| 资本性投资、融资来源与营运资本投资效率研究 |
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| 引用本文： | 魏刚.资本性投资、融资来源与营运资本投资效率研究[J].软科学,2016(10):87-90. |
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| 作者姓名： | 魏刚 |
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| 作者单位： | 首都经济贸易大学 会计学院,北京,100070 |
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| 基金项目： | 国家社会科学基金项目(15BJY013) |
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| 摘 要： | 运用异质性随机边界模型定量测算了资本性投资及融资来源影响下的营运资本投资效率。结果表明:中国上市公司营运资本投资效率低于最优效率10%~26%,在非经济危机影响的年度中,资本性投资规模增长大的企业,其营运资本投资效率较低;内部融资和外部股权融资具有缓解融资约束和降低未来融资不确定性的作用,而债务融资会加剧融资约束程度,但可以降低未来融资不确定性。融资约束程度的改善有助于降低资本性投资对营运资本投资效率的影响。
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| 关 键 词： | 资本性投资 融资来源 营运资本 投资效率 |
Capital Investment,Financing Source and Working Capital Investment Efficiency |
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| Abstract: | Using the heteroscedastic stochastic frontier model , this paper measures the working capital investment efficiency under the influence of capital investment and financing sources .Results show that , the efficiency of working capital invest-ment in Chinese listing corporation is lower than the optimal efficiency of 10%~26%.During the years of the non-econom-ic crisis, working capital investment efficiency of enterprises is lower , which possess a large scale of capital investment .In-ternal financing and external equity financing can alleviate the financing constraints and reduce the uncertainty of the future ;debt financing will increase the degree of financing constraints , but can reduce the uncertainty of future financing .The im-provement of financing constraints could help to reduce the impact of capital investment on the efficiency of working capital investment . |
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| Keywords: | capital investment financing source working capital investment investment efficiency |
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