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中文摘要：
基于制造业上市公司2000～2011年的财务数据,利用动态面板GMM方法,研究分析了环境动态性对营运资本管理效率和流动性与产品市场竞争关系的调节作用.实证结果表明：动态环境下流动资产周转周期、应收账款周转周期、存货周转周期、现金周转周期与产品市场竞争绩效显著负相关,应付账款周转周期与竞争绩效正相关;流动性与竞争绩效显著负相关.环境动态性在这一过程中具有显著的调节作用,且环境动态性越高,调节作用越强.此外,当行业集中度越低以及企业在行业竞争中处于落后地位的情况下,环境动态性的调节作用也越强.
英文摘要：
This paper, based on the data of listed companies in manufacturing industry from the year 2000 to 2011 and the method of dynamic panel GMM, analyses the regulating role of environmental dynamism on the relationship between working capital management efficiency, liquidity and product market competitive. The result shows that in the dynamic environment, the current asset turnover period, the account receivable turnover period, the inventory turnover period, and the cash turn- over period are in significant negative correlation with the product market competitive performance, while the account paya- ble turnover period shows positive correlation with the product market competitive performance; And the liquidity is nega- tively correlated with competitive performance. The environmental dynamism has a significant regulation role in the process, and the higher the environmental dynamics, the stronger its regulating role. Moreover, when the industry concentration is low and the firm stands at backward position in the industry competition, the regulation effect of environment dynamism be- come stronger.
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