The Empirical Research On Supply Chain Financing And Operating Working Capital Efficiency

As the most dynamic capital of daily operation,working capital management has gotten more and more attention recently. Since the establishment of working capital management theory based on channel, the study of working capital management has extended from independent elements to channel perspective,which eases the incoordination between working capital elements efficiency resulting from independent management. Especially after waves of financial crisis, enterprises fully realize the importance of fund for survival and development.Under the tough background of shortage of funds and the lasting high cost respecting traditional financing, in order to have long-term steady development, more and more enterprises seek to choose their supply chain partners as new financing objects, namely commercial credit. The current research on supply chain management or working capital management mainly focus on the relationship of supply chain and working capital performance, then whether supply chain financing management can improve working capital management performance will be the theme of this article.This article expands the scope of the research between working capital management and supply chain, which regards both channel business relationship and channel financing management as the influence factors of working capital,so as to seek comprehensive and efficient ways to improve working capital management performance.Based on the present theory and research of channel relationship management,depending on commercial credit between supply chain partners and adding supply chain financing management to the evaluation system of supply chain can make full use of the efficient financing effect of commercial credit,which explore whether new financing way can ease the embarrassing financing situation of machinery and equipment manufacturing industry or other small and medium-sized enterprises with financing limit;explore the impact of single channel financing on operating working capital management performance to measure the contribution of single channel to operating working capital management performance,so as to choose the channel with the strongest financing ability and the best financing elasticity to give the key credit management.The article choose the A-share listed companies of machinery and equipment manufacturing industry from 2009 to 2013.Through the empirical analysis between supply chain financing and operating working capital management, the following conclusions are as follows:credit dependence of the supplier which reflects the financing level of purchasing channel negatively related to the days of operating working capital, and the relationship of credit management of accounts payable and the days of operating working capital is inverted "U"-shaped. Enterprise should take reasonable reimbursement policy, and not only default, but also make full use of the commercial credit suppliers provide;credit dependence of procurement channel which reflects the financing level of procurement channel negatively related to the days of operating working capital, and artificial cost negatively related to the days of operating working capital, which can not verify the hypothesis,so enterprises should not reduce the allocation of payroll payable and delay the payment to relieve the difficult position of cash liquidity;credit dependence of the customer which reflects the financing level of marketing channel negatively related to the days of operating working capital, and credit management of accounts receivable negatively related to the days of operating working capital, which verifies the hypothesis about this channel;credit dependence of the supply chain which reflects the financing level of whole supply chain negatively related to the days of operating working capital,and capital-occupying of supply chain positively related to the days of operating working capital, which verifies the hypothesis. In conclusion, purchasing channel and marketing channel are the important channels to improve the efficiency of working capital management. So enterprises of this industry should strengthen credit period management of accounts payable and accounts receivable, take reasonable reimbursement policy, and shorten the credit period of accounts receivable,which can promote operating working capital management efficiency.