摘要
基于行为财务理论,以2000-2014年我国建筑业上市公司为样本,研究了投资羊群效应对应收账款质量的影响机理以及控制人性质和市场化进程在这一机理中的调节效应。研究发现,羊群效应导致了应收账款相对规模扩张和周转率下降,损害了应收账款质量,其中增加投资的羊群效应对应收账款质量的损害程度更严重。进一步研究发现,非国有企业增加投资的羊群效应对应收账款质量的损害程度低于国有企业,而市场化程度的提高能够降低企业增加投资的羊群效应对应收账款质量的损害程度。这意味着,投资的羊群效应导致了营运资金管理的非理性行为,可以通过采取适当的混合所有制形式以及加快市场化进程得到有效缓解。
Based on the theory of behavior finance, this paper investigates the mechanism of the herd behavior effect on the quality of accounts receivable and the adjust effect of the nature of controller and marketization process on this mechanism with China＇s listed construction companies during2000-2014 as the samples. The results show that the head behavior effect has resulted in the relative expansion and the decrease of the turnover rate of the accounts receivable and undermines its quality,among which the head behavior effect of the increased investment results in more severe damage to the accounts receivable. Further investigation finds that the herd behavior of the increased investment in non-state-owned firms is less harmful to the quality of the accounts receivable than that of the state-owned firms, but the improvement of marketization can reduce the damage of the herd behavior of the increased investment to the quality of accounts receivable. These means that the herd behavior of investment may lead to irrational capital management behaviors, but these behaviors can be mitigated effectively by ways of taking appropriate mixed ownership and accelerating the marketization process.
出处
《当代财经》
CSSCI
北大核心
2016年第3期107-119,共13页
Contemporary Finance and Economics
关键词
羊群效应
控制人性质
市场化进程
应收账款
herd behavior
the nature of controller
marketization process
accounts receivable
