A correct working capital financing strategy has always been an important part of corporate financial decision-making.Using financial data of listed companies in China, this paper empirically studies the relationship among the macro-economic situation, management incentives and working capital financing strategies.Research indicates that on the whole, Chinese companies prefer radical financing strategies. Monetary compensation incentives will make companies’ working capital financing strategies more robust, while equity incentives will induce companies’ working capital financing strategies to be more aggressive. When the macroeconomic development trend is good, the role of monetary compensation in inducing prudent financing strategies weakens, and the role of equity incentives in inducing aggressive financing strategies increases.