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论文编号：	12694
作者编号：	1120150813
上传时间：	2021/6/23 16:23:53
中文题目：	客户关系型交易对企业风险承担的影响研究
英文题目：	The Influence of Customer Relationship Transaction on Corporate Risk-taking
指导老师：	刘志远
中文关键字：	客户关系型交易；关系专用性投资；企业风险承担；制度环境
英文关键字：	Customer Relationship Transaction，Relational-Specific Investment，Corporate Risk-Taking，Institutional Environments
中文摘要：	风险承担是企业经营活动中对投资项目预期收益和预期收益波动性的选择，反映了企业在追求高额收益时愿意付出代价的倾向，属于企业一项重要的战略选择。客户是企业发展过程中的关键力量。与关键客户在持久、频繁的交易中形成关系型交易俨然成为我国诸多企业的选择。缔结关系型交易的两方以一致的利益为行动前提，关系专用性资产的投入与信任是维系交易双方关系的纽带。因此在关系型交易模式下，为了维护双方长期合作做出的关系承诺，企业会更加注重自身做出的风险承担决策。沿着这一思路，本文通过手工收集2008-2018年我国制造业上市公司年报中的前五大客户相关数据，试图回答与重要客户形成关系型交易对企业风险承担会产生何种影响？这种影响的内在作用机理如何？在我国转型经济的制度背景下，不同制度环境中客户关系型交易对企业风险承担产生什么样的异质性影响？研究的目的在于从风险承担的角度为关系型交易的经济后果贡献新的研究视角，同时也丰富了企业风险承担影响因素的相关研究。 基于上述研究思路，全文共分为七章。第一章导论是基于学术界研究现状和微观企业运行现象提出本文的研究问题，阐述研究的理论和现实意义，介绍了研究的基本思路和创新之处。第二章文献综述是基于本研究的主题，梳理了国内外客户关系型交易和企业风险承担的相关文献，找到现有研究的缺憾和空白，阐述本文研究视角和研究问题的必要性。第三章理论基础与相关理论分析是通过对本文涉及到的重要理论进行回顾和总结，对其在本文中起到的支撑作用形成明确的认知，为后续研究假设的提出与实证结果的分析奠定了坚实的理论基础。第四章是从资源能力的角度探究客户关系型交易对企业风险承担的影响，提出假说并进行实证检验。第五章是深度剖析客户关系型交易对企业风险承担的影响机制。基于经济利益与情感累积的视角，本文探讨了在客户关系型交易对企业风险承担过程中的内在作用机理，以此为基础提出假说并进行实证检验。第六章是考察制度环境在客户关系型交易与企业风险承担之间发挥的调节作用并使用经验证据对其佐证。第七章是本研究的主要结论与启示。在前文理论分析和实证检验的基础上，对全文的研究结论进行了概括总结，并指出了本文的不足和未来值得深入的研究方向。 本文的主要结论如下： 第一，客户关系型交易对企业风险承担具有显著的促进作用。本文认为客户关系型交易的缔结形成了资源支持效应，增强了企业承担风险的能力，提高了企业的风险承担水平。 第二，本文发现，客户关系型交易能够通过增加关系专用性投资与增进信任两条路径促进企业承担高风险。并且这两条作用机制比较而言，关系专用性投资能够比信任机制发挥更强的中介作用。说明关系专用性投资作为一项可置信承诺，能够比情感性承诺（信任）更好地表达维系关系的意愿和履行契约的动机。进一步地，针对议价能力不同的企业，客户关系型交易对企业风险承担的作用机制会有所差异。具体地说，相对议价能力较低的企业而言，关系专用性投资的中介作用在议价能力较高的企业中更强；而信任的中介作用仅在议价能力较高的企业中发挥。 第三，制度环境是调节客户关系型交易与企业风险承担之间关系的重要因素。在市场化进程越快的地区，客户关系型交易对企业风险承担水平的促进作用越显著。具体地，地区法律制度环境越好时，客户关系型交易对企业风险承担水平的促进作用越显著；地区金融发展水平较高时，客户关系型交易对企业风险承担水平的促进作用会更加显著。 本文的研究贡献主要体现在三个方面：第一，本文从风险承担的角度研究了关系型交易对企业经营过程中承担风险的选择问题，为关系型交易的经济后果贡献了新的研究视角。第二，本文聚焦于企业供应链下游重要的利益相关者，丰富了企业风险承担影响因素的相关研究。第三，本文将制度环境因素纳入到客户关系型交易对风险承担影响的分析框架中，揭示了客户关系型交易在不同环境发挥的异质性作用，为我们认识转型经济体中关系型交易扮演的角色提供了更为清晰、深刻的思考路径和检验场景。
英文摘要：	Risk-taking is a company's choice of expected return and expected return volatility in its business activities, which reflects the enterprise's tendency to pay the price in pursuit of high return. It is an important strategic choice for enterprises. Customers are key force in the process of enterprise development. It has become the choice of many enterprises in China to form relationship transactions with key customers in the long and frequent transactions. The two parties to a relational transaction take the consistent interests as the premise of action, and the investment and trust of relationship-specific assets are the link to maintain the relationship between the two parties. Therefore, in the relational transaction mode, enterprises will pay more attention to the risk-taking decisions they make in order to maintain the relationship commitment made by the two parties in the long-term cooperation. Along this line of thought, this thesis manually collected the data related to the top five customers in the annual reports of China's listed manufacturing companies from 2008 to 2018, trying to answer the question of what impact relational transactions with important customers will have on corporate risk-taking. What is the underlying mechanism of this effect? Under the institutional background of China's transition economy, what are the heterogeneous effects of customer relationship transactions on corporate risk-taking in different institutional environments? The purpose of this study is to contribute a new research perspective to the economic consequences of relational transactions from the perspective of risk-taking, and also to enrich the relevant research on the influencing factors of corporate risk-taking. Based on the above research ideas, the thesis is divided into seven chapters. The first chapter is the introduction, which puts forward the research questions based on the research status of the academic circle and the operation phenomenon of micro enterprises, expounds the theoretical and practical significance of the research, and introduces the basic ideas and innovations of the research. The second chapter, is literature review. It is based on the theme of this study. It sorts out the relevant literatures of customer relationship transactions and corporate risk-taking at home and abroad, finds out the shortcomings and gaps of the existing research, and expounds the research perspective and