商业研究

商业研究

• 经济学研究 • 上一篇    下一篇

客户关系型交易对资本结构的影响 ——关系专用性资产的调节作用

赵秀云1，周晨1,2   

  1. 1.天津财经大学 商学院，天津 300222；2.山东政法学院 商学院，济南 250014
  • 收稿日期:2017-06-05 出版日期:2017-10-10
  • 作者简介:赵秀云（1965-），女，天津人，天津财经大学研究生院教授，博士生导师，管理学博士，研究方向：资本市场与公司财务；周晨（1989-），男，山东峄城人，山东政法学院商学院讲师，天津财经大学商学院博士研究生，研究方向：公司财务与治理。
  • 基金资助:
    国家社会科学基金青年项目“应对经济新常态西藏企业创新内控管理系统激发新动力研究”，项目编号：16CGL013；天津市哲学社会科学一般项目“价值网络视角下供应商/客户关系型交易模式与企业价值创造研究”，项目编号：TJYY16-009。

The Impact of Customer Relationship Transaction on Capital Structure: The Moderating Role of Relationship Specific Investment

ZHAO Xiu-yun1, ZHOU Chen1,2   

  1. 1.School of Business， Tianjin University of Finance and Economics， Tianjin 300222,China；2. School of Business， Shandong University of Political Science and Law， Jinan 250014,China
  • Received:2017-06-05 Online:2017-10-10

摘要： 我国许多企业倾向于与主要客户进行关系型交易，致使关系型交易对企业财务决策行为的影响不断加深。本文以2008-2015年沪深两市A股制造业上市公司为样本，分析客户关系型交易对资本结构的影响，发现客户关系型交易对资本结构具有正向影响，具有资本承诺功能的关系专用性资产是二者关系的调节性因素，关系专用性资产的差异使得客户关系型交易对资本结构的影响存在异质性；当关系专用性资产投资程度较低时，客户关系型交易对资本结构的影响更为显著；在市场竞争激烈的民营企业样本中，关系专用性资产对二者关系具有更为显著的调节效应。我国制造业企业进行资本结构决策时须关注主要客户等非财务利益相关者的集中程度对企业经营的潜在影响，重视以创新研发为主要内容的关系专用性投资，以增强企业间互信合作，特别是要通过现代化的技术平台深耕供应链关系管理、拓宽营销销售渠道。

关键词: 客户关系型交易, 资本结构, 关系专用性资产, 产权性质

Abstract: In China, a quantity of enterprises tend to proceed relationship transaction with major customers, which contributes to the increasingly important impact of relationship transaction on enterprises′ financial decisions. This paper analyses the impact of customer relationship transaction on capital structure based on the data from A- share manufacturing listed companies in 2008-2015, finding that capital structure positively related to the customer relationship transaction, relationship specific investment with capital commitment function has a moderating role and has different effects on the relationship between customer relationship transaction and capital structure; in the case of relationship specific investment in low degree, customer relationship transaction has more significant effect on the capital structure; in the samples of private enterprises which are highly competitive, the moderating effect of the relationship specific investment is more remarkable. China′s manufacturing enterprises must pay attention to the potential impact of the concentration degree of non-financial stakeholders such as main customers on enterprise management when making capital structure decisions, and attach importance to the relationship specific investment with innovation and R&D as main content, to enhance mutual trust and cooperation among enterprises, and deepen supply chain relationship management and broaden marketing channels through modern technology platform.

Key words: customer relationship transaction, capital structure, relationship specific investment, property rights nature