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论文编号：	6319
作者编号：	1120100752
上传时间：	2014/6/7 23:09:46
中文题目：	供应商关系与企业现金持有：基于中国制造业上市公司的实证研究
英文题目：	Supplier Relationship and Corporation Cash Holdings：An Empirical Study Based on Chinese Listed Corporations in Manufacture Industry
指导老师：	刘志远
中文关键字：	供应商关系；现金持有；关系承诺；现金持有市场竞争效应
英文关键字：	Supplier Relationship, Cash Holdings, Relationship Commitment, Cash Holdings’ Competitive Effect
中文摘要：	企业近年来的两个经营实践走势引发供应商—客户关系的普遍性与重要性：其一是垂直一体化程度的下降和产业多元化催生了一系列新型的供应商—客户关系；其二是众多企业开始从单一基于价格进行交易对象选择，转向聚焦少数核心交易对象以建立持久性的交易关系，激励团队合作、培养创新能力和提升产品质量。现有研究发现，鉴于供应商—客户关系的持久性及其以隐形契约为基础，使得其是把“双刃剑”，对关系企业既有积极的一面，同时又会带来一定的不利影响。企业的理财活动服务于企业的生产经营活动，企业可以通过积极的理财行为，应对供应商—客户关系影响的两面性。现金一方面作为企业与供应商/客户的交易媒介，最具流动性和普遍接受性，是企业履约能力的直接展示，另一方面是企业应对未来现金流不确定性冲击的有效工具。因此，企业可以采取积极的现金持有政策以应对供应商—客户关系影响的两面性。已有研究从卖方的视角考察了客户关系对企业现金持有政策的影响，然而由于企业买方与卖方角色的差异，供应商关系与客户关系对企业的影响存在不对称性，买方视角下供应商关系对企业现金持有政策的影响尚未涉及。中国企业实践为买方视角的研究提供了良好的基础。鉴于此，文章从买方的视角，基于融资决策的利益相关者理论与现金持有预防动机理论，理论分析与实证考察企业现金持有政策如何受到供应商关系的影响，并引入关系专有资产因素（耐用品或易耗品），以识别供应商关系主要通过激发企业关系承诺动机抑或预防动机进而作用于其现金持有水平；更进一步，引入企业截面特征（产品市场地位、关联采购、融资约束程度以及政府控股），进一步分析企业截面特征对供应商关系影响企业现金持有水平的调节作用；最后，基于现金持有市场竞争效应的视角，理论剖析与实证考察供应商关系对企业现金持有经济后果的影响。基于上述研究思路，文章共包括六个章节。第一章导论，提出所要研究的问题及其理论与现实意义，在论文核心概念界定的基础上，阐述论文的研究思路、内容、技术路线以及研究结论与创新之处。第二章文献评述，首先聚焦财务学研究领域，系统梳理供应商—客户关系与企业理财活动战略互动的研究进展；总结现金持有动机及其影响因素的相关文献；对现金持有市场竞争效应的存在性、作用机理及其资本市场价值效应进行系统的梳理与评述。第三章基于融资决策的利益相关者理论与现金持有预防动机理论，剖析供应商关系影响企业现金持有的存在性及其主导动机，提出相应的假说，并以中国制造业上市公司进行相应的实证检验与分析。更进一步，第四章引入企业截面特征，提出相应的扩展性假说，并进行了相应的实证检验与分析。第五章基于现金持有市场竞争效应的视角，提出供应商关系影响企业现金持有经济后果的相关假说，并基于中国制造业上市公司样本进行了相应的实证检验与分析。第六章则系统归纳总结论文的主要研究发现，指出论文的研究不足，并就未来进一步研究的方向进行展望。借助相应的理论分析与实证检验，文章主要的研究发现包括：第一，供应商关系对企业现金持有水平具有显著的正向影响，证实了供应商关系影响企业现金持有水平的存在性。进一步研究发现，供应商关系对企业现金持有水平的正向影响在耐用品（供应商关系专有资产投入较多）企业和易耗品（供应商关系专有资产投入较少）企业中均表现为显著。这意味着供应商关系主要通过激发企业的关系承诺动机进而影响其现金持有水平。相比，客户关系主要通过激发企业的预防动机进而影响其现金持有水平。第二，需求激发动机，动机引发行为。相比产品市场地位较高的企业和关联采购依赖程度较高的企业，产品市场地位较低和关联采购依赖程度较低的企业进行关系承诺的动机更强；相比非融资约束企业，融资约束企业的现金持有关系承诺效力更高；相比政府控股企业，非政府控股企业与供应商关系更为对称，关系承诺的动机更强，现金持有的关系承诺效力更高。这些使得在产品市场地位较低企业、关联采购依赖程度较低企业、融资约束程度较高企业以及非政府控股企业中，供应商关系强度对其现金持有水平的影响更为显著，表明了企业截面特征具有重要的干预与调节作用。第三，企业基于关系承诺动机持有更多的现金，会引发供应商的互惠性行为，节约企业经营性现金流出和降低企业的供应不确定性，弱化了企业现金持有市场竞争效应的发挥，即供应商关系对企业现金持有市场竞争效应具有显著的弱化作用。相比易耗品企业，耐用品企业关系专有资产投入较多，其现金持有预防动机得到强化，进而使得供应商关系对其现金持有市场竞争效应的弱化作用不显著。文章的创新之处具体包括下述方面：第一，基于买方的视角，证实供应商关系强度较高的企业主要基于关系承诺动机增加现金持有，为现金持有关系承诺动机的存在提供了经验证据，进一步拓展和丰富了现金持有动机的理论与经验研究；同时，将企业置身于完整的供应链之中，考察了供应商关系与客户关系对企业现金持有水平的共同影响，揭示了企业买方与卖方角色差异所引发的供应商关系与客户关系影响企业理财行为具体作用机理上的不同。本文另一创新在于引入企业截面特征，将其嵌入到供应商关系影响企业现金持有水平的研究中，证实了企业产品市场地位、关联采购依赖程度、融资约束程度以及政府控股属性的截面特征对供应商关系影响企业现金持有水平的调节作用，有助于进一步理解供应商关系影响企业现金持有的具体作用机理及其制度条件。第三，将现金持有动机与现金持有经济后果相结合，基于现金持有市场竞争效应的视角，不仅证实供应商关系对企业现金持有市场竞争效应的影响，有助于更为深入理解企业现金持有决策对其产品市场竞争的影响及其作用机理，同时还进一步证实供应商关系主要通过激发企业关系承诺动机进而作用于其现金持有水平。
英文摘要：	Two recent trends in corporate business practices have contributed to an increase in both the prevalence and importance of supplier-customer relationship. First, a decline in the vertical integration and industrial diversification of firms has been witnessed and has given rise to a host of new supplier-customer relationship. Simultaneously, instead of choosing a trading partner based solely on price, many corporations have shifted their overall business-to-business strategy to focus on a few key partners to create enduring trading relationship which encourage teamwork, foster innovation, and enhance product quality. The long lasting relationship, based largely on implicit contracts, is a “two-edge sword” and brings corporation both advantage and disadvantage. Corporate financing management serves corporate production and business activities. Corporate can use positive financing activities to cope with two-side effects of supplier-customer relationship. On