营运资本持有目标的非对称性选择研究

The Study of Asymmetric Choices on the Objectives of Working Capital Holdings

笔者使用双边随机边界模型从营运资本决策的核心约束条件出发对企业营运资本持有的决策行为和特点进行研究,定量测算了价值创造和降低风险对营运资本持有水平的影响效应。研究结果发现:2001—2014年中国上市公司营运资本持有目标呈现出典型的非对称性特征,营运资本持有目标偏好价值创造的程度超过降低风险,两者的权衡净效应导致营运资本持有水平比最优水平低18.79%;2007年以后企业营运资本持有决策倾向于价值创造目标的趋势不断下降;公司规模、所有权类型以及营运资本管理效率对营运资本持有目标的权衡净效应产生重要影响。上述结论表明,伴随着中国经济的快速发展,企业获得丰富的投资机会但也存在显著的融资约束,使得企业营运资本决策趋于激进,能够创造价值的资本性投资在企业资源配置中争夺更多的资源。本文的研究有助于更加科学地评价和认识企业营运资本政策,帮助企业科学构建基于价值创造、风险控制和营运资本最优持有水平的三维营运资本决策方法。

By two-tier stochastic frontier model, this paper studies the corporate behavior and characteristics of decision-making about working capital from the core constraints of working capital decisions, and quantitatively measures the influence of value-enhancing and risk-reducing on the level of working capital hold- ings. The results show that Chinese listed companies＇ working capital holdings have typical asymmetric charac- teristics from 2001 to 2014, and the targets of value-enhancing have more impact on working capital than risk- reducing. Due to the tradeoff net effects of two objectives, the actual level of working capital holdings is lower than the optimal holdings by 18.79% ; The degrees of corporate working capital holding decisions are more likely to value-enhancing has been declining since 2007; Firm size, ownership types and working capital management efficiency have significant impacts on the net effect of working capital holdings. These conclusions show that with the rapid development of Chinese economic, there is a wealth of investment opportunities and financing constraints for businesses, making enterprises＇ operating capital decisions tend to be radical and more resources to be configured to enhance the level of capital investment in the creation of value. The research of this paper will help to evaluate and understand the working capital policy of enterprises more scientifically, and help enterprises to scientifically construct the three dimensional working capital decisions based on value creation, risk control and optimal level of working capital holdings.