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中文摘要：
以2010-2014年我国1183家A股制造业上市公司为研究对象,选取了8个指标变量共5915个样本观察的面板数据,通过建立固定效应模型考察基于渠道理论的营运资本管理效率对企业价值的影响。研究发现,企业价值与衡量营运资本管理效率的综合指标经营活动营运资本周转期显著负相关,并且与经营活动营运资本周转期的各组成部分,如采购渠道、生产渠道和营销渠道营运资本周转期显著负相关。研究结果表明,提高制造业上市公司的营运资本管理效率,可以增加企业价值。管理者可以通过有效的渠道管理,将营运资本周转期维持在最优水平,实现营运资本的高效运转。
英文摘要：
Analysis of effect of working capital management on corporate value is investigated for a sample of 1183 Chinese Listed Manufacturing Companies, using 5915 panel data analysis for the period of 2010-2014. The regression results show that there is a negative relation between corporate value and working capital management efficiency measured by operating activities working capital conversion cycle and each different component. The research results suggest that the increase of the effect of working capital management can increase corporate value. Managers can keep working capital conversion cycle to an optimum level by effective channels management and achieve the efficiency of working capital operation.
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