the one hand, as the exchange medium, cash is most liquid and generally acceptable, and is the direct display of capability to fulfill a contract. On the other hand, cash can serve as an effective tool for corporate to cope with future cash flow uncertainty shock. Existing research has examined the effect of customer relationship on corporate cash holding from the perspective of supplier. However, because of the role difference between buyer and seller, supplier relationship and customer relationship have different effect on corporate financing management. Current research has not involved the effect of supplier relationship on corporate cash holding from the perspective of customer. Chinese business practices provide a good foundation for the relevant study. In view of this, based on the stakeholder theory of financing structure and cash holdings precautionary motive theory, the dissertation theoretically analyzed and empirically examined the effect of supplier relationship on corporate cash holdings from the perspective of customer. By introducing product property factor (durable goods or non-durable goods), it was discriminated that supplier relationship mainly simulated corporate’s relationship commitment motive or precautious motive and further affected corporate cash holdings. Furthermore, the dissertation introduced cross-sectional factors of Chinese listing corporations (market position, degree of related-party purchase dependence, degree of financing constraints and the government controlled property) into the above research, and examined the mediating effect of above factors on the relation between supplier relationship and corporate cash holdings. Finally, the dissertation theoretically analyzed and empirically examined the effect of supplier relationship on corporate cash holdings’ competitive effect and further verified the above mechanism of supplier relationship’s influence on corporate cash holdings. Based on the above research ideas, the dissertation consists of six chapters. Chapter one is the introduction. Chapter two is the literature review, which systematically surveyed the research progress about strategic interaction between supplier-customer relationship and corporate financing activities, cash holdings motive and relevant influencing factors, and cash holdings competitive effect. Based on the stakeholder theory of financing structure and cash holdings precautionary motive theory, Chapter three theoretically analyzed and empirically examined the effect of supplier relationship on corporate cash holdings. Chapter four introduced cross-sectional factors of Chinese listing corporations into the above research, put forward to the extended hypotheses, and empirically examined relevant hypotheses. Finally, from the perspective of cash holdings’ competitive effect, the influence of supplier relationship on cash holdings’ economic consequences was theoretically analyzed and empirically examined in Chapter five. Chapter six is the conlusion and future further study. By theoretical analysis and empirical examination, this dissertation drew findings as follows: First, a high-strength supplier relationship had an positive effect on corporate’s cash holdings, which was both significant in durable goods samples and non-durable goods samples. It meant that the supplier relationship positively influenced corporate’s cash holdings mainly by stimulating corporate’s relationship commitment motive. However, the customer relationship positively influenced corporate’s cash holdings mainly by stimulating corporate’s precautionary motive. Second, demand stimulates motive and motive causes behavior. With corporate’s increasing product market