企业经营性营运资金管理重心与管理策略研究--离散度下的启示

摘要

通过对我国上市公司各渠道营运资金结构均值和结构离散度的计算，以及对各渠道营运资金投入产出指标均值和离散度的计算分析，发现不同行业在经营性营运资金上的主要投放领域几乎都是营销渠道，而管理重心却都是生产渠道和采购渠道。以其中的电子业为例，从构成要素分析中发现营销渠道营运资金占比较大的原因是稳定存在着大量的应收账款；生产渠道营运资金管理可借鉴优秀企业的存货管理经验；采购渠道营运资金管理策略则包括保持适度的供应商集中度、提高企业自身商业信用、改进存货管理模式。%Based on the channel theory of working capital, the paper calculates the mean and standard deviation rate of both working capital structure and efficiency index of listed companies in China.It is found that almost all different industries place their working capital in the marketing channel, while their management emphases are all put on the production channel and purchasing channel.Taking the electronic industry as an example, the paper finds, through calculation of standard devia-tion rate and skewness, that the key factor of the high proportion of working capital in the marketing channel in the electronic industry is the large amount of accounts receivable there.The management of working capital in the production channel can learn from the inventory management of advanced enterprises.Management strategies for the purchasing channel of electronic industry include keeping a proper concentration of suppliers, enhancing business credit of enterprises and improving the inven-tory management mode.