| With the increasing development of the network today, E-commerce enterprises asChina's emerging enterprises, the efficiency of working capital management is a worthystudy object, once their operational funding problems has become, enterprises will bringbig problem, America Kmart supermarket bankruptcy is a good illustration. How tomanage working capital effectively, become an important issue of financial management,especially in emerging industries. The emerging e-commerce enterprises based on the theirparticularity, whether there is significant correlation between working capital managementand business performance is unknown, so this paper targeted selection of electroniccommerce industry listing corporation, do a deeper research of the working capitalmanagement impact on the companies performance.This paper listed electronic business enterprise as the object of study, throughanalysis working capital management and business performance theory, make the accountsreceivable turnover, cash cycle, the ratio of working capital and accounts receivableincome ratio as four aspects, through the empirical research on the relationship betweenChina's two stock markets from2008to2012, listed e-commerce business efficiency andbusiness performance of enterprises working capital management. put forward to theaccounts receivable turnover, cash cycle and accounts receivable income ratio are positiveto business performance, while the ratio of working capital is positive to businessperformance. and proposed in the working capital management aspect to our countryelectronic commerce enterprise based on optimization of the capital structure and improvethe channel construction.This paper based on theoretical analysis, qualitative and quantitative analysis and theempirical research. By the theoretical analysis, construct working capital management andbusiness performance model, then through the empirical study, make a the linearregression model of working capital management and business performance, using theannual report data of listed electronic commerce enterprise to prove the hypothesis. In therelationship between the efficiency of working capital management and corporateperformance research, selection e-commerce listing corporation as samples for analysis;not only relation based on accounts receivable turnover period and the cash to cash cyclebetween corporate performance, but analyzes the working capital ratio and accountsreceivable income with corporate performance. |
