客户关系与企业现金持有——来自中国转型经济的经验证据
发布时间：2018-10-18 06:49
【摘要】：基于中国转型经济背景,采用交易强度与交易持续时间双重维度刻画中国上市公司客户关系。结果发现,客户关系主要通过弱化企业关系承诺动机、而非预防动机进而使其减持现金,尤其在非政府控股企业中表现得更为显著。基于现金持有经济后果的实证分析显示,客户关系的存在弱化了企业现金的价值贡献,表明上述行为的合理性,揭示了客户关系的社会资本特性。
[Abstract]:Based on the background of China's transition economy, the dual dimensions of transaction intensity and transaction duration are used to describe the customer relationship of Chinese listed companies. The results show that the customer relationship mainly weakens the motivation of enterprise relationship commitment, but not the motivation of prevention, which makes the customer relationship reduce its cash holdings, especially in the non-government holding enterprises. The empirical analysis based on the economic consequences of cash holding shows that the existence of customer relationship weakens the value contribution of corporate cash, indicates the rationality of the above behavior, and reveals the social capital characteristics of customer relationship.
【作者单位】： 中国石油大学(华东)经济管理学院;
【基金】：国家自然科学基金面上项目(71472096;71172080) 中央高校基本科研业务费研究专项项目(15CX04026B) 青岛市哲学社科规划一般项目(QDSKL1601034)
【分类号】：F275;F274
本文编号：2278324
[Abstract]:Based on the background of China's transition economy, the dual dimensions of transaction intensity and transaction duration are used to describe the customer relationship of Chinese listed companies. The results show that the customer relationship mainly weakens the motivation of enterprise relationship commitment, but not the motivation of prevention, which makes the customer relationship reduce its cash holdings, especially in the non-government holding enterprises. The empirical analysis based on the economic consequences of cash holding shows that the existence of customer relationship weakens the value contribution of corporate cash, indicates the rationality of the above behavior, and reveals the social capital characteristics of customer relationship.
【作者单位】： 中国石油大学(华东)经济管理学院;
【基金】：国家自然科学基金面上项目(71472096;71172080) 中央高校基本科研业务费研究专项项目(15CX04026B) 青岛市哲学社科规划一般项目(QDSKL1601034)
【分类号】：F275;F274
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