融资约束视角下营运资本规模对产品市场竞争绩效的影响

The Influence of Working Capital Scale on Product Market Competition Performance under the Perspective of Financing Constraints

以1998～2010年中国制造业A股上市公司为研究样本,基于融资约束检验营运资本规模对产品市场竞争绩效的影响,以及营运资本规模与产品市场竞争绩效之间关系对外部融资环境变动的反应。结果表明营运资本促进了企业市场份额增长,提高了竞争绩效。融资约束程度较高的公司的营运资本规模对产品市场竞争绩效的支持作用显著强于融资约束较低的公司。不同融资约束下营运资本规模与产品市场竞争绩效间的关系对外部融资环境变化的反应不同。当外部融资环境变得恶劣时,融资约束程度较高的企业的营运资本规模与竞争绩效的关系对外部融资环境变化更加敏感。最后本文以不同的融资约束指标划分样本进行稳健性检验,检验结果在统计和经济意义上均显著的支持了假设。

This paper from the perspective of financing constraints, for the first time, directly examines the influence of working capital scale on product market competition performance under different financing constraints, and the reaction of the relationships between working capital scale and product market competition performance on external financing environment change, based on manufacturing A-share listed companies of China from the year 1998-2011. The empirical results show that working capital promotes the growth of enterprise investment and market share, strengthens the market competitiveness. The support role of working capital scale of the company with a higher degree financing constraints on product market competition performance is significantly stronger than the companies with lower financing constraints. The reaction of the relationship between working capital scale and product market competition performance on the external financing environment change is different when the financing constraints are different. When external financing environment become deteriorated, the relationship of working capital scale and competitive performance of the enterprises with a high degree of financing constraints is more sensitive to the changes of the external financing environment. Finally, we classify the samples based on the different financing constraints standard and test the robustness. The results support the hypothesis in statistical and economic sense.