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

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.%Cash holding is an important decision of financial resources,which is affected by various corporate decisions,competitive market strategies and customer relationship in the product market.Based on the data of Chinese manufacturing firms listed during 2001 to 2013,this study examines the effect of customer relationship concentration on corporate cash holding.The result shows that the customer relationship concentration has significant positive effect on corporate cash holdings.The higher customer relationship concentration is,the more cash reserves firms will tend to hold.When the market conditions are considered,the positive effect will change significantly.If the competition is fierce,the dynamism or the uncertainty of market environment is strong,with customer relationship concentration increasing,firms' motivation to hold cash reserves will be magnified.In addition,for firms in a weak market position,the positive impact of customer relationship concentration on cash holdings will be significantly stronger than firms in a strong market position.