不同经济时期中小制造企业营运资本融资策略对绩效的影响研究

On the Impact of Working Capital Financing Strategies of Small and Medium-Sized Enterprises on Performance in Different Economic Periods

本研究选取2015年至2022年间沪深创业板上市企业为样本,采用二阶段广义矩估计法,实证分析了中小制造企业营运资本的融资策略与企业绩效之间的联系。研究结果表明,恰当的融资策略能够显著提升企业绩效。值得注意的是,营运资本融资与企业绩效的关系在不同的经济周期会表现出差异性,且这种关系的变动受企业财务灵活性的影响。这些发现对于企业管理者和政策制定者具有实际指导意义,提示他们不仅要关注营运资本的投资需求,更应深思如何通过有效的融资策略来增强企业绩效。

This study selects companies listed on the Shanghai and Shenzhen Growth Enterprise Market from 2015 to 2022 as samples,and uses the two-stage generalized moment method to empirically analyze the relationship between the financing strategies of working capital and corporate performance of small and medium-sized manufacturing enterprises.The results indicate that appropriate financing strategies can significantly improve corporate performance.It is worth noting that the relationship between working capital financing and corporate performance varies in different economic cycles,and the changes in this relationship are influenced by the financial flexibility of enterprises.These findings have practical guiding significance for business managers and policy makers,reminding them not only to pay attention to the investment needs of working capital,but also to reflect on how to enhance corporate performance through effective financing strategies.