基于存货周转率的营运资金管理研究.doc
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基于存货周转率的营运资金管理研究,11000字摘要 营运资金管理水平的高低不仅影响着企业能否有充裕的资金用于日常的生产经营活动，更决定了一个企业能否维持生存发展。由于2012年国际金融危机以及国内经济政策的影响，许多企业的营运资金水平处于十分危险的状态：企业用于日常生产经营活动的流动性较强的资产极少，有的企业甚至出现了资...
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基于存货周转率的营运资金管理研究
11000字
摘要 营运资金管理水平的高低不仅影响着企业能否有充裕的资金用于日常的生产经营活动，更决定了一个企业能否维持生存发展。由于2012年国际金融危机以及国内经济政策的影响，许多企业的营运资金水平处于十分危险的状态：企业用于日常生产经营活动的流动性较强的资产极少，有的企业甚至出现了资金链断裂的情况，濒临破产。这不仅仅是因为金融危机造成了许多不利的后果，更是因为许多企业缺乏风险防范意识，未能做好资产的管理工作。
存货周转率作为衡量企业营运能力的指标，对于评价营运资金管理水平的高低起着重要的作用。如果企业的存货周转率越高，说明企业的存货占用资金的水平越低，那么资产的流动性就越强，企业的短期偿债能力也越强，所以营运资金的管理质量就越高，相应地由于存货积压造成的跌价损失越低，风险也就越小。
本文选取了2011年至2013年沪深两市所有的钢铁上市公司的数据作为研究样本，首先对它们的相关指标进行描述性统计，分析每一指标的变化趋势对营运资金管理的影响，然后借助多元回归的分析方法，在对存货周转率与营运资金的逻辑关系进行说明的基础上，提出了存货周转率对营运资金管理影响的假设，并改假设进行了实证模型分析，并得出了如下结论：存货周转率均与营运资金成正相关的关系，进而得出，存货周转率越高，企业的营运资金管理效果越好。
关键词：资金营运管理 存货周转率 钢铁上市公司
Based on the Inventory Turnover of
Operating Funds Risk Management Research
Abstract：Working capital management level not only affects the enterprise that can have plenty of money for daily production and operation activities，but also decides a enterprise that can survive development. Because of the 2012 international financial crisis and domestic economic policy influence，many enterprises' operating funds level are in very dangerous states. The strong liquidity as sets which enterprise for daily production and business operation activities are few，some enterprises appear the capital chain break which is on the brink of bankruptcy. This is not just because the financial crisis that caused many adverse consequences，but also because many enterprises lack of risk prevention which are failing to do enough as sets management work.
Inventory turnover，as a measure of enterprise operation ability of the index，plays an important role for eva luation of working capital management level. If the enterprise inventory turnover is higher，the accounts receivable and inventory taking funds of the lower level and asset liquidity is stronger，the enterprise short-term debt paying ability becomes stronger，so working capital management quality is higher，correspondingly accounts receivable caused by default due to loss of bad and inventory back log of unrealized loss caused is lower，and the risk is smaller.
In this paper，we define the data that all iron and steel listed companies from 2011 to 2013 the city of Shanghai and Shenzhen as the sample data. First we use the irrelevant indicators for descriptive statistics，and analysis the change trend of each indicator for working capital management influence. And the using multiple regression analysis method，into the accounts receivable turn over and inventory turnover with working capital logic relation of the show is put forward，based on both the working capital management to the influence of hypothesis，and the hypothesis has the empirical model analysis and inspection，and draw a conclusion：Inventory turnover with operating funds area positive correlation relationship，and a conclusion that，inventory turnover is higher，the enterprise of operating funds management effects better，and the paper puts forward the study limitations and some effective measures that strengthen the management of operation funds .
