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论文编号：	9411
作者编号：	2120152432
上传时间：	2017/6/21 16:58:41
中文题目：	客户信用对企业现金持有的影响研究——基于我国制造业上市公司的实证研究
英文题目：	Research on the Relationships between Client Credit and Corporate Cash Holdings An Empirical Research on Manufacturing Listed Companies in China
指导老师：	李姝
中文关键字：	客户信用；现金持有；产权性质；客户集中度；产品市场竞争
英文关键字：	Client Credit; Cash Holdings; Property Rights; Client Concentration; Product Market Competition
中文摘要：	现金持有水平决策对企业而言是一项重要而又复杂财务决策和战略决策。一方面从影响企业现金持有的原因来看，企业现金持有水平反映了宏观经济环境、企业经营状况和财务战略，另一方面从企业现金持有的经济后果来看，企业现金持有水平的高低直接会影响到企业投资水平，进而影响企业价值；此外，企业现金持有水平还与公司治理息息相关，企业现金持有水平过高可能往往意味着公司存在着代理问题。 然而现有关于企业现金持有的理论大多从宏观环境和企业财务特征来探究企业现金持有的影响因素，我们试图从企业外部供应链的角度寻求企业现金持有动机的影响因素，通过研究客户信用同企业现金持有的关系，试图为研究企业现金持有行为提供一个新的视角。 本文通过对2010-2015年我国沪深两市制造业上市公司的数据样本的研究发现：（1）客户信用会影响上市公司现金持有水平，客户信用水平越差企业现金持有水平越低，原因在于一旦客户信用破产，企业面临着应收账款无法收回和失去销售份额的风险，又由于中国企业普遍面临融资约束问题，企业无法及时从资本市场获得融资来补充企业资金，因而企业信用破产会对当期还是未来期间企业的财务政策和现金持有水平都会造成重要的影响；（2）非国有企业会加强客户信用与企业现金持有之间的负相关关系，国有企业会削弱客户信用与企业现金持有之间的负相关关系，这是由于非国有企业比国有企业面临着更为严苛的融资环境；（3）客户集中程度高会加强客户信用与企业现金持有之间的负相关关系，这是由于客户集中度不同对客户依赖程度不同因而导致企业现金流的风险不同，企业对单一大客户或者前五大重要客户的依赖程度越高，意味着企业在供应链上付出更大的成本，企业经营和财务面临更大的风险；（4）产品市场竞争激烈程度高会加强客户信用与企业现金持有之间的负相关关系，这是由于不同产品市场竞争激烈程度下企业市场份额被其竞争对手掠夺风险不同造成，产品市场竞争激烈程度越高企业市场份额被掠夺的可能性越大，对企业经营和财务状况的冲击也就越大。我们的研究为企业现金持有动机影响理论提供了一个新的视角，从企业与客户之间的关系研究现金持有的动机，在一定程度上丰富了企业现金持有理论。
英文摘要：	The decision of cash holding level is an important and complicated financial and strategic decision to corporation. From the impact of corporate cash holdings perspective, corporate cash holdings reflect the macroeconomic environment, business and financial strategy, from the consequences of corporate cash holdings, corporate cash holdings directly affect the level of business investment, and then influence company value; Corporate cash holdings are also closely related to corporate governance, the high level of corporate cash holdings often mean that the company has agency problems. Most theories of the influence factors about corporate cash holdings are based on the macro environment or the financial characteristics of corporation. Therefore, we try to find a factor of corporate cash holdings from the perspective of supply chain, through studying the relationship between client credit and corporate cash holdings to find a new perspective for corporate cash holdings. Based on the research of Shanghai and Shenzhen listed companies about manufacturing industry data in 2010-2015, we found that: (1) Client credit will affect the level of cash holdings, the lower of the corporate client credit, the lower the level of corporate cash holdings, companies face the risk of accounts receivable cannot be recovered and even lost sales if the client credit bankruptcy. Besides, Chinese enterprises generally face financial constraints and they are difficult to obtain financing from the capital market, so client credit bankruptcy will cause an important influence on the financial policy and the level of cash holdings; (2) Different properties of corporation have heterogeneous effects on cash holdings, private enterprises will strengthen the negative relationship between client credit and corporate cash holdings, the reason is that private enterprises faces more severe financing constraints than state-owned enterprises; (3) The influence of client concentration on client credit and corporate cash holdings is heterogeneous, the reason is that different client concentration corresponding to different corporate cash flow risk; (4) Product market competition will strengthen the negative relationship between client credit and corporate cash holdings, different product market competition have different risk of market share be robbed by it's competitors ,the higher the degree of product market competition, the greater possibility of market share be robbed by it's competitors. Our study provides a new perspective for the impact of corporate cash holdings and enriches theories of corporate cash holdings.
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