通货膨胀预期与企业“理财性”营运资金

Inflation Expectation and Firms’ Financing Working Capital

以我国沪深两市上市公司为研究样本,研究了通货膨胀预期变化对企业“理财性”营运资金调整的影响。实证研究发现,预期通货膨胀率上升时,企业“理财性”营运资金的需求会减少;企业如果依据通货膨胀的预期变化,主动调整“理财性”营运资本水平,未来的业绩会更好。进一步的研究发现,企业面临的市场集中度较低,或经济政策不确定性较大时,通货膨胀预期对“理财性”营运资本的调整效果将受到抑制。

The paper takes the Chinese listed companies as samples to investigate the impact of inflation expectations on firms’ financing working capital. In general, firms’ financing working capital will drop off during the high expected inflation. Firms that can adjust financing working capital according to expected inflation will have better performance in the future. We further find that both market competition intensity and the uncertainty of macroeconomic policy will affect the relationship between expected inflation and firms’ financing working capital adjustment.