供应链风险与预防性流动性：客户集中度对中国企业现金持有量的影响

IF 7.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance Pub Date : 2026-05-19 DOI:10.1016/j.iref.2026.105399

Yuhan Li , Mengjie Zhang

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引用次数: 0

摘要

本文以2007-2020年中国制造业企业为研究对象，考察客户集中度对企业现金持有量的影响。我们发现，较高的客户集中度显著增加现金持有量，支持植根于预防性储蓄的风险放大假说。异质性分析显示，当主要客户稳定、董事会规模较大时，这种效应更强，但当关系特定投资较大时，这种效应较弱。机制测试确定了三个关键渠道：主要客户质量、库存周转动态和现金流波动。这些发现表明，客户集中度通过供应链合作伙伴的特征发挥作用，这些特征会施加流动性压力，提高运营效率，需要财务缓冲，并增加现金流的不确定性，突出了供应链依赖是新兴市场流动性管理的关键驱动因素。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Supply Chain Risk and Precautionary Liquidity: How Customer Concentration Shapes Corporate Cash Holdings in China

This paper investigates how customer concentration shapes corporate cash holdings using Chinese manufacturing firms from 2007-2020. We find that higher customer concentration significantly increases cash holdings, supporting the risk amplification hypothesis rooted in precautionary savings. Heterogeneity analyses reveal that this effect is stronger when major customers are stable and when boards are larger, yet weaker with greater relationship-specific investments. Mechanism tests identify three key channels: major customer quality, inventory turnover dynamics, and cash flow volatility. These findings demonstrate that customer concentration operates through supply chain partner characteristics that impose liquidity pressures, operational efficiency gains that necessitate financial buffers, and heightened cash flow uncertainty, highlighting supply-chain dependence as a critical driver of liquidity management in emerging markets.

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来源期刊

International Review of Economics & Finance Multiple-

CiteScore

7.30

自引率

2.20%

发文量

253

期刊介绍： The International Review of Economics & Finance (IREF) is a scholarly journal devoted to the publication of high quality theoretical and empirical articles in all areas of international economics, macroeconomics and financial economics. Contributions that facilitate the communications between the real and the financial sectors of the economy are of particular interest.