营运资本与公司综合治理对公司价值影响研究
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引用本文:杨招军,孙雯婷, 甘柳.营运资本与公司综合治理对公司价值影响研究[J].经济数学,2016,(1):46-56
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杨招军,孙雯婷, 甘柳 (湖南大学 金融与统计学院湖南 长沙410082) 
中文摘要:拓展Faulkender 和Wang(2006)模型,引入公司综合治理水平变量,分析了公司综合治理水平和营运资本对公司价值的影响.运用我国A股市场2008~2013年数据进行实证,证实公司综合治理水平与营运资本对企业价值影响显著;边际营运资本价值小于边际现金价值,企业在现有营运资本水平下增加营运资本投资,将降低企业超额收益率,减少企业投资价值;商业性企业比工业性企业、高治理效率企业比低治理效率企业、受融资约束企业比不受融资约束企业具有更高的边际营运资本价值.
中文关键词:营运资本  公司综合治理  融资约束  公司价值
 
The Effect of Working Capital and Corporate Comprehensive Governance on the Company’s Value
Abstract:We extended Faulkender and Wang(2006)model by introducing a variable of the level of the corporate comprehensive governance and discussed the effect of the variable and the working capital on the company’s value. Using a sample of China public companies from 2008 to 2013, we find that the effect is considerable. Specifically, the marginal value of investment in working capital is less than that of investment in cash. At the current level of working capital, an increase of working capital will reduce excess return and investment value as well. For the marginal value of working capital, commercial companies, higher efficiency of corporate governance companies, constrained companies enjoy more value of margin working capital investment which contributes more to company value.
keywords:working capital  corporate governance  financial constrains  company value
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