Abstract: Based on the channel theory of working capital, the paper calculates the mean and standard deviation rate of both the working capital structure, and the efficiency index of listed companies of our country. We find that, the mainly field that different industries put their working capital in is almost marketing channels, while the management emphases are almost production channels and purchasing channels. To take the electronics industry as an example, the paper finds the key factor that results in "the stable high proportion" of marketing channels of electronics is accounts receivable, by calculation of standard deviation rate and skewness. It is suggested to draw lessons of the inventory management from Hisense to cut down the working capital of production channel. Some management strategies of purchasing channel of electronics would be to keep a proper supplier concentration, improve the commercial credit of enterprise and improve the inventory management mode.

摘要： 通过对我国上市公司各渠道营运资金结构均值和结构离散度的计算，以及对各渠道营运资金投入产出指标均值和离散度的计算分析，发现不同行业在经营性营运资金上的主要投放领域几乎都是营销渠道，而管理重心却都是生产渠道和采购渠道。以其中的电子业为例，从构成要素分析中发现营销渠道营运资金占比较大的原因是稳定存在着大量的应收账款；生产渠道营运资金管理可借鉴优秀企业的存货管理经验；采购渠道营运资金管理策略则包括保持适度的供应商集中度、提高企业自身商业信用、改进存货管理模式。