客户关系影响企业营运资金融资决策吗?——基于资金周转中介效应的实证分析  

Does Customer Relationship Affect Corporate Working Capital Financing Decisions? ——An Empirical Analysis Based on the Mediating Effect of Capital Turnover

作　　者：孙兰兰 翟士运[2] SUN Lanlan;ZHAI Shiyun(School of Economics and Management,Qingdao University of Science and Technology,Qingdao 266061,China;Business School,Nankai University,Tianjin 300071,China)

机构地区：[1]青岛科技大学经济与管理学院,山东青岛266061 [2]南开大学商学院,天津300071

出　　处：《财经论丛》2019年第8期63-72,共10页Collected Essays on Finance and Economics

基　　金：国家自然科学基金青年项目(71702178);教育部人文社科基金青年项目(18YJC630153);山东省社科规划研究项目(19CDNJ30);青岛科技大学科研启动基金资助项目

摘　　要：本文通过引入资金周转绩效作为中介变量,对客户关系如何影响营运资金融资结构展开深入研究。实证检验发现:客户集中度越高,企业越倾向于选择稳健的营运资金融资结构,资金周转绩效在其中发挥了中介效应;资产专用性则对上述影响路径起到调节作用。进一步研究显示,客户财务状况较差或者影响力较大时,会引起企业资金周转绩效进一步降低,进而导致营运资金决策更为稳健。By introducing the capital turnover performance as a mediator variable,this article studies how the customer relationship affects the working capital financing structure.The study finds that the higher the concentration of customers,the more enterprises tend to choose a stable working capital financing structure,and the capital turnover performance plays a mediating effect.Besides,asset specificity plays a mediating role in regulating the above-mentioned influence path.Further research finds that poor financial status of customers will lead to further reduction of corporate capital turnover performance,which will result in more stable working capital decisions.

关 键 词：客户关系 营运资金融资 中介效应 

分 类 号：F276[经济管理—企业管理]