环境不确定性、客户集中度与企业现金持有水平

发布时间：2018-02-10 20:38

本文关键词： 环境不确定性客户集中度现金持有水平　出处：《浙江财经大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着全球经济一体化的深入,产品的生命周期逐渐缩短,顾客的需求呈现个性化发展,在此形势下,越来越多的企业开始加强供应链整合管理,以期保持长久稳定的供应商和客户关系。正如温德成(2006)所言,企业要想在日益加剧的市场环境下获得发展,就必须打造整条供应链优势,依靠供应链实力增强企业竞争力。供应链的集成,尤其是作为企业重要利益相关者的客户及其集中程度常常会对企业的经营管理战略和财务决策产生重要影响,而现金持有是企业财务决策的一项重要内容,决定着企业的生存与发展。国内关于企业大客户集中造成的企业经济后果以及影响企业持现水平因素的研究文献很多,但是把二者相结合来,探讨客户集中度对企业现金持有量影响的较少。此外,企业都是在特定的市场环境中进行经营管理活动,环境不确定性的高低能够通过影响企业管理者决策、融资约束等方面影响企业现金持有水平,也会对企业与大客户之间的依赖程度产生影响,进而影响企业持现水平。在这样的背景下,本文首次尝试探讨客户集中度对企业现金持有水平产生的影响,这种影响是正向的还是负向的,面临环境不确定性高低不同的企业之间影响是否存在显著差异。已有很多中外学者从企业内部因素和外部环境对现金持有量的影响因素做了比较成熟的研究。本文在此基础上,从现金持有的相关理论以及供应链上下游企业间关系的相关理论出发,梳理出企业与其重要客户建立长期稳定的合作关系,维持较高的客户集中度会给企业带来正反两种截然不同的经济后果,在此基础上理论分析大客户及其集中程度会对企业的现金持有水平带来的影响,并根据我国宏观经济发展趋势,选取2010-2014年之间的沪深两市A股制造业上市企业为观测样本,借鉴Opler(1999)关于企业持现水平影响因素的模型,结合中国实际,参考唐跃军(2009)、陈德球等(2011)的研究成果,在模型中加入影响公司持现规模的其他变量作为控制变量,使用固定效应(FE)进行回归分析;同时,为了进一步观察环境不确定性高低不同企业的客户集中度对现金持有水平影响的差异,本文也针对环境不确定性进行了交互项的回归分析和分类对比分析。研究发现,第一,客户集中度越高,企业越偏向持有较多的现金。虽然企业期望长期保持与重要客户的稳定合作关系,但是如果客户群高度集中,具有很强的议价能力时,企业管理层可能更多出于预防客户流失或者临时违约带给企业的风险,而不是合作本身。第二,相比面临环境不确定性较低的企业,在面临较高环境不确定性的企业中,现金持有水平与客户集中度间的正向关系更加显著。较高的环境不确定性导致企业经营风险增加,对经营业绩产生不利影响,致使企业对其主要客户的依赖性增强,而客户集中度进一步提高时,大客户流失带来的风险成本也进一步提升,因此,理性的管理者出于预防动机需求将保持企业较高的现金持有水平。环境不确定性这一因素对高度集中的客户群导致的企业现金持有量的增加具有促进作用。文本的结论丰富了相关领域文献的同时为企业在面临市场环境波动变化时制定现金持有决策具有一定的启示意义。
[Abstract]:With the deepening of global economic integration, product life cycle becomes shorter and shorter, the customer needs individualized development, in this situation, more and more enterprises begin to strengthen the integration of supply chain management, maintain long-term stable relationships with suppliers and customers in order. As Wendell into (2006) said, to get the business development in the increasingly the fierce market environment, it is necessary to build the whole supply chain, supply chain capabilities to enhance the competitiveness of enterprises. Relying on the integrated supply chain, especially its concentration as the important interests of the enterprise stakeholders customers often to enterprise management strategy and financial decision-making influence, and cash holdings is an important content of the enterprise financial decision, determines the survival and development of enterprises. The level of factors to domestic customers to focus on enterprise by enterprise and affect the enterprise's economic consequences A lot of research literature, but the combination of the two to explore the customer concentration on corporate cash holdings affect less. In addition, enterprises are management activities in a particular market environment, environmental uncertainty can affect the level of enterprise management decision-making, financing constraints and other aspects of the impact of corporate cash holdings. Will have an impact on the degree of dependence between enterprises and customers, which will affect the company's cash levels. In this context, this is the first attempt to explore the customer concentration on corporate cash holdings influence, this influence is positive or negative, facing the impact between the level of environmental uncertainty of different enterprises if there is a significant difference. There are many Chinese and foreign scholars from the internal factors and external environment on the influencing factors of cash holdings to do a comparative study on the mature. On the basis of related theories from the relevant theory of cash holdings and between supply chain enterprises, sort out the enterprise and its key customers to establish long-term stable cooperative relations, to maintain high customer concentration will bring two different economic consequences of positive and negative influence to the enterprise, on the basis of theoretical analysis and customer concentration on the level of corporate cash holdings brings, and according to the development trend of China's macro economy, select 2010-2014 years between Shanghai and Shenzhen two A shares of listed manufacturing enterprises as samples, using Opler (1999) on corporate cash levels influence factor model, combined with the actual reference Chinese, Tang Yuejun (2009), Chen Deqiu etc. (2011) the research results, the influence of corporate holding other variables in the model are scale as control variables, using fixed effects regression analysis (FE); at the same time, in order to Further observation level of environmental uncertainty of customers of different enterprises focus on the differences of influence on the cash holding level, this paper analyzes the environmental uncertainty regression analysis and comparison of classification interaction. The study found that, first, customer concentration is high, companies tend to hold more cash. Although enterprises expect to maintain stable cooperative relations with the customer's long-term, but if the customer base is highly concentrated, with strong bargaining power, management may be more for the prevention of loss of customers or temporary default risk bring enterprises, rather than the cooperation itself. Second, in the face of environmental uncertainty is low enterprise, in the face of higher environmental uncertainty of enterprises in the level of cash holdings and the positive relationship between the degree of customer concentration is more significant. Higher environmental uncertainty leads to increased business risk, the Adversely affect the business performance, the dependence of enterprises on the main customer enhancement, and further improve the degree of customer focus, customer loss risk cost is also further improved, therefore, rational management for precautionary motive demand will maintain high cash holding level enterprises. Environmental uncertainty factors that lead to this highly concentrated customer base of corporate cash holdings increased. At the same time can promote the conclusion of the text enrich the related document for the enterprise in the face of market fluctuations when making cash holdings have certain significance decisions.

【学位授予单位】：浙江财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275

【参考文献】