关键词: 营运资金融资结构,动态调整,供应链关系,产权性质,行业景气度

Abstract: Taking China’s A-share listed manufacturing companies during the period of 2004-2014 as the research samples, this paper conducts an empirical analysis of the relationship between the supply chain relationship, the nature of property right and the dynamic adjustment of working capital financing structure under the prosperity of different industries from the perspective of dynamic adjustment for the first time. The findings show that the decision-making of business working capital financing structure is a dynamic decision-making process weighing on the risks and costs. The adjusting speed of the working capital financing structure is subjected to the impact of the supply chain relationship and the nature of property rights; the enterprises with higher supply chain concentration ratio and the state-owned enterprises usually have faster adjustment speed. Further study finds out that the above-mentioned impacts are restricted by the extent of industry prosperity; during the industrial recession, the enterprise would quicken the adjustment speed of the working capital financing structure.

Key words: working capital financing structure; dynamic adjustment; supply chain relationship; nature of property right; degree of industry prosperity