本文關(guān)鍵詞： 環(huán)境不確定性 客戶集中度 現(xiàn)金持有水平　出處：《浙江財(cái)經(jīng)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：隨著全球經(jīng)濟(jì)一體化的深入,產(chǎn)品的生命周期逐漸縮短,顧客的需求呈現(xiàn)個(gè)性化發(fā)展,在此形勢(shì)下,越來(lái)越多的企業(yè)開(kāi)始加強(qiáng)供應(yīng)鏈整合管理,以期保持長(zhǎng)久穩(wěn)定的供應(yīng)商和客戶關(guān)系。正如溫德成(2006)所言,企業(yè)要想在日益加劇的市場(chǎng)環(huán)境下獲得發(fā)展,就必須打造整條供應(yīng)鏈優(yōu)勢(shì),依靠供應(yīng)鏈實(shí)力增強(qiáng)企業(yè)競(jìng)爭(zhēng)力。供應(yīng)鏈的集成,尤其是作為企業(yè)重要利益相關(guān)者的客戶及其集中程度常常會(huì)對(duì)企業(yè)的經(jīng)營(yíng)管理戰(zhàn)略和財(cái)務(wù)決策產(chǎn)生重要影響,而現(xiàn)金持有是企業(yè)財(cái)務(wù)決策的一項(xiàng)重要內(nèi)容,決定著企業(yè)的生存與發(fā)展。國(guó)內(nèi)關(guān)于企業(yè)大客戶集中造成的企業(yè)經(jīng)濟(jì)后果以及影響企業(yè)持現(xiàn)水平因素的研究文獻(xiàn)很多,但是把二者相結(jié)合來(lái),探討客戶集中度對(duì)企業(yè)現(xiàn)金持有量影響的較少。此外,企業(yè)都是在特定的市場(chǎng)環(huán)境中進(jìn)行經(jīng)營(yíng)管理活動(dòng),環(huán)境不確定性的高低能夠通過(guò)影響企業(yè)管理者決策、融資約束等方面影響企業(yè)現(xiàn)金持有水平,也會(huì)對(duì)企業(yè)與大客戶之間的依賴程度產(chǎn)生影響,進(jìn)而影響企業(yè)持現(xiàn)水平。在這樣的背景下,本文首次嘗試探討客戶集中度對(duì)企業(yè)現(xiàn)金持有水平產(chǎn)生的影響,這種影響是正向的還是負(fù)向的,面臨環(huán)境不確定性高低不同的企業(yè)之間影響是否存在顯著差異。已有很多中外學(xué)者從企業(yè)內(nèi)部因素和外部環(huán)境對(duì)現(xiàn)金持有量的影響因素做了比較成熟的研究。本文在此基礎(chǔ)上,從現(xiàn)金持有的相關(guān)理論以及供應(yīng)鏈上下游企業(yè)間關(guān)系的相關(guān)理論出發(fā),梳理出企業(yè)與其重要客戶建立長(zhǎng)期穩(wěn)定的合作關(guān)系,維持較高的客戶集中度會(huì)給企業(yè)帶來(lái)正反兩種截然不同的經(jīng)濟(jì)后果,在此基礎(chǔ)上理論分析大客戶及其集中程度會(huì)對(duì)企業(yè)的現(xiàn)金持有水平帶來(lái)的影響,并根據(jù)我國(guó)宏觀經(jīng)濟(jì)發(fā)展趨勢(shì),選取2010-2014年之間的滬深兩市A股制造業(yè)上市企業(yè)為觀測(cè)樣本,借鑒Opler(1999)關(guān)于企業(yè)持現(xiàn)水平影響因素的模型,結(jié)合中國(guó)實(shí)際,參考唐躍軍(2009)、陳德球等(2011)的研究成果,在模型中加入影響公司持現(xiàn)規(guī)模的其他變量作為控制變量,使用固定效應(yīng)(FE)進(jìn)行回歸分析;同時(shí),為了進(jìn)一步觀察環(huán)境不確定性高低不同企業(yè)的客戶集中度對(duì)現(xiàn)金持有水平影響的差異,本文也針對(duì)環(huán)境不確定性進(jìn)行了交互項(xiàng)的回歸分析和分類對(duì)比分析。研究發(fā)現(xiàn),第一,客戶集中度越高,企業(yè)越偏向持有較多的現(xiàn)金。雖然企業(yè)期望長(zhǎng)期保持與重要客戶的穩(wěn)定合作關(guān)系,但是如果客戶群高度集中,具有很強(qiáng)的議價(jià)能力時(shí),企業(yè)管理層可能更多出于預(yù)防客戶流失或者臨時(shí)違約帶給企業(yè)的風(fēng)險(xiǎn),而不是合作本身。第二,相比面臨環(huán)境不確定性較低的企業(yè),在面臨較高環(huán)境不確定性的企業(yè)中,現(xiàn)金持有水平與客戶集中度間的正向關(guān)系更加顯著。較高的環(huán)境不確定性導(dǎo)致企業(yè)經(jīng)營(yíng)風(fēng)險(xiǎn)增加,對(duì)經(jīng)營(yíng)業(yè)績(jī)產(chǎn)生不利影響,致使企業(yè)對(duì)其主要客戶的依賴性增強(qiáng),而客戶集中度進(jìn)一步提高時(shí),大客戶流失帶來(lái)的風(fēng)險(xiǎn)成本也進(jìn)一步提升,因此,理性的管理者出于預(yù)防動(dòng)機(jī)需求將保持企業(yè)較高的現(xiàn)金持有水平。環(huán)境不確定性這一因素對(duì)高度集中的客戶群導(dǎo)致的企業(yè)現(xiàn)金持有量的增加具有促進(jìn)作用。文本的結(jié)論豐富了相關(guān)領(lǐng)域文獻(xiàn)的同時(shí)為企業(yè)在面臨市場(chǎng)環(huán)境波動(dòng)變化時(shí)制定現(xiàn)金持有決策具有一定的啟示意義。
[Abstract]:With the deepening of global economic integration, product life cycle becomes shorter and shorter, the customer needs individualized development, in this situation, more and more enterprises begin to strengthen the integration of supply chain management, maintain long-term stable relationships with suppliers and customers in order. As Wendell into (2006) said, to get the business development in the increasingly the fierce market environment, it is necessary to build the whole supply chain, supply chain capabilities to enhance the competitiveness of enterprises. Relying on the integrated supply chain, especially its concentration as the important interests of the enterprise stakeholders customers often to enterprise management strategy and financial decision-making influence, and cash holdings is an important content of the enterprise financial decision, determines the survival and development of enterprises. The level of factors to domestic customers to focus on enterprise by enterprise and affect the enterprise's economic consequences A lot of research literature, but the combination of the two to explore the customer concentration on corporate cash holdings