经济数学2016，Vol.33Issue(1)：46-56,11.
营运资本与公司综合治理对公司价值影响研究
The Effect of Working Capital and Corporate Comprehensive Governance on the Company’s Value
摘要
Abstract
We extended Faulkender and Wang(2006)model by introducing a variable of the level of the corporate com-prehensive governance and discussed the effect of the variable and the working capital on the company’s value.Using a sample of China public companies from 2008 to 2013,we find that the effect is considerable.Specifically,the marginal value of invest-ment in working capital is less than that of investment in cash.At the current level of working capital,an increase of working capital will reduce excess return and investment value as well.For the marginal value of working capital,commercial compa-nies,higher efficiency of corporate governance companies,constrained companies enjoy more value of margin working capital investment which contributes more to company value.关键词
营运资本/公司综合治理/融资约束/公司价值Key words
working capital/corporate governance/financial constrains/company value分类
管理科学引用本文复制引用
杨招军,孙雯婷,甘柳..营运资本与公司综合治理对公司价值影响研究[J].经济数学,2016,33(1):46-56,11.基金项目
国家自然科学基金(项目批准号:71171078、71371068和71221001) （项目批准号:71171078、71371068和71221001）
