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本文以我国A股上市公司2006-2013年数据为研究样本,分析了企业风险承担与营运资金持有之间的关系。研究发现,企业风险承担对营运资金的持有比率有显著影响,风险承担越大的企业其营运资金持有比率越小。同时,国家控制公司与风险承担有关的激励机制对其营运资金投资的影响更小;在信用紧缩期间,国家控制公司面临的融资约束更小,相对于非国家控制公司来说更容易获得信贷资源,其营运资金持有比率小于非国家控制公司。
Based on the data of A-share listed companies in China from 2006 to 2013, this paper analyzes the relationship between corporate risk appetite and working capital holdings. The study found that corporate risk appetite has a significant impact on the holding ratio of working capital, and the larger the risk appetite, the smaller the working capital holding ratio. At the same time, the state-controlled company’s risk-related incentive mechanism has less impact on its working capital investment. During the credit crunch, state-controlled companies are faced with less financing constraints and have more access to credit resources than non-state-controlled companies , Its working capital holding ratio is less than non-state controlled companies.