本文以沪深两市A股制造业上市公司2010—2012年的面板数据为研究样本,选取公司治理结构变量,即董事会特征中的独立董事比例、董事长两职合一、董事会规模与股权结构中的股权集中度、股权制衡度、管理层持股比例,来研究公司治理与营运资本管理效率的相关关系。通过研究发现,董事会规模、股权制衡度与营运资本管理效率存在显著正相关关系,管理层持股比例与营运资本管理效率存在显著负相关关系,董事长与CEO的两职分离有助于营运资本管理效率的提高。因此,针对我国制造业上市公司,公司治理水平的提高有助于改善营运资本管理效率。最后,针对本文得出的实证结果,给出了几点通过提高公司治理水平来改进营运资本管理效率的政策建议。本文扩展了营运资本管理效率的影响因素的研究,帮助企业认识到从战略方面,通过提高公司治理水平来提高营运资本管理效率。 This paper takes the panel data of A-share manufacturing listed companies in Shanghai and Shenzhen from 2010 to 2012 as the research sample, and selects the variables of corporate governance structure, that is, the proportion of independent directors in the board of directors, the combination of the two directors, the size of the board of directors and the shareholding structure In equity concentration, equity balance, the proportion of management shares to study the relationship between corporate governance and working capital management efficiency. Through the study found that the size of the board of directors, equity checks and balances and working capital management efficiency there is a significant positive correlation between the management of the ownership ratio and working capital management efficiency there is a significant negative correlation between the separation of the two roles of chairman and CEO contribute to working capital Management efficiency. Therefore, for the listed manufacturing companies in our country, the improvement of corporate governance helps to improve the working capital management efficiency. Finally, based on the empirical results obtained in this paper, some policy recommendations on how to improve the efficiency of working capital management by improving corporate governance are given. This article expands on the study of the influencing factors of working capital management efficiency and helps enterprises to realize that from the strategic aspect, improve the management efficiency of working capital by improving the level of corporate governance.