ࡱ> PRO'` RBsbjbj{P{P2::N(%@@@V```j8N4 -0"RRR-G S3-5-5-5-5-5-5-$X/h1|Y--`--Y-``RR-0)0)0)`R`R3-0)3-0)0)+``+R O0 h<&+3--0-+,<2&(<2+<2`+<[L60), [[[Y-Y-(|[[[- d t^fj^\``` VQY%ЏDё{txvzvV~NU\g szl Th Y[^:_ -NVwm m'Yf[{tf[b -NVwm m'Yf[{tf[b [N'Yf[{tf[b 0Oxvz 02007t^,{2gSh [Xd] %ЏDё{t/fON"R{tv͑Q[ [%ЏDё{tvxvzt^(W"Rtxvz-N`Snc>fWMOn020N~90t^NNeg %ЏDё{tvtxvzNeeg_v%ЏDё{t[vkf>fnT0bVv%ЏDё{txvz^N%ЏDёR{|:NReQp ^zWN nS{tv%ЏDё{teFhg (WdkW@x N ^l_U\ON%ЏDё{tg S^ -NV N^lQS%ЏDё{tg :NbVON%ЏDё{tvxvzTċNcOpenc/ec0 [sQ.͋]%ЏDё{t xvzV~ U\g nS{t %ЏDё{tg %ЏDё{t/fON"R{tv͑Q[0^t TyrfTg\elKQe~\$NMOf[[VNCS['YWON"R~tvghf "R~t(W%ЏDё{t N@b9veQNN`SN NRKNN0N%ЏDё{tv͑0WMOv[^ [%ЏDё{tvxvz_Nt^(W"Rtxvz-N`Snc>fWMOn06q S_bNh"}20N~90t^NNeg(WThe Journal of Financial Research, The Journal of Finance, Financial ManagementI{;NAm"Rf[ R NShvee sQN%ЏDё{tvtxvz]ASR\0[k20N~90t^NNegQHrv"R{tYeyfN-NsQN%ЏDё{tvQ[ _N NSs vQQ[FhgW,gN20N~80t^Nev T0ُyrQ>f6qN%ЏDё{t(WON"R{t-Nv͑0WMOg Nvy0,geb(WRgV~VQY%ЏDё{txvzvW@x N ͑p\20N~90t^NNeg%ЏDё{tvtxvzN{t[v[gq [VQY%ЏDё{txvzvsrۏL[‰ċN v^[%ЏDё{txvzv*gegSU\ZPQU\gT^0 N0VY%ЏDё{txvzV~ 1%ЏDё{txvzQ[NUSrAmRDN{t0RteSO%ЏDё{t VYsQN%ЏDё{tvxvzYN20N~30t^N0FO(W20N~70t^NNMR %ЏDё{txvzv;NQ[/f[T%ЏDёyv;N/f^6e&>k0X['I{AmRDN YUOۏLOS0W. D. Knight1972 cQUSrxvzkyAmRDNvgO4ls^/f NTv S_\TyAmRDN NvbDTTwegۏLxvze QV{v'`( N^S_/fgOS ^/fnaS0Keith V. Smith1979 cQsQNk*N%ЏDёyv{tvxvz] g_'YۏU\ FO\%ЏDё\O:NN*NteSOۏLxvztSl gY\ۏU\ v^!kcNteSO%ЏDёĉRNc6RvQ[ 1989t^ John J. Hampton & Cecilia L. WagnerQHrN 0%ЏDё{t 0NfN vQQ[]~ NNSbAmRDN{t NbU\0RNO(uċ~0wgD0m9O7I{Q[0sSNv)R'`TΘi'`$N*N҉^[ \AmRDёvX[ϑMnsSbD?eV{ NvQv^vDёegnsSD?eV{ T|weg N;`SO NۏL‰[TxvzYUOncdk6R[Tt%ЏDё?eV{0ُyW,gQ[FhgNvOc0Rs(W *gSuf>fvSS0 20N~90t^NNeg VY;NAm"Rf[ R N]_\ w0RsQN%ЏDё{tvNxvz0FO/f ON%ЏDё{t[vRetSv^*g\Pbk NNT:ggTN[R:N[TvBg_(Wߍ*eeg_v%ЏDё{t[ebS%cN;N[\O(u ُeb:NzQv^勖cVRELTlQSTCFOBg__U\v[Vg'Yv1000[ONv%ЏDёgThe Working Capital Survey 0gYN1997t^ kt^S^N!kt^^gbJT dRLN[@bgON c%ЏDё{t~HeۏLc TY ؏[ON%ЏDё{tvppTRۏLċ0yr+RkhTlsbhTlg I{01uNُNchSd[z0W[%ЏDё-NvAmRDNRv{trQ _Ɖ[ُNyvKNQ(WT|v[ V [ON(W^(uُNche~8^QsQzTwvkY>e[O(u?eV{}6q g)RNX['.U N R_X['hTls FOSOXR^6e&>k`S(u v^O^6e&>khTlsMNO 0f:N%N͑v/f ُNch9h,gl gmS%ЏDё-NvAmR:PR @bN_N;`SO NbcX['0^6e&>k0^N&>khTlSvQSS[%ЏDёvwQSOq_T z^ N$Re%ЏDёV{euSSbte(WgNks Nv9eU&Tbm(WvQNks N bvv`S0 tN N Richard V.D.TE.J.Laughlin(1980)cQNǑ(usёhTgCash Conversion Cycle ch (uNS fON%ЏDё{trQvhQ0NN\sёhTg[IN:NsёhTg^6e&>khTlg X['hTlg ^N&>khTlg0James A. Gentry, R. 