The Influence of the efficiency of Operating Capital Management in Small and Medium-sized Enterprises on Performance--Panel Evidence from Chinese Listed Small and Medium-sized Enterprises
LI Jie
(Department of Economics and Management, Huanghuai University, Zhumadian 463000, China)
Abstract：
With 199 SMES’ annual financial reports data from 2007 to 2009 as research samples, the author studies the relationship between working capital management efficiency and performance. Regression results show SMES’ performance isnegatively related to the cash cycle reflecting operating capital management efficiency and the accounts receivable cycle as a part of cash cycle and positively correlated with inventory cycle and accounts payable cycle. The research results indicate that management can keep cash cycle, accounts receivable cycle, inventory cycle, accounts payable cycle in a reasonable level by establishing propercredit policy and inventory policy to realize the efficient operation of operating capital
LI Jie.The Influence of the efficiency of Operating Capital Management in Small and Medium-sized Enterprises on Performance--Panel Evidence from Chinese Listed Small and Medium-sized Enterprises[J] Economic Survey, 2011,V28(4): 96-100
2011 
