CAJ | 학술논문

现有的研究主要探讨经营性营运资金的管理问题，较少涉及从财务战略管理的角度分析营运资金管理问题。本文通过理论分析认为，营运资金管理包含有财务战略管理要求，分为三个子问题：营运资金政策选择、营运资金来源渠道管理与营运资金管理效率评价。作为一种财务战略行为，定向增发对企业营运资金管理可能产生较大影响。本文基于2007年有定向增发行为的中国上市公司资料，采用描述性统计法与配对的均值检验法等，寻找相关证据。研究发现，中国企业倾向于稳健型的营运资金政策，其定向增发行为兼有筹资战略、营运资金管理和投机等目的，企业资金使用效率可能存在长期的下降趋势并伴有较大的不确定性。相应的政策建议包括倡导配合型的营运资金政策、完善对定向增发行为的监管、在财务战略层面看待营运资金管理问题。
현유적연구주요탐토경영성영운자금적관리문제，교소섭급종재무전략관리적각도분석영운자금관리문제。본문통과이론분석인위，영운자금관리포함유재무전략관리요구，분위삼개자문제：영운자금정책선택、영운자금래원거도관리여영운자금관리효솔평개。작위일충재무전략행위，정향증발대기업영운자금관리가능산생교대영향。본문기우2007년유정향증발행위적중국상시공사자료，채용묘술성통계법여배대적균치검험법등，심조상관증거。연구발현，중국기업경향우은건형적영운자금정책，기정향증발행위겸유주자전략、영운자금관리화투궤등목적，기업자금사용효솔가능존재장기적하강추세병반유교대적불학정성。상응적정책건의포괄창도배합형적영운자금정책、완선대정향증발행위적감관、재재무전략층면간대영운자금관리문제。
Working capital management is one of big three financial management activities along with longterm investment decision and long-term financing management. Current researches are mainly focus on operating activities to discuss management efficiency of operating working capital and few pay attention to strategic working capital management. It can be said that working capital management involves strategic management requirement. Based on such requirement, working capital management can be divided into three correlated subsidiary problems. The first is to use suitable ratios, such as the current ratio, acid-test ratio and liquidity ratio to judge whether the working capital policy is conservative or not; The second is to manage the channel of working capital financing, including short-term resource （ current liability）, long-term source （ long-term liability plus owner＇ s equity） and savings from long-term investment; The third is to apply strategic performance assessment, which contains profit margin （ROS）, return on asset （ROA） and return on equity （ROE） to assess the efficiency of working capital management. As a behavior of strategic management, the Private Placement of Equity （PPE） would affect working capital management deeply. On the other hand, the outbreak and spread of financial crisis in 2006 has a great influence on enviromnent for working capital management. As a result, Chinese corporations regard the private placement of equity （PPE） as the first choice to solve cash reflow problems. On account of theoretical relation and current background, this paper probes evidences based on data from China＇ s listed companies which used PPE for financing in 2007. Hypotheses relate to those three subsidiary problems of working capital management： Hl is about whether the working capital policy in firms which finance by PPE is conservative or not; H2 is about whether PPE will affect other sources of working capital or not and how it works ; H3 is about whether PPE will affect the efficiency of working capital management or not and how it works. Corresponding to those hypotheses, this paper uses descriptive statistic method and the paired mean testing to observe changing trends of research variables. The variables are linearly correlated as they are calculated from financial statements which are prepared on accounting equations. Main conclusions include： ①China＇ s firms intend to adopt conservative policy of working capital through two ways, the first way is to cut turnover period in operating activities, and the other is to increase financial liability, retained earnings or new offerings, then decrease long-term investment at the same time; these two ways can be used conjunctly or oppositely, but the net working capital is still positive. ; ②besides as a kind of financing strategy, China＇ s firms use PPE as a source of manage working capital and for some speculative objectives ; funds from PPE usually exceed the needed amount of long-term operating investment; the ＂exceeded capital＂ is firstly use to supply working capital, even at the cost of reducing operating working capital, financial liability and reserved capital; and then it could be generally invested in some non-operating capital, such as trading security ;③a great amount of ＂exceeded working capital＂ and the investment on non-operational assets lead to a long term declining efficiency of capital, with much uncertainty. Main suggestions include ：①advocate China＇ s firms to adopt mild policy of working capital and to diminish ＂liquidity surplus＂ ; ②strengthen the supervision for PPE in order to reduce idle capital and suppress speculative behaviors; ③analyze the problem of working capital management in strategic perspective to seek effective financial management method that improves corporate value.