中文摘要：

本文利用2000-2009年间我国制造业上市公司的财务数据,从营运资本管理政策和营运资本管理效率的角度对公司绩效的影响状况进行了探讨。研究发现,（1）营运资本管理活动对公司绩效具有显著的影响,且营运资本管理政策相较于营运资本管理效率对公司绩效具有更大的影响;（2）营运资本投资政策对公司绩效具有正向的影响作用,现金周期对公司绩效具有反向的影响作用。

英文摘要：

In this paper,by using financial data of Chinese manufacturing companies from 2000 to 2009,I make a discussion on the effect of operation capital management policy and efficiency on company＇s performance.And it turns out that,first,operation capital management activity has a remarkable effect on performance,and operation capital management policy has a larger effect than operation capital management efficiency.Second,operation capital investment policy has a positive effect on company＇s performance,and while cash cycle has a negative effect.