An Empirical Study on the Relationship Between Working Capital Management Efficiency and Firm Value of Chinese Manufacturing Listed Companies - Differences Between State-Controlled and Non-State-Controlled Companies

摘要

Based on the perspective of the nature of property rights, the paper uses the two-way fixed effects model to analyze the influence of listed company's working capital management efficiency on firm value. The results show that from 2001 to 2008, the working capital management efficiency of Chinese manufacturing listed companies in China is positively related to firm value, that is, reducing the cash conversion cycle can increase the return on assets; the value effect of working capital management efficiency is more significant in non-state-controlled companies, indicating that the improvement of working capital management efficiency in non-state-controlled companies can increase firm value more than state-controlled companies.