position, corporate had stronger bargaining power, which made it less willing to make relationship commitment. With corporate’s increasing dependence on related-party purchase, the property relationship between corporate and its related party made it less willing to make relationship commitment.Compared with corporates without financing constraints, the cash holdings of corporates with financing constraints had more relationship commitment efficiency. Compared with government controlled corporates, non-government controlled corporates were more dependent on supplier relationship and their cash holdings had higher commitment efficiency. Therefore, the influence of supplier relationship on cash holdings was more significant in the corporates with lower product market position, corporates with higher dependence on related-party purchase, corporates with financing constraints and non-government controlled corporates. This shows that, cross-sectional factors of Chinese listing corporations have important mediating and intervening effect on the relation between supplier relationship and corporates cash holdings. Third, corporate cash holdings based on relationship commitment motive could lead to supplier’s reciprocal behaviors, which deceased operating cash outflow and corporate’s supply uncertainty and weakened its cash holdings’ competitive effect, namely that supplier relationship had a negative mediating effect on its cash holdings’ competitive effect. Compared with non-durable goods corporates, durable goods corporates had invested more relationship specific assets which strengthened corporates’ precautionary motive and made supplier relationship’s negative mediating effect on its cash holdings’ competitive effect insignificant. The innovations of the dissertation lie in the following aspects: First, from the perspective of customer, the dissertation verified that the supplier relationship positively influenced corporate cash holdings mainly by stimulating corporate’s relationship commitment motive, which provided empirical evidence for the existence of cash holdings’ relationship commitment motive, further developed and enriched theoretical and empirical research about cash holdings motivation. Furthermore, enmeshing the corporate in the complete supply chain, the dissertation studied both influences of supplier relationship and customer relationship on corporate’s cash holdings, which revealed the different mechanisms of supplier relationship and customer relationship’s influence on corporate financing management because of corporate’s role difference between buyer and seller. Second, introducing cross-sectional factors (market position, degree of related-party purchase dependence, degree of financing constraints and the government controlled property) of Chinese listing corporations into the above research, the dissertation revealed the mediating effect of above factors on the relation between supplier relationship and corporate cash holdings, which developed relevant research about supplier relationship’s influence on corporate financing behavior and help understand the specific mechanism of supplier relationship’s influence on corporate cash holdings. Third, integrating cash holdings motive with cash holdings consequence, from the perspective of cash holdings’ competitive effect, the dissertation not only confirmed the influence of supplier relationship on cash holdings’ competitive effect, which help understand the influence of financing policy on corporate’s competition and relevant mechanism, and further approved the mechanism of supplier relationship’s influence on corporate cash holdings.
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