| At this stage, the aftermath of the economic crisis is still having a broad impact on the world economy. Companies generally fall into the plight of the lack of liquidity due to difficulties in financing and operating conditions. In such difficult circumstances, enterprises who are able to tap the internal potential will win in the final competition. Mobility is always the core of the corporate treasury management, the key factors to protect that core is the management of working capital.But the reality is our corporate working capital management efficiency is generally low, especially comparing with the United States and other developed countries. According to the famous "The Working Capital Survey", the US largest1,000companies’Days of Working Capital (DWC) were37days and36days in2009and2010. Wang Zhuquan’s investigation report on all domestic A-share listed Chinese enterprises operating activities in2009and2010show that the DWC were46days and53days respectively, which is much longer than the United States. Under the globalized competition conditions, the low efficiency of working capital management in Chinese enterprises have hindered their development. Awareness of working capital management has awakened, and also put a lot of manpower and financial resources, but did not achieve the desired effect. One of the most important reason is because of China’s current working capital management theoretical research is not mature enough to guide the corporate practice.Corporate governance, which is related to corporate oversight mechanisms, the distribution of powers and interests outside the enterprise environment, is the basic framework of the enterprise, and is also one of the hot spots for recent academic attention. However, the corporate governance empirical research is mainly concentrated in the research on the relationship between corporate governance and company performance, corporate governance and corporate value, corporate governance and corporate investment and financing characteristics (such as debt maturity structure, over-investment phenomenon, etc.).However, working capital management, as a day-to-day operation and management of important content is less vulnerable to the direct supervision of the board of directors and shareholders, is an important measure indicators on whether company managers consciously safeguard the interests of shareholders, whether diligent work and whether.Therefore, it is a measure of the new point of view and important indicators of the corporate governance structure is reasonable or not.Based on consideration of the above realistic background and significance, I choose to explore the relationship on corporate governance and corporate working capital management efficiency. In order to be able to provide some empirical basis for improvements in working capital management, as well as corporate governance measure to provide a new perspective.The structure of the study. Since corporate governance is a complex factor, according to the level of the rights of shareholders-the Board-the management, which is the basic structure of governance based framework, I select the ownership structure, the characteristics of the Board Leadership Structure, Incentive four dimensions to classify the company governance factors. And this classification rule is used throughout the whole text of the literature review, theoretical analysis, the assumptions and empirical analysis section.In the literature review section, we first summarized working capital management metrics. Then, we reviewed papers about working capital management, corporate governance and corporate performance relationship.Research on the theoretical analysis, principal-agent theory as the core, to further expand the theory of large shareholders-shareholders agency relationship theory, the theory of board governance, shareholders-the management agency relationship theory three angles, then this The theoretical framework of this as the theoretical basis of subsequent theoretical analysis and empirical research. Finally, the four dimensions of working capital management and corporate governance factors combined to do a specific theoretical analysis and inference.In the assumption, the analysis of the variables, the model and the data part, in accordance with the theoretical part of the relevant factors for the corporate governance of the four angles, eight assumptions are raised, namely:(1) The assumption of ownership structure. H1:ownership concentration and is currently working capital management efficiency. H2:the proportion of state-owned shares is positively correlated with the efficiency of working capital management. H3: the proportion of tradable shares is positively correlated with the efficiency of working capital management. H4:the proportion of legal person shares is positively correlated with the efficiency of working capital management.(2) Assumptions about the characteristics of the board of directors. H5:board size and working capital management efficiency. H6: the proportion of independent directors is positively correlated with the efficiency of working capital management.(3) The assumption of the leadership structure. H7:"the unity of the two roles is negatively correlated with the efficiency of working capital management.(4) Incentive assumption. H8:the proportion of managerial ownership is positively correlated with the efficiency of working capital. In the setting of the model, based on the corporate governance factors may exist greater relevance, I chose the single-factor model, and the company’s financial leverage, asset-liability ratio, company size, annual variable and industry control variables.In empirical regression and analysis section, assumptions in the previous part are tested, and come to the following conclusions:First, the state-owned shares proportion with the working capital management efficiency significantly negative related. Second, CEO duality is conducive to the decline of the efficiency of enterprise management. Third, the U-shaped relationship between board size and working capital management efficiency are proved, and the turning point is between13to14people.In the policy recommendations section, this paper presents relevant policy recommendations. First, optimize the ownership structure. Second, standardize the company’s leadership structure, Third, improve the independent director system, improve enterprise management level.The main contribution of this paper:First, find a new research perspective. This article chooses the corporate governance as new perspective on working capital management efficiency.Second, find a new measure of corporate governance. Working capital management efficiency as the day-to-day operation and management of important content less vulnerable to the direct supervision of the board of directors and shareholders, therefore, is a measure of the corporate governance structure of a reasonable degree of new perspectives and key indicators.Third, provides empirical evidence for the improvement of working capital management. In this paper, the regression is a number of factors on working capital management efficiency of corporate governance significant conclusions. It provides a reference for enterprise to improve the operational efficiency of working capital by improving corporate governance factors... |
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