摘要：无论哪个企业对于营运资本的管理都是重中之重，它对企业绩效有着重大的意义。处于企业生命周期各个阶段下，企业选择的营运资本管理策略不尽相同。与企业生命周期阶段相适应的营运资本管理策略能够使企业获得更多的发展并实现企业盈利能力最大化。企业要想实现盈利能力最大化，就必须在企业生命周期不同阶段下选择与之相适应的营运资本管理策略。

本文介绍了企业生命周期理论与营运资本理论，选取了我国中部上市公司2012年至2015年的有效数据进行分析。首先对企业生命周期阶段进行识别划分，然后分析了企业营运资本管理策略选择的差异。结果表明，我国大部分中部上市公司趋向选择中庸高型营运资本管理策略。再对中部上市公司的经营性营运资本的管理效率与企业盈利能力进行了分析。结果表明，经营性营运资本的周转期与企业业绩存在不显著的正相关关系。

关键词企业生命周期营运资本管理盈利能力

Title:Research on the effect of Working Capital on performance from the perspective of Enterprise Life Cycle           

Abstract:The working capital management strategy has great significance to the enterprise performance. In all stages of the enterprise life cycle, the choice of working capital management strategies vary. The working capital management strategy, which is compatible with the enterprise life cycle stage, enables the enterprise to achieve more development and maximize the profitability of the enterprise. In the different life cycle stage, how to choose the appropriate working capital management strategy, which will be the primary thinking of the enterprise.

This paper introduces the theory of enterprise life cycle and the theory of working capital, as well as the choice of working capital management strategy under different life cycle. This paper chooses the effective data of China's central listed companies from 2012 to 2015 for analysis.

First, the enterprise life cycle stage is pided, and then analyzed in the four stages of enterprise life cycle the enterprise operating capital management strategy selection differences. The results show that most of the listed companies in China tend to choose the high working capital management strategy. And then analyzes the management efficiency and the profitability of the operating capital of the listed companies in the central part. The results show that there is no significant positive correlation between the turnover period of operating capital and business performance.

Keywords Enterprise Life Cycle  Working capital management  Profitability

目 次

1 绪论 1

1．1 研究背景与意义 1

1．2 研究方法与内容 1

1．3 论文基本框架 1

2 相关理论与文献综述 3

2．1 企业生命周期理论及对营运资本的影响 3

2．2 营运资本理论 4

2．3 企业绩效理论 6

3 理论分析与研究假设 7

3．1 理论分析