营运资本管理、企业社会资本与公司发展——基于中国上市公司面板数据的实证研究  

Working Capital Management,Social Capital and Corporate Performance——An Empirical Analysis Based on the Panel Data of the Chinese Listed Company

作　　者：张莹[1] 李健[1] 薛辉蓉[2] 潘镇[1] Ying Zhang;Jian Li;Huirong Xue;Zhen Pan

机构地区：[1]南京师范大学商学院 [2]上海财经大学国际工商管理学院

出　　处：《南大商学评论》2018年第2期55-78,共24页Nanjing Business Review

基　　金：国家自然科学基金项目“家族企业传承中的企业家社会资本差异、战略变革与企业绩效研究”(71302118)、“制度距离、经验学习与跨国经营绩效:基于合法性视角的考察”(71172041);南京师范大学青蓝工程项目资助

摘　　要：以转型时期的中国经济为背景,基于资源基础理论,本文研究了企业内部营运资本、外部社会资本以及内、外部资本的交互效应对公司发展的影响,并在此基础上进一步讨论了产权性质和市场地位的情境效应。实证结果表明:高效率的营运资本管理同时有利于公司规模增长和盈利能力提高;社会资本对公司发展的正效应只体现在规模增长上;在交互作用下,社会资本可以发挥补充功能,弱化公司规模增长对营运资本管理的敏感性,但这种交互作用只体现在国有企业和市场地位低的企业。Based on the background of the Chinese economy in transition period and the resources based theory,this paper researches the effect of internal capital represented by efficiency of working capital management,capital represented by entrepreneur's political connection and business relationship,and their interaction on corporate performance,and furtherly discusses the context effects of property right and market power.The empirical results shows that:High efficiency of working capital management does good to scale growth and profitability improvement an the same time;The positive effect of entrepreneur's local political connection and business relationship on corporate performance is only reflected on scale growth;As to the non private enterprise,entrepreneur's political connection can weaken the negative effect of the turnover period of accounts receivable,which included in work ing capital management,on scale growth;As to the enterprise owning strong market power,enterprise's business relationship can weaken the negative effect of the turnover period of stock and accounts payable on profitability improvement.This paper not only provides decision making basis for government to formulate policies in transition period,but also provides development strategy for Chinese company facing weak growth.

关 键 词：政治关联 商业关系 营运资本管理 产权性质 市场地位 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济]