生产—流通二元视角下制造业企业职能成本结构动态调整问题研究

发布时间：2018-06-30 00:43

本文选题：职能成本结构 + 调整速度　；参考：《商业经济与管理》2017年05期

【摘要】：为了研究制造业企业中流通投入占生产—流通总投入的比例,文章提出了职能成本结构的概念,将制造业企业视为生产和流通的结合体,分析其如何综合权衡生产职能和流通职能的执行,并从生产层面、流通层面和市场层面构建目标职能成本结构决定模型,从融资能力、资本周转和变现能力构建调整速度影响模型。随后,文章选取2003-2014年沪深两市制造业上市公司为研究样本,利用系统GMM估计和纠偏LSDV估计方法,对文章在理论部分提出的模型进行了实证分析。结果表明:整体而言,在两种方法下,目标职能成本结构调整到一半所需的平均时间大约为2.87年或3.04年;公司规模、资本结构、销售依存度和存货周转率等因素与目标职能成本结构显著负相关,库存率与目标职能成本结构显著正相关;更强的变现能力会显著加快职能成本结构调整速度,但当总资产周转速度减慢,融资能力不强时,企业也会倾向于加速调整职能成本结构。
[Abstract]:In order to study the proportion of circulating input to total production-circulation input in manufacturing enterprises, this paper puts forward the concept of functional cost structure, which regards manufacturing enterprises as a combination of production and circulation. It analyzes how to balance the execution of production function and circulation function synthetically, and constructs the target function cost structure decision model from the production level, the circulation level and the market level, and constructs the financing ability from the production level, the circulation level and the market level. Capital turnover and liquidity build adjustment speed impact model. Then, this paper selects the listed manufacturing companies in Shanghai and Shenzhen stock markets from 2003 to 2014 as the research samples, and makes an empirical analysis of the models proposed in the theoretical part by using the systematic GMM estimation and the corrected LSDV estimation method. The results show that, overall, the average time required to adjust the target functional cost structure to half is about 2.87 or 3.04. Factors such as sales dependency and inventory turnover are negatively correlated with the target functional cost structure, inventory ratio is positively correlated with the target functional cost structure, and stronger liquidity will significantly speed up the adjustment of the functional cost structure. But when the turnover speed of total assets is slow and the financing ability is not strong, enterprises tend to speed up the adjustment of functional cost structure.
【作者单位】：中国人民大学商学院;
【分类号】：F406.72;F425

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