在公司经营活动中，资金运营扮演着重要的角色，它直接影响着公司的管理能力，并与公司债务有着紧密的联系。营运资金管理是企业财务管理中非常重要的部分，对于企业的风险、价值以及盈利能力都有大的影响。使得营运资金管理如此重要的原因有很多。对于一个典型的制造型企业来说，总资产中超过一半的部分都是流动资产。而对于一个商业企业来说，流动资产所占的比例更大。科技服务业是在当今产业不断细化分工和产业不断融合生长的趋势下形成的新的产业分类。科技服务业是以技术和知识向社会提供服务的产业，其服务手段是技术和知识，服务对象是社会各行业；科技服务业属于第三产业范畴，是第三产业的一个分支行业。大量的流动资产会对公司的盈利能力造成负面影响，而低水平的流动资产会降低公司的流动性和造成存货短缺，最后使得公司无法平稳运营。营运资金管理的目的就在于达到流动性和盈利性之间的平衡。营运资金作为企业资金中最具活力的要素，是企业日常流动性最大、变化最快和周转性最强的资金，其管理的好坏将会直接影响着企业的生存和发展。不当的营运资金管理制度和方法很有可能会造成经营失败，而有效的营运资金管理制度和方法能够促使企业可持续发展。营运资金管理的重要性不言而喻。同时基于渠道视角对其进行研究有利于丰富资金运营管理的相关理论知识。

主要研究的目的是：（1）分析科技服务业上市公司营运资金管理绩效（2）研究经营渠道与这类上市公司盈利能力相关性以及影响程度。

2．本课题的国内外的研究现状

【1】王竹泉孙莹 在2013年对2299家A股上市公司作为研究对象,对中国上市公司营运资金管理进行了行业调查、地区调查和专题调查,得到以下结论:(1)上市公司营运资金配置仍以投资活动为主,但有向经营活动倾斜的趋势,与上市公司整体不同,战略性新兴产业营运资金主要配置给经营活动;(2)短期金融性负债比例略有上升,营运资金筹资风险有增加趋势;(3)中国上市公司营运资金管理绩效继续恶化,应收账款和营销渠道营运资金管理绩效提升是中国上市公司营运资金管理绩效改善的关键和瓶颈;(4)中国上市公司按要素的营运资金管理水平较为成熟和稳定;(5)与民营上市公司相比,国有上市公司的经营活动营运资金管理水平更高,但国有上市公司短期金融性负债占比较高,短期财务风险较大。

【2】和红伟李竹梅秦伟刘蓉 在 2014年以我国信息传输、软件和信息技术服务行业上市公司作为研究对象,采用SPSS 19.0分析软件,对营运资金管理与企业经营绩效之间的关系进行了深入分析。通过研究发现:信息传输、软件和信息技术服务行业企业经营绩效与营运资金管理之间具有较强的相关性。经营绩效与现金周期、应收账款周期、存货周期都显著负相关,与应付账款周期显著正相关,与流动资产比例显著正相关,与流动负债比例负相关但不显著。

【3】韩沚清张李妍在《企业营运资金管理绩效评价研究述评》 财会通讯 2015年03期对营运资金管理绩效评价的相关指标及其改进、基于渠道的营运资金管理绩效评价、基于层次分析法的营运资金管理绩效评价等方面进行了分析。同时系统分析了规范研究、案例研究和实证研究方法在营运资金管理绩效评价研究中的应用。进而从拓宽营运资金管理绩效评价研究思路和完善营运资金管理绩效评价指标体系两方面分析了进一步研究的方向。

【4】夏天予在《基于渠道的营运资金管理探讨》 科技创新导报 2014年10期提出良好的企业营运资金管理不仅能够降低企业的财务风险,使企业拥有较强的偿债能力,还能够使企业获得足够的盈利能力。该文基于渠道的营运资金管理理论,结合华剑机械有限公司的案例,对营运资金管理绩效评价指标进行了计算和评价,提出了基于渠道营运资金管理的管理策略。

