| Working capital management has been important area in the system of corporate finance.Scholars around the world have gained achievement in two aspects:(1)There are significant differences in the strategy of working capital management between different industries.(2)The working capital management’s efficiency is positively correlated with the profitability of the enterprise.Meanwhile,research need to be improved in two aspects :(1)The research is too less,and research subjects focus too much on manufacturing industry,not enough on other industries.(2)The application of working capital management efficiency’s index is not sufficient.Retail industry has characteristics of “ low-inventory and high-accounts payable”,traditional retail companies has been shocked hardly by newly-developing electric-commercial enterprises,this industry is in an unprecedented period of adjustment.The net-working capital of these companies show the phenomenon of transfering from negative to positive.All these above provide good samples for the study of working capital.The purpose of this study is:to analysis can net-working capital be used as a comprehensive indicator of retail industry,give advise on working capital management for the future development of retail industry.This paper discusses the research and practice status of working capital management,summarize the research results both at home and abroad.Based on previous research results,start with net-working capital,combine with the financial characteristics of retail industry,analyze theoretically the relationship between net-working capital and working capital management efficiency,comprehensive ability.This paper choose 50 retail public companies in Chinese A-share market,lists their financial data from 2008 to 2017 as research samples,make a empirical study of the correlation between net-working capital and enterprise comprehensive ability.It is concluded that net-working capital is negatively related to enterprise comprehensive ability,and make suggestions and opinions according to the empirical results. |
