Macroeconomic Fluctuations, Inventory Investment And Corporate Performance Research

Listed company as macroeconomic Microscopic individuals play in the process of market-oriented reform of China's economic role is increasingly important.The early 1990 s have been set up in Shanghai and Shenzhen stock exchanges,making China's stock market to achieve a leap from scratch,but with the rapid development of China's national economy,the development of the Shanghai and Shenzhen stock market is also very fast.Emergence and development of the securities market for our research on micro-economic entity provides a solid foundation for the promotion of the Chinese economic reform and enterprise reform.So how to maintain macroeconomic volatility in the case of a more favorable business performance is not only important for their own development,but for the healthy development of China's market economy also has a greater impact.Adequate,complete inventory is to ensure the necessary conditions for production and business activities,but if in order to save liquidity occupation,general inventory to meet the minimum needs are more reasonable.Therefore,under conditions of macroeconomic volatility,companies need to meet the needs of production and conservation science between funds used to maintain reasonable inventory holdings,which is to guarantee the normal production.Operation activities has an important role in line with the objective requirements of modern enterprise management and decision-making.Therefore,based on the above considerations,the paper summarizes the basis of relevant previous research,industrial and commercial as a research object.The stock is divided into raw materials,finished products,production of products,four categories of secondary inventory,thereby performing panel regression panel data.Contents of this paper is divided into two levels,the first level is macroeconomic volatility,the overall investment and performance of business inventories,the second level is macroeconomic volatility,and performance of business inventory investment details.In a study of the first level,the paper draws three important conclusions: 1,the overall industrial enterprise of inventory investment and macroeconomic fluctuations move together;2,the overall industrial enterprise of inventory investment and enterprise performance is inverted u-shaped relationship,namely,inventory overall investment impact on corporate performance is not more or less is better,but the best inventory investment point makes enterprise performance;3,the industrial enterprise of enterprise performance and macro economic fluctuation move together.On this basis,it is concluded that inventory-performance in the context of industrial enterprises in the GDP fluctuation model diagram,namely under the macroeconomic is fluctuated,industrial enterprise of inventory-performance curve will move to the top right,in the situation of macroeconomic fluctuations in reverse,the industrial enterprise of inventory-performance curve will move to the left.In the study of the second level,we reached two important conclusions:1,industrial enterprises in all kinds of inventory detail investment relationship with macroeconomic fluctuations have gone;2,inventory subsidiary investment has the characteristics of different benefit cost.Based on the results of regression analysis,this paper holds that the raw materials of industrial enterprises,inventory investment product detail should be relation with changes in the macroeconomic fluctuation moving,and regardless of the macro economy is positive fluctuations or reverse,industrial enterprises should improve the production efficiency,reduce production cycle.