营运资本能够平滑公司资本性投资吗？--基于产权性质和金融发展的经验证据

Does Working Kapital Can Smooth Company Capital Investment?Empirical Evidence Based on Property Rights and Financial Development

在我国依靠投资推动经济增长的发展模式中,为了防止经济大起大落需要保持投资的稳定,笔者结合公司产权性质和金融发展考察了营运资本管理在保持公司资本性投资稳定中的作用。研究结果表明,营运资本能够平滑公司资本性投资,在融资约束更为严重的民营企业这种平滑效果更为显著;金融发展弱化了营运资本平滑公司资本性投资的效果,这种弱化作用在民营企业中更为显著。笔者的研究证实企业营运资本管理的必要性,为解开民营企业在融资难的现实中依然保持不断发展的困惑提供新的研究思路,为金融发展如何缓解企业融资约束问题提供微观层面的经验证据。

Depend on investment in our country to promote the development of economic growth mode, in order to prevent economic ups and downs need to maintain the stability of investment, we combined with the company development examines the nature of property rights and financial working capital management role in stabilizing the company capital investment. Research results show that the working capital will be able to smooth capital investment, in more serious financing constraint of private enterprises the smoothing effect is more significant; financial development reduced working capital flowing company capital investment effect, and the weakening effect is more significant in the private enterprises. In this paper, the research confirms the necessity of enterprise working capital management, solve financing problems of private enterprises in reality still keep growing confusion, provide financial development how to ease the financing constraint problem mi- cro-level empirical evidence.