【5】王贞洁王竹泉在《外向型水平与上市公司营运资金管理绩效——基于我国电子信息产业的实证分析》《管理评论》 2014年09期有写到受到次贷危机和欧债危机的不利影响,我国外向型企业的营运资金管理压力逐渐增大。本文以2007-2011年沪深两市的A股外向型电子信息产业上市公司作为样本,从供应链(渠道)层面揭示了金融危机对于其营运资金占用水平和管理绩效的影响。研究结果显示,在金融危机时期我国电子信息产业上市公司经营活动营运资金占用水平持续上升、经营活动营运资金管理绩效持续下降,其主要原因是营销渠道营运资金占用水平激增;进一步研究发现,那些对于环境变动较为敏感的高度外向型公司,普遍降低了短期借款依赖度和供应链依赖度以应对危机。本文以新兴加转轨的市场为背景,丰富了金融危机影响下营运资金管理绩效和策略的研究,同时也为提高外向型电子信息产业上市公司的营运资金管理绩效提供了有益的启示。

【6】刘际陆《营运资金管理与经营绩效实证研究_以有色金属行业为例》兰州商学院学报 2011年01期写到大部分研究表明,营运资金管理水平影响着企业经营绩效,因此加强营运资金管理成为企业财务管理的重要内容。本文以我国有色金属行业上市公司作为研究对象,对营运资金管理与企业经营绩效之间的关系进行了深入分析。研究发现:有色金属行业企业经营绩效与营运资金管理之间具有较强的相关性。其中,经营绩效与现金周期、应收账款周转期、存货周转期都显著负相关,与应付账款周转期显著正相关,与流动资产比例显著正相关,与流动负债比例负相关但不显著。

【7】王竹泉《中国上市公司营运资金管理调查:2011》分别以2011年2177家上市公司、2010-2011年1864家可比上市公司和2007-2011年1347家可比上市公司作为研究对象,进行了营运资金管理绩效的行业总体分析、行业趋势分析、地区比较分析和专题分析(外向型行业分析、战略性新兴产业分析等),从渠道和要素两个视角对上市公司营运资金管理状况进行了全面调查和透视,得到以下结论:(1)上市公司营运资金整体占用水平持续增高,营运资金管理绩效降低较为普遍;(2)上市公司营运资金要素管理水平较为成熟,但渠道管理意识有待加强;(3)上市公司对商业信用的依赖度较强、短期借款和供应链依赖度较为稳定;(4)高度外向型行业营运资金管理绩效较低或有较大幅度的降低;(5)战略性新兴产业营运资金管理绩效全面下滑。

【8】王竹泉《中国上市公司营运资金管理调查:2011》中分别以2010年1945家上市公司、2009-2010年1586家可比上市公司和2008-2010年1306家可比上市公司作为研究对象,进行了营运资金管理绩效的行业分析、企业分析、地区比较分析和外向型行业专题分析,从渠道和要素两个视角对上市公司营运资金管理状况进行了全面调查和透视,得到以下结论:2010年中国上市公司营运资金平均管理绩效与2009年相比有所提高,但提高幅度不大;上市公司各要素单独管理水平相对成熟,协同管理水平较差;从地区视角来看,我国各地区上市公司的营运资金管理水平的差距仍然较大;对于那些外向型程度较高的行业(如纺织服装和电子信息产业等)来说,金融危机后行业的营运资金管理绩效正在逐步回升。

【9】 刘雅洁《新赛股份公司营运资金管理分析与评价》2014中提出农业是国民经济和生态文明的基础，对于我国也有着重要的特殊性。农业产业化是现代农业的发展方向，农业产业的龙头企业是推进农业产业化的关键，而涉农上市公司则是这些龙头企业中的“龙头”。这些涉农上市公司连接着农产品的生产和供给，为农业生产提供大量的运转资金，扶持和帮助农户进行必要的农业生产性投资，并带动农业实现科技化。

【10】马雪净在《营运资金的重分类及综合绩效评价研究》2014分别选取基于要素和渠道的营运资金周转期，对各行业营运资金管理绩效进行描述性分析。结果显示：不管是基于要素的营运资金管理绩效指标还是基于渠道的营运资金管理绩效指标，都呈现显著的行业特征。例如房地产行业，其营运资金周转期、经营活动营运资金周转期、生产渠道营运资金周转期、存货周转期都远远高于其他行业。然后从企业盈利能力的角度出发，首先将众多的盈利指标进行因子分析，结果发现：不同行业盈利能力的公共因子的个数是不一样的，但有同质性，即当公共因子只有一个时，反映了企业综合盈利能力；当公共因子有两个时，分别反映了企业销售盈利能力和资本盈利能力。将得到的公共因子与各营运资金周转期进行相关性分析。结果表明：不同行业营运资金管理绩效对企业盈利能力的影响是有显著差异的，如农林牧渔、采掘业、电力煤气、交通运输和信息技术行业，营运资金管理绩效对企业综合盈利能力的影响不显著，而制造业、建筑业、批发零售和房地产行业，营运资金管理绩效对企业销售盈利能力和资本盈利能力的影响比较显著，因此有必要对制造业、建筑业、批发零售和房地产行业营运资金进行重新分类，并在此分类基础上，将各营运资金管理绩效指标根据企业销售盈利能力和资本盈利能力进行重新组合。

