Nature Of Property Rights,financial Constrains And The Optimal Size Of Working Capital

Working capital,as an essential part of enterprise financial resources,determine the reasonable scale of working capital investment is very important to enterprise,but in the practice,the problem of excessive or insufficient investment in working capital investment are widespread,reduces the enterprise performance.Foreign scholars for the study of the theory of the optimal scale of working capital have made some achievements,but,because of the domestic existing research focuses on the economic consequences of the working capital management efficiency,without considering whether there is an optimal working capital scale,make the working capital management efficiency failed to meet expectations.Based on the domestic research status,this paper based on the working capital underinvestment and overinvestment phenomena as the breakthrough point,on the basis of the theory of MM theory,asymmetric information and principal-agent theory to study the optimal operation of the capital scale,selection of non-financial listed companies in China in 2006-2015 data as sample,trying to build a model to determine the optimal working capital scale,and combined with China’s institutional background check working capital,the optimal scale of enterprises of different property rights if there is a difference,whether the difference with the nature of different property companies face different degree of financing constraints.In this paper,the research shows that the existence of the optimal scale of the working capital,to balance the costs and benefits,to maximize the enterprise performance,the optimal scale of working capital in the private enterprises is higher than that of state-owned enterprises,and in the state-owned enterprises,the local governments holding enterprises’ optimal scale of working capital is higher than that of the central government holding companies,the optimal scale and different property right nature enterprise faced with different degree of financing constraints lead to the differences between there optimal size of working capital.The theoretic contribution of this study is prove to exist for the enterprise working capital provides strong evidence that the optimal scale also points out its working capital enterprises of different property rights,the optimal scale is different,and the existence of differences mainly influenced by financing constraints,added to the research of the optimal of working capital scale under the China’s special system background and the practice contribution is to determine the reasonable scale of working capital to the enterprise has a certain guiding significance,enterprises should combine their own ability to obtain funds and investment demand,and actively adjust the working capital scale,maximize the enterprise value.