企业营运资本政策与资本成本
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摘要
利用中国上市公司数据研究了营运资本政策对资本成本造成的影响。结果显示,激进的流动负债融资政策与稳健的流动资产投资政策构成了中国公司营运资本政策的主要特征;营运资本政策基本上处于非理性、低效率的范围之内,阻碍了中国公司竞争力的提升;稳健性财务政策能够显著降低资本成本,这为股东投资关注企业的"财务安全性"提供了新的证据。优化营运资本政策的质量,提高短期财务管理水平,是中国公司面临的一个重大课题。
The data of Chinese listed companies are used to study the impact of working capital policy on capital cost. The results show that radical liquidity debt financing policy and robust liquidity investment policy constitute the main characteristics of the working capital policy of Chinese companies. The working capital policy is basically irrational and inefficient, which hinders the improvement of the competitiveness of Chinese companies, and the conservative financial policy can be significantly reduced. The cost of capital provides new evidence for shareholders' investment to pay attention to the "financial safety" of enterprises. Optimizing the quality of working capital policy and improving short-term financial management level is an important issue for Chinese companies.
The data of Chinese listed companies are used to study the impact of working capital policy on capital cost. The results show that radical liquidity debt financing policy and robust liquidity investment policy constitute the main characteristics of the working capital policy of Chinese companies. The working capital policy is basically irrational and inefficient, which hinders the improvement of the competitiveness of Chinese companies, and the conservative financial policy can be significantly reduced. The cost of capital provides new evidence for shareholders' investment to pay attention to the "financial safety" of enterprises. Optimizing the quality of working capital policy and improving short-term financial management level is an important issue for Chinese companies.
引文
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[4] 高同彪,王文昭.新型城镇化建设中投融资平台面临的困境及对策建议[J].长春大学学报,2017,27(11):24-27.
[5] 童双成.基础设施投融资中PPP模式运用的研究[J].赤峰学院学报(自然科学版),2017,33(18):121-122.
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