【作者】 刘江帆； 刘南；

【Author】 Jiangfan Liu;Nan Liu;Management School of Zhejiang University;Business School of Hunan Normal University;

【机构】 浙江大学管理学院； 湖南师范大学商学院；

【摘要】 本文依据传统的库存理论建立了一个计量模型,以我国1996~2007年612家制造类上市公司为样本,通过回归分析得到如下结论:销售毛利率与存货周转天数正相关;营业收入同比增长率与存货周转天数负相关;营业收入与存货周转天数负相关。在进一步的分析中发现,营业收入的增长所带来的规模经济和风险混同效应是导致存货周转天数变短的主要原因,根据这些结论本文认为存货周转天数本身不能单独用来分析运营绩效,据此本文提出了库存周转效率的测算模型,模型剔除了以上三个因素的影响。与一般的描述性统计分析中1996-2007年间我国制造类上市公司的存货周转天数下降相反,在控制了以上三个因素的影响后,本文发现在此期间我国制造类上市公司的经调整的存货周转天数变长了。更多还原

【Abstract】 We develop an econometric model based on classical inventory theory using financial data for 612 publicly listed manufacturing firms for the years 1996-2007 to analyze the inventory performance,and find out that inventory days(ID) is positively correlated with gross margin(GM),negatively correlated with sales growth(SG) and sales revenue(SR).Furthermore,larger companies appear to benefit from economies of scale and risk pooling effect,therefore have shorter inventory days than smaller ones.It yields an alternative metric of inventory productivity,adjusted inventory days(AID),which is adjusted by the three factors just mentioned,and inventory days should not be used,per se,in performance analysis.Another result we found that after controlling for GM,SG and SR,AIDs have increased with time during 1996-2007 while IDs have declined during the same period.更多还原