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供应链集成对降低经营风险、提高企业绩效的影响已获得较多的研究,但它对降低财务风险、提高企业资金管理效率的影响,尚未获得足够的证据。文章基于财务管理、控制财务风险的视角,着重研究供应链集成对企业短期营运资金管理效率与长期资本结构的影响。选取沪深A股2010-2015年制造业上市公司的数据,建立中介效应模型,采用多元线性回归的分析方法。通过实证研究,发现供应链集成与营运资金管理效率显著正相关;营运资金管理效率与资本结构显著正相关;供应链集成程度与资本结构之间则存在显著的负相关关系,且营运资金周期在供应链集成影响资本结构的过程中起完全中介作用。
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基本信息:
DOI：10.16524/j.45-1002.2016.12.013
中图分类号:F275;F274
引用信息:
[1]申嫦娥,魏荣桓,田洲.供应链集成、营运资金管理效率与资本结构[J].学术论坛,2016,39(12):63-68.DOI:10.16524/j.45-1002.2016.12.013.
基金信息:
北京市社科基金“财税激励、智力资本增值能力与企业技术创新研究”(16YJB018)
2017-03-02
2017-03-02
2017-03-02