Net Operating Working Capital Behavior: A First Look
研究了净营运资本如何反映企业对经营和融资条件的调整，发现销售增长、不确定性、外部融资困难和财务困境促使企业采取更激进的营运资本策略，而内部融资能力强和资本市场准入好的企业则更保守。
Net operating working capital captures multiple dimensions of firms’ adjustments to operating and financial conditions. Sales growth, uncertainty of sales, costly external financing, and financial distress encourage firms to pursue more aggressive working capital strategies. Firms with greater internal financing capacity and superior capital market access employ more conservative working capital policies. Results are robust to unobserved heterogeneity and industry effects. The evidence suggests that operating and financing conditions should be considered when evaluating working capital behavior, not just industry averages. Additionally, industry concentration magnifies the effect of sales growth .