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g~%;mR%ЏDё0t";mR%ЏDё0 c nSR^v%ЏDё0R nS{v%ЏDёhTlHesI{m^xvzpenc0Vdk R_bV N^lQS%ЏDё{tpencs^S^]b:NS_RKN%`0 NWN nS{tv%ЏDё{ttxvzT[^(uBlv^ pencs^S^N%ЏDё;`0t";mR%ЏDё0~%;mR%ЏDё0% nS%ЏDё0uN nS%ЏDё0Ǒ- nS%ЏDё0%ЏDёhTlg0~%;mR%ЏDёhTlg0% nS%ЏDёhTlg0uN nS%ЏDёhTlg0Ǒ- nS%ЏDёhTlgI{:N8h_ch Ng'YAS[O^FUvO'`ShQt^Ǒ-vkO0g'YAS[[7b-'`ShQt^.UvkO01t^N N^6e&>k`ShQ萔^6e&>kvkO0SPgeX['0(WNT0^X[FUTR+R`ShQX['v~vRk0~%;mR%ЏDёNwgP>kKNkI{%ЏDё{txvzT%ЏDё{t[@bmSvvQNvsQch:NeEQ N N^lQSvt^^"RbJT:N;Npencn ct^^S^ -NV N^lQS%ЏDё{tgThe Working Capital Management Survey of Chinese Listed Companies  :NbVON%ЏDё{txvzTċNcOpencs^S/ec0 A review and prospect of the working capital management Wang Zhuquan et al. [Abstract] Working capital management is the main contents of corporate finance, so the study in this field should gain much attention. Compared with the rapidly development of the practice, the development of the theory has been lagged obviously since 1990 s. We suggest that the study should begin from the reclassification of working capital, and then, the new framework of the theory should be set up, which is based on the supply-chain management, the channel management and the customer relationship management. Meanwhile, we should launch on the survey of working capital management of Chinese companies and promulgate the results, which can offer the data for the study and evaluation of working capital management. Se.s Stephen A. Ross, Randolph W. Westerfield, Bradford D. Jordan. 1991.Fundamentals of Corporate Finance, Irwin. W. D. Knight,1972. Working Capital Management: Satisficing versus Optimization, Financial Management Richard V.D. and E.J. Laughlin, 1980. A Cash Conversion Cycle Approach to Liquidity Analysis, Financial Management (Spring). James A. Gentry, R. Vaidyanathan, and Hei Wai Lee,1990. A Weighted Cash Conversion Cycle, Financial Management (Spring. Randy Myers, Cash Crop: The 2000 Working Capital Survey, CFO Magazine, 2000 Ronald Fink, Forget the Float? The 2001 Working Capital Survey, CFO Magazine, 2001 Tim Reason, We Can Work It Out : The 2002 Working Capital Survey, CFO Magazine, 2002 Tim Reason, Barely Working: The 2003 Working Capital Survey, CFO Magazine, 2003 Tim Reason, Off the Shelf: The 2004 Working Capital Survey, CFO Magazine, 2004 Tim Reason, Capital Ideas: The 2005 Working Capital Survey, CFO Magazine, 2005 Brian Flanagan, 2005. Managing Working Capital, Business Credit. Andrew Harris, 2005. Working Capital Management: