财经论丛
財經論叢
재경론총
Collected Essays On Finance and Economics
2015年
8期
54~64
,共null页
供应商关系 现金持有市场竞争效应 地区法制环境 政府控股
供應商關繫 現金持有市場競爭效應 地區法製環境 政府控股
공응상관계 현금지유시장경쟁효응 지구법제배경 정부공고
supplier-customer relationship; cash holdings＇ competitive effect ; regional legalization process; state-ownedcharacter
本文基于供应链竞争的现实环境，理论分析与实证考察供应商关系对企业现金持有市场竞争效应的影响。研究发现，随着企业与供应商间关系强度的增加，企业现金持有市场竞争效应呈现递减的趋势，尤其在地区法制环境较差的企业和非政府控股企业中表现得更为显著。由此表明，供应商关系可以替代企业有限的财务资源，帮助企业提升产品市场的竞争优势，然而这种替代功能还要受到宏观地区法制环境与微观政府控股等制度因素的影响。
本文基于供應鏈競爭的現實環境，理論分析與實證攷察供應商關繫對企業現金持有市場競爭效應的影響。研究髮現，隨著企業與供應商間關繫彊度的增加，企業現金持有市場競爭效應呈現遞減的趨勢，尤其在地區法製環境較差的企業和非政府控股企業中錶現得更為顯著。由此錶明，供應商關繫可以替代企業有限的財務資源，幫助企業提升產品市場的競爭優勢，然而這種替代功能還要受到宏觀地區法製環境與微觀政府控股等製度因素的影響。
본문기우공응련경쟁적현실배경，이론분석여실증고찰공응상관계대기업현금지유시장경쟁효응적영향。연구발현，수착기업여공응상간관계강도적증가，기업현금지유시장경쟁효응정현체감적추세，우기재지구법제배경교차적기업화비정부공고기업중표현득경위현저。유차표명，공응상관계가이체대기업유한적재무자원，방조기업제승산품시장적경쟁우세，연이저충체대공능환요수도굉관지구법제배경여미관정부공고등제도인소적영향。
Based on the supply-chain competition practice, the paper theoretically analyzes and empirically examines the influence of supplier relationship on corporate cash holdings＇ competition effect. The fordiops show that corporate cash holdings＇ competition effect decreases with the increase of the supplier relationship strength, which is more significant in corporations in regions of low legalization process and non-state-owned corporations. It indicates that supplier relationship could substitute for corporate＇s limited financial resources and help enhance corporation＇s product market competitive advantage. However, the substitution is influenced by institutional system factors of regional legal environment and state-owned character.
