王明虎,孫梁艷.宏觀(guan)經濟形勢、管(guan)理層(ceng)激勵與營運資金融資策(ce)略[J].南京審計學院學報(bao),2021,(2):
宏觀(guan)經濟形勢、管(guan)理層(ceng)激勵與營運資金融資策(ce)略
  
DOI︰
中文關(guan)鍵詞(ci):  宏觀(guan)經濟形勢  管(guan)理層(ceng)激勵  營運資金  融資策(ce)略  貨幣薪酬(chou)  股(gu)權激勵  財(cai)務決策(ce)  企業dao)  feng)險
英文關(guan)鍵詞(ci):macro-economic situation  management incentive  working capital  financing strategy  monetary compensation  equity incentive  financial decision-making  operational risk of enterprise
基金項目:國家社會科學基金項目(19BJY021);安(an)徽省高(gao)等(deng)學校人文社會科學研究項目(SK2020A0183)
作者單(dan)位
王明虎,孫梁艷 安(an)徽工(gong)業dang)da)學 商學院安(an)徽 馬鞍(an)山 243002 
摘要點(dian)擊次(ci)數: 129
全文下載次(ci)數: 162
中文摘要:
      營運資金融資策(ce)略是企業dang)cai)務決策(ce)的(de)重要內容。利用我國上市公(gong)司財(cai)務數據實di)?芯苛撕旯guan)經濟形勢、管(guan)理層(ceng)激勵與營運資金融資策(ce)略三者之間的(de)關(guan)系dan) 芯拷 biao)明︰從(cong)總體上來chun)矗(chu) 夜鮮泄gong)司營運資金融資偏于激進;貨幣薪酬(chou)激勵會使gou)de)企業dang)撓 俗式鶉謐什ce)略更(geng)穩健,而(er)股(gu)權激勵會引發(fa)管(guan)理層(ceng)做出(chu)激進的(de)營運資金融資策(ce)略;在宏觀(guan)經濟發(fa)展gu)魘平蝦檬保(bao) 醣倚匠chou)引起穩健型融資策(ce)略的(de)作用減弱,股(gu)權激勵誘發(fa)激進型融資策(ce)略的(de)作用增強。
英文摘要:
      A correct working capital financing strategy has always been an important part of corporate financial decision-making.Using financial data of listed companies in China, this paper empirically studies the relationship among the macro-economic situation, management incentives and working capital financing strategies.Research indicates that on the whole, Chinese companies prefer radical financing strategies. Monetary compensation incentives will make companies’ working capital financing strategies more robust, while equity incentives will induce companies’ working capital financing strategies to be more aggressive. When the macroeconomic development trend is good, the role of monetary compensation in inducing prudent financing strategies weakens, and the role of equity incentives in inducing aggressive financing strategies increases.
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