Research On The Influence Of Industry Characteristics On Working Capital Management

Working capital management policy is the important content of enterprise financial management in enterprise. When enterprises make working capital management policy,enterprise’s external environment,especially the industry factor is one of the important factors affecting the enterprises to make working capital management policy,but the study on this aspect is relatively weak.This paper studies the industry factors on the influence of working capital management.This paper mainly includes two contents:On the one hand,considering the working capital management listing Corporation in China if there is a significant difference between the universal in the industry.On the other hand,selecting industry characteristic variables to explore these industry characteristics variables on working capital investment and financing is the significant influence of.After the screening conditions,this paper chooses 1048 listed in Shanghai,Shenzhen Stock Exchange A share main board listed companies as research samples,corresponding to selected 2011-2013 years financial data of these Sample Firms.Through the analysis of the empirical use of descriptive statistics,nonparametric test and linear regression analysis method,the empirical results proved:(1) Listing Corporation in China there is a significant industry difference in working capital management; (2) Industry assets structure has a significant negative effect on working capital investment.Industry income uncertainty and the regulation of the industry have a significant positive influence on working capital investment; (3) Unique products and trade regulation have significant negative effects on working capital financing.Industry income uncertainty and the degree of competition have positive significant influence on working capital financing.In this paper,from the industry perspective,selecting the five industry structure of assets,industry control,industry competition,industry income uncertainty and product features of variable for the effect of working capital management policy,trying to find the reasons to explain the differences between working capital management in the industry from the number of relations.In practice for the enterprises make working capital management policies and provide a theoretical basis.On the aspect of the academic research,this paper enrichs the research achievement on the working capital management policy,providing the reference for the later scholars relevant research on this aspect.