经济周期波动与民营企业轻资产运营

摘要/Abstract

摘要： 在中国经济增速放缓的背景下，民营企业是否选择轻资产运营突破发展瓶颈值得关注。基于此，本文采用2011—2021年中国资本市场A股民营上市公司作为样本，考察经济周期波动对民营企业轻资产运营的影响及其作用机制和情境特征。研究发现：①经济周期波动与民营企业轻资产运营之间显著负相关，即经济周期下行，民营企业更可能会选择轻资产运营；②机制检验表明，经济周期下行通过降低固定资产投资，提高营销投入和研发投入促进了民营企业轻资产运营；③情境分析揭示，较高的财务困境、业绩压力和产品市场竞争程度会强化经济周期下行对民营企业轻资产运营的促进作用。本研究丰富了经济周期波动和轻资产运营相关领域的文献，同时对民营企业资产运营模式选择也有所启示。

关键词: 轻资产运营, 经济周期波动, 财务困境, 业绩压力, 产品市场竞争

Abstract: Under the background of China’s economic slowdown, it is worth paying attention to whether private enterprises choose asset-light operation to break through development bottlenecks. Based on the above consideration, this paper selects A-share listed private enterprises in China’s capital market from 2011 to 2021 as research samples, and tests the impact of economic cycle fluctuation on private enterprises’ asset-light operation and its action mechanism and corresponding context characteristics empirically. The findings are as follows. (1) There is a significant negative correlation between economic cycle fluctuation and private enterprises’ asset-light operation. In other words, when the economic cycle is downward, private enterprises are more likely to choose asset-light operation. (2)The mechanism test shows that downward economic cycle promotes private enterprises’ asset-light operation by reducing their fixed asset investment and increasing their marketing and R&D investment. (3) Situational analysis shows that the promoting effect of downward economic cycle on private enterprises’ asset-light operation intensifies when financial distress, performance pressure or product market competition is higher. This research enriches literature on economic cycle and asset-light operation, and has some enlightenment for private enterprises to choose their asset operation mode.

Key words: asset-light operation, economic cycle fluctuation, financial distress, performance pressure, product market competition

王浩然, 周泽将. 经济周期波动与民营企业轻资产运营[J]. 管理评论, 2024, 36(10): 226-237.

Wang Haoran, Zhou Zejiang. Economic Cycle Fluctuation and Private Enterprises’ Asset-light Operation[J]. Management Review, 2024, 36(10): 226-237.

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