商业经济与管理

为了研究制造业企业中流通投入占生产—流通总投入的比例,文章提出了职能成本结构的概念,将制造业企业视为生产和流通的结合体,分析其如何综合权衡生产职能和流通职能的执行,并从生产层面、流通层面和市场层面构建目标职能成本结构决定模型,从融资能力、资本周转和变现能力构建调整速度影响模型。随后,文章选取2003-2014年沪深两市制造业上市公司为研究样本,利用系统GMM估计和纠偏LSDV估计方法,对文章在理论部分提出的模型进行了实证分析。结果表明:整体而言,在两种方法下,目标职能成本结构调整到一半所需的平均时间大约为2.87年或3.04年;公司规模、资本结构、销售依存度和存货周转率等因素与目标职能成本结构显著负相关,库存率与目标职能成本结构显著正相关;更强的变现能力会显著加快职能成本结构调整速度,但当总资产周转速度减慢,融资能力不强时,企业也会倾向于加速调整职能成本结构。

To study the ratio of circulation investment in the sum of production investment and circulation investment in manufacturing enterprise,this paper presents the concept of functional cost structure,regards manufacturing enterprises as the combination of the production function and circulation function and analyzes how the manufacturing enterprises weigh the production function and circulation function. This paper builds the target functional cost structure decision model from the production level,the circulation level and the market level,and builds the speed of adjustment model from the financing capacity level,asset turnover level and liquidity level. Then,this paper selects data of A-share manufacturing listed companies in China from 2003 to 2014,using two alternative methodologies: the system GMM method and LSDVC method. Both methods show that,as a whole,it costs about 2. 87 years or 3.04 years to adjust to the half of target function cost structure. There is a significant negative correlation between target function cost structure and corporate scale,capital structure,sales dependence,inventory turnover rate. There is a significant positive correlation between the inventory rate and the target function cost. Stronger liquidity will significantly accelerate the function cost structure adjustment speed,but when the total assets turnover speed slows down or the financing capacity is weak,enterprises will tend to accelerate the speed of adjustment too.