营运资金与企业价值的情境研究——一项基于资源冗余视角的经验性证据

A Contextual Analysis on the Relationship between Working Capital and Firm Value——Empirical Evidence Based on Slack Resource

本文从冗余资源视角确认了两类营运资金对企业价值影响机理的差异性,选取2007～2010年制造业上市公司为样本对此进行检验。研究表明,在经济繁荣时期经营状况较差的企业以及经济危机时期经营状况较好的企业的经营活动营运资金周转期与企业价值显著负相关;经济繁荣和经济危机时期,经营状况较差的企业的理财活动营运资金周转期与企业价值正相关;经济危机时期,经营状况较好的企业的理财活动营运资金周转期与企业价值负相关。

This article distinguishes operational working capital and financial working capital based on slack resource and con- finned their different effect mechanisms on firm value and also examines the relationship between working capital and firm value in different stations by choosing the manufacturing list companies from 2007-2010 as samples. The authors find that operational working capital conversion cycle is negative correlation with firm value for poor performance companies in good economic environment and good performance companies in poor economic environment and poor performance companies need more financial working capital to improvement firm value. There is negative correlation between financial working capital and firm＇s value for good performance ones in economic crisis environment.