重大融资、经营性营运资金管理效率与企业绩效——来自中国上市公司的经验证据
Significant Financing, Efficiency of Operational Working Capital Management and Corporate Performance—— Evidence from China's Listed Companies

将重大融资行为的影响纳入考虑，重新对经营性营运资金管理效率与企业绩效的关系加以探讨，选取沪深两市2004~2012年数据为样本，研究发现：在正常经营状况下，中国上市公司经营性营运资金管理效率与企业绩效之间呈显著正相关关系；而重大融资行为下，二者关系则并不显著。此外，检验结果还显示：重大融资行为本身与企业绩效呈负相关关系；重大融资行为可能会促使经营性营运资金管理效率显著下降。这些可能是导致重大融资行为下经营性营运资金管理效率与企业绩效之间不相关的主要原因。
Based on samples from China's listed companies (2004-2012), this paper investigated the relationship between efficiency of operational working capital management and corporate performance when taking significant financing in account. It could be found that: without significant financing, there was a certain positive correlation between efficiency of operational working capital management and China's corporate performance; however, the correlation disappeared when significant financing occurred. In addition, the output showed: significant financing was significantly negative to corporate performance and led to the decline of efficiency of operational working capital management. These may be the main cause of the correlation lost.