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	上市公司营运资金影响因素及其调整速度的实证研究——基于系统广义矩估计的动态面板数据分析; An Empirical Study on the Influencing Factor and Adjustment Speed of Working Capital: Analysis Based on Dynamic Panel Data with System GMM Estimation
	陈克兢 ; Kejing Chen ; 李延喜 ; Yanxi Li ; 曾伟强 ; Weiqiang Zeng ; 张婷婷 ; Tingting Zhang
	2015-12
关键词	营运资金 working capital 影响因素 influential factor 调整速度 dynamic adjustment 区域差异 regional disparity 系统广义矩估计 system GMM estimation
英文摘要	【中文摘要】本文采用系统广义矩估计（generalized method of moments，GMM) 的方法，从公司特征、公司治理和宏观环境三个方面出发检验了上市公司营运资金的影响因素，探讨了我国上市公司营运资金调整速度的区域特征，分析了上市公司营运资金调整方向的趋势。研究发现：①公司自身特征、公司治理水平和宏观环境是上市公司营运资金管理策略选择的重要影响因素；②我国上市公司营运资金调整速度存在显著的区域差异，东部地区上市公司的营运资金调整速度显著快于中西部地区上市公司；③47.557%的上市公司营运资金呈现正向调整趋势，39.986%的上市公司营运资金呈现逆向调整趋势，部分上市公司的营运资金调整背离了最优营运资金水平。 【Abstract】This paper employs the system GMM estimation method to investigate factors that determine listed companies' working capital using variables for firm characteristics，corporate governance， and macro-economic environment. The study also explores regional characteristics of working capital adjustment speed for listed companies as well as analyzes the adjustment direction of the working capital.The study provides three findings. First，firm characteristics，corporate governance，and macro-economic environments are important determinants of listed companies' choice of working capital management strategies. Second，listed companies’ working capital adjustment speeds haves significant regional disparity. The working capital adjustment speed of the listed companies in Eastern region is significantly faster than that of those in Central and Western regions. Lastly，the working capitals of 47.557% of listed companies exhibit a positive adjustment trend， and those of 39.986% of listed companies experience an inverse adjustment trend， suggesting that the adjustments in working capitals for some listed companies make working capital deviate from its optimal level.; 国家自然基金项目“外部治理环境、利益相关者声誉与上市公司盈余管理”（71172136)、教育部高等学校博士学科点专项科研基金“管理者行为特征对公司财务政策的影响机理及其经济后果研究”（20120041110048)
语种	中文
出版者	厦门大学《当代会计评论》编辑部
内容类型	其他
源URL	[http://dspace.xmu.edu.cn/handle/2288/98262]
专题	2015年第8卷
推荐引用方式 GB/T 7714	陈克兢,Kejing Chen,李延喜,等. 上市公司营运资金影响因素及其调整速度的实证研究——基于系统广义矩估计的动态面板数据分析, An Empirical Study on the Influencing Factor and Adjustment Speed of Working Capital: Analysis Based on Dynamic Panel Data with System GMM Estimation. 2015-12-01.

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