摘要
本文通过阐述资产专用性对营运资本平滑作用的影响,拉开了新常态下微观企业利用营运资本平滑作用维稳资本性投资的序幕。研究发现,我国上市公司普遍运用营运资本进行资本性投资的平滑,且在非国有企业中这种现象尤为明显;资产专用性能够促进营运资本平滑资本性投资的作用;进一步检验发现,供应商集中度越高,其资产专用性促进营运资本平滑资本性投资的作用越大。
This paper describes the impact of asset specificity on the smooth functioning of working capital. Thus opens the state of micro-business using the smooth functioning of working capital to maintain the capital investments. The study found that there is a universal phenomenon of using smooth functioning in Chinese listed companies, especially in non- state-owned enterprises. In addition, the asset specificity can promote the smooth functioning of the working capital. Moreover, when the degree of concentration of the enterprise＇ s suppliers is higher, the greater the effect of asset specificity on the smoothing of working capital.
出处
《中国软科学》
CSSCI
CSCD
北大核心
2018年第1期183-192,共10页
China Soft Science
关键词
资产专用性
营运资本平滑
供应商集中度
纵向一体化
资本性投资
asset specificity
smoothing working capital
supplier concentration ratio
vertical integration
capital investment
