客户关系影响企业营运资金融资决策吗？——基于资金周转中介效应的实证分析

财经论丛 ›› 2019, Vol. 35 ›› Issue (8): 63-72.

客户关系影响企业营运资金融资决策吗？——基于资金周转中介效应的实证分析

孙兰兰¹, 翟士运²

1.青岛科技大学经济与管理学院,山东青岛 266061;
2.南开大学商学院,天津 300071

收稿日期:2018-10-09 出版日期:2019-08-10 发布日期:2019-08-28
作者简介:孙兰兰(1989-),女,山东文登人,青岛科技大学经济与管理学院讲师,博士;翟士运(1989-),男,山东诸城人,南开大学商学院博士生。
基金资助:
国家自然科学基金青年项目(71702178);教育部人文社科基金青年项目(18YJC630153);山东省社科规划研究项目(19CDNJ30);青岛科技大学科研启动基金资助项目

Does Customer Relationship Affect Corporate Working Capital Financing Decisions?——An Empirical Analysis Based on the Mediating Effect of Capital Turnover

SUN Lanlan¹, ZHAI Shiyun²

1.School of Economics and Management, Qingdao University of Science and Technology, Qingdao 266061, China;
2.Business School, Nankai University, Tianjin 300071, China

Received:2018-10-09 Online:2019-08-10 Published:2019-08-28

摘要/Abstract

摘要： 本文通过引入资金周转绩效作为中介变量,对客户关系如何影响营运资金融资结构展开深入研究。实证检验发现:客户集中度越高,企业越倾向于选择稳健的营运资金融资结构,资金周转绩效在其中发挥了中介效应;资产专用性则对上述影响路径起到调节作用。进一步研究显示,客户财务状况较差或者影响力较大时,会引起企业资金周转绩效进一步降低,进而导致营运资金决策更为稳健。

关键词: 客户关系, 营运资金融资, 中介效应

Abstract: By introducing the capital turnover performance as a mediator variable, this article studies how the customer relationship affects the working capital financing structure. The study finds that the higher the concentration of customers, the more enterprises tend to choose a stable working capital financing structure, and the capital turnover performance plays a mediating effect. Besides, asset specificity plays a mediating role in regulating the above-mentioned influence path. Further research finds that poor financial status of customers will lead to further reduction of corporate capital turnover performance, which will result in more stable working capital decisions.

Key words: Customer Relationship, Working Capital Financing, Mediation Effect

中图分类号:

F276

孙兰兰, 翟士运. 客户关系影响企业营运资金融资决策吗？——基于资金周转中介效应的实证分析[J]. 财经论丛, 2019, 35(8): 63-72.

SUN Lanlan, ZHAI Shiyun. Does Customer Relationship Affect Corporate Working Capital Financing Decisions?——An Empirical Analysis Based on the Mediating Effect of Capital Turnover[J]. , 2019, 35(8): 63-72.

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