大客户兼供应商与企业现金持有水平

摘要以2007—2022年我国A股非金融类上市公司为研究对象,探究大客户兼供应商这种特殊的供应链关系对企业现金持有水平的影响。研究发现:大客户兼供应商会显著提高企业的现金持有水平;机制检验表明,大客户兼供应商通过强化现金持有的交易性动机、预防性动机、代理动机来提高企业现金持有水平;异质性分析发现,供应链地理邻近性越弱、供应链关系稳定性越低、公司治理水平越差、媒体关注度越低情况下,大客户兼供应商对企业现金持有水平的促进作用更强。这些不仅丰富了大客户兼供应商和企业现金持有水平领域的研究,还有助于发挥供应链关系对企业财务决策的正面影响。

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关键词：大客户兼供应商企业现金持有水平供应链地理邻近性供应链关系稳定性媒体关注度

Abstract： Taking non-financial listed companies in China's A-share market from 2007 to 2022 as the research subject, the paper explores the impact of the special supply chain relationship where major customers are also suppliers on the level of corporate cash holdings. The research findings indicate that having major customers who are also suppliers significantly increases a company's level of cash holdings. Mechanism examinations reveal that these key customers and suppliers enhance corporate cash holdings by reinforcing the transactional, precautionary and agency motives for holding cash. Heterogeneity analysis shows that the promotional effect of key customers and suppliers on corporate cash holdings is more pronounced when there is weaker geographical proximity in the supply chain, lower stability in supply chain relationships, poorer corporate governance and less media attention. The conclusion not only enriches the research in the field of major customers who are also suppliers and corporate cash holdings, but also helps to maximize the positive impact of supply chain relationships on corporate financial decisions.

Keywords： Key Customers as Suppliers Corporate Cash Holdings Supply Chain Geographical Proximity Supply Chain Relationship Stability Media Attention

收稿日期 2024-09-04; 接受日期 ;

基金资助:国家自然科学基金项目(72262034);国家自然科学基金项目(71862037);云南财经大学研究生创新基金项目(2024YUFEYC071);云南财经大学研究生创新基金顶目(2025YUFEYC014)

通讯作者 杨张萌(1997— ),女,云南楚雄人,博士研究生,主要从事公司治理、财务管理、审计研究。

作者简介: 余怒涛(1975— ),男,新疆昭苏人,博士,教授,博士生导师,主要从事公司治理、财务管理研究

引用本文:

余怒涛, 杨张萌.大客户兼供应商与企业现金持有水平[J]. 经济经纬, 2025,1: 147-160

YU Nutao, YANG Zhangmeng.The Impact of Key Customers as Suppliers on Corporate Cash Holdings[J] Economic Survey, 2025,V42(1): 147-160

链接本文:

http://www.jjjw.org.cn/CN/ 或 http://www.jjjw.org.cn/CN/Y2025/V42/I1/147

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