经济周期、融资约束与应收账款动态调整

Economic Cycle,Financing Constraints and Dynamic Adjustment of Accounts Receivable

基于经济周期和融资约束理论,结合中国的经济背景,以2000—2015年中国A股592家上市企业为样本,建立应收账款目标模型和动态调整模型,实证检验应收账款是否遵循一个动态调整模型以及经济周期、融资约束对调整速度的影响。研究表明,上市企业存在目标应收账款水平,当偏离目标值时会向之动态调整。融资约束企业应收账款的调整速度快于无融资约束企业,经济繁荣期应收账款的调整速度快于经济衰退期。研究的理论贡献在于构建了经济周期、融资约束与应收账款协同选择的体系,实践贡献在于对企业应收账款管理和决策具有重大指导意义。

Based on the theory of economic cycle and financing constraints,combined with China ’s special economic background,this paper uses a panel of Chinese A-share 592 listed companies from 2000 to 2015 to establish the target model and dynamic adjustment model of accounts receivable,to test empirically whether the accounts receivable follow a dynamic adjustment model,and the impact of the economic cycle and financing constraints on the adjustment rate.The results show that the listed companies have a target receivable level,and accounts receivable converge toward it.The adjustment speed of the enterprises with financing constraint is faster than those without financing constraints.The adjustment speed of accounts receivable in boom is faster than that during recession.The theoretical contribution is the construction of the system of economic cycle,financing constraint and accounts receivable coordination.The practical contribution lies in the instruction in the management of enterprise accounts receivable and decision making.