客戶關(guān)系與企業(yè)現(xiàn)金持有——來自中國(guó)轉(zhuǎn)型經(jīng)濟(jì)的經(jīng)驗(yàn)證據(jù)
發(fā)布時(shí)間:2018-10-18 06:49
【摘要】:基于中國(guó)轉(zhuǎn)型經(jīng)濟(jì)背景,采用交易強(qiáng)度與交易持續(xù)時(shí)間雙重維度刻畫中國(guó)上市公司客戶關(guān)系。結(jié)果發(fā)現(xiàn),客戶關(guān)系主要通過弱化企業(yè)關(guān)系承諾動(dòng)機(jī)、而非預(yù)防動(dòng)機(jī)進(jìn)而使其減持現(xiàn)金,尤其在非政府控股企業(yè)中表現(xiàn)得更為顯著;诂F(xiàn)金持有經(jīng)濟(jì)后果的實(shí)證分析顯示,客戶關(guān)系的存在弱化了企業(yè)現(xiàn)金的價(jià)值貢獻(xiàn),表明上述行為的合理性,揭示了客戶關(guān)系的社會(huì)資本特性。
[Abstract]:Based on the background of China's transition economy, the dual dimensions of transaction intensity and transaction duration are used to describe the customer relationship of Chinese listed companies. The results show that the customer relationship mainly weakens the motivation of enterprise relationship commitment, but not the motivation of prevention, which makes the customer relationship reduce its cash holdings, especially in the non-government holding enterprises. The empirical analysis based on the economic consequences of cash holding shows that the existence of customer relationship weakens the value contribution of corporate cash, indicates the rationality of the above behavior, and reveals the social capital characteristics of customer relationship.
【作者單位】: 中國(guó)石油大學(xué)(華東)經(jīng)濟(jì)管理學(xué)院;
【基金】:國(guó)家自然科學(xué)基金面上項(xiàng)目(71472096;71172080) 中央高;究蒲袠I(yè)務(wù)費(fèi)研究專項(xiàng)項(xiàng)目(15CX04026B) 青島市哲學(xué)社科規(guī)劃一般項(xiàng)目(QDSKL1601034)
【分類號(hào)】:F275;F274
本文編號(hào):2278324
[Abstract]:Based on the background of China's transition economy, the dual dimensions of transaction intensity and transaction duration are used to describe the customer relationship of Chinese listed companies. The results show that the customer relationship mainly weakens the motivation of enterprise relationship commitment, but not the motivation of prevention, which makes the customer relationship reduce its cash holdings, especially in the non-government holding enterprises. The empirical analysis based on the economic consequences of cash holding shows that the existence of customer relationship weakens the value contribution of corporate cash, indicates the rationality of the above behavior, and reveals the social capital characteristics of customer relationship.
【作者單位】: 中國(guó)石油大學(xué)(華東)經(jīng)濟(jì)管理學(xué)院;
【基金】:國(guó)家自然科學(xué)基金面上項(xiàng)目(71472096;71172080) 中央高;究蒲袠I(yè)務(wù)費(fèi)研究專項(xiàng)項(xiàng)目(15CX04026B) 青島市哲學(xué)社科規(guī)劃一般項(xiàng)目(QDSKL1601034)
【分類號(hào)】:F275;F274
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