摘要
笔者以房地产行业2007—2011年财务数据为样本,首先考察了该行业为应对融资约束而运用营运资本来"平滑"固定投资的行为特征,并通过分解营运资本的构成,检验了企业通过调整营运资本内部的流动性结构来"平滑"流动性风险的行为特征。其次,笔者分析了货币政策对上述两种平滑效应的影响机理,并通过构建附加货币政策的平滑模型进一步度量了货币政策影响平滑效应的数量特征及货币政策影响的异质性(基于融资约束分组)。本文有助于解读政府能动性(货币政策)对厂商能动性(营运资本平滑)的影响机理,为优化货币政策调控以及拓展宏观经济政策与微观企业行为关系研究的边界,提供了理论借鉴与实证参考。
With the intention of revealing the heterogeneous impact of monetary policy on working capital management as well as its theory logic, this paper firstly tests fixed investment smoothing effects in the context of China Real Estate, moreover, introduces and test liquidity smoothing effects which means enterprises will adjust ORWC （Operating Ralated WC, such as inventory and net trade credit） to stabilize the liquidity （NLB） by developing a new model using AORWC to replace ANWC. Secondly analyses the theoretical relation between monetary policy and smoothing effects. Furthermore, indicates and test the estimation bias generated by comparing model with/without controlling the influence of monetary policy. Since excessive Liquidity smoothing will accumulate the debt risk refleeted by inventory loan and chain debt, this paper contributes to understanding of debt risk forming path and arouse introspection of WCM. The import of monetary policy extents the research boundary of WCM, which in re- turn optimizes policy formulation and evaluation.
出处
《中央财经大学学报》
CSSCI
北大核心
2014年第9期55-63,共9页
Journal of Central University of Finance & Economics
基金
教育部人文社会科学研究项目"货币政策
营运资本平滑与投资效率的动态传导效应"(14YJC630174)
关键词
货币政策
融资约束
流动性风险
营运资本管理
Monetary policy Financial constraint Liquidity risk Working capital management