affect less. In addition, enterprises are management activities in a particular market environment, environmental uncertainty can affect the level of enterprise management decision-making, financing constraints and other aspects of the impact of corporate cash holdings. Will have an impact on the degree of dependence between enterprises and customers, which will affect the company's cash levels. In this context, this is the first attempt to explore the customer concentration on corporate cash holdings influence, this influence is positive or negative, facing the impact between the level of environmental uncertainty of different enterprises if there is a significant difference. There are many Chinese and foreign scholars from the internal factors and external environment on the influencing factors of cash holdings to do a comparative study on the mature. On the basis of related theories from the relevant theory of cash holdings and between supply chain enterprises, sort out the enterprise and its key customers to establish long-term stable cooperative relations, to maintain high customer concentration will bring two different economic consequences of positive and negative influence to the enterprise, on the basis of theoretical analysis and customer concentration on the level of corporate cash holdings brings, and according to the development trend of China's macro economy, select 2010-2014 years between Shanghai and Shenzhen two A shares of listed manufacturing enterprises as samples, using Opler (1999) on corporate cash levels influence factor model, combined with the actual reference Chinese, Tang Yuejun (2009), Chen Deqiu etc. (2011) the research results, the influence of corporate holding other variables in the model are scale as control variables, using fixed effects regression analysis (FE); at the same time, in order to Further observation level of environmental uncertainty of customers of different enterprises focus on the differences of influence on the cash holding level, this paper analyzes the environmental uncertainty regression analysis and comparison of classification interaction. The study found that, first, customer concentration is high, companies tend to hold more cash. Although enterprises expect to maintain stable cooperative relations with the customer's long-term, but if the customer base is highly concentrated, with strong bargaining power, management may be more for the prevention of loss of customers or temporary default risk bring enterprises, rather than the cooperation itself. Second, in the face of environmental uncertainty is low enterprise, in the face of higher environmental uncertainty of enterprises in the level of cash holdings and the positive relationship between the degree of customer concentration is more significant. Higher environmental uncertainty leads to increased business risk, the Adversely affect the business performance, the dependence of enterprises on the main customer enhancement, and further improve the degree of customer focus, customer loss risk cost is also further improved, therefore, rational management for precautionary motive demand will maintain high cash holding level enterprises. Environmental uncertainty factors that lead to this highly concentrated customer base of corporate cash holdings increased. At the same time can promote the conclusion of the text enrich the related document for the enterprise in the face of market fluctuations when making cash holdings have certain significance decisions.

【學(xué)位授予單位】：浙江財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F275

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本文編號(hào)：1501382