Keywords：Operating funds risk management Inventory turnover
Iron and Steel Enterprises
目 录
引 言 1
第一章 存货周转率和营运资金管理概述 3
1.1 存货周转率的概念及作用 3
1.2 营运资金管理的概念 3
1.3 营运资金风险管理的概念 4
1.4 存货周转率对营运资金管理的影响因素分析 4
第二章 研究方法与设计 6
2.1 样本选取与数据来源 6
2.2 统计方法 6
2.3 存货周转率对营运资金的逻辑关系分析 6
2.4 研究假设与模型设计 7
2.4.1 研究假设 7
2.4.2 模型设计 8
2.5 变量说明 9
第三章 实证分析 11
3.1 描述性统计分析 11
3.1.1 营运资金数据分析 11
3.1.2 存货周转率数据分析 12
3.1.3 两个指标的相关性分析 13
3.1.4 样本观测值的描述性统计分析 13
3.2 回归分析及检验 14
结论 16
参考文献 17
致谢 19
11000字
摘要 营运资金管理水平的高低不仅影响着企业能否有充裕的资金用于日常的生产经营活动，更决定了一个企业能否维持生存发展。由于2012年国际金融危机以及国内经济政策的影响，许多企业的营运资金水平处于十分危险的状态：企业用于日常生产经营活动的流动性较强的资产极少，有的企业甚至出现了资金链断裂的情况，濒临破产。这不仅仅是因为金融危机造成了许多不利的后果，更是因为许多企业缺乏风险防范意识，未能做好资产的管理工作。
存货周转率作为衡量企业营运能力的指标，对于评价营运资金管理水平的高低起着重要的作用。如果企业的存货周转率越高，说明企业的存货占用资金的水平越低，那么资产的流动性就越强，企业的短期偿债能力也越强，所以营运资金的管理质量就越高，相应地由于存货积压造成的跌价损失越低，风险也就越小。
本文选取了2011年至2013年沪深两市所有的钢铁上市公司的数据作为研究样本，首先对它们的相关指标进行描述性统计，分析每一指标的变化趋势对营运资金管理的影响，然后借助多元回归的分析方法，在对存货周转率与营运资金的逻辑关系进行说明的基础上，提出了存货周转率对营运资金管理影响的假设，并改假设进行了实证模型分析，并得出了如下结论：存货周转率均与营运资金成正相关的关系，进而得出，存货周转率越高，企业的营运资金管理效果越好。
关键词：资金营运管理 存货周转率 钢铁上市公司
Based on the Inventory Turnover of
Operating Funds Risk Management Research
Abstract：Working capital management level not only affects the enterprise that can have plenty of money for daily production and operation activities，but also decides a enterprise that can survive development. Because of the 2012 international financial crisis and domestic economic policy influence，many enterprises' operating funds level are in very dangerous states. The strong liquidity as sets which enterprise for daily production and business operation activities are few，some enterprises appear the capital chain break which is on the brink of bankruptcy. This is not just because the financial crisis that caused many adverse consequences，but also because many enterprises lack of risk prevention which are failing to do enough as sets management work.
Inventory turnover，as a measure of enterprise operation ability of the index，plays an important role for eva luation of working capital management level. If the enterprise inventory turnover is higher，the accounts receivable and inventory taking funds of the lower level and asset liquidity is stronger，the enterprise short-term debt paying ability becomes stronger，so working capital management quality is higher，correspondingly accounts receivable caused by default due to loss of bad and inventory back log of unrealized loss caused is lower，and the risk is smaller.
In this paper，we define the data that all iron and steel listed companies from 2011 to 2013 the city of Shanghai and Shenzhen as the sample data. First we use the irrelevant indicators for descriptive statistics，and analysis the change trend of each indicator for working capital management influence. And the using multiple regression analysis method，into the accounts receivable turn over and inventory turnover with working capital logic relation of the show is put forward，based on both the working capital management to the influence of hypothesis，and the hypothesis has the empirical model analysis and inspection，and draw a conclusion：Inventory turnover with operating funds area positive correlation relationship，and a conclusion that，inventory turnover is higher，the enterprise of operating funds management effects better，and the paper puts forward the study limitations and some effective measures that strengthen the management of operation funds .
Keywords：Operating funds risk management Inventory turnover
Iron and Steel Enterprises
目 录
引 言 1
第一章 存货周转率和营运资金管理概述 3
1.1 存货周转率的概念及作用 3
1.2 营运资金管理的概念 3
1.3 营运资金风险管理的概念 4
1.4 存货周转率对营运资金管理的影响因素分析 4
第二章 研究方法与设计 6
2.1 样本选取与数据来源 6
2.2 统计方法 6
2.3 存货周转率对营运资金的逻辑关系分析 6
2.4 研究假设与模型设计 7
2.4.1 研究假设 7
2.4.2 模型设计 8
2.5 变量说明 9
第三章 实证分析 11
3.1 描述性统计分析 11
3.1.1 营运资金数据分析 11
3.1.2 存货周转率数据分析 12
3.1.3 两个指标的相关性分析 13
3.1.4 样本观测值的描述性统计分析 13
3.2 回归分析及检验 14
结论 16
参考文献 17
致谢 19
