本文发现1998年-2008年我国制造行业的国有上市公司大幅提高了存 货周转速度。在此期间存货周转天数的中位数从135天降低至83天，平均每年降低200。这与过去十多年我国在市场、法制和信息等制度基础方面的发展有关。同时，本文发现制度基础发达地区的公司存货周转速度比制度基础欠发达地区的公司更快，这表明制度基础的发展对存货管理的效率具有显著影响。本文还发现，存货周转越快的公司市场价值越大。本文的研究揭示出改善企业运行的制度环境对我国国有企业的改革具有重要意义。This paper finds that the inventory turnover rate of listed state-owned manufacturing companies in China were reduced dramatically from 1998 to 2008. Specifically the median of inventory turnover days was reduced from 83 days to 135 days during this period. The average rate of this reduction was about 2% per year. The reduction in inventory turnover days was related to institutional development during the same period. Furthermore, firms in institutionally developed regions experienced more reductions than firms in institutionally less developed regions, especially for the inventory holding periods of work-in-process. The results provide direct evidence that institutional development has significant impacts on inventory management efficiency.作者单位：同济大学经济与管理学
