政策不确定性、产融结合与营运资本动态调整

Policy Uncertainty, Integration of Financial Institutions and Industrial Capital and Dynamic Adjustment of Working Capital

政策不确定会带来企业未来盈利的不确定,因此,管理者必须密切关注外部政策环境的变化,及时调整营运资本以缓冲政策变化给企业带来的冲击。文章以2005-2019年A股非金融上市公司为样本的实证检验显示,政策不确定性越高,企业经营战略越呈现保守化倾向,企业营运资本持有量向最优水平调整的速度越慢。同时,由于银行系统对企业投融资行为有强势影响,企业参股商业银行有助于提高自身营运资本调整速度。相较于非国有企业,国有企业与商业银行的关系更加紧密,营运资本调整也更积极。

Policy uncertainty increases the uncertainty of future profits of enterprises.Therefore, managers must pay close attention to the changes of external policy environment and adjust working capital in time to cushion the impact of policy changes on enterprises.The empirical study of A-share non-financial listed companies from 2005 to 2019 shows that the higher the policy uncertainty, the more conservative the enterprise’s business strategy, and the slower the adjustment of the enterprise’s working capital holdings to the optimal level. At the same time, because the banking system has a strong impact on the investment and financing behavior of enterprises, enterprises’ participation in commercial banks will help to improve the speed of their own working capital adjustment. Compared with non-state-owned enterprises, the relationship between state-owned enterprises and commercial banks is closer, and the adjustment of working capital is more active.