中国上市公司存货投资粘性研究  

Research on the Stickiness of Inventory Investment in Chinese Listed Companies

作　　者：张亮亮[1] 黄诗梦 柴紫谦 ZHANG Liangliang;HUANG Shimeng;CHAI Ziqian(China University of Mining and Technology,Xuzhou,Jiangsu,China)

机构地区：[1]中国矿业大学经济管理学院,江苏省徐州市221116

出　　处：《管理学报》2024年第2期278-286,316,共10页Chinese Journal of Management

基　　金：国家自然科学基金资助项目(71802185);国家社会科学基金资助项目(21BJY120)。

摘　　要：以2007~2020年中国沪深A股制造业上市公司为样本,实证研究企业存货投资的粘性行为。研究发现,企业销售收入下降时存货投资减少的幅度小于等量销售收入上升时存货投资增加的幅度,即企业存货投资存在粘性。考虑不同类别存货的差异后发现,产成品的存货投资粘性更强。进一步,管理者对未来需求的乐观预期、稳定的市场需求和较高的缺货成本是存货投资粘性的重要成因。研究还发现,存货投资粘性越强,企业未来销售收入增长越快,市场竞争力越强,分析师销售收入预测也越乐观和准确,这表明存货投资粘性有助于提升企业产品市场的表现,同时能够向资本市场参与者提供有用的信息,具有一定的信息含量。Using the listed companies of Shanghai and Shenzhen A-share manufacturing industries from 2007 to 2020 as samples,this study investigates the stickiness of corporate inventory investment.The results show that inventory investment declines less when sales decrease than it rises when the corresponding sales increase,which means that corporate inventory investment is sticky.Considering the differences between inventory types,we find that investment stickiness is stronger for finished products.Furthermore,managers’optimistic expectations about future demand,the stability of market demand,and the desire to avoid high costs of stockout are important drivers of inventory investment stickiness.In addition,the stronger the stickiness of inventory investment is,the faster the future corporate sales will grow,the stronger the market competitiveness,and the more optimistic and accurate the analyst’s sales forecast will be.The above results indicate that inventory investment stickiness can improve the firms’future market performance and provide market participants with useful information about future sales growth.

关 键 词：存货投资 投资粘性 市场表现 分析师预测 

分 类 号：C93[经济管理—管理学]