The Research on the Relationship Between Noncash Working Capital Management、Cash Asset and Firm’s Value：Evidence from China’s Listed Manufacturing Companies
营运资本管理是企业短期财务管理中的核心内容，对企业价值创造的能力有重要影响。本文研究了企业的营运资本管理是否是一种收益-风险的动态权衡结果，营运资本管理对企业价值的影响是否会受到企业的终极控制权、所处生命周期阶段等因素影响的问题。本文选取了中国上市制造业企业作为研究对象，将营运资本区分为非现金与现金两种存在形式，从生产管理理论与公司治理理论出发，探究营运资本管理如何对企业价值创造活动产生影响。研究结果表明，企业价值与非现金营运资本是倒U型关系，非现金营运资本管理对企业价值创造存在促进和抑制两种作用。由于国有企业与非国有企业在公司治理方面存在差异，非国有企业价值与非现金营运资本之间是倒U型关系，...Working capital management plays a significant role in short-term financial management, it has an important impact on the ability of creating value for a firm. We could like to know if working capital management is a result of dynamic tradeoff between earning and risk, whether the impact of working capital management is different with different property in ultimately controlling power and differen...学位：资产评估硕士院系专业：经济学院_资产评估学号：1552013115194