Difficult, but Rewarding, Financial Executive. Keith V. Smith,1973. State of the Art of Working Capital Management, Financial Management. Kenneth P. Nunn, Jr. 1981. The Strategic Determinants of Working Capital: A Product-line Perspective, The Journal of Financial Research. Harry G. Guthmann, 1934. Industrial Working Capital During Business Recession, Harvard Business Review. kN9h1995%ЏDё{tvW,gStOxvz 1 hgĖ܀0*sZ0Ri_20009eۏhTlschvs[`Oxvz 4 szl20030W:S~%ONOxvz,{1HrSN:~Nm{tQHr>y szl0l^g2005R nSc6R::SRON%ЏDё{tv͑_Oxvz, 6  Ye萰eN~OyNMb/ecRNCET-05-0590 v6k'`bg a""?ehQVOf[/g&^4YNyvv/ec0  DSO=^6e&>k/.UQ6eeQ/365 DIO=X['/.UQ6eeQ/365 DPO=^N&>k/.UQ6eeQ/365 9hncVRELTlQSTCFOBg_[Vg'Yv1000[ONvg VON N+T}lfLN 2004t^^6e&>khTl)YpeDSO :N40.9)Y X['hTl)YpeDIO :N30.7)Y0     PAGE  PAGE 1 VOZO^OdOtO|O~OOOOOOOOOOOOOPP"P$P`PbPhPPPPQQQQͻ|||m^|m|mm^mh!BCJOJQJ\aJo(h&CJOJQJ\aJo("h#hUJNCJOJQJ\aJo(h vCJOJQJ\aJo(hUJNCJOJQJ\aJo(hUJNCJOJPJQJaJo(#h`5CJOJPJmHnHo(uh CJOJQJ\aJo(h7@hUJNCJOJQJaJo(h0XhUJNCJOJQJaJo(h3CJOJQJ\aJo(hUJNCJOJQJ\aJo(h!BCJOJQJ\aJo(h&CJOJQJ\aJo(h\CJOJQJ\aJo(RR,SSSS6T8TTTT:UUPV~VWYY\[ d,WD`gdUJNd,G$WD`gdUJNd,G$WD`gdH d,G$`gd\d,G$WDX`gdUJNd,G$WD`gdUJN d,G$gdUJNlVnVrVvVxV|V~VVVWWWWYYYʸqdYG5#h v5CJOJPJQJ\aJo(#h>`5CJOJPJQJ\aJo(hUJNCJOJQJo(hUJNCJOJQJaJo(&hShUJNCJOJQJmHnHo(u"hShUJNCJOJQJ\aJo("hSh vCJOJQJ\aJo(hUJNCJOJQJ\aJo("h0XhUJNCJOJQJ\aJo(&hT hUJNCJOJPJmHnHo(u hUJNCJOJPJmHnHo(u h vCJOJPJmHnHo(uYY[Z[\[[[[ \\4\]]d^h^^®ziXzC/Cz&h??hUJNCJOJQJ\mHnHu)h??hUJNCJOJQJ\mHnHo(u h~JCJOJQJmHnHo(u h1E=CJOJQJmHnHo(u&h??hUJNCJOJQJmHnHo(uh??hiCtCJOJQJaJo(h??hUJNCJOJQJaJo(&h??hiCtCJOJQJmHnHo(uh1f,CJOJmHnHo(uhiCtCJOJmHnHo(uhUJNCJOJmHnHo(u hUJNCJOJPJQJ\aJo(\[^^_:_ddefghiilj kkHllm@nRo d,VD^$d,a$gdQ0 $WD`a$gdQ0 $2WD`2a$gdQ0 d,WD`d,G$WD`gdUJN^^^^_8_:_N_a(a>a@accccccdZd`dddhejeleveeeeehflfnffffffVggghȿӦyyytmt hqO6o( hqO6hqOOJQJ^JhqO6OJQJ^Jo(hkwOJQJ^Jo(hqOOJQJ^Jo(hqO5CJOJQJ\o(h@mHnHo(uhQ0mHnHuhQ0 hQ05o( hQ0o( h9@o(hQ05CJaJhQ05CJaJo(hQ0CJOJmHnHo(u*hFhhhhiiiijFj^jjj2kBkkkkk"l:lFlhltlllllll`mmmmmmmmmmmmn&n(nn@nBnRnTn̶̯بدب􏂏hkwhqOOJQJ^JhkwhqOOJQJ^Jo(hkwOJQJ^Jo( hkw6o( hqO6o(hkw0JB*o(phhqOOJQJ^JhqO0JB*o(ph hqO6hqO0JB*phhqO6OJQJ^Jo(hqOOJQJ^Jo(3Tnfnjnvnxn ooo"o$o(o*orrrrrssss ss s"s$s:ss&`#$WDd` d,VD^JqLqNqPqnqqqqqqqq>r@rrrrrrrrrrrrrrrrrsss sssss s$s&s2s4s6s8s:s>s@sBs𴨴¤쒌hQ0JmHnHu hbE:0JjhbE:0JUjhUhhvhbE:OJQJ\hvhbE:OJQJ\o( hbE:o(h$ehbE:o(hbE:OJQJo(hQT hbE:OJQJo(hQT hbE:o(hbE:jhbE:0JU hqOo(0>s@sBs d,VD^0182P. 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