the article puts forward some feasible proposals for Chinese enterprises to allocate the limited resources and manage operating capital effectively based on empirical analysis and test results and combined the overall environment for enterprises and the actual situation.