Research On The Efficiency Evaluation Of Working Capital Management Of Ceramic Listed Companies

China is not only the hometown of ceramics,but also a big country in the production,sales and consumption of ceramics in the world.Ceramic listed companies have become an important part of China's capital securities market,representing the advanced productivity and future development direction of ceramic industry."Working capital" plays an important role in the capital management of ceramic listed companies,and it is also the core resource necessary for enterprises to create value.The effective management of working capital is the basic guarantee for the liquidity demand of listed companies,the improvement of profit level and risk control of enterprises,which determines the development and value creation of listed companies.Scientific,objective and effective evaluation of working capital management efficiency can find the key factors of working capital management,which is conducive to improving the decision-making ability of working capital management and promoting the value of listed companies to be further improved.In this paper,the listed companies in ceramic industry are taken as the research samples.Based on the audit data of annual report of Listed Companies in ceramic industry from 2014 to 2018,the current situation of working capital management of Listed Companies in ceramic industry is analyzed in detail by means of financial ratio analysis method.Then,the BCC model and Malmquist model of non parametric DEA analysis method are used to analyze the operation of Listed Companies in ceramic industry from horizontal and vertical aspects respectively In order to effectively promote the healthy,stable and sustainable development of ceramic listed companies,this paper studies the efficiency of capital management and explores the key factors that may affect the efficiency of working capital management ofceramic listed companies.The main research contents are as follows:(1)from three aspects of working capital management,working capital management efficiency and working capital management efficiency evaluation,this paper summarizes the relevant literature at home and abroad,clarifies the research ideas of this paper,and establishes a reasonable and feasible research framework.(2)The theoretical basis of working capital management efficiency evaluation of listed companies.First,it analyzes the concept,strategy and characteristics of working capital management.Then,it focuses on the factor theory and channel theory to lay a theoretical foundation for the evaluation of working capital management efficiency of listed companies.(3)Analysis on the current situation of working capital management of ceramic listed companies.This paper analyzes the management efficiency from the scale,structure and turnover rate of working capital of ceramic listed companies.(4)Empirical research.Taking ceramic listed companies as the research object,this paper constructs the evaluation index system of working capital management efficiency of ceramic listed companies;discusses the principle and function of BCC model and Malmquist model on the evaluation of working capital management efficiency of ceramic listed companies;uses 2014-2018 annual report data of ceramic listed companies to carry out horizontal and vertical evaluation of working capital management efficiency.(5)According to the problems existing in the above analysis of working capital management of ceramic listed companies,the corresponding improvement measures are put forward.