the necessity of the research problem. The third chapter, theoretical basis and related theoretical analysis, reviews and summarizes the important theories involved in this thesis to form a clear cognition of their supporting role in this thesis, which lays a solid theoretical foundation for the proposed of subsequent research hypotheses and the analysis of empirical results. The fourth chapter explores the impact of customer relationship transactions on corporate risk-taking from the perspective of resource capacity, puts forward hypotheses and conducts empirical tests. The fifth chapter is an in-depth analysis of the impact mechanism of customer relationship transactions on corporate risk-taking. Based on the perspective of the accumulation of economic interests and emotions, this thesis discusses the internal mechanism of the role of customer relationship transactions in the process of corporate risk-taking. Based on this, a hypothesis is proposed and an empirical test is conducted. The sixth chapter examines the regulatory role of institutional environment in the relationship between CRM and corporate risk-taking and uses empirical evidence to support it. Chapter seven is the main conclusion and inspiration of this study. On the basis of the theoretical analysis and empirical test above, this thesis summarizes the research conclusions of the whole thesis, and points out the shortcomings of this thesis and the research direction worthy of further study in the future. The main conclusions of this thesis are as follows: First, customer relationship transactions have a significant role in promoting corporate risk-taking. This thesis holds that the customer relationship transaction forms the resource support effect, enhances the risk-taking ability of enterprises, and improves the risk-taking level of enterprises. Second，this thesis finds that customer relationship transactions can promote enterprises to take high risks by increasing relationship specific investment and enhancing trust. In addition, compared with the two mechanisms, the relationship specific investment can play a stronger mediating role than the trust mechanism, indicating that as a credible commitment, the relationship specific investment can better express the intention to maintain the relationship and the motivation to fulfill the contract than the affective commitment (trust). Furthermore, for enterprises with different bargaining power, the effect mechanism of customer relationship transactions on corporate risk-taking will be different. Specifically, compared with the firms with lower bargaining power, the intermediary role of relational specific investment is stronger in the firms with higher bargaining power. However, trust only plays a mediating role in the enterprises with higher bargaining power. Third, institutional environment is an important factor regulating the relationship between customer relationship transactions and corporate risk-taking. The faster the marketization process is, the more significant the role of customer relationship transactions in promoting the level of corporate risk-taking is. Specifically, the better the regional legal system environment is, the more significant the effect of customer relationship transactions on the corporate risk-taking is. When the regional financial development level is high, the role of customer relationship transactions in promoting the corporate risk-taking will be more significant. The research contributions of this thesis are mainly reflected in three aspects: First, from the perspective of risk-taking, this thesis studies the choice of relational transactions on the corporate risk-taking in the process of business operation, which contributes a new research perspective to the economic consequences of relational transactions. Second, this thesis focuses on the important stakeholders downstream of the enterprise supply chain, which enriches the relevant research on the influencing factors of corporate risk taking. Third, in this thesis, the system environment factor into the customer's relational transaction analysis framework of the impact of risk exposures, reveals the relational transactions in the different environment play a role of heterogeneity, as we know the role of relational transactions in the transition economies provides a more clear and profound thinking path and the test scenarios.
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