经营风险与营运资金融资决策.PDF

* 经营风险与营运资金融资决策 1，2 1，2 1，2 王竹泉 王贞洁 李静 （1.中国海洋大学管理学院，2. 中国企业营运资金管理研究中心，山东 青岛 266100 ） 【摘要】本文以2007-2013 年的A 股上市公司作为样本，考察经营风险对于营运资金融资决策的影 响。我们发现，利益相关者会根据企业的经营风险对其进行“信用配给”。经营风险较高的企业在供应链条 上通常处于“信用短缺”的状态——在运营中更多的扮演营业活动资金供给者的角色，表现出更少的营业 活动营运资金需求，更难以利用营业活动自发融资，面临着更高的营运资金融资缺口。在选择自身的营运 资金融资决策时，经营风险高的公司更关注风险因素，尽量减少使用短期金融性负债这类高风险的融资方 式，倾向于选择稳定的营运资本融资作为替代。另外，随着经营风险的提高，上市公司的营业活动资金供 给和需求之间呈现了明显的互补关系。 【关键词】经营风险；营运资金融资决策；短期金融性负债；营业活动自发融资 【Abstract 】Using a sample of Chinese A-share listed companies during 2007-2013, this article analyses how business risks influence working capital financing decisions. We find that stakeholders conduct “credit rationing” according to the business risks of firms. High-risk firms are usually in a state of “credit shortage” in the supply chain -- playing the role of providers of working capital more, showing less demands for working capital, having more difficulties in using operating spontaneous financing, facing bigger working capital financing gap. While choosing working capital financing decisions, high-risk firms pay more attention to risks, minimizing the amount of risk funding such as current financial liabilities, and substituting to long-term working capital which is more stable. In addition, with business risks rising, there is a significant complementary effect between the supply of working capital and the demand of working capital of listed companies. 【Key Words 】business risks; working capital financing decisions; current financial liabilities; operating spontaneous financing 一、引言 企业的营运资金融资决策与流动性风险和短期偿债能力紧密相关。2008 年集中爆发的 次贷危机引发了全球范围的经济下滑，伴随着全球性的信贷紧缩、消费需求的下降和经营风 险的上升，很多企业的短期偿债能力普遍降低，陷入流动性不足的窘地。而寻求替代性的融 资来源，就成为企业应对风险的重要手段。经典理论表明，随着信用体系的逐步完善，商业 信用总伴随着较高的使用成本，因此只有在经营风险剧增、银行信用紧缩的环境下，企业才 会求助于商业信用作为替代性的融资来源。但是在现