摘要
基于权衡理论,分析了风险承担水平对企业营运资本目标结构回调速度的影响,实证研究结果表明:风险承担水平提高会加快企业营运资本目标结构回调速度,实际货币供给水平的增加能够显著放缓企业营运资本目标结构回调速度;同时,实际货币供给水平的提高可以降低企业风险承担水平所带来的风险敞口,从而降低企业风险承担对营运资本目标结构回调速度的影响。进一步检验不同风险偏好倾向下,企业风险承担以及不同风险承担下实际货币供给对企业营运资本目标结构回调速度的影响,结果显示:具有风险偏好倾向的企业,风险承担水平与营运资本目标结构回调速度呈正相关关系;随着企业风险承担水平提高,具有风险规避倾向的企业,其营运资本目标结构的偏离度会进一步加大。另外,在风险偏好型企业中,实际货币供给水平的提高会放大营运资本目标结构偏离度,并且对低风险承担企业的影响更甚;在风险规避型企业中,企业营运资本目标结构回调速度并未对实际货币供给水平表现出显著的敏感性反应,并在高或低风险承担企业中表现出类似效应。
Based on the trade-off theory,the paper analyzes the impact of the level of risk-taking on the rate of corporate working capital target structure call-back.The results of empirical research show that the increase of enterprise s risk-taking level will accelerate the call-back rate of corporate working capital target structure,and the increase of real money supply level can significantly slow down the call-back rate of corporate working capital target structure.At the same time,the improvement of the level of real money supply can reduce the risk exposure brought by the level of corporate risk-taking,so as to reduce the impact of corporate risk-taking on the call-back rate of target structure of working capital.The paper further examines the effects under different risk preferences,that is,corporate risk taking and real money supply under different risk taking on the target structure of working capital.The test results show that the level of risk-taking is positively correlated with the call-back rate of target structure of working capital for enterprises with risk preference tendency.With increasing of the level of enterprise risk-taking,the deviation degree of working capital target structure will be further increased by corporations with risk aversion tendency.In addition,corporations with a risk appetite,the increase of the actual money supply level will magnify the deviation degree of the target structure of corporation working capital,and have a greater impact on low risk-taking enterprises.In risk-averse corporations,the rate of target adjustment of working capital structure does not show a significant sensitivity to the actual money supply level,and shows a similar effect in high or low risk-taking corporations.
作者
袁奋强
惠志鹏
YUAN Fenqiang;HUI Zhipeng(School of Business,Jiangsu University of Science and Technology,Changzhou 213001,China;School of Accounting,Guizhou University of Finance and Economics,Guiyang 550025,China)
出处
《审计与经济研究》
CSSCI
北大核心
2021年第2期116-127,共12页
Journal of Audit & Economics
基金
江苏省社会科学基金规划项目(15EYB012)
江苏高校哲学社会科学重点项目(2017ZDIXM049)
江苏高校青蓝工程优秀教学团队“中小企业管理特色课程群教学创新团队”项目
国家社科基金规划项目(17BJY031)。
关键词
实际货币供给
风险承担
营运资本目标结构
企业投融资行为
企业资本结构
real money supply
risk-taking
working capital target structure
enterprise investing and financing behavior
enterprise capital structure
