财务柔性与短期融资需求——基于沪深A股季节周期性企业的研究

A Research on Financial Flexibility and Short-term Financing Needs of the Seasonal Cyclical Enterprises in the Shanghai and Shenzhen A Stock Markets

季节周期性企业是国民经济的重要组成部分,然而其财务决策研究相对匮乏。对季节周期性企业财务决策的研究可以深入探讨企业如何运用不同的融资渠道来满足短期融资需求。采用季度时间序列数据,以2002—2017年沪深A股企业为样本划分公司季节周期性,以此确定企业季节周期性最大财季,探讨季节周期性企业在短期融资需求时财务决策的最佳方式。结果表明:相较于非季节周期性企业,季节周期性企业实施较为稳健的财务决策,且主要通过信息不对称程度较低的短期负债,尤其是以商业信用来保持短期财务柔性。此外,季节周期性企业持有超额现金的成本高于私人债务成本,持有超额现金储备并非季节周期性企业保持短期财务柔性的主要渠道。

Seasonal cyclical enterprises play an important role in the national economy, but so far few studies have been conducted on their financial decision-making. This research on the financial decisionmaking of seasonal enterprises can help the enterprises meet short-term financing needs through different financing channels,such as cash reserves and liabilities. In this paper, Using the sample of Chinese A-share listed firms during 2002-2017, the quarterly time series data is used to divide the seasonal periodicity of the companies,and to determine the peak season of enterprises＇ seasonal periodicity. Then,on this basis,the paper uses a typical example to study the best way to make financial decisions when the seasonal cyclical enterprises need short-term financing. The study indicates that compared with non-seasonal cyclical enterprises,seasonal cyclical enterprises tend to adopt more prudent financial strategies. Besides, seasonal cyclical enterprises mainly use short-term liabilities with a low degree of information asymmetry,especially commercial credit, to meet the demand for seasonal financing. Moreover, the excess cash cost of seasonal cyclical enterprises is higher than the cost of private debt, so excess cash reserve is not a major way to bridge financing for the seasonal cyclical enterprises.