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本文通过对30家房地产上市公司的样本数据进行实证研究,重点说明现金周期,应收账款周转期,应付账款周转期以及存货周期对企业绩效的影响。实证研究结果表明:我国上市公司的营运资金管理与总资产收益率负相关,与其托宾Q值微弱负相关。应收账款周转期与总资产收益率呈负相关关系。存货周转期与总资产收益率均呈现正相关关系,应付账款周转期与总资产收益率呈微弱正相关关系。针对这一结果,本文提出了相关的完善策略。
In this paper, an empirical study of sample data of 30 listed real estate companies focuses on the impact of cash cycle, accounts receivable turnover, accounts payable turnover and inventory cycle on business performance. The empirical results show that: the working capital management of listed companies in China is negatively correlated with the return on total assets, negatively correlated with its Tobin Q value. Accounts receivable turnover and total assets return rate was negatively correlated. Inventory turnover and total assets return rate showed a positive correlation between accounts payable turnover and total return on assets showed a weak positive correlation. In response to this result, this paper presents a related improvement strategy.