轻资产运营、股权性质与资本效率——以我国制造业上市公司为例的实证研究

Asset Light Operation,Equity Nature and Capital Efficiency:An Empirical Study of Listed Manufacturing Companies in China

近年来,企业轻资产运营模式观念被广泛接纳,本文以我国2011年至2018年制造业上市公司为例,实证研究轻资产运营对我国制造业企业资金效率的影响和作用机理,并探讨对不同股权性质、类型企业影响的异质性。研究表明:轻资产运营水平与企业资本效率呈现显著正相关;与非国有企业相比,国有企业轻资产运营对资本效率的促进作用更强;区分不同类型国有企业后,发现制造业中特殊功能类国有企业轻资产运营对资本效率的提升作用更加显著;轻资产运营可通过作用于供应链管理能力以影响资本效率。

In recent years,the concept of asset light operation mode has been widely accepted.This paper takes China′s listed manufacturing companies from 2011 to 2018 as an example to empirically study the impact and mechanism of asset light operation on the capital efficiency of China′s manufacturing enterprises,and to explore the heterogeneity of the impact on different ownership nature and different types of enterprises.The results show that:there is a significant positive correlation between asset light operation level and capital efficiency of enterprises;compared with non-state-owned enterprises,asset light operation of state-owned enterprises has a stronger promoting effect on capital efficiency;after distinguishing different types of state-owned enterprises,it is found that asset light operation of state-owned enterprises with special functions in manufacturing industry has a more significant promoting effect on capital efficiency;asset light operation can promote capital efficiency by acting on supply chain management ability.