客户依赖性与公司现金持有决策——基于2007-2013年制造业上市公司的经验证据  

Customer Dependency and Cash Holdings Decision——An Empirical Research Based on 2007-2013 Chinese Listed Firms in Manufacturing Industry

作　　者：王俊秋[1] 毕经纬[1] 

机构地区：[1]华东理工大学商学院,上海200237

出　　处：《财经论丛》2015年第12期59-69,共11页Collected Essays on Finance and Economics

基　　金：国家自然科学基金资助项目(71172079;71302042);中央高校基本科研业务费专项基金资助项目(WN1322009)

摘　　要：本文以2007-2013年沪深A股制造业上市公司为研究样本,实证检验客户依赖性对公司现金持有决策的影响,并且从关系专用性投资和产品市场竞争视角揭示了客户关系影响公司现金持有决策的作用机理。研究发现,客户依赖性高的公司更可能提高现金持有水平以预防客户关系可能带来的现金流量风险和财务困境风险,客户依赖性与公司现金持有水平显著正相关;关系专用性投资的锁定效应将提高公司财务困境风险,显著增加客户依赖性与现金持有水平之间的正相关关系;随着产品市场竞争的日趋激烈,客户依赖性高的公司也会增加现金持有以抵御市场掠夺风险并保持竞争优势。Using Chinese listed firms in manufacturing industry during the period of 2007-2013 as the reseach sample,this paper analyzes the effect of customer dependency on cash holdings and investigates the two channels through which customer dependency might affect cash holdings：（ 1） relationship-specific investment and（ 2） product market competition. The Empirical research shows that as a precaution against the risk of cash flow and financial distress induced by customer relationship,firms hold more cash when their sales depend on a small number of customers. Customer dependency is positively related to cash holdings. The high financial distress costs resulting from the lock-in effect of relationship-specific investments significantly increase the positive relationship between customer dependency and cash holdings. Finally,in highly competitive industry,firms with more dependence on major customers tend to hold more cash to resist market predatory risk and maintain their competitive advantages.

关 键 词：客户依赖性 现金持有 关系专用性投资 产品市场竞争 

分 类 号：F275[经济管理—企业管理]