客戶關(guān)系與企業(yè)現(xiàn)金持有——來自中國轉(zhuǎn)型經(jīng)濟的經(jīng)驗證據(jù)
發(fā)布時間:2018-10-18 06:49
【摘要】:基于中國轉(zhuǎn)型經(jīng)濟背景,采用交易強度與交易持續(xù)時間雙重維度刻畫中國上市公司客戶關(guān)系。結(jié)果發(fā)現(xiàn),客戶關(guān)系主要通過弱化企業(yè)關(guān)系承諾動機、而非預防動機進而使其減持現(xiàn)金,尤其在非政府控股企業(yè)中表現(xiàn)得更為顯著;诂F(xiàn)金持有經(jīng)濟后果的實證分析顯示,客戶關(guān)系的存在弱化了企業(yè)現(xiàn)金的價值貢獻,表明上述行為的合理性,揭示了客戶關(guān)系的社會資本特性。
[Abstract]:Based on the background of China's transition economy, the dual dimensions of transaction intensity and transaction duration are used to describe the customer relationship of Chinese listed companies. The results show that the customer relationship mainly weakens the motivation of enterprise relationship commitment, but not the motivation of prevention, which makes the customer relationship reduce its cash holdings, especially in the non-government holding enterprises. The empirical analysis based on the economic consequences of cash holding shows that the existence of customer relationship weakens the value contribution of corporate cash, indicates the rationality of the above behavior, and reveals the social capital characteristics of customer relationship.
【作者單位】: 中國石油大學(華東)經(jīng)濟管理學院;
【基金】:國家自然科學基金面上項目(71472096;71172080) 中央高;究蒲袠I(yè)務費研究專項項目(15CX04026B) 青島市哲學社科規(guī)劃一般項目(QDSKL1601034)
【分類號】:F275;F274
本文編號:2278324
[Abstract]:Based on the background of China's transition economy, the dual dimensions of transaction intensity and transaction duration are used to describe the customer relationship of Chinese listed companies. The results show that the customer relationship mainly weakens the motivation of enterprise relationship commitment, but not the motivation of prevention, which makes the customer relationship reduce its cash holdings, especially in the non-government holding enterprises. The empirical analysis based on the economic consequences of cash holding shows that the existence of customer relationship weakens the value contribution of corporate cash, indicates the rationality of the above behavior, and reveals the social capital characteristics of customer relationship.
【作者單位】: 中國石油大學(華東)經(jīng)濟管理學院;
【基金】:國家自然科學基金面上項目(71472096;71172080) 中央高;究蒲袠I(yè)務費研究專項項目(15CX04026B) 青島市哲學社科規(guī)劃一般項目(QDSKL1601034)
【分類號】:F275;F274
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