经济周期对营运资本的自然治理效应  

Natural Governance Effect of Business Cycle on Working Capital

作　　者：吴娜 于博[1] 陈玉 WU Na;YU Bo;CHEN Yu(Tianjin University of Finance and Economics,Tianjin,China)

机构地区：[1]天津财经大学会计学院,300222 [2]天津财经大学营运资本管理研究所,300222

出　　处：《经济学动态》2019年第11期68-83,共16页Economic Perspectives

基　　金：国家社科基金一般项目“货币政策波动与企业投资结构再平衡研究”(17BGL062);全国会计高端人才(学术类)第六期项目的阶段性成果

摘　　要：经济下行期(2008-2017年)营运资本向最优水平动态调整的速度明显快于经济上行期的原因,一是源于融资约束,二是源于下行期需求不足引发的产能出清及企业为规避调整成本损失而利用营运资本来平滑固定投资的过程。表现为具有更强议价能力的国有企业因其营运资本处置能力更高、平滑效应更强,所以下行期动态调整速度显著快于民营企业,即议价能力有可能是影响经济下行期营运资本调整速度存在所有制差异的重要因素。将样本按议价能力高低进行多维度分组后,那些具有“高议价能力”且“低融资约束”的分组(非僵尸企业或“央企”),依然呈现出更高的调整速度,从而证明了经济下行期议价能力对营运资本调整速度的影响具有现实稳健性。本文的研究意义在于,将“周期冲击、营运资本平滑、议价能力”纳入统一分析框架,探索了营运资本调整速度在经济下行期存在所有制差异的重要影响因素,拓展了现有研究边界。In the economic downturn period(2008-2017),the speed of dynamic adjustment of working capital to the optimum level is obviously faster than that in the upturn period.One important reason is the financing constraint and another one is the process of production liquidation caused by insufficient demand in the downturn period and smoothing the fixed investment with working capital by enterprises in an attempt to prevent the loss of adjustment cost.State-owned enterprises with stronger bargaining power have higher disposal ability of working capital and stronger smoothing effect,so their dynamic adjustment speed in the downward period is significantly faster than that of private enterprises。And the bargaining power may be the main factor affecting the adjustment speed of working capital in the downward period.After dividing the sample into multi-dimensional groups according to bargaining power,those groups with“high bargaining power”and“low financing constraints”(non-zombie enterprises or“central enterprises”)still have higher adjustment speed,which proves that bargaining power has realistic robustness on the adjustment speed of working capital.The research significance of the paper is to bring“the cyclical impact,the smoothness of working capital and the bargaining power”into a unified analytical framework,explore other factors affecting the speed of working capital adjustment,and expand existing research boundaries.

关 键 词：经济周期 营运资本 议价能力 自然治理效应 

分 类 号：F27[经济管理—企业管理]