经济周期、融资约束与营运资本的动态协同选择

项目名称： 经济周期、融资约束与营运资本的动态协同选择

项目编号： No.71302114

项目类型： 青年科学基金项目

立项/批准年度： 2014

项目学科： 管理科学

项目作者： 吴娜

作者单位： 天津财经大学

项目金额： 20万元

中文摘要： 经济周期、融资约束与营运资本的相机协同选择是研究和化解债务危机的重要基础理论，也是现实政策选择中急待解决的重要问题。虽然，国外对于该方面的理论研究已取得了一定的成果，但是，由于国内已有的研究主要是从企业内生性视角对其进行考察，忽视了经济周期特征对融资约束与营运资本管理的内在影响机理和作用，从而使融资约束对企业营运资本管理的效应未能达到预期目标。因此，本课题运用经济周期理论和融资约束理论对经济周期、融资约束与营运资本的相机协同选择理论机理进行研究，力图构建不同经济周期下的融资约束与营运资本管理的协同选择模型，并检验营运资本管理是否在不同的经济周期和融资约束下向目标营运资本需求收敛，收敛速度如何，调整速度与融资约束和市场议价能力是否相关。本研究的理论贡献在于构建新兴市场经济体制下的经济周期、融资约束与营运资本的相机协同选择理论框架和体系，而实践贡献在于为相关理论研究探寻经验证据和政策参考值

中文关键词： 经济周期；融资约束；营运资本；动态协同；

英文摘要： The phase and synergic selection between economic cycles, financing constraints and working capital is an important and fundamental theory on research and mitigation of debt crisis, which is also an important issue urgently remaining for solution in the practical policy selection. Though some achievements have been made in the theoretic research in this aspect outside China, the existing researches in China have been from the endogenous points of view but neglected the mechanism and role of the internal impact of cyclic features on financing constraints and the management of working capital. Thus the effect of financing constraint policies on the management of corporate working capital has failed to reach the expected objective. Hence, this subject adopts the economic cyclic theory and the financing constraint theory in studying the theoretic mechanism of phase and synergic selection between economic cycle, financing constraints and working capital for the purpose of constructing a synergic selection model between financing constraints and working capital management in different economic cycles, and testing whether the management of working capital will converge toward the target working capital demand in different economic cycles and under financing constraints, the convergence rate and whether the adjustment r

英文关键词： Economic Cycles；Financing Constraints；Working Capital；Dynamic and Synergic；