营运资金和企业价值的情境研究_一项基于资源冗余视角的经验性证据_王秀华.pdfVIP

山西财 经大 学学报 2012 年6 月 Joumal of Shanxi Finance and Economics University Jun. ，2012 第34 卷 第6 期 Vol.34 No.6 工商管理 营运资金与企业价值的情境研究 ———一项基于资源冗余视角的经验性证据 王秀华，王竹泉 （中国海洋大学管理学院\ 中国企业营运资金管理研究中心，山东青岛266100） ［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。 ［关键词］营运资金；企业价值；冗余资源 ［中图分类号］F275.1 [文献标识码] A [文章编号] 1007－9556(2012)06 －0078 －08 A Contextual Analysis on the Relationship between Working Capital and Firm Value - - - - Empirical Evidence Based on Slack Resource WANG Xiu- hua ，WANG Zhu- quan （Management College/China Business Working Capital Management Research Center, Ocean University of China, Qingdao 266100, China） Abstract ：This article distinguishes operational working capital and financial working capital based on slack resource and con－ firmed 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