Abstract: Base supply-chain competition practice, the paper theoretically analyzed and empirically examined the influence of supplier relationship on corporate cash holdings’ competition effect. It was found that corporate cash holdings’ competition effect decreased with the increase of the supplier relationship strength, which was more significant in corporations in region of low legalization process and non-state-owned corporations. Above findings showed that supplier relationship could substitute for corporate’s limited financial resources and help enhance corporation’s product market competitive advantage. However, the substitution was restricted by institutional system factors of regional legal environment and state-owned character.

摘要： 文章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企业和非政府控股企业中表现得更为显著。综上研究表明，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竞争优势，然而这种替代功能还受到地区法制环境与政府控股的制度环境因素的制约。