摘要
随着我国掀起基础设施建设和房地产开发热潮,非理性的财务行为成为影响建筑企业营运资金管理的关键因素。本文通过构建和分析三类非理性行为与三类主要营运资金项目的理论模型,研究了行为财务对建筑企业营运资金管理的影响机理。研究发现,代表性原则偏误越大则短期借款水平越高;企业集团和各子公司的利益权衡导致了心理账户效应,影响着企业集团货币资金管理;投资羊群效应导致了应收账款管理质量的下降。研究还发现,市场化程度的提高能够降低非理性行为对营运资金管理的不良影响程度:市场化程度不仅能够反向调节代表性原则偏误对短期借款水平的影响,还能够降低投资羊群效应对应收账款管理质量的消极作用。这意味着,为了提高营运资金管理质量、降低财务风险,在降低非理性行为的同时,还要充分发挥市场化程度的积极作用。
With the boom in infrastructure construction,irrational financial behavior becomes the key factor affecting the working capital management in construction companies. By combining the theoretical research and empirical analysis,this paper mainly studies the effect of the principle of psychological biases on short-term loan,the effect of mental accounting on monetary fund management and the herding effect on the management of accounts receivable and inventory in construction industry. It finds that that the greater the principle of representation degree is,the higher the level of short-term loans will be;the trade-off of interests between the enterprise group and the secondary units results in mental accounting about group's cash account; the herding effect undermines the qualities of accounts receivable and inventory. Furthermore,this paper finds that the improvement of marketization can weak the negative effect of the above irrational behaviors on the management of working capital,so that improve the quality of working capital management and reduce financial risk.
出处
《会计研究》
CSSCI
北大核心
2016年第3期50-55,96,共6页
Accounting Research