【11】崔雯静《房地产上市公司基于渠道的营运资金管理绩效与企业绩效关系的实证研究》 中国海洋大学 2012中提出营运资金管理是企业财务管理活动中重要的组成部分，其管理绩效状况直接影响着企业价值最大化这一理财目标的实现。目前，国内外对营运资金管理绩效研究的最新研究成果为王竹泉等提出的基于渠道的营运资金管理绩效评价体系。该体系将营运资金重新分类为经营活动营运资金和理财活动营运资金，并将经营活动营运资金分为采购、生产、营销三个渠道，能够从渠道、供应链的角度对营运资金管理进行全面深入的分析评价，但目前该评价体系与企业绩效的关系尚需在实证方面进一步研究完善。房地产企业属于典型资金密集型行业，其营运资金具有占用量大、周转期长、产业关联性强、受政策及地区影响性大等特点，因此从渠道的角度对房地产企业进行营运资金管理绩效的研究也就更为必要。本文正是基于上述考虑，从渠道管理的角度，采用实证分析的方法对我国房地产上市公司的营运资金管理绩效和企业绩效的关系进行研究，以期能够找到通过改变渠道营运资金管理绩效来提升房地产企业绩效的方法，为我国经济的持续发展提供新的动力。

【1】Srivastava, Anubha 《A Study of Working Capital Management of Hisar Project: Reliance Infrastructure Limited, India》IUP Journal of Infrastructure, 2011, Vol.9 (2), pp.44-69

This case focuses on various facets of working capital management at RIL at its Engineering, Procurement and Construction (EPC) division, which mainly deals in power projects. Financial analysis of the company has also been carried out to know its creditworthiness. Working capital management involves not only managing the different components of the current assets, but also managing the current liabilities, or to be more precise, financing the current assets. There are three main areas in working capital management and the study focuses on receivables management, cash management, and inventory management. RIL manages its receivable accounts through ageing analysis and manages its cash through management information system. Inventory management is made easier through the process of high... sea sales and sale in transit. An analysis with respect to the companys competitors is done on a few fronts to further understand its position in the market

【2】Omo Aregbeyen 《The effects of working capital management on the profitability of Nigerian manufacturing firms》Journal of Business Economics and Management, 2013, Vol.14 (3), pp.520-534

AbstractThe efficiency of working capital management (WCM) has implications for firms’profitability. This paper empirically investigates the effects of WCM on the profitability of a sample of 48 large manufacturing firms quoted on the Nigerian Stock Exchange (NSE) for the period 1993 to 2005. It is aimed at filling the gaps in a previous study and contribute to expanding and enriching the literature particularly on Nigeria and at large. The analysis examined the responses of the firms’ profitability to WCM and a number of augmenting factors. Profitability was alternatively measured by gross operating profit (GOI), net operating income (NOI) and return on assets (ROA). Likewise, WCM was measured by the average collection period (ACP), average pay period (APP), inventory turnover days... (ITID) and comprehensively by the cash conversion cycle (CCC). The results indicate that the firms’ have been inefficient with WCM and caused significant reductions in profitability. The paper concludes that improving the efficiency of WCM is essential and recommends that manufacturing firms in Nigeria should shorten the ACP, APP, ITID and reduce their CCCs.

