风险中性世界中的流动资产融资策略选择——及在目前中国经济环境下的应用..doc

风险中性世界中的流动资产融资策略选择——及在目前中国经济环境下的应用. 【摘要】nbsp;流动资产是指公司在生产经营过程中短期置存的资产，流动资产的管理水平高低会直接影响公司的盈利能力和抗风险能力。在流动资产融资理论中，存在着三种融资策略mdash;mdash;进取型流动资产融资策略、保守型流动资产融资策略和适中型流动资产融资策略。这三种策略采用了在融资中不同的长短期资金比例以求达到最佳的经济效率。三种策略中进取型流动资产融资策略风险最大，盈利能力也最优；保守型流动资产融资策略则与之完全相反；而适中型流动资产融资策略居中。在进行了完全风险中性世界定义后，可以排除风险对于流动资产融资的影响，可以得到无风险情况下的流动资产融资策略，即如完全没有风险因素，则进取型流动资产融资策略最优。但是这种假设的现实性不足，因此需要放宽假设。在有限风险中性的假设下，风险逐步对流动资产融资策略产生影响，进取型流动资产融资策略的优势被削弱。最终，将假设完全放开，结合中国目前经济环境，可以得到适合中国国情的流动资产融资策略，即保守型最优。nbsp;nbsp; 关键词：流动资产融资策略nbsp; 风险中性世界nbsp; nbsp; The Choice Of Currency Assets Financing Tactics In The Risk-neutral World mdash;mdash;the Appliance In Chinese Economynbsp;nbsp; nbsp; nbsp;Abstractnbsp; nbsp;Currency assets are the assets which are deposited in a short period of time during the course of management. And the quality of currency assets management can influence companyrsquo;s profitability and anti-risk ability directly. There are three kinds of currency assets financing tactics in the Currency Assets Financing Theory. They are the rash advance type currency assets financing tactic, conservative type currency assets financing tactic and medium-sized type currency assets financing tactic. These three kinds of tactics use different percentage of long term or short term capital to catch the best way of currency assets financing. In these three kinds, rash advance type currency assets financing tactic is full of risk, but it is also most profitable. And the conservative type currency assets financing tactic is oppose to it, and medium-sized type currency assets financing tactic is in the middle of them. After making the definition of entire risk-neutral world, we can exclude the influence of the risk to the choice of current assets financing tactics. And then we can get the best model of currency assets financing tactics in the environment without risk. It seems that the rash advance type currency assets financing tactic is best. But this model can not represent the real world, s