摘要
文章以2009—2016年中国制造业上市公司为对象,考察企业客户关系型交易、产品独特性与商业信用供给之间的关系。研究表明:(1)客户关系型交易与商业信用供给之间存在明显的倒"U"型关系,即存在商业信用供给最优值。密切的客户关系型交易能为企业带来利益整合效应,有利于企业提高商业信用供给;但由于潜在的风险效应,客户关系型交易对商业信用供给的影响存在极大值点,超过拐点,客户关系型交易则会对企业商业信用供给产生负面影响。(2)企业的产品独特性对客户关系型交易与商业信用供给之间的倒"U"型关系存在显著的正向调节作用,即产品独特性强的企业,客户关系型交易与商业信用供给之间的敏感性更强。研究结论为深入认识客户关系型交易的经济后果提供了新视角和证据,同时为中国制造业企业提高创新资源配置效率提供了决策依据和政策建议。
Based on the data of Chinese listed companies in the manufacturing industry from 2009 to 2016,this paper examines the relationship among customer relational transaction,product uniqueness and trade credit supply. The empirical results show that:(1)There is an obvious inverted U relationship between customer relational transaction and trade credit supply,that is,the optimal value of trade credit supply exists. The close customer relational transaction is associated with the benefit integration effect of the enterprise,which is beneficial to the enterprise by improving the trade credit supply. However,due to the potential risk effect,the customer relational transaction has a maximum value for trade credit supply. Over the turning point,customer relational transaction begins to have a negative impact on trade credit supply.(2) The product uniqueness of the enterprise has a significant positive regulating effect on the inverted U relationship between customer relational transaction and trade credit supply. In other words,enterprises with strong product uniqueness are more sensitive to the relationship between customer relational transaction and trade credit supply. The conclusions provide a new perspective and evidence for understanding the economic consequences of customer relational transaction,and make the policy recommendations for Chinese manufacturing enterprises to improve the efficiency of innovation resource allocation.
作者
章铁生
李媛媛
Tiesheng Zhang;Yuanyuan Li(School of Business,Anhui University of Technology,MaAnshan Anhui 243032,China)
出处
《会计与经济研究》
CSSCI
北大核心
2019年第1期86-102,共17页
Accounting and Economics Research
基金
安徽省哲学社会科学规划项目(AHSKY2018D14)
关键词
客户关系型交易
产品独特性
商业信用供给
customer relational transaction
product uniqueness
trade credit supply
