不同市场竞争条件下客户关系集中度对企业现金持有的影响——基于中国制造业上市公司的实证

发布时间：2018-06-19 12:18

本文选题：客户关系集中度 + 现金持有　；参考：《管理评论》2017年04期

【摘要】：现金持有是一项重要的财务资源决策,它受到各种企业市场决策和竞争策略的影响,也同样包括产品市场中的客户关系。本文以2001-2013年间中国制造业上市公司为样本,研究客户关系集中度对企业现金持有的影响。结果表明,企业客户关系集中度对其现金持有量具有显著的正向影响。客户关系集中度越高,客户关系越重要,企业就倾向持有越多的现金储备。引入市场条件后,这种正向作用还会发生显著变化。在竞争激烈、动态性强或不确定性大的市场环境下,随着客户关系集中程度的增加,企业持有现金储备的动机和持有量会被放大。另外,当企业处于较弱的市场地位时,客户关系集中度对现金持有的积极影响也会显著强于市场地位强的企业。
[Abstract]:Cash holding is an important financial resource decision, which is influenced by various enterprise market decisions and competition strategies, as well as the customer relationship in the product market. This paper studies the influence of customer relationship concentration on cash holdings of Chinese manufacturing listed companies from 2001 to 2013. The results show that the concentration of customer relationship has a significant positive effect on cash holdings. The higher the concentration of customer relationship, the more important customer relationship is, and the more cash reserves enterprises tend to hold. After the introduction of market conditions, this positive effect will also change significantly. In the competitive, dynamic or uncertain market environment, with the increase of the concentration of customer relationship, the motivation and amount of holding cash reserves will be enlarged. In addition, when enterprises are in a weak market position, the positive impact of customer relationship concentration on cash holdings is significantly stronger than that of enterprises with strong market position.
【作者单位】：湖南大学工商管理学院;
【基金】：国家自然科学基金创新群体项目(71521061);国家自然科学基金青年项目(71202137) 湖南省哲学社会科学基金项目(15YBA078) 湖南省自然科学基金项目(2016JJ2032)
【分类号】：F275

【相似文献】