本文選題：通貨膨脹　切入點(diǎn)：供應(yīng)商集中度　出處：《東華大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：企業(yè)現(xiàn)金持有水平反映企業(yè)財(cái)務(wù)和經(jīng)營(yíng)戰(zhàn)略,持有現(xiàn)金的規(guī)模需要綜合考慮成本與收益并對(duì)其進(jìn)行權(quán)衡。持有過(guò)多的現(xiàn)金會(huì)產(chǎn)生機(jī)會(huì)成本,但如果持有的現(xiàn)金太少,又會(huì)使企業(yè)喪失良好的投資機(jī)會(huì),產(chǎn)生短缺成本。隨著全球市場(chǎng)競(jìng)爭(zhēng)加劇、生命周期縮短,企業(yè)間的競(jìng)爭(zhēng)已經(jīng)演化成供應(yīng)鏈之間的競(jìng)爭(zhēng)。企業(yè)處于供應(yīng)鏈中間位置,資金的流通需要經(jīng)過(guò)供應(yīng)鏈上下游,因此,供應(yīng)商和客戶會(huì)對(duì)企業(yè)現(xiàn)金持有產(chǎn)生影響。但是當(dāng)供應(yīng)鏈關(guān)系集中時(shí),客戶和供應(yīng)商的談判能力較強(qiáng),在產(chǎn)品價(jià)格、質(zhì)量、商業(yè)信用等方面牽制企業(yè),那么企業(yè)現(xiàn)金持有水平必然發(fā)生變化;當(dāng)通貨膨脹來(lái)臨時(shí),物價(jià)上漲,貨幣的購(gòu)買力下降,由此導(dǎo)致原材料和人工成本的大幅上升,企業(yè)的資金融通空間在縮小,從而帶來(lái)經(jīng)營(yíng)鏈條的紊亂。在這樣的宏觀經(jīng)濟(jì)條件下,供應(yīng)鏈中的企業(yè)也不可避免受到影響,因此,需要考慮存在通貨膨脹時(shí),供應(yīng)鏈集中度對(duì)其現(xiàn)金持有的影響會(huì)如何變化,適時(shí)做出正確的決策。本文以現(xiàn)金持有預(yù)防動(dòng)機(jī)理論為基礎(chǔ),結(jié)合融資約束假說(shuō)、市場(chǎng)競(jìng)爭(zhēng)理論、市場(chǎng)掠奪效應(yīng),研究供應(yīng)鏈集中度與企業(yè)現(xiàn)金持有的關(guān)系。理論部分首先對(duì)現(xiàn)金持有以及供應(yīng)鏈集中度理論相關(guān)文獻(xiàn)進(jìn)行回顧,首先梳理了現(xiàn)金持有的動(dòng)機(jī)及相關(guān)理論,以及目前的現(xiàn)金持有的文獻(xiàn)具體涉及的領(lǐng)域、供應(yīng)鏈集中度理論基礎(chǔ)、特征,然后梳理了供應(yīng)鏈集中度與現(xiàn)金持有的關(guān)系。實(shí)證部分選取2011-2014年滬深A(yù)股制造業(yè)的1556家上市公司為研究樣本,在理論分析的基礎(chǔ)上提出假設(shè)、構(gòu)建模型、定義變量,利用描述性統(tǒng)計(jì)、相關(guān)性檢驗(yàn),歸納出通貨膨脹、供應(yīng)鏈集中度與企業(yè)現(xiàn)金持有的關(guān)系,再利用多元回歸等方法,進(jìn)一步驗(yàn)證三者之間關(guān)系的影響程度。最后分析結(jié)果得出結(jié)論并提出建議。研究發(fā)現(xiàn):首先,供應(yīng)商集中度越高,企業(yè)現(xiàn)金持有水平越高,客戶集中度與企業(yè)現(xiàn)金持有水平呈現(xiàn)正相關(guān)關(guān)系,并且顯著;其次,通貨膨脹條件下,企業(yè)現(xiàn)金持有水平會(huì)降低,呈現(xiàn)顯著負(fù)相關(guān);最后得出,通貨膨脹條件下,供應(yīng)商集中度與現(xiàn)金持有正相關(guān)的關(guān)系減弱,同樣的客戶集中度與現(xiàn)金持有正相關(guān)的關(guān)系也減弱。
[Abstract]:The cash holding level of an enterprise reflects the financial and operational strategy of an enterprise. The scale of holding cash needs to consider costs and benefits comprehensively and weigh them. Holding too much cash will result in opportunity costs, but if there is too little cash, As the global market competition intensifies and the life cycle shortens, competition among enterprises has evolved into competition between supply chains. Enterprises are in the middle of the supply chain. The flow of funds goes through the supply chain upstream and downstream, so suppliers and customers have an impact on cash holdings. But when supply chain relationships are concentrated, customers and suppliers are more able to negotiate, in terms of product price and quality, If business credit and other aspects restrain enterprises, then the level of cash holdings of enterprises will inevitably change. When inflation comes, prices rise and the purchasing power of money decreases, which leads to a sharp rise in raw materials and labor costs. In such macroeconomic conditions, enterprises in the supply chain will inevitably be affected. Therefore, when there is inflation, it is necessary to consider the existence of inflation. How does the concentration of supply chain influence its cash holding and make the right decision in time? this paper is based on cash holding prevention motivation theory, combined with financing constraint hypothesis, market competition theory, market plunder effect. The theoretical part firstly reviews the relevant literatures of cash holding and supply chain concentration theory, and firstly combs the motivation and related theories of cash holding. As well as the current cash holdings of the literature specifically related to the field, supply chain concentration theoretical basis, characteristics, Then it combs the relationship between supply chain concentration and cash holdings. Empirical part selects 1556 listed companies in Shanghai and Shenzhen A share manufacturing industry in 2011-2014 as the research sample, puts forward the hypothesis, constructs the model, and defines the variables on the basis of theoretical analysis. By using descriptive statistics and correlation tests, the relationship between inflation, supply chain concentration and cash holdings of enterprises is summed up, and then multiple regression methods are used. Finally, the conclusion is drawn and some suggestions are put forward. Firstly, the higher the supplier concentration, the higher the cash holding level. There is a positive correlation between customer concentration and corporate cash holding level, and it is significant. Secondly, under the condition of inflation, the enterprise cash holding level will decrease, showing a significant negative correlation. Finally, under the condition of inflation, The positive relationship between supplier concentration and cash holding is weakened, and the same customer concentration degree is also weakened with the positive correlation between cash holding and supplier concentration.
【學(xué)位授予單位】：東華大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F425;F406.7;F822.5;F274

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