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本文采用系统广义矩估计(generalized method of moments,GMM)的方法,从公司特征、公司治理和宏观环境三个方面出发检验了上市公司营运资金的影响因素,探讨了我国上市公司营运资金调整速度的区域特征,分析了上市公司营运资金调整方向的趋势。研究发现:①公司自身特征、公司治理水平和宏观环境是上市公司营运资金管理策略选择的重要影响因素;②我国上市公司营运资金调整速度存在显著的区域差异,东部地区上市公司的营运资金调整速度显著快于中西部地区上市公司;③47.557%的上市公司营运资金呈现正向调整趋势,39.986%的上市公司营运资金呈现逆向调整趋势,部分上市公司的营运资金调整背离了最优营运资金水平。
In this paper, we use the method of generalized method of moments (GMM) to test the influencing factors of working capital of listed companies from three aspects: corporate characteristics, corporate governance and macro-environment, and discuss the adjustment speed of working capital of listed companies Regional characteristics, the trend of adjustment of working capital of listed companies is analyzed. The findings are as follows: (1) The company’s own characteristics, corporate governance and macroeconomic environment are the important influential factors in the selection of the working capital management strategies of listed companies. (2) There are significant regional differences in the adjustment speed of the working capital of listed companies in China. The adjustment speed of the working capital of the listed companies in the eastern region Significantly faster than the central and western regions listed companies; ③47.557% of listed companies operating funds showed a positive trend of adjustment, 39.986% of listed companies operating funds showed a downward adjustment trend, some listed companies working capital adjustment deviated from the optimal working capital level .