营运资本的经济周期效应与货币政策效应研究

发布时间：2017-12-28 14:36

本文关键词：营运资本的经济周期效应与货币政策效应研究　出处：《财经问题研究》2015年10期 　论文类型：期刊论文

【摘要】：本文以2001—2013年在沪深两市上市的制造业公司为样本,分析了企业营运资本的经济周期效应和货币政策效应。研究发现:由于营运资本投资主要受不对称调整成本而不是常规投融资因素的影响,营运资本逆经济周期波动;相对于经济上行期,经济下行期经济增速的变化对于营运资本的影响更为显著;货币政策和经济周期的叠加会加强或弱化营运资本的经济周期效应;货币政策在不同的经济时期会对营运资本产生不对称的影响,宽松的货币政策在经济上行时会促使企业增加营运资本投资,在经济下行时会促使企业应收账款周转加快,改善企业流动性状况。本文的研究结果对于评价当前宏观经济政策的效用具有一定的现实意义。
[Abstract]:This paper analyzes the economic cycle effect and monetary policy effect of the working capital of the company from 2001 to 2013 in the Shanghai and Shenzhen two markets. The study found that: due to the influence of working capital investment is mainly affected by the asymmetric adjustment costs rather than conventional financing factors, working capital relative to the inverse of the economic cycle fluctuation; economic upward period, changes in the economic downturn in economic growth for the effect of working capital is more significant; the superposition of monetary policy and the economic cycle will strengthen or weaken the effect of the economic cycle working capital; monetary policy will have an asymmetric impact on working capital in the different economic period, the loose monetary policy will encourage enterprises to increase capital investment in the economy upward, in the economic downturn will lead to enterprise accounts receivable turnover speed, improve the liquidity situation of enterprises. The results of this paper have some practical significance for evaluating the effectiveness of current macroeconomic policies.
【作者单位】：中国社会科学院数量经济与技术经济研究所;
【基金】：国家自然科学基金项目“面向经济复杂性的行为建模与计算实验及应用研究”(71471177)
【分类号】：F424;F822.0
【正文快照】： 一、引言企业维持日常运营和扩大收入,需要固定资产投资和营运资本投资。营运资本投资通常包括给客户提供商业信用(应收账款)和进行存货投资。1在营运资本投资期间,企业一般也会从供货商获得一定的商业信用融资(应付账款)。与固定资产投资不同,营运资本投资弹性更大,波动性更

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