CAJ | 학술논문

公司投融资策略是营运资本管理的主要内容，事关公司流动资产的盈利性与安全性．而如何保持公司的流动资产水平和流动负债水平相匹配，是营运资本管理和内部财务控制的关键所在。本文在追索终极控制人所有权与控制权的基础上．对公司投融资策略进行了划分．并利用2009-2010年中国沪市和深市制造业A股上市公司样本数据，实证检验了终极控制人股权特征与公司投融资策略之间的关系。研究结论表明：随着终极控制人所有权与控制权比例的逐渐提高．公司投融资策略趋于保守：过度集中或分散的终极控制人所有权与控制权比例都会导致不匹配的投融资策略．适度的所有权与控制权集中会使公司投融资策略达到匹配：国有性质的终极控制人能够抑制保守投融资策略或风险投融资策略．但私有性质的终极控制人却使公司投融资策略更加趋于保守或风险。本文研究结论对于规范公司终极控制人投融资行为、改善公司治理水平具有重要启示作用。
공사투융자책략시영운자본관리적주요내용，사관공사류동자산적영리성여안전성．이여하보지공사적류동자산수평화류동부채수평상필배，시영운자본관리화내부재무공제적관건소재。본문재추색종겁공제인소유권여공제권적기출상．대공사투융자책략진행료화분．병이용2009-2010년중국호시화심시제조업A고상시공사양본수거，실증검험료종겁공제인고권특정여공사투융자책략지간적관계。연구결론표명：수착종겁공제인소유권여공제권비례적축점제고．공사투융자책략추우보수：과도집중혹분산적종겁공제인소유권여공제권비례도회도치불필배적투융자책략．괄도적소유권여공제권집중회사공사투융자책략체도필배：국유성질적종겁공제인능구억제보수투융자책략혹풍험투융자책략．단사유성질적종겁공제인각사공사투융자책략경가추우보수혹풍험。본문연구결론대우규범공사종겁공제인투융자행위、개선공사치리수평구유중요계시작용。
Corporation＇s investment and financing strategy is the main content of the working capital management,which relates to the profitability and safety of corporation＇s liquid assets. How to match corporation＇s liquid assets level with liquid liabilities level is key to working capital management and internal financial control. On the basis of seeking for ownership and control of ultimate controller, the thesis classifies corporation＇s investment and financing strategy, and inspects the relationship between equity characteristics of uhimate controller and corporation＇s investment and financing strategy using the data of Chinese manufacturing listed companies during 2009--2010. Research results indicate that： Corporation＇ s investment and financing strategy tends to be conservative with the proportion of ownership and control of ultimate controller gradually increasing. Excessive concentrated or scattered proportion of ownership and control of ultimate controller can lead to unmatching investment and financing strategy, and moderate concentration of ownership and control can lead to matching investment and financing strategy. The state-owned ultimate controller can restrain conservative or risky investment and financing strategy, but privately-owned ultimate controller makes investment and financing strategy more conservative or risky. The conclusion has the important revelatory function to specificate ultimate controller＇s investment and financing behavior and improve the level of corporate governance.