营运资本持有目标的非对称性选择研究

发布时间：2019-05-21 16:55

【摘要】：笔者使用双边随机边界模型从营运资本决策的核心约束条件出发对企业营运资本持有的决策行为和特点进行研究,定量测算了价值创造和降低风险对营运资本持有水平的影响效应。研究结果发现:2001—2014年中国上市公司营运资本持有目标呈现出典型的非对称性特征,营运资本持有目标偏好价值创造的程度超过降低风险,两者的权衡净效应导致营运资本持有水平比最优水平低18.79%;2007年以后企业营运资本持有决策倾向于价值创造目标的趋势不断下降;公司规模、所有权类型以及营运资本管理效率对营运资本持有目标的权衡净效应产生重要影响。上述结论表明,伴随着中国经济的快速发展,企业获得丰富的投资机会但也存在显著的融资约束,使得企业营运资本决策趋于激进,能够创造价值的资本性投资在企业资源配置中争夺更多的资源。本文的研究有助于更加科学地评价和认识企业营运资本政策,帮助企业科学构建基于价值创造、风险控制和营运资本最优持有水平的三维营运资本决策方法。
[Abstract]:The author uses the bilateral stochastic boundary model to study the decision-making behavior and characteristics of working capital holding from the core constraints of working capital decision. The influence effect of value creation and risk reduction on working capital holding level is measured quantitatively. The results show that the target of working capital holding of listed companies in China shows typical asymmetric characteristics from 2001 to 2014, and the degree of preference value creation of working capital holding target exceeds that of reducing risk. The net effect of the tradeoff between the two leads to 18.79% lower working capital holding level than the optimal level. After 2007, the trend of enterprise working capital holding decision-making tends to be value creation goal, and the size of company, ownership type and working capital management efficiency have an important impact on the tradeoff net effect of working capital holding goal. The above conclusions show that with the rapid development of China's economy, enterprises get rich investment opportunities, but there are also significant financing constraints, which makes the decision of working capital become more and more radical. Capital investment that can create value competes for more resources in the allocation of enterprise resources. The research in this paper is helpful to evaluate and understand the working capital policy of enterprises more scientifically, and to help enterprises scientifically construct a three-dimensional working capital decision-making method based on value creation, risk control and optimal holding level of working capital.
【作者单位】：首都经济贸易大学会计学院;
【基金】：国家社会科学基金项目“资本成本锚定的国有企业投资效率提升机制研究”(项目编号:15BGY013)
【分类号】：F275

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