通货膨胀条件下供应链集中度对企业现金持有的影响

发布时间：2018-03-16 08:29

本文选题：通货膨胀　切入点：供应商集中度　出处：《东华大学》2017年硕士论文　论文类型：学位论文

【摘要】：企业现金持有水平反映企业财务和经营战略,持有现金的规模需要综合考虑成本与收益并对其进行权衡。持有过多的现金会产生机会成本,但如果持有的现金太少,又会使企业丧失良好的投资机会,产生短缺成本。随着全球市场竞争加剧、生命周期缩短,企业间的竞争已经演化成供应链之间的竞争。企业处于供应链中间位置,资金的流通需要经过供应链上下游,因此,供应商和客户会对企业现金持有产生影响。但是当供应链关系集中时,客户和供应商的谈判能力较强,在产品价格、质量、商业信用等方面牵制企业,那么企业现金持有水平必然发生变化;当通货膨胀来临时,物价上涨,货币的购买力下降,由此导致原材料和人工成本的大幅上升,企业的资金融通空间在缩小,从而带来经营链条的紊乱。在这样的宏观经济条件下,供应链中的企业也不可避免受到影响,因此,需要考虑存在通货膨胀时,供应链集中度对其现金持有的影响会如何变化,适时做出正确的决策。本文以现金持有预防动机理论为基础,结合融资约束假说、市场竞争理论、市场掠夺效应,研究供应链集中度与企业现金持有的关系。理论部分首先对现金持有以及供应链集中度理论相关文献进行回顾,首先梳理了现金持有的动机及相关理论,以及目前的现金持有的文献具体涉及的领域、供应链集中度理论基础、特征,然后梳理了供应链集中度与现金持有的关系。实证部分选取2011-2014年沪深A股制造业的1556家上市公司为研究样本,在理论分析的基础上提出假设、构建模型、定义变量,利用描述性统计、相关性检验,归纳出通货膨胀、供应链集中度与企业现金持有的关系,再利用多元回归等方法,进一步验证三者之间关系的影响程度。最后分析结果得出结论并提出建议。研究发现:首先,供应商集中度越高,企业现金持有水平越高,客户集中度与企业现金持有水平呈现正相关关系,并且显著;其次,通货膨胀条件下,企业现金持有水平会降低,呈现显著负相关;最后得出,通货膨胀条件下,供应商集中度与现金持有正相关的关系减弱,同样的客户集中度与现金持有正相关的关系也减弱。
[Abstract]:The cash holding level of an enterprise reflects the financial and operational strategy of an enterprise. The scale of holding cash needs to consider costs and benefits comprehensively and weigh them. Holding too much cash will result in opportunity costs, but if there is too little cash, As the global market competition intensifies and the life cycle shortens, competition among enterprises has evolved into competition between supply chains. Enterprises are in the middle of the supply chain. The flow of funds goes through the supply chain upstream and downstream, so suppliers and customers have an impact on cash holdings. But when supply chain relationships are concentrated, customers and suppliers are more able to negotiate, in terms of product price and quality, If business credit and other aspects restrain enterprises, then the level of cash holdings of enterprises will inevitably change. When inflation comes, prices rise and the purchasing power of money decreases, which leads to a sharp rise in raw materials and labor costs. In such macroeconomic conditions, enterprises in the supply chain will inevitably be affected. Therefore, when there is inflation, it is necessary to consider the existence of inflation. How does the concentration of supply chain influence its cash holding and make the right decision in time? this paper is based on cash holding prevention motivation theory, combined with financing constraint hypothesis, market competition theory, market plunder effect. The theoretical part firstly reviews the relevant literatures of cash holding and supply chain concentration theory, and firstly combs the motivation and related theories of cash holding. As well as the current cash holdings of the literature specifically related to the field, supply chain concentration theoretical basis, characteristics, Then it combs the relationship between supply chain concentration and cash holdings. Empirical part selects 1556 listed companies in Shanghai and Shenzhen A share manufacturing industry in 2011-2014 as the research sample, puts forward the hypothesis, constructs the model, and defines the variables on the basis of theoretical analysis. By using descriptive statistics and correlation tests, the relationship between inflation, supply chain concentration and cash holdings of enterprises is summed up, and then multiple regression methods are used. Finally, the conclusion is drawn and some suggestions are put forward. Firstly, the higher the supplier concentration, the higher the cash holding level. There is a positive correlation between customer concentration and corporate cash holding level, and it is significant. Secondly, under the condition of inflation, the enterprise cash holding level will decrease, showing a significant negative correlation. Finally, under the condition of inflation, The positive relationship between supplier concentration and cash holding is weakened, and the same customer concentration degree is also weakened with the positive correlation between cash holding and supplier concentration.
【学位授予单位】：东华大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F425;F406.7;F822.5;F274

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