区域市场环境、信贷约束与营运资本管理效率

Regional Market Environment,Financial Constraints and Working Capital Management Efficiency

本文基于2008-2018年我国上市公司的经验数据,研究了区域市场环境、信贷约束对营运资本管理效率的影响。研究发现,区域市场环境的改善,会促进营运资本管理效率的提升。另外,企业面临较强的信贷约束时,会保持更大的财务弹性,与此同时,如果区域市场化环境得到优化,企业针对外部不确定性将有更多稳定的预期,外部融资的压力将会促使其专注于改善内部资金的现状,因此市场环境的改善将会抑制信贷约束的影响。本文丰富了营运资本管理研究的相关文献,对改善融资环境、降低企业固有融资约束有很强的现实意义。

Based on the data of listed companies in China after financial crisis,the article studies how the regional market environment and financial constraints influence the efficiency of working capital management.The results show that the improvements of regional market environment will enhance the WCM efficiency.In addition,companies faced with strong financial constraints will keep more financial flexibility.Meanwhile,following with the improved environment,companies will have steady estimation of the future,and the financial pressure will lead to the focus of internal management and thus the improvement of market environment will suppress the role of financial constraints.This paper enriches the relevant literature of working capital management research,and has a strong practical significance for improving the financing environment and reducing the inherent financing constraints of enterprises.