经营风险与营运资金融资决策

Business Risks and Working Fund Financing Decisions

本文以2007-2013年的A股上市公司作为样本,考察经营风险对于营运资金融资决策的影响。我们发现,供应商等利益相关者会根据企业的经营风险对其进行"信用配给",经营风险提高了供应链中发生"信用风险传染"的可能性。随着经营风险的上升,企业在运营中更难以利用营业活动自发融资,面临着更高的营运资金融资缺口。在进行营运资金融资决策时,经营风险高的公司会尽量减少使用短期金融性负债这类高风险的融资方式,而选择稳定的营运资本融资作为替代。另外,随着经营风险的提高,上市公司的狭义和广义商业信用供给和需求之间均呈现了明显的正相关关系。

Using a sample of Chinese A-share listed companies during 2007-2013,this article analyses how business risks influence working fund financing decisions. We find that suppliers and other stakeholders conduct'credit rationing'according to the business risks of firms,which means that business risks raise the possibility of'credit contagion'effect in the supply chain. As business risks increase,the listed companies have more difficulties in using operating spontaneous financing,facing bigger working capital financing gap. While choosing working fund financing decisions,high-risk firms minimize the amount of risk funding such as current financial liabilities,and substitute to long-term working capital which is more stable. With business risks rising,there is a significant positive relationship between the supply and the demand of working fund both in broad and narrow senses of listed companies.