经济危机、信用风险传染与营运资金融资结构——基于外向型电子信息产业上市公司的实证研究

The Economic Crisis,Credit Risk Contagion and Working Capital Structure——An Empirical Analysis of Electronic Information Industry Listed Company

经济危机及其伴随的"信用风险传染"效应对于中国外向型电子信息产业上市公司的营运资金融资结构产生了深刻影响。我们发现:在危机时期,外向型电子信息产业上市公司普遍难于利用商业信用等营业活动自发性融资作为银行借款的替代性融资来源,最终导致营业活动的流动资金净需求逐步增加、融资压力逐步增大。而随着外部环境风险的累积,这些公司主动或被动地降低了短期金融性负债(短期借款、应付股利和应付利息等)等高风险的融资项目,同时增加了营运资本(长期负债和所有者权益等)的比重,最终呈现了较为稳健的营运资金融资结构。那些风险不敏感的低度外向型公司,由于忽视了对于信用风险的管控,被迫采取了更为稳健的营运资金融资结构,这意味着风险控制成为危机时期营运资金融资决策的重中之重。

As the economic crisis continues, the ＂credit contagion＂ effect has made a profound impact on working capital financing structure of export-oriented listed companies of electronic information industry. We discover that during economic crisis, most export-oriented listed companies of electronic information industry are faced with credit financing difficulties, which means they could hardly use operating spontaneous financing like trade credit as an alternative source of funding, resulting in a growth in the net current financial needs for business and financing pressure. In addition, with external risk accumulating, the said companies tend to adopt working capital approaches which are associated with less risk funding such as voluntary financing of business activities （i.e., trade credit）, current financial liability （i.e., short loan, dividend payable, interest payable）, and more long-term working capital （long loan and owner＇s equity）, adopting a relatively steady financing structure of working capital. Due to the neglect of credit risk control, the risk-insensitive low export-oriented companies have to take a more conservative working capital financing structure. In a word, in time of crisis, risk control counts the most in the financing decision of working capital.