【3】Venancio Tauringana,Godfred Adjapong Afrifa 《The relative importance of working capital management and its components to SMEs profitability》

Journal of Small Business and Enterprise Development, 2013, Vol.20 (3), pp.453-469

Purpose - This paper aims to report the results of an investigation of the relative importance of working capital management, measured by the cash conversion cycle (CCC), and its components (inventory, accounts receivable and accounts payable) to the profitability of SMEs. Design/methodology/approach - The paper employs panel data regression analysis and a questionnaire survey on a sample of 133 Alternative Investment Market (AIM) listed SMEs. The panel data analysis utilises financial data for the period 2005 to 2009. The questionnaire survey results are based on 19 SMEs that responded. Findings - Panel data analysis results show that the management of accounts payable (AP) and accounts receivable (AR) is important for SMEs profitability. However, AP management is relatively more... important than AR management. Inventory (INV) and CCC management is not important for SMEs profitability. Questionnaire results suggest that management of CCC and all its components is perceived as important for SMEs profitability. In terms of relative importance, AR management is most important, followed by AP, INV and CCC respectively. Research limitations/implications - The sample is limited to AIM listed SMEs, and therefore the findings cannot be generalised to all companies. Practical implications - Overall the results imply that the SMEs need to concentrate their limited resources on managing AR and AP in order to be more profitable. Originality/value - The study is the first to investigate the relative importance of WCM and its components to SMEs profitability and use both regression analysis and questionnaire survey.

【4】Julius Enqvist,Michael Graham,Jussi Nikkinen 《The impact of working capital management on firm profitability in different business cycles: Evidence from Finland》Research in International Business and Finance, 2014

Graphical abstract Working Capital Management, Profitability and Business Conditions. Abstract The recent economic downturn of 2007–2008 has brought renewed focus on working capital policies. In this paper we examine the role of business cycles on the working capital–profitability relationship using a sample of Finnish listed companies over an 18-year period. We find the impact of business cycle on the working capital–profitability relationship is more pronounced in economic downturns relative to economic booms. We further show that the significance of efficient inventory management and accounts receivables conversion periods increase during periods of economic downturns. Our results demonstrate that active working capital management matters and, thus, should be... included in firms’ financial planning.

【5】Ben Ukaegbu 《The significance of working capital management in determining firm profitability: Evidence from developing economies in Africa》Research in International Business and Finance, 2014, Vol.31

Abstract Purpose The purpose of this study is to examine the relationship between working capital efficiency and corporate profitability and in particular, to determine their significance across countries with differential industrial levels. Design The paper adopts a quantitative approach using balanced panel data of manufacturing firms in Egypt, Kenya, Nigeria and South Africa. We accessed financial statements of manufacturing firms from the Orbis database for the period 2005–2009. The database is known to be reliable and has universal acceptability. Findings The study reveals that there is a strong negative relationship between profitability, measured through net operating profit, and cash conversion cycles across different industrialisation typologies. The negative association implies... that, when the cash conversion cycle increases, the profitability of the firm declines. Practical implications Managers can create positive value for shareholders by reducing the days customers settle their accounts, ensuring that they sell off their inventories as quickly as possible and delaying the payments to their suppliers, as long as this does not affect their credit rating. Originality To the best of our knowledge, this is the first paper to provide a fresh perspective on how working capital management influences profitability across Africa within different typologies.

【6】Rauscher Simone,Wheeler John R C 《The importance of working capital management for hospital profitability: Evidence from bond-issuing, not-for-profit U.S. Hospitals.》Health Care Management Review, 2011

Increased financial pressures on hospitals have elevated the importance of working capital management, that is, the management of current assets and current liabilities, for hospitals profitability. Efficient working capital management allows hospitals to reduce their holdings of current assets, such as inventory and accounts receivable, which earn no interest income and require financing with short-term debt. The resulting cash inflows can be reinvested in interest-bearing financial instruments or used to reduce short-term borrowing, thus improving the profitability of the organization. PURPOSE:: This study examines the relationship between hospitals profitability and their performance at managing two components of working capital: accounts receivable, measured in terms of... hospitals average collection periods, and accounts payable, measured in terms of hospitals average payment periods.

【7】Rauscher Simone,Wheeler John R C 《The importance of working capital management for hospital profitability: Evidence from bond-issuing, not-for-profit U.S. Hospitals》Health Care Management Review, 2011

Increased financial pressures on hospitals have elevated the importance of working capital management, that is, the management of current assets and current liabilities, for hospitals profitability. Efficient working capital management allows hospitals to reduce their holdings of current assets, such as inventory and accounts receivable, which earn no interest income and require financing with short-term debt. The resulting cash inflows can be reinvested in interest-bearing financial instruments or used to reduce short-term borrowing, thus improving the profitability of the organization. PURPOSE:: This study examines the relationship between hospitals profitability and their performance at managing two components of working capital: accounts receivable, measured in terms of... hospitals average collection periods, and accounts payable, measured in terms of hospitals average payment periods

