客户集中度、现金持有与公司竞争优势  

Customer Concentration,Cash Holdings and Corporate Competitive Advantages

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：《审计与经济研究》2016年第4期62-70,共9页Journal of Audit & 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项目(WN1322009)

摘　　要：以2007—2013年沪深A股制造业上市公司为样本,实证检验了客户集中度对公司竞争优势的影响以及现金持有在其中的调节效应。研究发现,客户集中度与公司竞争优势显著负相关,尤其是在高竞争行业,客户集中度对公司竞争优势的负面影响更加显著;充裕的现金储备可以通过其风险管理职能和竞争效应显著降低客户集中度对公司竞争优势的负面影响,在高竞争行业,现金持有更有助于缓解客户集中度对公司竞争优势的负面影响。本研究从客户集中度视角揭示了公司竞争优势的影响因素,丰富了现金持有经济效应的研究。Based on Chinese listed firms in manufacturing industry during the period of 2007- 2013,this paper analyzes the influence of customer concentration on corporate competitive advantages and the mediating effect of cash holdings. The empirical research shows that customer concentration is negatively related with corporate competitive advantages. The above relationship is more significant in the industry with a high degree of competition. Further,cash holdings can mitigate the negative effect of customer concentration on corporate competitive advantages significantly. Especially in the industry with a high degree of competition,the mitigating effect of cash holdings is more significant as well. This study enriches the literature of customer concentration and economic effects of cash holdings.

关 键 词：客户集中度 现金持有 公司竞争优势 产品市场竞争 掠夺风险 公司战略 风险管理 

分 类 号：F275.1[经济管理—企业管理]