供应链关系、产权性质与营运资金融资结构动态调整——基于不同行业景气度的分析  

Supply Chain Relationship, Nature of Property Right and Dynamic Adjustment of Working Capital Financing Structure: Based on an Analysis of the Prosperity in Different Industries

作　　者：孙兰兰[1] 王竹泉[1,2] 

机构地区：[1]中国海洋大学管理学院,山东青岛266100 [2]中国海洋大学中国企业营运资金管理研究中心,山东青岛266100

出　　处：《当代财经》2017年第5期115-125,共11页Contemporary Finance and Economics

基　　金：国家自然科学基金项目"利益相关者视角的营运资金管理研究与中国上市公司营运资金管理数据平台扩充建设"(71372111)

摘　　要：以2004—2014年A股制造业上市公司为研究样本,首次从动态调整视角对不同行业景气度下供应链关系、产权性质与营运资金融资结构动态调整的关系进行了分析。研究发现:企业营运资金融资结构决策是对风险和成本进行权衡的动态决策过程;营运资金融资结构的调整速度受供应链关系和产权性质的影响,供应链集中度较高的企业和国有企业的调整速度通常更快。进一步研究发现,上述影响受到行业景气度的制约,当所处行业不景气时,企业会加快营运资金融资结构的调整速度。Taking China’s A-share listed manufacturing companies during the period of 2004-2014 as the research samples, this paper conducts an empirical analysis of the relationship between the supply chain relationship, the nature of property right and the dynamic adjustment of working capital financing structure under the prosperity of different industries from the perspective of dynamic adjustment for the first time. The findings show that the decision-making of business working capital financing structure is a dynamic decision-making process weighing on the risks and costs. The adjusting speed of the working capital financing structure is subjected to the impact of the supply chain relationship and the nature of property rights; the enterprises with higher supply chain concentration ratio and the state-owned enterprises usually have faster adjustment speed. Further study finds out that the above-mentioned impacts are restricted by the extent of industry prosperity; during the industrial recession, the enterprise would quicken the adjustment speed of the working capital financing structure.

关 键 词：营运资金融资结构 动态调整 供应链关系 产权性质 行业景气度 

分 类 号：F275[经济管理—企业管理]