Correlation Analysis of Working Capital Management and Corporate Performance in Manufacturing Industry: A Perspective of Supply Chain

摘要

Working capital management is the foundation of enterprise fund management. In this paper, from the perspective of supply chain, the manufacturing industry is divided into three stages, namely, primary raw materials, equipment and final consumer goods suppliers. The author collected the related financial data from 2013 to 2015, including 2294 samples, and constructed 8 multiple regression models, to study the difference of the relationship between working capital management efficiency and corporate performance in different stages. The results show that the overall efficiency of the company's working capital operation is higher, the better the performance of the company is, whether it is the whole or grouping sample. The results further show that the relationship between working capital and corporate performance has obvious difference at different stages of supply chain. In the upstream industry, accounts payable is more important; for downstream industry, accounts receivable is more important. This conclusion is expected to provide a useful reference for the company's working capital management.