摘要
现有的研究主要探讨经营性营运资金的管理问题,较少涉及从财务战略管理的角度分析营运资金管理问题。本文通过理论分析认为,营运资金管理包含有财务战略管理要求,分为三个子问题:营运资金政策选择、营运资金来源渠道管理与营运资金管理效率评价。作为一种财务战略行为,定向增发对企业营运资金管理可能产生较大影响。本文基于2007年有定向增发行为的中国上市公司资料,采用描述性统计法与配对的均值检验法等,寻找相关证据。研究发现,中国企业倾向于稳健型的营运资金政策,其定向增发行为兼有筹资战略、营运资金管理和投机等目的,企业资金使用效率可能存在长期的下降趋势并伴有较大的不确定性。相应的政策建议包括倡导配合型的营运资金政策、完善对定向增发行为的监管、在财务战略层面看待营运资金管理问题。
Working capital management is one of big three financial management activities along with longterm investment decision and long-term financing management. Current researches are mainly focus on operating activities to discuss management efficiency of operating working capital and few pay attention to strategic working capital management. It can be said that working capital management involves strategic management requirement. Based on such requirement, working capital management can be divided into three correlated subsidiary problems. The first is to use suitable ratios, such as the current ratio, acid-test ratio and liquidity ratio to judge whether the working capital policy is conservative or not; The second is to manage the channel of working capital financing, including short-term resource （ current liability）, long-term source （ long-term liability plus owner＇ s equity） and savings from long-term investment; The third is to apply strategic performance assessment, which contains profit margin （ROS）, return on asset （ROA） and return on equity （ROE） to assess the efficiency of working capital management. As a behavior of strategic management, the Private Placement of Equity （PPE） would affect working capital management deeply. On the other hand, the outbreak and spread of financial crisis in 2006 has a great influence on enviromnent for working capital management. As a result, Chinese corporations regard the private placement of equity （PPE） as the first choice to solve cash reflow problems. On account of theoretical relation and current background, this paper probes evidences based on data from China＇ s listed companies which used PPE for financing in 2007. Hypotheses relate to those three subsidiary problems of working capital management： Hl is about whether the working capital policy in firms which finance by PPE is conservative or not; H2 is about whether PPE will affect other sources of working capital or not and how it works ; H3 is about whether PPE will affect the effi
出处
《经济管理》
CSSCI
北大核心
2012年第8期129-137,共9页
Business and Management Journal ( BMJ )
基金
中国博士后基金资助面上项目"基于企业财务可持续增长战略管理的金融套期保值方案优化决策研究"(20100471422)
关键词
营运资金管理
财务战略
定向增发
效率
working capital management
financial strategy
the Private Placement of Equity （PPE）
efficiency
