客户集中度、产权性质与营运资本决策

发布时间：2018-01-14 13:24

本文关键词：客户集中度、产权性质与营运资本决策　出处：《财经问题研究》2017年06期 　论文类型：期刊论文

【摘要】：本文通过对2010—2013年我国沪深两市A股制造业上市公司数据样本进行实证检验发现:由于谨慎性原因和大客户治理作用的存在,客户集中度越高的制造业上市公司越倾向于持有更多的营运资本和现金;与国有企业相比,在客户关系不稳定且融资相对困难的非国有企业中,客户集中度与营运资本规模和现金持有水平的正相关关系更为明显。此外,在对非国有企业样本进行进一步检验后发现,激烈的行业竞争会显著加强客户集中度与营运资本规模及现金持有水平之间的正相关关系,而经营环境的改善会削弱上述正相关关系。
[Abstract]:Based on the 2010 - 2013 China's two stock markets of Shanghai and Shenzhen A share listed companies in manufacturing industry data sample to conduct empirical research found that due to the effect of prudence causes and governance are big customers, customer focus in manufacturing the higher degree of the listed companies tend to hold more cash and working capital; compared with state-owned enterprises, in the non the state-owned enterprise customer relationship is unstable and relatively difficult in financing, customer relationship and working capital scale and the level of cash holdings concentration is more obvious. In addition, in the further examination of the sample of non state owned enterprises after the fierce competition in the industry will significantly enhance the customer concentration and scale of working capital and cash holdings positive correlation between the level, and improve the business environment will weaken the positive correlation.

【作者单位】：南开大学商学院/中国公司治理研究院;中国特色社会主义经济建设协同创新中心;
【基金】：国家社会科学基金重点项目“创新驱动下客户治理与营运资本决策的协同机制及策略研究”(16AGL006)
【分类号】：F406.7;F425;F721
【正文快照】： 一、问题的提出在我国经济发展速度放缓、市场由要素驱动和投资驱动转向由创新驱动的“新常态”下,各行业资金链趋紧,如何保持资产的流动性,减少企业陷人财务危机就成为企业管理层目前最为关注的话题,而有效的营运资本管理对于防止企业资金链断裂和预防债务危机起到至关重要的

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