摘要
基于中国转型经济背景,采用交易强度与交易持续时间双重维度刻画中国上市公司客户关系。结果发现,客户关系主要通过弱化企业关系承诺动机、而非预防动机进而使其减持现金,尤其在非政府控股企业中表现得更为显著。基于现金持有经济后果的实证分析显示,客户关系的存在弱化了企业现金的价值贡献,表明上述行为的合理性,揭示了客户关系的社会资本特性。
Based on China＇s transition economy environment and by measuring Chinese listed corporates＇ customer relationship from double dimensions of trading intensity and trading duration,this paper found that a close customer relationship had a negative impact on corporate＇s cash holdings mainly by weakening corporate＇s commitment motive rather than precautionary motive,which was more significant in non-stated-owned corporates. Further evidence showed that a close customer relationship had a negative impact on corporate＇s cash holdings value,which indicated the rationality of this behavior and verified social capital characteristic of customer relationship.
作者
王勇
WANG Yong(School of Economics and Management, China University of Petroleum, Qingdao 26658)
出处
《软科学》
CSSCI
北大核心
2017年第2期75-78,共4页
Soft Science
基金
国家自然科学基金面上项目(71472096
71172080)
中央高校基本科研业务费研究专项项目(15CX04026B)
青岛市哲学社科规划一般项目(QDSKL1601034)
关键词
客户关系
现金持有
预防动机
承诺动机
customer relationship
cash holdings
precautionary motive
commitment motive
