宏观经济形势与企业营运资金需求动态调整研究

Study on the Macroeconomic Situation and the Dynamics Adjustment of Working Capital Requirement

宏观经济形势可能影响企业的目标营运资金需求及其调整速度。以我国2003-2013年非金融类上市公司的平衡面板数据为样本进行实证检验,结果表明:我国上市公司存在目标营运资金需求,营运资金实际需求量会向目标营运资金需求量调整;宏观经济形势的变化对企业的目标营运资金需求量有显著的影响,企业营运资金需求在经济上行期的调整速度较慢,在经济下行期则调整速度较快;有融资约束企业的营运资金需求量调整速度比无融资约束的企业慢,但在经济上行期,有融资约束企业的营运资金需求量调整速度更快。

It is known to us that c conditions can influence the choice and adjustment of target working capital requirement. Based on the panel data of non - financial listed companies in china from 2002 to 2013, the results show that： target working capital requirement exists actual requirement of working capital converges toward target working capital in Chinese listed companies, the requirement; there is a high correlation between the change of the macroeconomic situation, financing constraints and the dynamic adjustment of working capital requirement. Relatively to the period of boom times, firms adjust more quickly towards the target working capital requirement during the economic depression times; firms adjust more slowly towards the target working capital requirement in the financing constraint companies than the non - financing constraint companies; During the boom, firms adjust more quickly towards the target working capital requirement in the financing constraint companies than the non -financing constraint companies.