联系我们

论文查询结果	返回搜索

论文编号：	7462
作者编号：	2120132382
上传时间：	2015/6/10 10:18:29
中文题目：	产权性质视角下客户集中度与营运资本的相关性研究
英文题目：	Research on Correlation between Customer Concentration and Working Capital from the perspective of the Nature of Property Right
指导老师：	李姝
中文关键字：	客户集中度；营运资本；现金持有量；产权性质
英文关键字：	Customer Concentration; Working Capital; Cash Holdings; Nature of Property Right
中文摘要：	在当今信息快速膨胀的大数据时代，市场环境日趋复杂多变，传统企业追求独善其身的单核发展模式已发生根本改变。越来越多的企业意识到只有与供应链上下游的利益相关者建立长期的合作机制，实现频繁的信息交流和战略互动，才能不断汲取原料价格、生产工艺、产品需求变化的信息，使自己在激烈的竞争中立于优势地位。而大客户作为企业的一种隐性资源，在稳定销售，降低成本，提升企业声誉和价值方面均扮演着重要作用（Kalwani，1995；Johnson，2010），但由此造成的较高的客户集中度也会为企业的未来增加新的隐忧，对财务决策的影响就是其中的一项重要体现。本文利用上市公司年度报告中“向前五名客户销售额占公司销售总额的比例”等相关数据，以产权性质为视角探讨客户集中程度对企业营运资本和现金持有量的影响，以期从一个崭新的角度丰富营运资本、现金持有规模影响因素的研究，并为非国有企业供应链管理和财务决策提供启示。 通过对2010-2013年我国沪深两市A股制造业上市公司数据样本的实证检验，本文研究发现，由于谨慎性原因和大客户治理作用的存在，客户集中度越高的制造业上市公司越倾向于持有更多的营运资本和现金；而相比于国有企业，在客户关系不稳定且融资相对困难的非国有企业中，客户集中度与营运资本、现金持有水平的正相关关系更为明显。此外，在对非国有企业样本进行进一步检验后发现，经营环境的改善会显著削弱非国有企业的上述两种正相关关系，激烈的行业竞争会加强非国有企业客户集中度与现金持有水平的正相关关系，而对客户集中度与营运资本关系的影响并不显著。
英文摘要：	In the era of big data, when information expands rapidly and market environment becomes increasingly complex, the development model of single-core business which traditional companies pursue has radically changed. More and more companies have realized that only with establishing long-term cooperation mechanism with upstream and downstream stakeholders on the supply chain and realizing the frequent exchange of information and strategic interaction can they gather more information about the price of raw materials, production processes and changes in market demand to keep the dominant position in the fierce competition of product market. What's more, as a kind of resource of an enterprise, large customers often play an important role in maintaining the stability of sales, reducing costs and enhancing reputation and corporate value (Kalwani, 1995; Johnson, 2010). However, the resulting high level of customer concentration also adds to new worries about the future development of enterprise, which include the impact on the financial decisions. Based on the data of "the proportion of sales of the company's top five customers to total sales" in the listed company's annual report, this paper discusses how the level of customer concentration impacts the level of working capital and cash holdings of a company from the perspective of the nature of property rights, in order to enrich the research on the influencing factors of working capital and cash holdings from a new perspective and provide inspiration for non-state-owed enterprises about the supply chain management and financial decision-making. Based on the empirical studying using the samples of listed manufacturing companies in China's stock market in 2010-2013, this paper found that, firstly, due to prudence and governance role of large customers, the higher the level of customer concentration of manufacturing companies ,the more working capital and cash they hold; secondly, compared to state-owed enterprises, the relationship between the level of customer relationship and the working capital and cash is more positive in non-state-owed enterprises which have less stable customer relationships and more difficulties in financing. In addition, further studying on the samples of non-state-owned enterprises reveals that the improvement of business environment will significantly undermine the above positive correlation in non-state-owned enterprises, and the intense competition will strengthened the positive correlation between costumer concentration and cash holdings, but the impact of competition on the correlation between costumer concentration and working capital is not significant.
查看全文：	预览  下载(下载需要进行登录)