客户数字化转型与企业营运资金管理效率——基于竞争侵占与约束防御的双重视角

Customer Digital Transformation and Enterprise Working Capital Management Efficiency:Based on the Dual Perspectives of Competition Encroachment and Constraint Defense

无论在企业管理实践中,还是从已有文献来看,客户数字化转型对企业营运资金管理效率表现出促进还是抑制,仍未形成一致结论。文章采用中国深沪A股上市企业披露的前五大客户数据,探讨客户数字化转型对企业营运资金管理效率的溢出效应与作用机理。基准检验发现,客户数字化转型降低了企业营运资金管理效率,说明数字溢出存在负外部性。作用渠道检验发现,竞争侵占与约束防御是客户数字化转型影响企业营运资金管理效率的两大渠道,即客户数字化转型催生的数字溢出通过降低企业相对议价能力、降低企业应收账款回收率、加剧企业专用资产套牢风险、加大企业商业信用供给以及扩大企业存货储备规模进而降低了企业营运资金管理效率,说明数字溢出具有竞争约束特征。异质性检验发现,当客户集中度较低、企业规模较大、企业风险承担能力较强时,数字溢出的竞争约束特征得到缓解。研究结论解释了客户数字化转型是否能够提升企业营运资金管理效率的争议,发现了客户数字化转型引致的数字溢出具有竞争约束特征,并提供了企业克服数字溢出负外部性的理论指导,具有理论价值和现实意义。

Whether in the practice of enterprise management or from the conclusions of the existing literature,the customer digital transformation can promote or inhibit the efficiency of enterprise working capital management,but no consensus has been reached.Based on the data of the top five customers disclosed by the A-share listed companies in Shenzhen and Shanghai,this paper discusses the spillover effect and mechanism of customer digital transformation on the efficiency of working capital management of enterprises.The benchmark test found that customer digital transformation reduces the efficiency of working capital management,indicating the negative externality of digital spillover.The function channel test shows that competition encroachment and constraint defense are the two major channels through which customer digital transformation affects the working capital management efficiency of enterprises.In other words,the digital spillover generated by customers'digital transformation reduces the working capital management efficiency of enterprises by reducing the relative bargaining power of enterprises,reducing the recovery rate of enterprises'accounts receivable,increasing the risk of enterprises'special assets,increasing the supply of enterprises'commercial credit and increasing the scale of enterprises'inventory reserves,indicating that digital spillover has the characteristics of competition constraints.Heterogeneity test shows that when the customer concentration is low,the enterprise scale is large,and the enterprise risk bearing ability is strong,the competitive constraint characteristics of digital spillover are alleviated.The research conclusion explains the theoretical controversy on whether customer digital transformation can improve the working capital management efficiency of enterprises,finds that the digital spillover caused by customer digital transformation has the characteristics of competitive constraints,and provides theoretical guidance for enterprises to overcome the negative externalities of digital spillover,which has theoretical value and practical significance.