| Working capital is closely related to an enterprise's production and operation activities.Once the working capital goes wrong,it will directly affect the survival and development of enterprises.Working capital management is so important to enterprises.However,the current situation is that Chinese enterprises do not have a good understanding of working capital management.The relevant research in theoretical realm and practice activities are not closely linked,which makes the working capital management of enterprises lack scientific theoretical guidance.The traditional classification method of working capital limits the practice of working capital management,which is not conducive to the enterprise managers to extract the required information.In addition,the current research on working capital is more inclined to the economic benefits of working capital management,ignoring the long-term development of enterprises and the strategic effect of working capital.The economic performance indicators selected by scholars are always financial indicators.Some enterprises have short-term behaviors to whitewash financial statements,which results in the lack of authenticity of the research results.In view of the above problems,this paper makes a further study on the management of working capital.First,literature related to working capital and enterprise competitiveness is combed.The theory of supply chain management,the management theory of working capital based on channel,the theory of enterprise competitiveness and the joint conceptual framework of IASB/FASB are expounded.On the basis of these theories,it reconstructs the related concepts of working capital and the measurement index of working capital turnover period.Then link the working capital turnover with the competitiveness of the enterprise.Using the objective data from 2007 to 2015,we examine the relationship between conversion cycle of working capital in investment activities(IWC),conversion cycle of working capital in operating activities(OWC),conversion cycle of working capital in business activities(BWC)and competitiveness of enterprises(MS),and pass the robustness test.The following conclusions are obtained by the empirical test.1,the working capital period of investment activities(IWC)has a significant negative impact on the competitiveness of enterprises(MS).2,there is a negative correlation between the working capital period of operating activities(OWC)and the competitiveness of enterprises(MS).3,there is a significant negative correlation between the working capital period of business activities(BWC)and the competitiveness of enterprises(MS).4,factor of IWC is smaller than that of OWC.IWC is more influential than OWC on the competitiveness of the enterprise.5,there is a significant positive correlation between the scale of enterprises(SIZE)and the competitiveness of enterprises(MS).The growth rate of sales(SGR)is positively correlated with the competitiveness of enterprises(MS),and leverage(LEV)has a negative correlation with the competitiveness of the enterprise(MS).Finally,according to the conclusion,the methods to improve the performance of working capital management are put forward to provide reference for the practice of enterprise. |
