市场化进程、创新投资与营运资本的动态调整

发布时间：2018-02-11 10:13

本文关键词： 市场化进程产能过剩创新投资营运资本动态调整　出处：《会计研究》2017年06期 　论文类型：期刊论文

【摘要】：基于我国制造业上市公司1999-2013平衡面板数据,证明了市场化进程与创新投资均能显著提高营运资本向最优水平的调整速度,从而优化了营运资本管理、提高了存量资本的运行效率,但市场化进程与创新投资对营运资本调整速度的协同影响为负,低市场化进程下创新投资对营运资本调整速度的推动作用更强。研究意义在于以固定资产投资为媒介,从调整成本视角探索了市场化进程与创新投资对营运资本动态调整速度影响的逻辑路径,拓展了营运资本动态调整理论的实证边界以及不同调整因素之间互动关系的逻辑内涵,为理解存量资本治理路径、反思与改善市场化进程提供了政策参考。
[Abstract]:Based on the balance panel data of listed manufacturing companies in China from 1999 to 2013, it is proved that both market-oriented process and innovative investment can significantly improve the adjustment speed of working capital to the optimal level, thus optimizing the management of working capital. The operating efficiency of stock capital is improved, but the synergistic effect of marketization and innovation investment on the adjustment speed of working capital is negative. Under the process of low marketization, innovative investment has a stronger effect on the speed of working capital adjustment. The research significance lies in the fixed asset investment as the medium. From the perspective of adjustment cost, this paper explores the logical path of the influence of marketization process and innovation investment on the dynamic adjustment speed of working capital, and expands the empirical boundary of the theory of dynamic adjustment of working capital and the logical connotation of the interactive relationship between different adjustment factors. It provides a policy reference for understanding the governance path of stock capital and improving the process of marketization.
【作者单位】：天津财经大学商学院/营运资本管理研究所;天津财经大学经济学院;
【基金】：国家自然科学基金青年项目(71302114) 教育部人文社会科学研究项目(14YJC630174) 财政部“全国会计领军(后备)人才(学术类)培养项目” 天津市131创新型人才(第二层次)项目天津财经大学优秀青年教师培育计划项目(YQ1402)资助
【分类号】：F406.7;F425;F832.51

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