摘要
本文从冗余资源视角确认了两类营运资金对企业价值影响机理的差异性,选取2007～2010年制造业上市公司为样本对此进行检验。研究表明,在经济繁荣时期经营状况较差的企业以及经济危机时期经营状况较好的企业的经营活动营运资金周转期与企业价值显著负相关;经济繁荣和经济危机时期,经营状况较差的企业的理财活动营运资金周转期与企业价值正相关;经济危机时期,经营状况较好的企业的理财活动营运资金周转期与企业价值负相关。
This article distinguishes operational working capital and financial working capital based on slack resource and con- finned their different effect mechanisms on firm value and also examines the relationship between working capital and firm value in different stations by choosing the manufacturing list companies from 2007-2010 as samples. The authors find that operational working capital conversion cycle is negative correlation with firm value for poor performance companies in good economic environment and good performance companies in poor economic environment and poor performance companies need more financial working capital to improvement firm value. There is negative correlation between financial working capital and firm＇s value for good performance ones in economic crisis environment.
出处
《山西财经大学学报》
CSSCI
北大核心
2012年第6期78-85,共8页
Journal of Shanxi University of Finance and Economics
基金
国家自然科学基金项目"基于渠道关系管理的营运资金管理研究与中国上市公司营运资金管理数据平台建设"(70772024)
国家自然科学基金项目"利益相关者集体选择视角的企业价值管理研究"(71172018)
中国海洋大学人文社科规划重大项目"中国全球化企业营运资金管理创新研究"(H09ZDA02)的阶段性成果
关键词
营运资金
企业价值
冗余资源
working capital
firm value
slack resource
