营运资本政策的稳健性是否会受大股东社会资本的影响

文章基于“关系是形成社会资本的基础”这一思想,研究了我国 A 股上市公司大股东社会资本对公司营运资本政策稳健性的影响。实证研究发现,大股东社会资本数量与营运资本稳健性显著正相关,大股东社会资本对公司营运资本政策的稳健程度具有积极的正向影响;进而,不同关系强度的股东社会资本的治理效应不尽相同,强关系型社会资本较弱关系型社会资本更能促进利益协同效应的发挥。文章研究证实,大股东社会资本作为“隐形权力”的存在影响了“显性”的股权比例对营运资本政策的影响。

Does social capital of larger shareholders influence the conservatism of working capital policy

Working capital management policy is an important part of corporate financial management. In the study, we take A-share listed companies for example and propose a "major shareholders’social capital"concept, quantify and classify it to study the relationship between the social capital of the major shareholders and the soundness of working capital management policy. The empirical results show that the real social capital between major shareholders as a supplement of invisible level of equity structure, not only has a direct impact on the soundness of working capital management policies, but also affects the ownership's structure of the working capital policy. In addition, the effect of the strong relational social capital between major shareholders on the soundness of working capital policies is not the same as that of the weak relational social capital.