【8】Sonia Baos-Caballero,Pedro J. Garca-Teruel,Pedro Martnez-Solano 《How does working capital management affect the profitability of Spanish SMEs?》Small Business Economics, 2012, Vol.39 (2), pp.517-529

This paper analyzes the relation between working capital management and profitability for small and medium-sized enterprises (SMEs) by controlling for unobservable heterogeneity and possible endogeneity. Unlike previous studies, we examine a non-linear relation between these two variables. Our results show that there is a non-monotonic (concave) relationship between working capital level and firm profitability, which indicates that SMEs have an optimal working capital level that maximizes their profitability. In addition, a robustness check of our results confirms that firms’ profitability decreases as they move away from their optimal level.

【9】Thorsten Knauer,Arnt Whrmann 《Working capital management and firm profitability》Journal of Management Control, 2013, Vol.24 (1), pp.77-87

Managing a firm’s current assets and liabilities (working capital management) is highly relevant to the success of that firm. While the short-term liquidity effects of working capital management are straightforward to derive, it is an empirical question how it affects firm profitability. This short survey paper consolidates the empirical literature on the association between working capital management and firm profitability. This state of the art analysis provides evidence of positive effects of accounts receivable management and inventory management on profitability. However, results for the effects of accounts payable management on profitability are driven by reverse causality. Finally, this paper highlights critical aspects of prior research and points to avenues for future research.

【10】Thorsten Knauer,Arnt Whrmann 《Working capital management and firm profitability》Journal of Management Control, 2013, Vol.24 (1)

Managing a firm’s current assets and liabilities (working capital management) is highly relevant to the success of that firm. While the short-term liquidity effects of working capital management are straightforward to derive, it is an empirical question how it affects firm profitability. This short survey paper consolidates the empirical literature on the association between working capital management and firm profitability. This state of the art analysis provides evidence of positive effects of accounts receivable management and inventory management on profitability. However, results for the effects of accounts payable management on profitability are driven by reverse causality. Finally, this paper highlights critical aspects of prior research and points to avenues for future research

3．本课题的研究内容

本文是在渠道管理的基础上对上市公司资金运营与企业盈利能力相关性进行研究。

营运资金有两种分类：一种是基于要素的营运资金分类，主要包括现金及有价证券、存货、应收账款和应付账款等；另一种是基于渠道的营运资金分类，主要包括采购渠道营运资金、生产渠道营运资金、营销渠道营运资金、经营活动营运资金、理财活动营运资金。不同的营运资金分类，其营运资金管理绩效指标是不一样的：基于要素的营运资金分类，其评价指标主要有存货周转期、应收账款周转期、应付账款周转期和现金周转期；基于渠道的营运资金分类，其评价指标有采购渠道营运资金周转期、生产渠道营运资金周转期、营销渠道营运资金周转期、经营活动营运资金周转期、理财活动营运资金周转期和总营运资金周转期。

不管是基于要素的营运资金管理绩效指标还是基于渠道的营运资金管理绩效指标，都呈现显著的行业特征，所以选取特定的行业来研究营运资金与公司盈利能力是十分必要的。同时要考虑到具体行业情况来选取适合的角度来研究。

由于信息、软件和信息技术服务业营运资金配置以经营活动为主的，所以本文主要研究的是经营渠道营运资金管理。通过实证研究选取的有关的面板数据模型的样本数据对比采购渠道，营销渠道，经营渠道，以及总体的经营渠道四者的资金周转率与信息、软件和信息技术服务业上市公司盈利能力相关性，构建数据模型，最后得出相关结论。

①2015年12 月15日前：师生面谈，探索选题方向及思路。

②2016年1月4日前：收集资料，阅读文献，在不断修正中形成较为具体的研究方法，形成任务书，在系统中填写，导师审核。

③2016年1月13日前：撰写开题报告并在系统中提交，导师审核，完成开题。

④2016年2月28日前：在导师的指导下查阅文献，在系统中完成外文翻译、论文初稿等，导师审核。

⑤2016年3月1日－5月24日：听取导师意见与建议，积极修改初稿，在完善论文内容的同时，保持重合率低于30%，并完成答辩前准备工作。

⑥2016年5月25日－6月4日：论文定稿，参与论文答辩，完成相关网上操作，提交论文定稿。

⑦2016年6月5日－6月9日：参加校级优秀毕业论文评选。

5、已查阅参考文献：

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