客户关系与融资约束对公司现金持有影响的实证研究——基于中国A股制造业上市公司

The Impact of Client Relations and Financial Constraints on Corporate Cash Holdings

本文基于融资约束理论对2009至2017年中国A股制造业上市公司现金持有进行实证研究。研究结果发现,较高客户集中度和较强客户波动性会使公司现金持有量增加,这种影响对于面临融资约束的公司更为明显。既有文献探讨到影响公司现金持有的因素便戛然而止,本文在次基础上检验了客户关系对融资约束的影响,并且进一步探讨了客户关系是通过何种途径影响的。本文运用固定效应模型、差分GMM模型、系统GMM模型对假设检验,加强检验结果的稳健性。

Based on the theory of financial constraints,this paper empirically investigates the impact of client relations and financial constraints on corporate cash holdings of China’s A-share listed companies in the manufacturing industry from 2009 to 2017.Empirical results find that higher client concentration and volatile client relations increase corporate cash holdings,and the relation is more pronounced for companies with financial constraints.Customer concentration and customer volatility increase a company’s external financing costs and investment-cash flow sensitivity,and strengthen the impact of financial constraints on customer relations.A great deal of literature pertains to influencing factors of companies’cash holdings but does not investigate influencing mechanism.This paper examines the impact of client relations on financial constraints,and further explores the channels through which client relations affect corporate cash holdings via financial constraints.This paper utilizes fixed effect model,difference GMM model,and system GMM model to test the hypotheses and ensures robustness of test results.