公司治理对营运资本持有量动态调整的影响——基于中国A股制造业上市公司数据的实证检验

A Research on the Effect of Corporate Governance on Dynamic Adjustment of Working Capital Holdings:An Empirical Study Based on the Data of China’s Listed Manufacturing Companies

公司治理是现代企业管理的重要机制，对企业营运资本持有量的动态调整产生显著影响。本文以2009~2014年A股制造业上市公司为样本，首先验证企业存在最优营运资本持有量，然后采用主成分分析法构建公司治理的度量指标，并在此基础上选用固定效应模型实证检验公司治理对营运资本持有量动态调整的影响。研究结果表明，当营运资本持有量达到一个目标值时会使得企业业绩最优，在企业营运资本持有量向目标值调整的过程中，公司治理会显著地影响营运资本持有量的调整速度，公司治理水平越高，营运资本持有量的调整速度越快。

Corporate governance is an important mechanism of modern enterprise management,it have a significant impact on dynamic adjustment of enterprise working capital holdings.Based on the data about Chinese A-share manufacturing listed companies over period2009to2014,this paper verify enterprises the existence of optimal working capital holdings,construct a measure of corporate governance by the principal component analysis,test the effect of corporate governance on dynamic adjustment of working capital holdings by fixed effects model.We find that when working capital holdings at a target it will lead a optimal performance.In the process of adjustment for working capital holdings to the target value,corporate governance can affect the speed of working capital holdings adjustment significantly,and also the higher level of corporate governance,the adjustment of working capital holdings may faster.