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本文发现1998～2008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2%。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 state-owned listed companies in manufacturing industry in our country substantially increased the inventory turnover rate from 1998 to 2008. The median inventory turnaround during this period decreased from 135 days to 83 days, an average of 2% per year. This is related to the development of our country over the past decade or so in terms of the institutional basis of the market, legal system and information. At the same time, this paper finds that the inventory turnover rate of companies in developed areas is faster than that of companies in less developed areas, which shows that the development of institutional basis has a significant impact on the efficiency of inventory management. The paper also finds that the bigger the market value of a company with faster inventory turnover. The research in this paper reveals that it is of great significance for the reform of state-owned enterprises in our country to improve the institutional environment for the operation of enterprises.