摘要：以沪深两市55家建筑企业的面板数据为样本，构建“竞争战略—营运资金管理—企业价值”理论模型；然后对上市建筑企业所实施的不同竞争战略下营运资金管理政策的激进程度进行研究。研究表明：不同竞争战略下，最佳的营运资金管理政策都为中庸型；且应与建筑企业的投融资政策相匹配。

关键词：建筑业；营运资金；管理绩效；竞争战略

Abstract：This paper uses the panel data between 2007 and 2013 of fifty-five construction companies in Shanghai and Shenzhen Stock Exchange as samples to build the "competitive strategy - working capital management - enterprise value" theoretical model，and then analyzes the competitive strategies that the listed construction companies have implemented and studies the radical degree of working capital management policy under different competitive strategies and enterprise value. Study shows that moderate working capital management policy is optimal for different competitive strategies，and capital management policy should match with the investment and financing policies of the majority construction companies of China adopted.

Keywords：construction industry；working capital；management performance；competitive strategy

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